Indian packaging firm, Hindustan National Glass & Industries (HNG) reported increase in net sales to INR15.54bn ($342m) for the year ended 31 March 2011, compared to INR13.83bn ($305m) last year.
The company’s consolidated net profit declined by 61.87% to INR587.8m ($13m) for the year, compared to a net profit of INR1.54bn ($34m) in previous fiscal.
On a standalone basis, the company posted a net profit of INR864.2m ($19m) for the year, compared to INR1.55bn ($34m) a year ago.
HNG vice chairman and managing director Mukul Somany said the company’s greenfield and brownfield projects in south and in the existing Nashik unit are progressing well, and the commercial production from Nashik is expected to commence in the calendar year.
‘We expect growth in our numbers in the next phase, especially due to the rise in demand from the growing user industry, viz. liquor, pharmaceutical, food and beverage segments, which is growing at the rate of 15%," Somany said.