Essel Propack: Packing excellence
Shares of EPL, formerly known as Essel Propack, rallied more than 1% to Rs 261 apiece on NSE helped by the two announcements that includes a company acquisition and earnings release for the fiscal second quarter to September 30.
EPL’s consolidated sales grew 3.89% to crore as compared to Rs 741.49 crore in the last quarter and up 5.44 % from last year same quarter Sales of Rs 730.54 crore.
The net profit after tax was reported at Rs 68.50 crore during the period under review.
Meanwhile, EPL acquired Creative Stylo Packs in a part-cash and part-stock transaction.
Creative Stylo Packs is an established manufacturer of corrugated boxes, laminated tubes, plastic co-ex tubes and caps-primarily serving personal care, cosmetic, pharmaceuticals and fast-moving consumer goods in the country.
Essel Propack is a global tube-packaging company owned by The Blackstone Group headquartered in Mumbai, India. It is a specialty packaging manufacturer of laminated plastic tubes for the FMCG and Pharma space.
In September, Blackstone has made the part exit by selling company’s shares at Rs.256.5 per share. Blackstone will continue to own 52% in EPL. The transaction was executed to create liquidity in the stock given significant investor interest after company’s strong performance.
About 20 marquee funds, including Morgan Stanley, Neuberger Berman, Franklin Templeton, Axis MF, IDFC, IFL, Nomra, Macquarie and Ashmore have acquired the EPL stake from Blackstone.
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