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UFlex net profit jumps by 96% YoY to Rs 313.2 crore in Q3FY2021-22
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Saturday, 19 February, 2022, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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UFlex Ltd., India’s largest multinational in flexible packaging solutions and a global leader in polymer sciences, unveiled its earnings for the quarter ending December 31, 2021. The company posted a consolidated PAT of Rs 313.2 crore surging by 95.9% YoY whereas the consolidated EBITDA stood at Rs 618.7 crore for Q3FY21-22, up by 48.5% YoY. The consolidated net revenue registered 64.6% YoY jump to reach Rs 3474.3 crore for the quarter under review.
Owing to the global expansions and contributions being made by the new lines that were commissioned in the past quarters, Total Production Volume surpassed its previous record to reach 153441 MT in Q3FY22 witnessing a jump of 38% YoY whereas Total Sales Volume mirrored the 38% YoY increase to reach 154224 MT.
Speaking on the business’ financial performance, Rajesh Bhatia, Group CFO, UFlex Ltd., said, “Rapid technological advancements, rising consumption, regulatory focus and brands’ commitment to move towards sustainable packaging have resulted in significant changes and numerous chances for the plastics industry to expand locally and globally. However, after last year’s slump, the crude oil prices are rising again and the growing input costs are a cause for concern. Its impact across industries and on prices of raw materials in addition to other products is going to be more pronounced. This quarter indicates a high in packaging films production volume with the contribution to our topline coming from the newly commissioned overseas capacities reflected in YoY growth of 46.3% in packaging films production volume. Looking ahead, we are expecting incremental growth in forthcoming quarters as we operationalize our new aseptic liquid packaging capacity in Sanand and packaging films lines in Karnataka & Dubai.”
Highlighting company’s sustained efforts towards building a circular plastic economy, Ashok Chaturvedi, chairman and managing director, UFlex Limited, said, “Packaging waste management especially of plastic is an ever-increasing area of focus, across the world. UFlex has been walking the green path by recycling post-consumer MLP mixed plastic waste; upcycling recycled resins into Post-consumer Recycled (PCR) films range and also creating solutions that use lesser amount of virgin plastic at source. The new high-value line of products and solutions including the proposed enzyme-based biodegradable packaging solution are aimed at adoption of responsible packaging and reflects our increased focus and investments in research and development. UFlex has already been recycling close to 30,000 tonnes of plastic waste per year and our target is to reach 1,00,000 tonnes. The new recycling lines to be commissioned in our Mexico and Poland facility and the proposed recycling infrastructure in Egypt will help us realize our vision. We are also expecting the new EPR regulations in India shortly which will bring more certainty towards sustainable packaging.”
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