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companylogoMold-Tek Packaging Ltd

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BSE Code : 533080 | NSE Symbol : MOLDTKPAC | ISIN : INE893J01029 | Industry : Packaging |


Chairman's Speech

Dear Shareholders, ^

I am pleased to present the performance review for Mold-Tek Packaging Limited for the Financial Year 2023-24. This year has been characterized by notable investments as well as significant challenges, reflecting our way forward to growth and innovation.

Financial Performance:

In the financial year 2023-24, the Company achieved an overall sales volume growth of 4.84%, reaching 35,661 tonnes as compared to 34,014 tonnes in the preceding year, underscoring our successful foray into new markets and product categories. Revenue experienced a contraction of 4.28%, falling to 5698.65 crores which is primarily attributable to a 12% reduction in the average prices of raw materials. Additionally, EBITDA witnessed a decline of 1.72%, amounting to 5134.47 crores. Our Profit Before Tax (PBT) decreased by 13.72%, settling at 588.63 crores, and Net Profit diminished by 17.21%, reaching 566.59 crores. These reductions reflect the prevailing economic challenges and our major expansion projects that are yet to start contributing to growth.

Strategic Developments:

Throughout F.Y 2022-23 and F.Y 2023-24, Mold-Tek has made significant investments in growth and diversification. The Company has focused on high-value products and expanded its product range and geographical presence and incorporated recycled materials into its industrial packaging. As always, Mold-Tek remains at the forefront of integrating recycled materials into new packaging designs. Other initiatives include our entry into new segments such as restaurants, sweets, cashews, fertilizers, and seeds. The Company made substantial investments in Pharma Packaging. This effort includes a state-of-the-art facility at Sultanpur dedicated to Pharma Packaging and Food & FMCG products.

We have also expanded our operations to support the packaging needs of M/s. Grasim Industries (Aditya Birla Group - Paints Division) which selected Mold-Tek as preferred supplier in 3 out of their 6 locations, with new plants at Panipat and Cheyyar which commenced production in second half of Q4 of F.Y. 24 and another under construction at Mahad. The total capital expenditure for F.Y 2023 and F.Y 2024 amounted to approximately 5280 crores, reflecting the Company's strategic investments in enhancing its capabilities and market presence.

The Company has been granted patent for its square packs and has taken legal action to prevent others from producing similar products. Suits were filed for declaratory judgment and permanent injunctions to restrain suppliers who are illegally copying the Company's patented designs and inventions. The Company has also taken measures to disrupt the supply chain of these infringers. The Company will continue to enforce its patent rights to protect its product designs/sales.

Segment Wise Performance:

Our product segments have shown varied performance. The Square Packs segment achieved a remarkable 88.01% increase, while the Food & FMCG Packs segment grew by 6.88%. The Lubes-Packs segment reported a modest growth of 3.42%, although the Paints-Pack segment experienced a decline. Notably, our foray into Pharma Packaging has been a highlight. The inauguration of our advanced pharma packaging facility in Q4, featuring a diverse product range including tablet containers, caps, cannisters and effervescent tubes, has attracted significant interest from major pharmaceutical companies. We expect substantial growth in this segment in the latter half of the upcoming financial year.

Future Outlook:

Looking ahead, we anticipate further capital investments to drive growth and expansion, particularly in the Food & FMCG and Pharma Packaging sectors. Our strategic focus will remain on leveraging our strengths in innovation, design, and product quality to achieve significant milestones in these areas.

In closing, I extend my sincere gratitude to our shareholders, customers, and employees for their unwavering support and dedication. Your contributions are integral to Mold-Tek's continued success and leadership in the rigid packaging industry.

Sincerely,

J. LAKSHMANA RAO

Chairman and Managing Director

   


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