Essel Propack reports net profit of Rs 365 mn for H1 2004

MUMBAI: Essel Propack, laminated tubes manufacturer head quartered in India and promoted by Essel Group, today announced the un-audited consolidated global results for the first half of 2004.


The sales have almost touched the Rs. 3 billion mark (Rs. 2,977 Million) with a healthy net profit of Rs. 365 Million. The Company's consolidated global sales grew by 10. per cent while the net profit grew by 9.9 per cent compared to the corresponding period of the previous year.

Announcing the First Half results, Ashok Goel, the Vice Chairman & Managing Director said, "Our global performance is encouraging. The trend of increased share of overseas operations to our Consolidated Revenues continues".

While the company's major markets continues to be India, China and USA, the operations in other markets have reported significantly encouraging trend. Revenues from India have also grown by six per cent over the corresponding six months of previous year.

The management is actively pursuing strategies to enhance growth during the second half. The volumes in China are expected to remain stable in the ensuing second half of the current year. The operation in USA, which today is fully scaled up, is focusing on higher productivity through higher manufacturing efficiencies. The good performance in USA is expected to continue in the second half of the current year. Today, 64 per cent of the global revenues of Essel Propack is from overseas operations, which is a progressive evolution of the expanding operations.

Essel Propack's forthcoming plant in Russia, near Moscow, also seems to be on schedule. The operations should be commercially up and running before the year end.

The Company has specific plans, and are well on their way of implementation which shall open up new segment other than dentifrice.

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