The company also saw a marginal increase in net profit at 2.49% to Rs 40.75-crore in the quarter ended December 2017 as against Rs 39.76-crore during the previous quarter ended December 2016, which is said to be short of the expected growth.
“The quarter has been disappointing in terms of topline growth. While EAP, AMESA seem to indicate a recovery as regards growth, Europe and Americas need to step up. Colombia recovery measures and new customer acquisition in the US is expected to help realise this. Europe has been a bigger disappointment for the year and corrective measures are underway to address the challenges in Europe. Even while addressing the topline growth, we are doing everything to sustain the business health in terms of cost, efficiencies and margins. Additionally, we are actively promoting new innovations like GML and Mystik with a view to buffering the topline for future,” said Ashok Goel, vice chairman and managing director of Essel Propack.
The company which is part of the USD 4.2 billion Essel Group, with FY17 turnover of over USD 368 million, is the largest specialty packaging global company, manufacturing laminated plastic tubes catering to the FMCG and pharma space- holding the oral care market share of 36% in volume terms globally.