Q1 FY24 Highlights (Standalone)
Revenue at INR 1671 crores; decrease of 1.5% YoY
EBITDA at INR 206 crores; increase of 0.2% YoY
PAT at INR 55 crores; decrease of 27% YoY
Total Sales volume at 63997 Tons; up 13.6% YoY
Q1 FY24 Highlights (Consolidated)
Revenue at INR 3278 crores; decrease of 19% YoY
EBITDA at INR 304 crores; decrease of 58% YoY
Loss After Tax at INR 416 crores against PAT of INR 375 crores in Q1 FY23. Exceptional loss of INR 382 crores due to change in the Forex Policy of the Central Bank of Nigeria in June 2023
Total Sales volume at 143159 Tons; down 7.5% YoY
UFlex Ltd, India’s largest multinational in flexible packaging and solutions company, announced its financial results for the first quarter ended June 30, 2023. The Company’s unaudited results were approved by the Board of Directors in a meeting held earlier today.
The Company posted consolidated Revenue of INR 3278 crores. The Company’s Earnings before interest, depreciation & amortization, currency devaluation/fluctuation gain/loss, and tax (EBITDA) for this quarter stands at INR 304 crores. The consolidated revenue registered a decrease of 19% YoY, while the sales volume decreased by 7.5% YoY.
Ashok Chaturvedi, Chairman and Managing Director, UFlex Ltd., stated, “FY24 has begun on the right note with packaging verticals delivering strong performances. Globally, the packaging films business is facing headwinds due to high inflation in the US and European regions. In India, we have seen an uptick in demand, and our new CPP and BOPET lines in Dharwad, Karnataka are operational, which resulted in 22% YoY increase in sales volume in the quarter. Our backward integration strategy of manufacturing polyester resin chips, investments in sustainable products and solutions, technology, and continued focus on recycling, decarbonization, and other environment-friendly manufacturing processes will help us achieve our business and strategic goals”.
Mr. Rajesh Bhatia, Group CFO, UFlex Ltd., said, “While the packaging films business in India and globally continues to remain sluggish, UFlex’s flexible packaging and aseptic packaging business continues to perform well. Despite the impact of an early monsoon in 2023, we have witnessed 7% YoY increase in sales volume in the packaging business in the quarter. By debottlenecking the existing aseptic packaging plant at Sanand, Gujarat, we intend to achieve a capacity of about 12 billion packs per annum from April 2024 onward. Our continued focus on exports has resulted in 56% YoY increase in exports from India to touch INR 400 crores”.
The company continued the momentum in innovation and product development with a slew of launches in Q1.
www.uflexltd.com
