Packaging company Uflex today reported 16.76 per cent rise in consolidated net profit to Rs 90.35 crore for the quarter ended on September 30, 2016. The company had posted a net profit of Rs 77.38 crore for July-September quarter in the year-ago period, Uflex said in a BSE filing. Its consolidated net sales were up 1.59 per cent to Rs 1,501.88 crore during the quarter under review as against Rs 1,478.23 crore of the corresponding period of the previous fiscal. "During the quarter, we had a volume growth of 12 per cent, however in terms of value it was around 2 per cent and this was primarily downwards pressure on raw material prices," said Uflex Group President RK Jain. "If you look at the H1 FY 2016-17 numbers our volume of packaging films has gone up by 9 per cent and the volume of value added packaging products have increased by 1 per cent thereby registering an overall volume growth of 7 per cent Y-O- Y," he added Over the outlook Jain said: "We may have some impact of demonetisation in third quarter.
We are currently studying the situation". Shares of Uflex today settled at Rs 262.85 on BSE, up 3.30 per cent from the previous close. Meanwhile, in a separate filing Uflex said that it would raise Rs 650 crore in debt. The board of the company in a meeting held today "approved issuance of redeemable non-convertible secured debentures up to an amount of Rs 650 crore on private placement basis". The board has also authorised the exisiting committee of directors to decide the terms and condition for it.
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