Mold-Tek Packaging has reported an almost 80% increase in net profit to ₹21.71 crore for the June quarter. Revenue from operations of the rigid plastic packaging firm at ₹207.8 crore was an increase of 55% from the year earlier period.
CMD J.Lakshmana Rao said while persistent inflationary environment continued to impact the gross margins, the company delivered healthy operating margins with its focus on IML packs and improving operational efficiencies across all business segments.
As envisaged at the time of QIP in December, the company is planning a capital expenditure of ₹125 crore this fiscal on augmenting capacities at its facilities in Hyderabad, Daman, Visakhapatnam and Kanpur. It has also decided to set up a second plant in Daman with robotic IML facilities to produce food and FMCG IML-containers to meet the growing customer demand in western region, the company said in a release on Wednesday.
