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Mold Tek Packaging Q2 net profit up 30.72 pc to Rs 17.59 crore

Hyderabad, Nov 1 (UNI) Mold-Tek Packaging Limited (MTPL), which is involved in the manufacturing of injection molded containers for lubes, paints, food and other products, on Monday reported its consolidated net profit up by 30.72 percent to Rs 17.59 crore for the quarter ended September 30,2021 as compared to Rs 13.46 crore in the corresponding period in the previous year.
Being market leaders of Indian rigid packaging, the company has always redefined client expectations by reducing costs, improving aesthetics, locking systems, sustainability and tamper-evidence for industries like Paints, Food, FMCG, and lubricants over 30 years.
The company’s revenue from operations for the period also increased by 34 per cent to Rs 159.53 crore against Rs 119 crore in the previous corresponding period, Hyderabad-based Company said in a statement here.
However for the six months period, the net profit on standalone basis increased by 98.22 per cent to Rs 29.67 crore from Rs 14.97 crore in the previous corresponding period while in the revenue from operations for the half year also increased by 59.07 per cent to Rs 293.26 crore from Rs 184.36 crore.
Commenting on the results, MTPL CEO and Managing Director Laxman Rao said “The Paint business continued to move ahead on its high growth trajectory with 19.43 per cent volume growth in the quarter.
There is steep inflation seen in raw material prices, since the beginning of this calendar year. However, Moldtek could pass on the price differential to our clients,” he added.
Moldtek has progressed considerably in the last few years with its products, technological and engineering capabilities, keeping in mind the evolving needs of the packaging industry, along with environmental concerns.
In spite of Covid, we continue to invest in new technologies and products to ensure that we are future-ready and have sustainable packaging solutions to our esteemed clients.
Moldek has recently bagged orders from new customers like Visakha Dairy, Swagruha Foods, Kumaran Sweets, The Bread Basket and The Cake World etc.
The Company has successfully started commercial supplies of pumps for all leading Companies and Order booking is gradually improving. Company is also developing a new pump with added features for a new client.
The company has 11 ISO certified plants all over India with a total installed capacity of 44000 tonnes.
In view of consistent demand and based on our customer projections, the company has gradually added capacities in the Satara, Mysore, Vizag and Hyderabad plants in the last few months.
Mold-tek is the first Company in India to introduce “In-Mold Labeling (IML)” concept for decorating plastic containers using ROBOTS.
Our IML containers are 100 percent recyclable thus becoming preferred packaging solutions for customers focusing on sustainability. We have doubled our IML label production capacity by adding an Italian flexo machine in the last year to cater to increasing demand, it said.
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