AGI Greenpac shares surge on Q1 results, charts ₹1,000-cr. aluminium can foray
For the foray, it intends to set up a manufacturing plant in Uttar Pradesh with an investment of ₹1,000 crore. 'This new venture offers strong synergies with our existing glass packaging business. Both categories serve the alcohol and F&B industries, allowing for leveraging existing customer relationships, distribution networks and supply chain efficiencies,' CMD Sandip Somany said in a release on Monday.
The net profit came on a 25% increase in total income to ₹721 crore (₹577 crore). The company said one of the factors contributing to the profitability was successful upgrade of the product mix, now including premium, higher-margin segments such as cosmetics, perfumery and alcohol.
On the proposed plant, the company said the investment will be made in two phases and the facility is expected to be operational by Q3 FY28. It will have an initial annual production capacity of 950 million aluminium cans, which will be expanded to 1.6 billion aluminium cans by FY 2030.
The company's shares on Tuesday closed 14.76% higher at Rs.972.85 apiece on the BSE.
In March AGI said it will set up greenfield plant in Madhya Pradesh with ₹700 crore to boost glass manufacturing capabilities and increase daily capacity from 2,100 tonne to 2,600 tonne. It is expected to be operational by March 2027.
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