Indian rigid plastic packaging manufacturer Mold-Tek Packaging has reported its total revenue for the fiscal year 2022 (FY22) grew by 31.85% to Rs6.31bn ($81.39m) from a year earlier.

During the 52 weeks to 31 March, the company’s volume increased by 11.24% and its earnings before depreciation, interest and tax (EBDIT) were up by 26.61% from the previous year.

Mold-Tek Packaging’s profit after tax (PAT) for the full year grew by 32.41% to Rs636.6m, while its basic earnings per share (EPS) increased by 31.19% year-over-year (YoY).

During the fourth quarter (Q4) of FY22, the company reported Rs1.7bn in revenue, up by 10.48% compared with the same period of the previous year, while its volume grew by 5%.

The company’s EBDIT also increased by 3.36% to Rs328m compared with last year, while its PAT was up by 3.91% YoY.

Mold-Tek Packaging chairman and managing director Lakshmana Rao said: “Despite the first quarter being impacted by the second wave of Covid, Moldtek Packaging reported a strong performance during FY22, with sales volume growing by 11.24% YoY to 29,250t from 26,300t, driven by healthy contribution from the food, fast-moving consumer goods (FMCG) and paints segments.

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“The company incurred an annual capital expenditure of Rs510m towards enhancement of capacities and foraying into a new business area, pharma packaging.”

Depending on market conditions and if there are no disruptions, Mold-Tek Packaging expects to achieve a 15% to 20% volume growth during FY23.

The company manufactures injection-moulded rigid plastic packaging containers for the lubricants, paints, food and FMCG markets.

In October last year, Mold-Tek Packagingopened its 11th manufacturing plant at Unnao in the Indian state of Uttar Pradesh.

The plant was developed to produce plastic packaging containers for Kansai Nerolac Paints and other companies in India’s northern region.