Huhtamaki PPL (HPPL) local subsidy of Finland-based Huhtamäki Oyj, has posted near three-fold jump in standalone net profit during October-December quarter even as it struggled clock double-digit growth in sales.
The Mumbai-based company’s sales grew 9.88% to Rs 663.19 crore while net profit surged 279.62% to Rs 68.18 crore. However this included tax writeback of Rs 31 crs in Q3.
In the corresponding quarter last year, it had posted net profit at Rs 17.96 crore on sales of Rs 603.58 crore.
For the full year, net profit rose 387.36% to Rs 170.04 crore in the year ended December 2019 as against Rs 34.89 crore during the previous year ended December 2018. Sales rose 9.24% to Rs 2547.67 crore in the year ended December 2019 as against Rs 2332.11 crore during the previous year ended December 2018.
HPPL specializes in flexible packaging and packaging solutions. The company was founded in 1935 in Lahore, in erstwhile India.
Huhtamaki PPL has witnessed an improvement in its operations. The company’s ROCE, which measures the ‘return’ (pre-tax profit) a company generates from capital employed in its business, increased to 34%, compared to 3 years ago, when its ROCE was 15%.
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