UFlex Ltd has posted strong growth numbers with Consolidated Net Profit surged by 89% YoY to INR 159.9 crore in Q3 FY2020-21 and Consolidated EBITDA jumped by 50.8% YoY to INR 416.7 crore. Consolidated Revenue for the third quarter of the fiscal 2020-21 stood at INR 2111.1 crore, an increase of 17.2% YoY.

With packaging becoming a lifeline in the battle against COVID-19 pandemic, the company has successfully supported customers and consumers with packaging solutions in the past quarters. The company witnessed a surge in demand for multiple lines of businesses while also adding newer clients. This is evident by the rise in Total Production Volume by 19.1% YoY in Q3 FY2020-21 that stood at 110918 metric tonnes (MT) whereas Total Sales Volume for the quarter clocked in at 111513 MT, an increase of 21.4% YoY.

Speaking of the results, Rajesh Bhatia, Group CFO at UFlex Limited said, "Our growth journey remains intact amidst all the uncertainties that prevailed with the pandemic. This is reflected through the continued exceptional performance we posted in this quarter." He further added, "The highlights of this quarter are commissioning of the brownfield BOPET film line in Poland with a capacity of 45,000 TPA. The trial run for our BOPPplant in Hungary and BOPET plant in Nigeria have already commenced and both the plants are expected to be commissioned soon. In India, we have not expanded the capacity of Packaging Films since last 16 years and are now setting up greenfield BOPET and CPP lines in Karnataka to meet the growing demand. We are also expanding outside India with plans to set up brownfield CPP film line at our UAE plant that will add a production capacity of 18,000 TPA."

Ashok Chaturvedi, Chairman & Managing Director, UFlex Limited, said, "UFlex has played a pivotal role in providing packaged products to the end consumers during the pandemic. In line with our vision to go glocal and serve the last mile with our best-in-class innovative and sustainable solutions, we are scaling up our international as well as domestic operations. Driven by a robust order book and consistent market growth, we are doubling the manufacturing capacity of our Aseptic Liquid Packaging plant in Sanand."

The earlier capacity of the group's packaging films plant in Poland was 30,000 TPA and with an additional 10.4 meter wide BOPET line of 45,000 TPA getting commissioned, FlexFilms is the largest BOPET manufacturer in European Union. In India, the current capacity of Packaging films line with BOPET, BOPP, CPP put together is 92,000 TPA. The new lines to be added in South India will have a cumulative production capacity of 63,000 TPA. The UAE plant that currently houses a BOPET line with capacity of 22,000 TPA, will have an additional capacity of 18,000 TPA once the CPP line is commissioned.