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G M Polyplast approves 6:1 bonus share issue

G M Polyplast approves 6:1 bonus share issue

G M Polyplast approves 6:1 bonus share issue
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By CNBCTV18.com Nov 24, 2022 5:43:29 PM IST (Updated)

G M Polyplast has diversified its product range by adding new PET sheet line. Additionally, the company is developing its existing product by bringing in new colours and textured design in plastic sheet.

G M Polyplast, a company engaged in manufacturing of HIPS and ABS sheets, has announced H1FY23 earnings - for 6 months ended 30 September, 2022.

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The company recorded 45 percent growth in revenue YoY, from Rs 29.98 crore (H1FY22) to Rs 43.45 crore (H1FY23). For the corresponding period, PAT rose 44 percent from Rs 1.76 crore (H1FY22) to Rs 2.53 crore (H1FY23), an official statement said.
The board has further recommended the issue of bonus shares in the ratio of 6:1 i.e. 6 bonus equity shares for every 1 existing full paid up equity share held. The board also approved constitution of Corporate Social Responsibility (CSR) committee.
The company is focusing on making connections with importers and exporters across the world.
G M Polyplast has diversified its product range by adding new PET sheet line. Additionally, the company is developing its existing product by bringing in new colours and textured design in plastic sheet.
Plastic is most recycled material globally and has a huge potential for growth. It will be using market penetration strategy by targeting to new industries which has not been tapped by the company yet. The company plans to increase export sales and create a brand image in the international markets.
The company is focusing to make premium quality recycled sheets and granules by clearing plastic scrap. GM is currently purchasing PET Bottle flakes which has contributed to recycling 100,000,000 bottles of 1 liters every year.
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