Essel Packaging has reported a 51 per cent rise in net profit (consolidated) at Rs 14.18 crore during the quarter ended June 30, 2001, compared with Rs 9.39 crore in the corresponding period previous fiscal.
The consolidated revenue for the quarter increased by 70 per cent to Rs 99.45 crore from Rs 58.21 crore.
This was the first quarter of the company after the acquisition of the operating units of the Propack group, Essel said in a statement.
The total income from Indian operations has increased from Rs 52.09 crore to Rs 53.69 crore. PBDIT increased to Rs 20.97 crore from Rs 19.4 crore.
The net profit after tax stood at Rs 8.57 crore compared with Rs 9.34 crore in the same quarter for the previous year.
The figure would have been higher at Rs 10.97 crore, but stands reduced due to the higher interest of Rs 2.27 crore towards acquisition costs.
"The general slowdown in the global economy has added to the pressure on the bottomline. However, the company has been innovating and ensuring the best value proposition for our customers," Cyrus Bagwadia, managing director of Essel Packaging said.
The company is also changing its name from Essel Packaging to Essel Propack. Recently, the company completed the formalities for acquisition of the Propack group.
The process of merger of operations and strategies of Essel and Propack into a single entity was completed, he said.
According to Bagwadia, the company's newest addition, the plant in Shanghai started production in June.
It is the largest facility under a single roof for a customer under the by-plant concept. This manufacturing facility is expected to achieve full capacity utilisation by October 2001.
The Guangzhou operations in China bagged another contract for 30 million tubes and the company has plans to expand the capacity of this facility in the current fiscal.
The German operations have stabilised and have booked orders for 50 mm diameter tubes, which is the first time even in Europe.
Essel-Propack has also bagged an order for 12 million tubes in other diametres. The acquisition in Mexico was completed and the tube operations had commenced.
