India’s Jindal Poly Films doubled its profit growth in the third quarter on strong packaging films margins.
Net profit of Jindal Poly Films rose 120.90% to Rs 120.81 crore ($17 million) in the quarter ended December 2019 as against Rs 54.69 crore ($7.6 million) during the previous quarter ended December 2018.
Sales rose 12.13% to Rs 975.62 crore ($136 million) in the quarter ended December 2019 as against Rs 870.09 crore ($121.6 million) during the previous quarter ended December 2018.
Net profit of packaging films segment rose 349% to Rs 166.3 crore ($23 million) in the quarter.
Capacity Expansion
Jindal Poly Films will increase its annual BOPP capacity by 161,000 tonnes to reach an annual global capacity of 606,000 tonnes while its overall capacity including BOPET will rise to 733,000 tonnes. The new capacities are expected to be operational over the next two years, with two of the lines to be installed in India.