TCPL Packaging announced Q3FY23 results:
- Consolidated Q3FY23:
- Total Revenues stood at Rs 378.1 crore, up 37%.
- EBITDA stood at Rs 60.5 crore, with margins at 16%.
- Cash Profit improves by 44% to Rs 50.0 crore.
Commenting on the performance for Q3 & 9MFY2023 Mr. Saket Kanoria, Managing Director, TCPL Packaging Limited said: “We have delivered a robust performance during the period under review, despite the ongoing macroeconomic challenges. On a consolidated basis, our topline expanded by 37% and 43% on a YoY basis in Q3 & 9MFY23 on the back of higher volumes and better realizations, demonstrating the strength of our resilient business model. In Q3 & 9MFY23, our PBT expanded by 68% and 121%, while our PAT grew to 75% and 184%, respectively, on a YoY basis.
In a key development, we have further invested in the Creative Offset Printers Private Limited (COPPL) Right Issue to increase our stake to ~84% post allotment of shares. We remain excited about our entry into the high-potential rigid box segment, as we aim to capture a share of the rapidly growing smartphone market. This move is aligned with our strategy of growth through diversification and strengthens our long-term growth prospects.
Paperboard, being a naturally renewable and sustainable product, is playing a crucial role in the worldwide transition towards environmentally responsible packaging solutions. Given our leadership position in the sector, we are taking steps to promote the use of sustainable solutions. This includes working with customers to replace non-sustainable materials, such as plastic food trays, with biodegradable alternatives, as well as establishing an in-house process to transfer metalized effects onto paperboard, reducing the reliance on metalized plastic film.
In the flexible packaging space, TCPL has started commercial production of eco-friendly Polyethylene (PE) blown films. These films will also allow customers to shift towards recyclable and sustainable packaging solutions and replace the non-recyclable multi-polymer products prevalent in the market.
Overall, our focused strategy for growth through diversification has enabled us to consistently outperform our underlying industries. We remain committed to sustainably growing the Company in the future, which will help create sustainable value for all our stakeholders.”