According to a company statement, Mystik is an innovation that culminated out of R&D efforts with creative play of different layers combined together to provide product stability and efficacy for a strong product like hair colourant and the colour developer, providing protection right through the shoulder, neck and full body of the tube with maximum collapsibility.
MK Bannerjee, global innovation head, Essel Propack said, “Mystik presents Essel with a huge business opportunity in the non-oral care category. It is estimated that hair colourants represent a 2.5 billion tubes opportunity globally.”
Bannerjee added, “With several innovations in our portfolio and a variety of innovative decoration features, we are well poised to take full advantage of Mystik and offer brands a unique opportunity to upgrade their packaging, thereby business continuity option.”
The new innovation is coupled with a specially designed cap with a piercing capability that is required for the product to be consumed. Through Mystik the brand owners shall not have to look for alternatives for banned substances such as heavy metal, bis-phenol etc which are not present in the laminated tubes, thereby ensuring safe usage and avoiding harmful chemicals, said the company press release.
Essel Propack's Q1 net up 6%
Essel Propack 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.
The total income from operations increased by 5.5% to Rs 528-crore. Operating margins jumped to 18.5% from 18% for the year-ago period.
“Overall the revenue growth was muted due to issues outside India. Some of the factors such as pipeline 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.”