Uflex Q3 net down 6.9 per cent at Rs 74 crore

Packaging company Uflex has reported a 6.88 per cent decline in consolidated net profit at Rs 73.76 crore for the December quarter due to higher tax outgo.

The company had posted a net profit of Rs 79.21 crore during October-December quarter a year ago, Uflex said in a statement.

Its total income was up marginally 0.91 per cent to Rs 1,495.90 crore during the quarter under review as against Rs 1,482.31 crore earlier.

"This was a moderate quarter for us. Our bottom line has been affected because of the tax provisions being higher in comparison with the corresponding period," Uflex Group President (Corporate Finance and Accounts) R K Jain said.

"Our topline has grown as sales volume has grown by 9 per cent during this quarter and revenue has been muted because of reasons such as prices being low compared to the corresponding period.

"EBITDA has grown by 6 per cent and earning before tax has grown by 7 per cent. Its only the tax impact which has impacted net profit by 6 per cent," he added.

Total expenses were down 0.19 per cent to Rs 1,364.53 crore in the third quarter as against Rs 1,367.22 crore earlier.

There was a foreign exchange loss of $13.30 million (net of tax) equivalent to Rs 88.42 crore, incurred by the Flex P Films (Egypt) SAE, as a result of the devaluation of the Egyptian Pound by the Central Bank of Egypt on November 3 and the permitted treatment of foreign exchange loss on transactions dominated in Egyptian currency, the company added.

It added that it "has been taken directly to the consolidated interim statement of comprehensive income as other comprehensive loss".

Shares of Uflex were trading at Rs 269.25 on BSE in morning trade, down 1.21 per cent from their previous closing.