“Profitability for the quarter was impacted by the unprecedented increase in raw material prices,” the company said in a statement.

Net sales rose 9.3% to Rs 620.52 crore in the first quarter compared with the same period last year, driven by growth in volume.

Profit before tax in Q1 March 2021 stood at Rs 19.86 crore, down 17.9% from 24.18 crore recorded in Q1 March 2020.

The company wrote back current taxes worth Rs 1.06 crore during the quarter.

Huhtamaki India is a leading provider of primary consumer packaging & decorative labelling solutions in India, and part of Huhtamaki Oyj, a Finnish-based global food packaging major.