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.