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Uflex jumps after good Q2 results

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rose 4.96% to Rs 275.90 at 11:07 on after consolidated net profit rose 16.76% to Rs 90.35 crore on 1.60% rise in net sales to Rs 1501.88 crore in Q2 September 2016 over Q2 September 2015.

The result was announced after market hours on Friday, 25 November 2016.

Meanwhile, the Sensex was up 38.37 points, or 0.15%, to 26,354.71.

On BSE, so far 1.01 lakh shares were traded in the counter, compared with average daily volume of 68,480 shares in the past one quarter. The stock hit a high of Rs 278.80 and a low of Rs 271 so far during the day. The stock hit a 52-week high of Rs 334 on 27 October 2016. The stock hit a 52-week low of Rs 132.20 on 29 February 2016. The stock had underperformed the market over the past 30 days till 25 November 2016, falling 16.36% compared with the 5.73% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 10.72% as against Sensex's 5.28% decline.

The small-cap company has equity capital of Rs 72.21 crore. Face value per share is Rs 10.

Uflex's consolidated earnings before interest, tax, depreciation and amortization (EBITDA) rose by 6% and stood at Rs 233.10 crore in Q2 September 2016 over Q2 September 2015.

Commenting on Q2 results, R.K. Jain, Group President (Corp. F & A) said that the company's raw material prices are linked to crude oil prices. The downward pressure of raw material prices over the past few quarters has been retaining the selling prices of the goods on the downside. Therefore, while the volumes have grown, the total revenue has not shown growth during the period. The volume of packaging films has gone up by 14% in Q2 September 2016 over Q2 September 2015. Volume of packaging products has gone up by 5% in Q2 September 2016 over Q2 September 2015. Thus the company has registered a 12% growth in overall volume in Q2 September 2016 over Q2 September 2015.

In a separate announcement after market hours on Friday, 25 November 2016, said that its board has approved the issuance of redeemable non-convertible secured debentures (NCDs)/bonds upto an amount of Rs 650 crore on private placement basis.

Uflex is India's largest end-to-end flexible packaging company and an emerging global player.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 28 2016. 11:00 IST