UFLEX Ltd., India's largest multinational flexible packaging company and a global player in polymer sciences, Q1 FY22 has posted a consolidated net profit of Rs. 264 crore which surged by 34.4 % YoY.

Consolidated EBITDA stood at Rs. 502.4 crore, rising by 19.3% YoY for Q1 FY21. The consolidated total revenue registered by the company for the first quarter of FY22 was Rs. 2,761.2 crore, an increase of 38.2% YoY. Total production volume during Q1 FY 2021-22 was 138,876 metric tonnes (MT) clocking a growth of 30% YoY whereas total sales volume was 133,476 MT, an increase of 29.8% YoY.

Commenting on the results, Rajesh Bhatia, Group President (Finance & Accounts) and CFO, UFLEX Ltd. said, "Despite the headwinds in raw material prices and freight costs, we maintained consistent supply chain operations and simultaneously focused on volume-led profitable growth backed by enhanced capacities from recently commissioned plants including Hungary BOPP plant which was commissioned during the quarter."

"The Flexible Packaging volumes were affected due to the second COVID-19 wave that struck India in Q1 FY22. Our EBITDA margins stood at 18.2% in Q1 FY22 as compared to 21.1% in the same quarter last year," added Bhatia.

Ashok Chaturvedi, Chairman & Managing Director, UFLEX Ltd. said, "UFLEX has been on the path to fulfill its vision to get closer to its patrons with manufacturing units across the world with BOPPline in Hungary commissioned and Nigeria set to be commissioned. With consumers getting more mindful of what and how they consume, the packaging industry needs to be proactive in developing sustainable packaging without compromising on convenience and functional attributes of plastic. UFLEX has progressed in developing green products and solutions such as biodegradable packaging, water soluble bags and more, which will not only meet the approval of consumers but also uplift their perception of the flexible packaging industry."