9 September 2020 We interacted with Essel Propacks (ESEL) management to learn and discuss some key factors such as (a) future growth drivers, (b) improving performance in Europe, (c) gradual shift from plastic to laminated tubes, and (d) growing At the peak of COVID-19, ESEL launched a new product Hand Sanitizer tubes in just 15 days to meet the sudden demand surge. This new product segment under Personal care is expected to provide steady volumes, as Sanitizers are increasingly becoming a part of daily consumption. Under Phase-I of project Phoenix, ESEL managed to increase EBITDA margin by 180bp YoY to 20.2% in FY20. ESELs integrated operations, right from laminating-to printing to tubing makes it a one-stop solutions for its clients, thereby allowing the company to form long-term partnerships. Further, the companys 7-stage pipeline development process/customer acquisition, has led to signing-up of several new customers in Oral and Personal care segments, which should be a key growth driver.