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Containers & Packaging company Huhtamaki India announced Q3CY23 results:
Financial Performance
1. Revenue: Huhtamaki India Limited reported a decrease in net sales of Rs 6,442.9 million for Q3CY23, compared to the corresponding period of last year. However, sales for Q3 have shown a 6% increase compared to the previous quarter.
2. EBIT: The company reported EBIT before exceptional items at Rs 379.2 million for Q3CY23, which represents a significant ten-fold increase compared to the corresponding period of last year.
3. Net Profit: Despite the decrease in net sales, Huhtamaki India Limited managed to significantly add to its bottom line during Q3CY23, reflecting effective cost control and commercial actions.
Strategic Focus
1. Sustainable Packaging: Huhtamaki India Limited is committed to reimagining packaging for a better world. The company's range of sustainable packaging products, driven by technology and operational excellence, is aligned with its customers' sustainability goals.
2. Customer-centric Approach: Huhtamaki India Limited aims to provide innovative and high-quality packaging solutions to its customers. The company focuses on meeting customer needs, ensuring product safety, and promoting accessibility and affordability.
Forward-Looking Statements
1. Growth and Expansion: The company remains focused on its strategic growth plans. Huhtamaki India Limited aims to continue driving revenue growth, optimizing production processes, and expanding its market presence.
2. Sustainability: Huhtamaki India Limited is committed to embedding sustainability in everything it does. The company aims to further enhance its sustainable packaging solutions, contribute to waste reduction, and address environmental concerns.
Dhananjay Salunkhe, Managing Director of Huhtamaki India, stated, "Even though the Company continued to witness erosion in the Top Line in Q3, partly because of strategic positioning, we were able to add significantly to the bottom line during the quarter and the entire 2023. While there have been challenges in the Business Environment, commercial actions, and intensified cost-out initiatives started a few quarters back are now impacting the Results, which is apparent from the Company's financial performance.
Our ambition is to reimagine packaging for a better world, encouraging our customers and end users to adopt sustainable packaging. Therefore we are introducing 'Huhtamaki Blueloop’ as our enterprise-wide brand that covers our range of sustainable packaging products driven by technology and operational excellence. This helps align our vital goal of sustainability with our customer's sustainability goals as well."
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