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Essel Propack's Q1 net up 6%

Dilip Kumar Jha / Mumbai 05 Sep 16 | 12:07 AM

Packaging major Essel Propack, a major player in laminated plastic tubes catering to the FMCG & Pharma space, reported six per cent increase in its consolidated net profit at Rs 37.6 crore for the quarter-ended June against Rs 35.5 crore in the year-ago period.

Total income from operations increased by 5.5 per cent to Rs 528 crore. Operating margins jumped to 18.5 per against 18 per cent for the year-ago period.

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“Overall the revenue growth was muted due to issues outside India. Some of the factors such as pipe-line inventory corrections by key customers in USA and Europe and ramping up of the new facility in Colombia should correct in the coming months," said Ashok Goel, vice-chairman and managing director, Essel Propack.

He further added, “Customer development in non-oral care category in China and Europe is intense and a number of projects should see commercialisation in the near term. In Asia, West Asia and South Africa including India, growth is recovering on the back of high demand and new customer wins."

Essel Propack, part of the $2.4-billion Essel Group, holds a share of 36 per cent in volume terms globally, and is the world’s largest manufacturer with units operating across countries such as USA, Mexico, Colombia, Poland, Germany, Egypt, Russia, India among others.

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