Uflex Posts a Strong Performance in Q3 FY2018-19
Deepthi | Myequity news | Date : 07-02-2019 20:30:00 IST
Uflex Ltd declared its earnings for the Quarter ended December 31, 2018 and reported consolidated net revenue of INR 1981.1 crore, a jump of 17.7% on Y-o-Y basis. The consolidated EBITDA for Q3 FY18-19 stood at INR 227.7 crore, showing an increase of 13.6% Y-O-Y while the consolidated net profit rose marginally by 3.8% Y-o-Y to 54 crore for Q3 FY19.
Total Production Volume during the quarter was 96876 MT up 4.4% Y-o-Y and Total Sales Volume rose by 3.1% Y-o-Y to 94229 MT.
Talking about the earnings, Rajesh Bhatia, Group CFO at Uflex Limited said, "The performance during this quarter is exceptional against the backdrop of huge volatility in crude oil prices. From a high of $84.94 on Oct 01 2018, the brent crude prices kept on falling consistently to $50.57 on Dec 28 2018, thereby registering a fall of over 40% during the quarter. Such a consistent steep fall often results in de-stocking by the customers to avoid inventory losses and still the overall sales volume increased by 3.1% Y-o-Y. The Aseptic Packaging Business continues to grow and has currently over 40 customers spanning across juice, dairy and alcohol segments and we expect EBITDA breakeven in Q4.”
Ashok Chaturvedi, Chairman & Managing Director, Uflex Limited said, "Flexible packaging industry has been working on plastic waste management and sustainability is influencing many packaging decisions. All FMGG and Pharma brands are looking at bespoke recyclable and biodegradable packaging solutions that are also cost-effective and Uflex is confident of providing leadership in these endeavors, this year."
He added, "Uflex had taken a lead in putting up Recycling plants ahead of most manufacturers globally. In continuation of our efforts towards sustainability, we have successfully commissioned our Pyrolysis Plant at Noida facility in this quarter, making our packaging division a zero discharge unit."
Uflex is India's largest multinational flexible packaging materials and Solution Company and an emerging global player. Since its inception back in 1985, Uflex has grown from strength to strength to evolve as a truly Indian Multinational with consumers spread across the world. Uflex today has state-of-the-art packaging facilities at multiple locations in India with installed capacity of around 1,35,000 TPA and has packaging film manufacturing facilities in India, UAE, Mexico Egypt, Poland and USA.