Essel’s quarterly net profit up 44.5% at Rs 42.9 crore

The company had divested its flexible packaging business in July 2015.

On a comparable basis, the company’s consolidated quarterly net profit, excluding divested business, was up 44.5% at Rs 42.9 crore as against Rs 29.7 crore in the corresponding quarter of last year.

On a comparable basis, the company’s consolidated quarterly revenue, excluding divested business, was up 1.2% at Rs 513.4 crore as against Rs 507.4 crore in the corresponding quarter of last year.

On a comparable basis, the company’s consolidated nine-month net profit, excluding divested business, was up 36.3% at Rs 127.8 crore as against Rs 93.8 crore in the corresponding 9MFY15.

On a comparable basis, the company’s consolidated nine-month revenue, excluding divested business, was up 3.1% at Rs 1,573.3 crore as against Rs 1,525.6 crore in the corresponding 9MFY15.

Commenting on the results, Ashok Goel, vice-chairman and managing director, Essel Propack, said, “Europe and Americas are on track. Margins have been helped by stable RM prices and operational efficiencies. We believe, continued growth in Europe and Latin America and demand revival in India will drive our topline growth to 15% CAGR in the coming quarters.”

Essel Propack, part of the USD 2.4 billion Essel Group, with FY15 turnover of over USD 380 million, is the largest specialty packaging global company, manufacturing laminated plastic tubes catering to the FMCG and pharma space. Employing over 2,700 people representing 25 different nationalities, Essel Propack functions through 21 state-of-the-art facilities and in 11 countries, selling more than six billion tubes.