The Board of Directors of ESS DEE Aluminium Ltd, have taken on record today the first quarter results for the period ended June 30, 2009.
For the first quarter ended June 30, 2009 the company has reported a consolidated Net Sales of Rs 130.38 crore and Profit After tax of Rs 17.60 crore.
On a sequential basis, the company has reported a growth in operations as compared to quarter ended March 31, 2009. Net sales rose by 30% and Profit After Tax by 115%. The operating profit margin has improved by 480 bps to 25%. The consolidated results are not comparable to June 30, 2008 results as they include financials of India Foils Limited and Flex Art Foil Private Limited.
Commenting on the performance Mr. Sudip Dutta, CMD, ESS DEE Aluminium Ltd. said, “During the quarter we have introduced two new innovative products which have been well received by our customers. More importantly, our customer segments in the Pharmaceutical and FMCG space have witnessed robust pick-up in demand. We are confident that the spur in demand coupled with our innovative product strategy should lead to a strong growth in the current fiscal.”
India Foils Limited (IFL) became a subsidiary of the company on 19th November 2008. Pursuant to the direction of the Hon’ble BIFR at the proceedings dated May 21, 2009, the Monitoring Agency, viz. Kotak Mahindra Bank Limited, have filed a Modified Draft Rehabilitation Scheme (MDRS) with the Hon’ble BIFR on June 30, 2009 inter alia proposing merger of IFL with the company effective from April 1, 2008.
About ESS DEE Aluminium Limited (EDAL)
EDAL is one of India’s leading players in providing primary packaging solutions to the pharmaceutical industry. The company’s products include aluminium foil for strip packs, lid foil, thermoforming PVC and PVC/PVdC films for blister packs. EDAL has three manufacturing facilities – two in Daman and one in Goa. Daman houses the most recent state-of-the-art EDAL plant that caters to the specialized aluminium foil based laminate requirements of the pharmaceutical industry (alu alu, tropical, child resistant laminates) and those of the food & FMCG industries (confectionery, chocolate, frozen desserts, contraceptives, beverages, etc). The company’s 100% subsidiary, Flex Art Foil Pvt. Ltd, has facilities in Daman, Goa, Vasai (Maharashtra) & Baddi (Himachal Pradesh). EDAL has made major investments in enhancing its R&D capabilities and is presently working on optimum packaging.
For further information please visit www.essdee.in or send an email to investorservice@essdee.in