Uflex Q3 net up fivefold to Rs 251 cr

Packaging firm Uflex today said its consolidated net profit rose by over five folds to Rs 251 crore for the third quarter ended December 31, over the same period previous fiscal.

The company had a net profit of Rs 48 crore in the same period last fiscal, Uflex said in a statement.

Its revenues for the third quarter ended December 31, stood at Rs 1,022 crore, compared to Rs 595 crore in the same period last fiscal.

The higher revenue growth is attributed to new capacity expansion, increased utilisation and higher net realisation of the company's products line, the company said.

"Our consistent record of maintaining a high growth trajectory is symbolic of the potential in the industry and the corresponding faith of customers in our endeavors to excel in offering quality products which has translated in to successful long term relationships globally," Uflex CMD Ashok Chaturvedi said.

The company plans to add manufacturing lines for new product categories across facilities in Egypt, Mexico and India with aggregate investments in excess of $250 million over the next year, which will include setting up of various green/brown field projects in India and overseas.

In a filing to the Bombay Stock Exchange (BSE), the company said its board has approved expansion programme to manufacture flexible packaging and other intermediary products at Jammu.

Shares of Uflex today closed at Rs 184.60 on the BSE, down 0.14 per cent from its previous close.