Packaging firm Essel Propack today reported a 27.37 per cent increase in consolidated net profit at Rs 70.77 crore for the second quarter ended September.
The Essel Group firm had posted a consolidated net profit of Rs 55.56 crore in the corresponding period last year.
Total consolidated income from operations during the July-September period stood at Rs 596.11 crore, up from from Rs 539.30 crore in the year-ago period, the company said in a statement here.
"The quarter certainly has shown a recovery over the previous year on the revenue front with growth of 10.5 per cent, although two of the regions East Asia Pacific and Europe did not fire to expectations.
"The profitability was impacted by one-off costs in India and Colombia where new facility are being stabilised to support business growth," Essel Propack Vice-Chairman and Managing Director Ashok Goel said.
"New products like Mystik (hair colorant tubes) and GML (100percent recyclable tubes) are being received with huge interest by the customers, which should strengthen the growth pipeline for the next financial year.
"The acquisition of Essel Deutschland Germany will help unlock synergies such as cross selling opportunity in the German markets, sourcing flexibility and better capacity utilisation at all of Europe plants. The acquisition will further enhance the position in the non-oral care category," he added.
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