The company’s income from operations stood at Rs. 628.4-crore which grew by 2.6% on a comparable basis excluding excise duty on sales.
Speaking about the results, Ashok Goel, vice chairman and managing director of Essel Propack said,“ The quarter has shown promise in terms of growth recovering across regions with a strong performance in Americas and AMESA. The turnaround in Germany and margin expansion across all regions, including Europe is assuring. All the regions continue to see an opportunity to grow and have developed robust new business pipelines which are monitored and progressed proactively. While acknowledging that the year’s growth in sales and profits has fallen short of Mission 20:20:20 targets, it gives us confidence that the business will return to a growth trajectory in the coming quarters.”
Essel Propack is part of the USD 4.2 billion Essel Group, with an FY17 turnover of over USD 368 million, is the largest speciality 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.
In its press release, the company states that the quarter growth has been muted due to sluggish offtake in India at the start of the quarter in beauty and cosmetics and pharma categories linked to GST rate change during Q3. Other regions grew sequentially by 7.2% during the quarter.