Uflex aims to be USD 2 bn firm, to double turnover by FY23

The country's largest packaging company Uflex expects to be USD 2 billion company by FY23, mainly on the back of growing domestic market and overseas operations, said a top official.

The company said that it expects to double its turnover in next five years.

It has already crossed one billion-mark in 2017-18 by registering a total consolidated income of Rs 6,808.53 crore (around USD 1.01 billion).

Uflex, which has ventured into the aseptic liquid packaging with its brand Asepto last fiscal, has high expectations from this segment in coming years.

Besides, the Delhi-based company also expects that domestic packaging business will continue its growth momentum in its topline.

"Now we should look doubling it in next five years by FY 2022-23," Uflex Global CFO Rajesh Bhatia told PTI.

Bhatia said that in the film and packaging business, the company has crossed the highest ever production mark last fiscal.

"This trend should continue in coming years," he added.

In 2017-18, Uflex's total production volume was up by 8.5 per cent.

Its sales volumes in films segment grew by 8 per cent, while packaging grew by 12 per cent. Its aseptic packaging business is gradually growing and has more than 12 customers.

"We are constantly looking for new business opportunities ...We are taking steps keeping future in the mind," Bhatia said, adding that the company is also taking steps to improve its margins by looking into new ways.

The domestic market has contributed around 57 per cent revenue of the company and rest comes from its global operations.

On being asked that whether Uflex would maintain the similar ratio in future, he said: "Our topline growth would largely come from India only," as the company has invested in capacity here.

"As of now, we are not increasing the capacity on the overseas sites. At some point we will, as the business is growing and we have good profits over there," Bhatia added.

In markets such as the US, Egypt, Mexico and Poland, where Uflex has plants, the production is in its full capacity, he said.

Recently, Uflex has been certified by the Indian Banks' Association as a security printer for printing MICR (magnetic ink character recognition) instruments for its member bank.

Set up in 1985, Uflex has packaging facilities at multiple locations in India with installed capacity of around 1,00,000 TPA (tonnes per annum) and has packaging film manufacturing facilities in India, UAE, Mexico Egypt, Poland and the US with cumulative installed capacity in excess of 3,37,000 TPA.