UFlex posts revenue growth of 46.5%; Profit up 41.9%

Total Production output rose by 14.8% YoY in the said quarter to reach 159,793 MT and total sales volume stood at 154,811 MT witnessing a jump of 15.7% YoY

UFlex Ltd, India's largest multinational in flexible packaging materials and solutions, reported consolidated revenue rise of 46.5% YoY to reach Rs. 4,045.8 crore and consolidated net profit witnessing a gain of 41.9% YoY to reach Rs. 374.5 crore. 

Total Production output rose by 14.8% YoY in the said quarter to reach 159,793 MT and total sales volume stood at 154,811 MT witnessing a jump of 15.7% YoY. The increased capacity of the Aseptic Liquid Packaging plant was available during the quarter and the business achieved sales volume growth of 123% YoY.

Commenting about the company's performance, Rajesh Bhatia, Group CFO, UFlex Limited said, "We continued delivering robust results in the first quarter of FY2023 despite facing volatile market conditions and strong global headwinds created by supply chain and raw material constraints. In fact, we outperformed with the highest ever quarterly revenue and net profit in this quarter."

"The BOPET film plant in Nigeria is ramping up and achieved capacity utilization of 70%+ during the quarter. The impact of higher raw material prices continued during the quarter as is evident from 46.5% YoY revenue growth against sales volume growth of 15.7%," added Bhatia.

Ashok Chaturvedi, Chairman and Managing Director, UFlex Limited said, "We are amplifying our objectives to have a complete backward integration for BOPET packaging films via a PET resin facility set up in Panipat to ensure consistent availability of quality raw materials at reasonable prices that will help protect the margins. The project is likely to be commissioned by FY2026."