Uflex Starts Q1 FY2019-20 With a Steady Performance

/ -- Uflex Ltd, India's largest multinational flexible packaging company, today declared its earnings for the quarter ended June 30, 2019 and reported. The Consolidated Revenue grew by 3.6% toINR 1982 cr in Q1 and EBITDA rose by 8.7% to INR 277.3 cr Y-o-Y. On standalone basis, the revenue increased by 2.23% to INR 1051 crore and EBITDA jumped by 11.7% to INR 132.6 crore. The consolidated net profit dropped by 3.6% Y-o-Y to 90.7 crore for Q1 FY2019-20, due to higher tax provision.

Talking about the earnings, Rajesh Bhatia, Group CFO at Uflex Limited said, "This quarter while our Total Production volume was almost constant at 100814 MT Y-o-Y basis, Packaging production volume was up by 4.8% Y-o-Y to 21018 MT." He continued, "To optimally use our film line capacity, we are shifting one of our BOPET film manufacturing line from UAE to Russia, since the production from this line was already largely dedicated to markets in Russia & CIS countries. This will enable us to serve customers locally apart from substantial cost saving of freight, energy and import duties."
He further commented, "As leaders in the industry, we are cognizant of the challenge that noise around plastic poses. To address the issue this rather solvable problem, Uflex is working on a range of revolutionary plastic films that will be bio-degradable as well recyclable by nature, thereby reducing plastic waste going into landfill and save our planet."
Some key product launches and updates that Uflex feels will change the way the market functions:
For more details on the Results for Quarter ended June 30 2019, click on: www.uflexltd.com/financials.php About Uflex: