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Business EconomyPosted at: Nov 7 2022 5:16PM


Mold-Tek net profit rises 10.36 pc to Rs 19.42 cr in second quarter in current fiscal

Hyderabad, Nov 7 (UNI) Mold-Tek Packaging Limited, the leader in manufacturing injection moulded rigid plastic packaging containers, on Monday reported a 10.36 per cent rise in net profit (standalone) at Rs 19.42 crore for the second quarter ended September 30,2022 in the current fiscal, as against ₹17.59 crore in the previous corresponding period.
However, for six-months, the company’s net profit increased by 38.59 percent to ₹41.12 crore from ₹29.67 crore.
During the quarter, revenue from operations increased by 14.43 per cent to Rs 182.55 crore from Rs 159.53 crore while in half year, revenues increased by 33.12 per cent to Rs 390.39 crore from Rs 293.26 crore, Hyderabad-based Company said in a release here.
Huge Capex of Rs 126 crore was planned for various projects to meet the growing demands for its products and in which, Rs 50 crore had already been spent. The projects are expected to be completed within the next 2-3 quarters.
The Company has received LOI (Letter of Intent) from ABG to set up a facility ay Panipat in Haryana and the Company is planning to acquire 2 acres of land at Panipat for setting up a new plant with an investment of 30 crore to cater to the requirements of Aditya Birla Group and Food & FMCG clients, said company Chairman and Managing Director J. Lakshmana Rao.
The Company also acquired 9421 Square meters of land to set up a second plant at Daman with robotic IML facilities to produce Food & FMCG IML-containers for the increasing demand in western region, he said.
“The Lube-Pack business continued to move ahead on its high growth trajectory with 26.57 per cent volume growth and Food and FMCG recorded 40 per cent volume growth, it said.
In spite of extended monsoon, Paint-Pack volumes have been stable in this quarter. Raw material (RM) prices are experiencing huge unprecedented volatility since the last few quarters.
Instability in RM prices led to deferment of customer demand and destocking by customers. There was a fall in the raw material prices towards the end of Q1 and more stabilization was seen in Q2.
Delay in IML printing machine supply restricted Company’s ability to meet the demand for its FMCG products in this Q2.
Two new printing machines supposed to arrive in August are delayed due to Semiconductors/electronic parts inputs shortages.
These are expected to be commissioned by the end of November or December 2022.
During this quarter, the Company bagged new orders from the reputed Companies like Deccan Grainz, Devee Nutri, Kamadhenu, S N traders, Sherwin Exports etc. Company also received a sizable USA export order from reputable customers.
In view of consistent demand and based on our customer projections, the company has gradually added capacities in the Satara, Mysore, Vizag & Hyderabad plants in the last few months.
Telangana and Andhra Pradesh governments have increased power tariffs by around 15 per cent in the current year and to save the cost, the Company has entered into an agreement with Spren Energy Private Limited for installing solar panels across all the units.
With this, the Company can control the increase in power cost.
Moldtek has 10 Manufacturing Units, 2 stock points PAN India and the current installed Injection molding capacity is of over 45,000 TPA.
Mold-tek is the first Company in India to introduce “In-Mold Labeling (IML)” concept for decorating plastic containers using ROBOTS. IML enables photographic quality decoration with complete hygienic and hands free production of containers suitable for food and FMCG products.
Mold-Tek is the only packaging Company in the world to design and manufacture in house ROBOTS for the IML decoration apart from manufacturing IML Labels in-house.
UNI KNR CS1715
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