Essel Propack net sales rises by Rs 54 crore to Rs 466 crore

Chennai:
13 March 2003

Chennai: Essel Propack, the world's largest manufacturer of laminated tubes, has increased its global net sales by Rs 54 crore to Rs 466 crore for the year ending 31 December 2002 as compared to the previous year's figures.

The company closed the year under review with a net profit of Rs 65 crore as compared to Rs 62 crore earned during 2001. The company has declared a dividend of 35 per cent and the total payout inclusive of dividend distribution tax will be Rs 22.8 crore.

The sales from Indian operations accounted for Rs 227 crore for the year 2002 as against Rs 172 crore posted the earlier year.

Says Essel Propack managing director Cyrus Bagwadia: “The year under review has been challenging for the company what with the slowdown in the FMCG [fast-moving consumer goods] sector.“

“The main highlight for 2002 was the P&G deal in the US, a dream project that has opened new corridors for us and given us strong global recognition and presence in the highly lucrative yet competitive US market. The company got the commercial operations running two weeks ahead of schedule,“ he adds.

Says Essel Propack chief financial officer S Chandrasekhar: “Looking forward, we aim to further accelerate our growth in various markets globally and scale up our global market share to over 30 per cent by the end of this year.“