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Mold-Tek net profit up 30% in Q2 FY22
Hyderabad-based Mold-Tek Packaging Limited reported 30.32 per cent upswing in net profit to Rs 17.59 crore in the quarter (Q2) ended September in financial year 2021-22 as compared to Rs 13.50 crore in the previous corresponding period.
Hyderabad: Hyderabad-based Mold-Tek Packaging Limited reported 30.32 per cent upswing in net profit to Rs 17.59 crore in the quarter (Q2) ended September in financial year 2021-22 as compared to Rs 13.50 crore in the previous corresponding period. The company's revenue from operations increased 34 per cent to Rs 159.53 crore in Q2 of FY2021-22 from Rs 119 crore in the year-ago period.
J Lakshmana Rao, Chairman and Managing Director of the company, 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, Mold-Tek could pass on the price differential to our clients."
He said, "Mold-Tek 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."
Moldek has recently bagged orders from new customers like Visakha Dairy, Swagruha Foods, Kumaran Sweets, The Bread Basket and The Cake World. The company has successfully started commercial supplies of pumps for all leading companies and order booking is gradually improving. Company is also developing new pump with added features for a new client.
The company has successfully developed QR coded IML - a futuristic packaging with complete traceability across the entire supply chain. This innovation is clutter breaking in connecting with end consumer and significantly enhances brand engagement.