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Essel Propack jumps 18% after Q1 net profit rises 14% YoY to Rs 46 crore

Essel Propack's revenue from operations climbed 17.72 per cent to Rs 741.49 crore

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Essel Propack | Buzzing stocks | Q1 results

SI Reporter  |  New Delhi 

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The company had logged a profit of Rs 40.03 crore in the corresponding quarter of the previous fiscal.

Shares of zoomed as much as 18 per cent to Rs 242 apiece on the BSE on Friday after the company reported a 14 per cent increase in its consolidated net profit at Rs 45.62 crore for the June quarter. The company had logged a profit of Rs 40.03 crore in the corresponding quarter of the previous fiscal.

At 10:12 am, the stock was quoting nearly 16 per cent higher at Rs 237.70 on the BSE. In comparison, the benchmark S&P BSE Sensex was trading at 37,623, down 113 points, or 0.3 per cent.

Essel Propack's revenue from operations climbed 17.72 per cent to Rs 741.49 crore, as against Rs 629.83 crore in the corresponding quarter of the previous fiscal. Total expenses were at Rs 669.04 crore compared to Rs 591.77 crore earlier, up 13.05 per cent. CLICK HERE TO READ REPORT

Post the result announcement, Edelweiss Securities upgraded the stock to "BUY" from "HOLD" citing the company's "strong delivery on sales and earnings, and sustained capital-efficient growth across geographies." The target price of the stock has been set at Rs 236.

The brokerage notes that (EPL) continues to deliver on return on capital employed (RoCE), up 421 basis points (bps) YoY in Q1FY21 to 19.9 per cent. "It remains the market leader in oral care space and is accelerating personal care performance. With its eco-friendly solutions (Platina, Green Maple Leaf), EPL has attained recognition from key agencies," it wrote in a result review note issued on July 30.

First Published: Fri, July 31 2020. 10:26 IST
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