Rigid packaging supplier Mold-Tek Packaging has announced a 5.8% growth in net sales for the first quarter (Q1) of financial year 2025 (FY25), reaching Rs1.96bn ($23.46m), compared to Rs1.85bn in the same period of FY24.

The company, which provides injection-moulded rigid plastic packaging, also saw its sales volume increase by 7.53% to 9,894 tonnes (t) in Q1 FY25. 

Despite this rise in sales, Mold-Tek Packaging experienced a decrease in profitability.  

Its profit before tax fell by 10.40% to Rs221.90m in the quarter ending 30 June 2024, attributed to higher depreciation and finance costs.  

Similarly, net profit declined by 11.76% to Rs165.3m as compared to Rs187.3m in the corresponding period of the previous year. 

However, when compared to the fourth quarter of FY24, net sales showed a significant increase of 11.22%, with sales volume also rising by 9.07% from 9,071t in Q4 FY24. 

The food and fast-moving consumer goods (FMCG) packaging sector led this growth with an 11.79% increase in volume, followed by the paints sector at 8.03%, and lubricants at 7.38%.  

The company's pharmaceutical packaging division also contributed to the overall sales volume growth. 

The company's profit before tax and net profit for Q1 FY25 saw declines of 6% from Rs236.0m in Q4 FY24 and 8% from Rs179.7m, respectively.  

Mold-Tek Packaging operates 12 manufacturing units and two stock points across India, boasting an injection-moulding capacity of more than 50,000t per annum.

In January this year, Mold-Tek Packaging expanded its production capacity with a new unit in Haryana, India.