In an interview with CNBC-TV18, Ashok Goel, VP and MD of Essel Propack said that higher volume has led to revenue growth in this quarter and the company aims to maintain its revenue growth at 15 percent and profit growth at 20 percent.
Essel Propack has acquired 100 percent stake in its European joint venture Essel Deutschland Germany. This will be done with Lamitube Technologies, a wholly owned subsidiary of the company in Mauritius, acquiring 75.1 percent stake in the European firm.
Company hopes to double its tubes capacity in the country, says Ashok Goel, Vice-chairman and Managing Director of Essel Propack.
The company undertook a strategic divestment during the quarter under review and the proceeds from the sale were used for debt repayment, which in turn helped in reducing financing cost, says Ashok Goel of Essel Propack
Watch the interview of Ashok Goel, VC & MD at Essel Propack with Latha Venkatesh & Sonia Shenoy on CNBC-TV18, in which he spoke on the outlook of the company.
Ashok Goel, VC & MD of Essel Propack going forward is hopeful of clocking revenues of over Rs 500 crore.
Packaging firm Essel Propack on Thursday reported a 45.66 percent rise in consolidated net profit at Rs 38.41 crore for the quarter ended June 30, 2015.
In an interview to CNBC-TV18, Ashok Goel, VC & MD of Essel Propack, said the demand has softened in India, particularly in the FMCG space.
Essel Propack received approval to merge EP Lamitubes with Essel Propack and their respective shareholders from the Bombay High Court. Ashok Goel, VC & MD, Essel Propack told CNBC-TV18 that the merger will cut administrative cost related to overseas investments and the company is also planning to undertake more restructuring.
Ashok Goel, vice chairman & managing director, Essel Propack says the company‘s foray into cosmetics is helping bring in value growth too.
Essel Propack in pact with Colgate to set up unit in Goa
According to Ashok Goel, vice chairman and managing director of Essel Propack, "RPLL, REL are perennially sick companies, and the merger will assure the companies get oxygen to survive. Also, this will add 160 million tubes capacity, which ensures that Essel Propack is on growth path."
Ashok Goel, VC and MD of Essel Propack, in an interview with CNBC-TV18's Latha Venkatesh and Gautam Broker, spoke about the recent happenings in his company and the road ahead.
