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Hindustan National Glass & Industries’ (HNG) consolidated net profit declined by 61.87 per cent to Rs 58.78 crore for the year ended March 31, 2011 against Rs 154.17 crore in the previous fiscal.
Commenting on the results, the HNG Vice-Chairman and Managing Director, Mr Mukul Somany, said: “The reason for a decrease in EBITDA level is increase in power and fuel costs, packing and material charges, which we could not pass on to the customers in time.’’
“However, the cost increases till date have been fully passed on (from this fiscal) which ensures the normal operational profits in FY 11-12,” Mr Somany added.
The company’s net sales rose to Rs 1,553.52 crore during the year from Rs 1,383.45 crore in the previous fiscal.
The company’s board, which met on May 21, has also recommended a dividend of Rs 1.50 per equity share (75 per cent for the year).
On a standalone basis, the company posted a net profit of Rs 86.42 crore for the year ended March 31, 2011 compared with Rs 155.20 crore in the previous fiscal.
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