Consolidated net sales for Essel Propack for Dec'15 quarter stood at Rs 513.39 crore. OPM stood at 20% resulting in an OP of Rs 102.81 crore. Other income stood at Rs 4.23 crore and interest cost and Depreciation stood at Rs 12.57 crore and Rs 32.09 crore, resulting in a PBT before forex and EO of Rs 62.38 crore. There was a forex loss of about Rs 1.15 crore and an EO was Nil. After total tax and MI of Rs 18.67 crore and Rs 0.38 crore, consolidated PAT for Dec'15 quarter stood at Rs 42.94 crore.

Excluding the flexible packaging business, on a like to like basis, consolidated net sales for Dec'15 quarter was higher by 1.2% to Rs 513.40 crore. EBIT was up by 23.6% to Rs 70.70 crore. Ebit margin was at 13.8% as compared to 11.3% YoY. Consolidated PAT for Dec'15 quarter was higher by 44.5% to Rs 42.90 crore.

Net Sales from Amesa region de grew by 24% to Rs 205.31 crore, largely due to sale of Flexible packaging business, that from EAP region was up down 4% to Rs 136.03 crore, from America region, net sales was more or less flat at Rs 112.52 crore and that from EU region stood at Rs 97.27 crore, up by 14% y.o.y. Sales across regions appear subdued due to pass through of lower raw material prices.

PBIT from Amesa region for Dec'15 quarter de-grew by 2% to Rs 32.08 crore with PBIT margin at 15.6%, that from EAP region, was up by 72% to Rs 19.98 crore with PBIT margin of 14.7%, from America region, was up by 39% to Rs 14.85 crore with PBIT margin of 13.2%, while EU region the company reported profit of Rs 4.95 crore as compared to a profit at PBIT level of Rs 5.70 crore for Dec'14 quarter. PBIT margin stood at 5.1% as compared to 6.7% for Dec'14 quarter.

Statement from Ashok Goel, Vice Chairman & Managing Director, Essel Propack Limited:

"Europe and Americas are on track. Margins have been helped by stable RM prices and operational efficiencies. Continued growth in Europe & Latin America and demand revival in India, we believe will drive our topline growth to 15% CAGR in the coming quarters."

• Revenue for the continuing business grew by 5.2% on underlying basis compared to same quarter previous year, adjusted for RM price reduction pass thru.
• Comparable basis continuing business Net Profit at Rs. 42.9 crore, up by 44.5%.
• The company had divested flexible packaging business in July 2015.
• Europe expansion is on track with strong revenue growth.
• EAP margin improved and non-oral care share increase.
• Americas margin improve due to better efficiencies.
• AMESA revenue performance is impacted by sluggish economy in India and pass thru of RM price reduction.
• Net debt reduced by INR 241 crore y-o-y.

Consolidated Performance for 9 months ended Dec'15

During the Sep'15 quarter, the company divested Flexible Packaging business and thus, results for 9 months ended Dec'15 are not comparable with results for 9 months ended Dec'14.

Consolidated net sales for Essel Propack for 9 months ended Dec'15 stood at Rs 1623.29 crore. OPM stood at 19.8% resulting in a in OP of Rs 320.73 crore. Other income stood at Rs 13.37 crore and interest cost and Depreciation stood at Rs 46.85 crore and Rs 95.04 crore, resulting in a PBT before forex and EO of Rs 192.21 crore. There was a forex loss of about Rs 4.01 crore and an EO income of Rs 11.01 crore from profit on sale of Flexible packaging business. After total tax and MI of Rs 57.81 crore and Rs 0.80 crore, consolidated PAT for 9 months ended Dec'15 period stood at Rs 140.60 crore.

Excluding the flexible packaging business, on a like to like basis, consolidated net sales for 9 months ended Dec'15 was higher by 3.1% to Rs 1573.30 crore. EBIT was up by 22.6% to Rs 224.50 crore. Ebit margin was at 14.3% as compared to 12% YoY. Consolidated PAT for 9 months ended Dec'15 was higher by 36.3% to Rs 127.80 crore.

Net Sales from Amesa region de grew by 18% to Rs 676.20 crore, largely due to sale of Flexible packaging business, that from EAP region was up by 5% to Rs 418.50 crore, from America region, net sales was lower by 1% to Rs 345.59 crore and that from EU region stood at Rs 294.34 crore, up by 15% y.o.y. PBIT from Amesa region for 9 months Dec'15 period grew by 3% to Rs 99.56 crore with PBIT margin at 14.7%, that from EAP region, was up by 36% to Rs 69.07 crore with PBIT margin of 16.5%, from America region, was up by 31% to Rs 44.11 crore with PBIT margin of 12.8%, while EU region the company reported profit of Rs 17 crore as compared to a profit at PBIT level of Rs 12.22 crore for 9 months Dec'14 period. PBIT margin stood at 5.8% as compared to 4.8% for 9 months ended Dec'14 period.

• Overall revenue for the 9 months for the continuing business grew by 7.1% on underlying basis compared to previous year, adjusted for RM price reduction pass thru.
• Comparable basis continuing business Net Profit at Rs. 127.8 crore, up by 36.3%.