IANS | 16 Aug, 2023
UFlex Ltd, India’s largest multinational in flexible packaging and
solutions company, announced its financial results for the first quarter
ended June 30, 2023.
The Company’s unaudited results were
approved by the Board of Directors in a meeting held earlier today. The
Company posted consolidated Revenue of Rs 3278 crores.
The
Company’s Earnings before interest, depreciation & amortization,
currency devaluation/fluctuation gain/loss, and tax (EBITDA) for this
quarter stands at Rs 304 crores.
The consolidated revenue registered a decrease of 19% YoY, while the sales volume decreased by 7.5% YoY.
Ashok
Chaturvedi, Chairman and Managing Director, UFlex Ltd., stated, “FY24
has begun on the right note with packaging verticals delivering strong
performances. Globally, the packaging films business is facing headwinds
due to high inflation in the US and European regions. In India, we have
seen an uptick in demand, and our new CPP and BOPET lines in Dharwad,
Karnataka are operational, which resulted in 22% YoY increase in sales
volume in the quarter. Our backward integration strategy of
manufacturing polyester resin chips, investments in sustainable products
and solutions, technology, and continued focus on recycling,
decarbonization, and other environment-friendly manufacturing processes
will help us achieve our business and strategic goals”.
Rajesh
Bhatia, Group CFO, UFlex Ltd., said, “While the packaging films business
in India and globally continues to remain sluggish, UFlex’s flexible
packaging and aseptic packaging business continues to perform well.
Despite the impact of an early monsoon in 2023, we have witnessed 7% YoY
increase in sales volume in the packaging business in the quarter. By
debottlenecking the existing aseptic packaging plant at Sanand, Gujarat,
we intend to achieve a capacity of about 12 billion packs per annum
from April 2024 onward. Our continued focus on exports has resulted in
56% YoY increase in exports from India to touch Rs 400 crores”. The
company continued the momentum in innovation and product development
with a slew of launches in Q1.