Essel Propack Quarterly Results Q1FY17

Mumbai, September 1, 2016: Essel Propack Limited (NSE: ESSELPACK, BSE: 500135), a global leader in laminated plastic tubes catering to the FMCG & Pharma space, today announced its financial results for the quarter ended June 30, 2016.
Business Highlights for the Quarter ended June 30, 2016:

o Strong recovery in India operations with underlying revenue growth 9% and PAT growth of 23.4%.

o EAP non-oral care share increased sequentially.

o Mexico and Russia turned around with improved customer engagement and new customer wins.

o Europe and America impacted by customer inventory correction.

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

“Overall the quarter Revenue growth was muted due to issues outside India. Some of the factors such as pipe-line inventory corrections by key customers in USA and Europe and ramping up of the new facility in Colombia should correct in the coming months. Customer development in Non-oral care category in China and Europe is intense and a number of projects should see commercialization in the near term. In AMESA including India, growth is recovering on the back of high demand and new customer wins.

Further, we are on track in our strategy to drive growth thru new offerings in the non-oral care category with a robust pipeline of products. In fact, we just have a break through invention “MYSTIK”, an innovative tube solution on laminate platform with a novel multi-functional cap. This, we believe opens a 2.5 billion tube fast growing Hair Colorant and Developer category across the globe.
We believe our topline growth to recover to around 12% in the coming months.”