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Essel Propack's Q2 net up 54%

BS Reporter / Mumbai 02 Nov 15 | 06:30 PM

Packaging major Essel Propack posted 54% increase in its consolidated net profit at Rs 59.3 crore for the quarter ended September 30, 2015 as compared to Rs 38.5 crore for the corresponding quarter last year.

Total income from operation of the company, however, declined by a marginal 10% to Rs 535.3 crore for the second quarter of the current financial year as against Rs 595.2 crore for the same period last year.

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The consolidated net profit includes Rs 12.6 crore received through gains on sale of flexible packaging business during July - September quarter.

Ashok Goel, Vice Chairman & Managing Director of Essel Propack, said, "During the quarter flexible packaging business was divested, in line with our strategic decision to intensify focus on non-oral care opportunities in our tubing business globally including in India. Although the underlying revenue growth is at 6.1%, the impact of RM price reduction pass thru has caused the growth to appear flat. With improved financial health and strong customer engagement, we continue on track with our 20:20:20 mission."

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