Essel Propack Q3 net profit rises 41% to Rs 43 crore

MUMBAI: Essel Propack, one of world’s largest makers of laminated tubes, has reported a 41 per cent year-on-year jump in quarterly profit, helped by stable raw material prices.

Net profit for the third quarter ended December rose to Rs 43 crore, the company said on Thursday.

Essel’s revenue, however, dropped 9.5 per cent from a year ago to Rs 513 crore, mainly because the company had divested its flexible packaging business in July. Excluding the divestment, sales grew 1.2 per cent.

"Europe and America are on track. Margins have been helped by stable RM prices and operational efficiencies. Continued growth in Europe and Latin America and demand revival in India we believe will drive our topline growth to 15 per cent CAGR in the coming quarters," said Ashok Goel, managing director of Essel Propack.