Essel Propack continues its growth trajectory in Q1 FY15 Revenues up 14.3% at Rs. 548.7 crore; PAT rises to Rs. 26.4 crore, up 12.3%

Essel Propack Limited (NSE: ESSELPACK, BSE: 500135), a global leader in laminated plastic tubes catering to the FMCG & Pharma space today announced its results for the first quarter ended June 30, 2014.

The company announced a 12.3% jump in its consolidated net profit to Rs. 26.4 crore as compared to Rs. 23.5 crore in same period of last fiscal.

The company’s global operations continued with its robust growth. The consolidated revenues rose 14.3% to Rs. 548.7 crore, as against Rs. 480 crore in the corresponding quarter of the previous year. EBIDTA during the quarter ended June 30, 2014 stood at Rs. 88.6 Crore as compared to Rs. 83.6 Crore in the year-ago quarter.

Statement from Ashok Goel, Vice Chairman & Managing Director, Essel Propack Limited:

“We are happy to continue the growth momentum for the eighth consecutive quarter. As part of our stated strategy to achieve 50% revenue from non-oral care, we partnered with a multi-national customer for the global launch of their prestigious FMCG brand with the Company’s patented “Egnite” tubes. Commercial supplies have already commenced in Americas and Europe. We expect to see good traction for this product globally.

Non oral care revenue growth for the quarter at 16.6% has been ahead of overall revenue growth of 14.3%. We have made some remarkable gains in the non-oral care sales in India and Europe.

Our dedicated facility for non-oral care in South East China is expected to commence operations from Q2 FY15,” he added.

Business Highlights for the quarter ended June 30, 2014:

o India operations continued the strong momentum with revenue growing by 19.1%.

o Europe grew by 20.3% in Revenues with Operating margin improving by 620 bps.

o Americas Operating margin expanded by 40 bps with the ongoing ramp up of new contracts.

o Non Oral Care Revenue share increased from 40% to 42% compared to previous year.

o Finance cost reduced by 7.2%.