Huhtamaki PPL , a prominent player in the packaging industry, has announced a significant change in its top leadership. The company's Managing Director, Dhananjay Salunkhe (DIN 09683886), has tendered his resignation citing personal reasons.

Key Details of the Resignation

Regulatory Compliance

In adherence to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Huhtamaki India has duly informed the stock exchanges - BSE Limited and the National Stock Exchange of India Ltd - about this change in key managerial personnel.

Company Response

Abhijaat Sinha, Company Secretary & Legal Counsel of Huhtamaki India Limited, officially communicated this development to the stock exchanges. The company has not yet announced any succession plans or the name of a potential replacement for the Managing Director position.

About Huhtamaki India Limited

Huhtamaki India Limited, with its Corporate Identification Number (CIN) L21011MH1950FLC145537, is headquartered in Thane, Maharashtra. The company is part of the global Huhtamaki Group and specializes in flexible packaging solutions.

This leadership change comes at a time when companies across various sectors are adapting to evolving market conditions and corporate governance standards.

Huhtamaki PPL , a leading flexible packaging manufacturer, has reported robust financial results for the third quarter, marking significant improvements in profitability despite a slight dip in revenue.

Financial Highlights

• Revenue stood at INR 6.00 billion, down 4.7% year-on-year but up 2.2% sequentially
• Profit before tax surged 3.5 times to INR 492.00 million compared to INR 143.00 million in the same quarter of the previous year
• EBITDA exceeded 10% for the first time in four to five years
• EBIT reached 8.6%, showing a steady increase over the past five quarters
• Net profit rose to INR 368.00 million, up from INR 117.00 million in the previous year

Operational Performance

The company achieved substantial margin improvements through a favorable sales mix and operational efficiency gains, despite lower volumes. Blueloop recyclable products, along with other recyclable offerings, contributed 27-30% of sales, indicating a strong focus on sustainability.

Financial Position

Huhtamaki PPL maintained a strong liquidity position with INR 1.00 billion in ECB debt. The company has deployed surplus cash in deposits and mutual funds, yielding over 6%, demonstrating prudent financial management.

Management Commentary

Dhananjay Salunkhe, Managing Director of Huhtamaki PPL, expressed satisfaction with the quarter's performance, stating, "This is one of the strongest quarters we've had in the last 12 to 13 quarters. Double-digit EBITDA has happened almost after four to five years, and we want to continue that momentum."

The management noted early signs of consumers upgrading to premium products following the GST rate cuts, which could potentially benefit the FMCG sector and, in turn, the packaging industry.

Future Outlook

The company remains optimistic about the impact of GST reforms on FMCG demand. Huhtamaki PPL is focusing on capturing the India growth story while maintaining its emphasis on sustainable and recyclable packaging solutions.

Management Changes

CFO Jagdish Agarwal announced his departure by the end of next month, marking a transition in the company's financial leadership.

Huhtamaki PPL's strong Q3 results reflect its strategic focus on operational efficiency, product mix optimization, and sustainability initiatives. As the company continues to navigate the evolving market landscape, its improved profitability and strategic positioning suggest a positive outlook for the coming quarters.