UFlex Ltd, India’s largest multinational in flexible packaging solutions and a global leader in polymer sciences, has announced its consolidated financial results for the second quarter and half year ended September 30, 2022.
According to the company press release – The consolidated revenue of the company grew 26.8% YoY to INR 3848.8 crore in Q2FY23. The company’s Earnings before interest, depreciation & amortization and tax (EBITDA) recorded an increase of 16.2% YoY and company’s Profit after Tax (PAT) increased by 11.7% to INR 190.7 crore YoY. In Q2, 2022, the total production volume grew 1.5% YoY to 151865 Tons and the sales volumes grew 1.8% YoY to 149737 Tons. Aseptic packaging sales volume grew by 149% YoY.
Ashok Chaturvedi, Chairman and Managing Director UFlex Ltd., stated, “Our consistent focus on product innovation, sustainability, vertical-integration, and customer orientation continue to pay rich dividends. In line with our continued focus and investments in sustainability, we are in the process of commissioning our Post-Consumer Recyclate (PCR) and MultiLayered Plastic (MLP) recycling facilities in Mexico and Poland. We have commissioned a CPP packaging films plant with a capacity of 18000 MTPA at Dharwad, India during the quarter.
While the flexible packaging industry has witnessed stupendous growth in the last many years, the emanating energy challenges in Europe coupled with the impending fear of global recession/high inflation in USA and Europe resulting in aggressive changes in monitory policies of major central banks has had an impact on the packaging films industry during the quarter.
Having said that, we are confident of sustaining our leadership position across product categories in the packaging industry”.
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Rajesh Bhatia, Group CFO, UFlex Ltd., said “Our focus on operational excellence, high engagement with our customers in global markets, and continued investments in building capacity have enabled us to sustain healthy year-on-year revenue and profitability growth. We are looking forward to commissioning our BOPET films facility at Dharwad, Karnataka and Dubai in FY23. The energy costs in our European operations are a matter of concern in FY23”.