Packaging Gateway

TCPL reports consolidated profit after tax increase of 5% in Q1 FY24

The company attributes this result to growth in sales volumes in its flexible packaging and export divisions.

Indian sustainable packaging producer TCPL Packaging (TCPL) has reported its consolidated profit after tax grew by 5% to Rs236m ($2.85m) in the first quarter (Q1) of financial year 2024 (FY24).

During the period ending 30 June 2023, the company’s profit before tax was Rs321m, up 1% from Rs318m in the same period a year ago.

Consolidated revenues of TCPL also increased by 8% to Rs3.71bn in Q1 FY24, from Rs3.42bn in Q1 FY23.

According to the company, these revenues were primarily driven by growth in sales volumes in its flexible packaging and export divisions.

Its earnings before interest, taxes, depreciation, and amortisation (EBITDA) also grew 13% to Rs614m while its EBITDA margin increased by 64 basis points to 16.5% over the quarter.

TCPL's managing director Saket Kanoria said: “We are pleased to present our first-quarter results, reflecting a promising start amidst the challenges posed by the current operating environment.

“As a company, we remain firmly committed to our growth strategy, which centres around diversifying our presence across various end-user industries. This strategic approach has consistently allowed us to outperform our underlying industries, making us proud to be among the select few listed companies in India that have achieved continuous year-on-year revenue growth over the past 20 years, boasting an impressive CAGR [compound annual growth rate] of 18.4%.

“With a strong focus on sustainable growth, we remain committed to delivering long-term value to all stakeholders. Looking ahead, we remain excited about the tremendous potential for packaging solutions in the FMCG [fast-moving consumer goods] and F&B [food and beverage] industries, along with other emerging sectors. Our strategic focus on sustainable packaging positions us at the forefront of environmental stewardship and innovation, driving positive change within the industry.”

TCPL is headquartered in Mumbai and provides paperboard-based packaging solutions, including folding cartons, printed blanks and outers, shelf-ready packaging, and more.