Shares of AGI Greenpac surged 20% in morning trade on May 5, hitting a 52-week high, as solid quarterly earnings prompted investors to buy the stock.

At 10:06 am, AGI Greenpac was quoted at Rs 491.90, up Rs 78.65, or 19.03%. It earlier touched a 52-week high of Rs 495.90. The stock’s volume was 77,788 shares, compared with its five-day average of 22,065 shares, an increase of 252.5%.

In the March quarter, the company reported revenue of Rs 680 crore, up from Rs 432 crore in Q4FY22, representing a solid growth of 58%. It achieved EBITDA of Rs 196 crore, up 111% YoY, while net profit rose 152% YoY to Rs 96 crore.

Sales and profitability were up due to an improved product mix and higher demand for glass containers used in non-alcoholic and alcoholic beverages and packaged food, the company said in an exchange filing.

Sandip Somany, Chairman and Managing Director of AGI Greenpac, said: “Growing demand for glass packaging containers in both non-alcoholic and alcoholic beverage segments coupled with our integrated business model and quality products have helped us achieve sustainable growth this year”.

AGI Greenpac is a company focused on packaging products, producing and selling a wide range of packaging products, including glass containers, polyethylene terephthalate (PET) bottles, products, safety caps, and closures.

It is a supply chain partner for various consumer brands, including pharmaceuticals, food, non-alcoholic and alcoholic beverages, cosmetics, and perfumery.