Capitaline

Analyst Meet / AGM 09-Nov-19

Conference Call

Essel Propack

Expects further improvement in European margin

Essel Propack conducted conference call to discuss the financial results and performance of the company for the quarter ended September 2019. Mr. M.R. Ramasamy – COO and Mr. Vinay Mokashi – CFO of the company addressed the call
Highlights of the Concall

With Blackstone as the new controlling shareholder the company has revamped its Board with fit-for-purpose professionals, strengthened the management team, and engaged Blackstone's global advisor network

Q2FY20 EBITDA margin increased by 270 bps YoY driven by favorable mix shift and productivity improvement

Net debt reduced to Rs 430.7 crore at the end of Q2FY20 from Rs 699.1 crore in Q2FY19

Strong Revenue Growth of 6.9% YoY to Rs 730.5 crore in Q2FY20 was led by 21.3% growth in Personal Care Segment to Rs 307.5 crore. Non-Oral category has been renamed as Personal Care, consisting of Beauty & Cosmetics, Pharmaceuticals, Food and Home categories

Personal Care in Q2FY20 contributed to 46% of tube revenue

Personal care grew 21% YoY in Q2FY20 to Rs 106.5 crore in Amesa region while it grew 10% to Rs 49.2 crore in EAP, 39% to Rs 42.9 crore in Americas and 22% to Rs 109 crore in Europe

The company has established global leadership in Oral Care with the segment demonstrating steady long-term revenue growth

The company sees strong growth momentum in Europe driven by Personal Care. Strong future business pipeline, especially in Beauty & Cosmetics and Oral Care, indicates growth momentum will continue

EBITDA margin in Europe increased by 420 bps to 13.7% driven by fixed cost leverage. The company expects further improvement in margin in coming quarters by continued improvement in utilization.

The company did a capex of Rs 53.6 crore in H1FY20. FY19 capex was Rs 304 crore.

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