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PGC announces Q4 & FY 21 results

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Piramal Glass Ceylon PLC (the “Company”) reported its annual results as at 31st March 2021, with a turnover of Rs. 8,532 Million and PAT of 1,096 Million as against Rs. 7,531 Million & Rs. 389 Million in the previous year, reflecting a y-o-y growth of 13% in revenue and a y-o-y growth of 181% in PAT. The domestic sales during the year grew by 13.4% from Rs. 5,240 Million to 5,944 Million and the Export market grew by 13% from Rs. 2,291 Million in F20 to Rs. 2,588 Million in F21.

During the quarter (Q4) under review, revenue of Rs. 2,571 Million was achieved as compared to Rs. 1,699 Million in the corresponding period in the previous year, reflecting a growth of 51%. The Company reported a profit after tax of Rs. 401 Million for the quarter as compared to Rs. 59 Million in the corresponding quarter in the previous year. The company achieved a domestic sales growth of 40% to Rs. 1,767 million as against Rs. 1,258 million in the similar period in the previous year. In the export segment, the sales grew by 82% from Rs. 441 million in the previous year to Rs. 804 Million during the quarter under review.

The gross margin for the quarter increased from 16% to 24% as compared to the similar period of the previous year. For the full year ended 31st March 2021, the company achieved a gross profit margin of 22%.

The earning per share stands at Rs.1.15 in F’21 as against Rs. 0.41 in F’20. The Board of Directors has proposed a dividend of Rs.0.58 per share, which is 50% of FY21 PAT.

Sanjay Jain, ED & COO, said: “The Company continues to make inroads in new international markets and has successfully completed multiple product launches. The strategy to innovate in new product design and development, with increased global footprint has helped the Company effectively mitigate demand fluctuations in its existing markets due to the pandemic situation.”

Piramal Glass Private Limited, the controlling shareholder of the Company, entered into a Share Sale and Purchase Agreement dated the 10th of December 2020 for the sale of its entire shareholding in the Company to PGP Glass Private Limited (the “Share Transaction”). Accordingly, the Share Transaction was executed on the Colombo Stock Exchange on the 30th of March 2021 at a price per share of Rs. 11.60/-. PGP Glass Private Limited thereafter made a mandatory offer to the remaining shareholders of the Company as required under and in terms of the Company Takeovers and Mergers Code, 1995 (the “Code”) by its Offer Document dated the 31st of March 2021 at the same price, which was subsequently revised upwards to Rs. 11.86/- on the 20th of April 2021. The said mandatory offer has since been completed as per the provisions of the Code.

PGP Glass Private Limited (formerly known as “Pristine Glass Private Limited”) is a private limited company incorporated under the laws of the Republic of India.

 

 



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Pathfinder Foundation conducts Diplomatic Dialogue on energy independence for Sri Lanka

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The head table at the Diplomatic Dialogue.

The Pathfinder Foundation hosted the 6th session of its “Dialogue with Diplomats” series recently at the Courtyard by Marriott, Colombo. The session centred on the theme “Energy Independence and Security for Sri Lanka”.

It brought together a gathering of diplomats, representatives from international organisations, key Sri Lankan government and non-governmental institutions, research bodies and universities.

The dialogue emphasised the importance of energy security, as this sector critically influences the economic and political decisions of a country. Heavy reliance on a single source of energy poses a great risk to economic stability and security, as demonstrated by the unprecedented economic crisis in Sri Lanka, which highlighted its vulnerability to external shocks. The dialogue highlighted the urgent need to diversify energy sources and pursue policies to achieve long-term energy sovereignty.

The event provided a platform to share insights, identify policy options, and strengthen partnerships for Sri Lanka’s transition towards a renewable and secure energy future. These policy options were extensively discussed in detail, with a focus on mobilising Sri Lanka’s renewable resources such as solar, wind power and biomass through international cooperation and public and private participation.

The discussion also emphasised the numerous obstacles and shortcomings Sri Lanka will encounter in its efforts to attain energy security goals. International dialogue and trilateral cooperation to alleviate the financial strain in implementing these projects were deemed essential.

The clarity with which the various aspects of this topic were highlighted, combined with the audience’s active engagement, contributed to the event’s success. The Pathfinder Foundation will continue to promote dialogue between diplomats and industry experts, aiming to steer Sri Lanka towards a sustainable and prosperous future, Foundation sources said.

The session, chaired by Bernard Goonetilleke, Chairman of the Pathfinder Foundation, featured a presentation by Harsha Wickramasinghe, Director-General of the Sri Lanka Sustainable Energy Authority. Panellists included Dr. R.H.S. Samarathunga, former Secretary of the Ministry of Finance, and Saliya Wickramasuriya, former chairman of the Ceylon Petroleum Corporation.

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APIIT University highlights importance of holistic student development

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Ravindranath Wijenathan: ‘Sports critically important’.

The BMICH was alive with colour, energy, and celebration as APIIT University hosted its 11th consecutive annual sports extravaganza recently, once again proving that it’s not just academic excellence but a commitment to holistic student development that sets the university apart. The event drew a vibrant gathering of students, staff, alumni, and sports enthusiasts from across Sri Lanka, as athletes competed in a wide array of games under the banner of unity, teamwork and resilience.

Gracing the occasion as Chief Guest was Attorney-at-Law Ravindranath Wijenathan, a visiting lecturer at the University of Colombo and a former Sri Lanka rugby football player, whose keynote address captured the very essence of what sport brings to student life. In a speech that resonated with passion and authenticity, Wijenathan stressed the critical role of sport in developing the kind of personal and professional skills that shape tomorrow’s leaders.

“APIIT’s ability to sustain this tradition for the 11th year is no small feat, Wijenathan said. “It shows a deep institutional commitment to student well-being. The ‘Extravaganza 25′ is a commendable initiative — it fosters camaraderie, promotes inter-university cooperation and encourages a spirit of friendly competition, all of which are essential for the development of well-rounded individuals.”

Wijenathan, drawing from his own experience on the rugby field, spoke about how sport provides the training ground for life’s most critical soft skills — leadership, decision-making and teamwork. “In the game of rugby, you don’t get the luxury of time, he said. “You’re forced to make strategic decisions in a split second. That ability to think clearly and act decisively under pressure is what will give these young people an edge when they enter the professional world.”

He stressed that while universities provide the theoretical knowledge and technical training, sports offer the much-needed real-world simulation of high-stakes situations. “When students face a penalty situation in rugby, they often choose to take a quick tap to gain an advantage — and that instinct to seize the moment mirrors how opportunities present themselves in real life. You have to be alert, be brave, and act fast.”

“Sport isn’t just a physical activity,” Wijenathan noted. “It is a learning space. A player learns discipline, time management, risk assessment, and how to work as part of a team. These are precisely the skills employers value most. When a young graduate walks into an interview, it is often their ability to demonstrate these attributes that secures them the job.”

He went on to elaborate that in today’s fast-paced, results-driven work environments, efficiency is key. “There are only 24 hours in a day — and just eight working hours for most employees. Employers are paying for productivity and skill. Sport teaches you how to deliver your best within a limited timeframe. It teaches you how to function under stress and still make the right decisions.”

“We see this as more than just a sporting event, said an APIIT faculty member. “It’s a celebration of everything we believe in — balance, integrity, resilience and community. We want our students to excel in their studies but also to leave university with the kind of practical life experience that only sport can offer.”

By Ifham Nizam

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‘Bit of Sole’ celebrates 45th anniversary with pomp and glamour

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The Director of ‘Bit of Sole’ Ms. Manel Seneviratne admiring a newly handcrafted shoe with husband Sarath and son Asanga, both directors of the family owned business

One of Sri Lanka’s leading heritage shoemaking brands ‘Bit of Sole’ which has earned international recognition for its pure leather customised, handcrafted shoes, celebrated its 45th anniversary recently with pomp and glamour.

The anniversary also marked ‘Bit of Sole’ moving into its elegantly-designed, spacious new showroom at Galle Road, Mount Lavinia, designed by design partner and architects Kamilka Perera Associates.

“It reflected the values and heritage’ of ‘Bit of Sole’, noted director and founder of the family run business Sarath Seneviratne

When the The Island Financial Review met Sarath Seneviratne, he said; “We cater to a niche market and every shoe produced by us is with artistry and craftmanship of making pure leather handmade shoes with passion, focusing on quality and meticulous detail.”

Seneviratne a native of Matara, moved to Colombo as a young man and learnt the intricacies of shoe making under a reputed manufacturer of hand- made shoes. “I had the opportunity of learning every aspect of making handcrafted shoes and related matters, he said.

He said ‘Bit of Sole’ handpicked experienced and versatile craftsmen with innovation who had a passion for the job and added, “We use time-honoured techniques and serve the nation as custodians of a dying art, protecting it and championing quality over quantity.”

“Each shoe takes many hours or days of labour to be completed but we find it difficult to compete with mass produced imports, the veteran heritage shoemaker lamented.

“Among our discerning and cherished clientele over the years has been a host of popular film stars , leading musicians, top designers and models, corporate executives, etc., he proudly said.

“A number of overseas holidaymakers too patronise us as they are fascinated with our craftsmanship and the quality leather we use for our products and some of them visit our show room for their purchases every year, Seneviratna said.

When asked why ‘Bit of Sole’, being a reputed brand didn’t venture into the export market, Seneviratne explained that there was great potential for exports and the country earns around Rs. 15 billion (approx. 50 million USD exporting locally manufactured shoes. “We are really keen on catering to the export market, while concentrating on our niche product if a conducive environment is created by the government.”

The directors of the company, Sarath Seneviratne, Manel Seneviratne and Asanga Seneviratne, said that they sought government assistance to revive Kid Leather production and support for local tanneries in recommencing the vital process. It was pointed out that it is necessary to subsidize leather imports and reduce duties and provide subsidies for raw material used in artisan crafts, invest in training and establish vocational centres to train the next generation of shoemakers.

Pic and Text by Harischandra Gunaratna

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