India-based Mold-Tek Packaging has reported its net profit declined by 13.71% to Rs190m ($2.29m) in the first quarter (Q1) of financial year 2024 (FY24), from Rs217 in the corresponding period in FY23.

The company’s sales volume for the period ending 30 June 2023 improved by 1.81% against Q1 FY23.

Mold-Tek, which manufactures injection-moulded rigid plastic packaging containers, saw its sales volumes for its Food and Fast-Moving Consumer Goods (FMCG)-pack business continue to grow at 13% while sales volume were ‘sluggish’ for both its Paint-Pack and Lube-Pack segments during the quarter.

Its revenue from operations was Rs1.85bn in Q1 FY24.

The company posted earnings before interest, taxes, depreciation, and amortisation of Rs356m in Q1 FY24, down by 4% from Rs372m in Q1 FY23.

Basic earnings per diluted share for the company was Rs5.64 in Q1 FY24, down from Rs6.68 in the same period last year.

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The company said in a statement: “Overall the company has made significant additions in product mix, introduced better functional packs and implemented use of recycled material for industrial packaging.

“As always, Mold-Tek has been in the forefront of establishing use of recycled input materials in our new pack designs. Further, there is a steep fall in raw materials which put stress on margins due to drop in inventory valuation. Looking ahead, we remained focused on pursuing growth and adding high-value product mix in the coming quarters.”