UFlex announces its financial results for the the first quarter
UFlex 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 recently.
16 Aug 2023 | By Disha Chakraborty
UFlex’s focus on exports has resulted in a 56% YoY increase in exports from India to touch Rs 400 crores
UFlex posted consolidated revenue of Rs 3,278 crores. The company’s 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, 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.”
He added, “Our backward integration strategy of manufacturing polyester resin chips, investments in sustainable products and solutions, technology, and continued focus on recycling, decarbonisation, and other environment-friendly manufacturing processes will help us achieve our business and strategic goals”.
Rajesh Bhatia, group CFO, UFlex, 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 a 7% YoY increase in sales volume in the packaging business in the quarter.” He pointed out that by debottlenecking the existing aseptic packaging plant at Sanand, Gujarat, UFlex intends to achieve a capacity of about 12 billion packs per annum from April 2024 onward.
“Our continued focus on exports has resulted in a 56% YoY increase in exports from India to touch Rs 400 crores,” he added.
Q1 FY24 Highlights (standalone)
• Revenue at Rs 1,671 crores; decrease of 1.5% YoY
• EBITDA at Rs 206 crores; increase of 0.2% YoY
• PAT at INR 55 crores; decrease of 27% YoY
• Total Sales volume at 63997 Tons; up 13.6% YoY
Q1 FY24 Highlights (consolidated)
• Revenue at Rs 3,278 crores; decrease of 19% YoY
• EBITDA at INR 304 crores; decrease of 58% YoY
• Loss after tax at Rs 416 crores against PAT of Rs 375 crores in Q1 FY23. Loss of Rs 382 crores due to change in the Forex Policy of the Central Bank of Nigeria in June 2023
• Total sales volume at 1,43,159 tonnes; down 7.5% YoY