NEW DELHI: Packaging products and option firm Uflex Ltd on Tuesday claimed in excess of two-fold leap in its consolidated net profit at Rs 196.54 crore for the initial quarter finished June 2020, assisted by volume progress.
The enterprise had posted a net profit of Rs 90.91 crore throughout April-June quarter a yr back, Uflex reported in a regulatory filing.
Its whole income rose marginally by .78 per cent to Rs 1,997.54 crore throughout the quarter underneath evaluate as towards Rs 1,981.97 crore in the corresponding period of time of preceding fiscal.
Uflex’s whole expenses declined 6.94 for every cent to Rs 1,734.87 crore in Q1 FY 2020-21 as towards Rs 1,864.29 crore a year ago.
“Thanks to the pandemic, usage developments have witnessed a change and versatile packaging has acquired considerably more great importance particularly since of the hazards connected to non-packaged goods. This resulted in higher production and sales volume,” Uflex said in a statement.
Overall production volume through the quarter less than evaluation grew 13.44 for each cent 12 months-on-calendar year (YoY) to 1,07,599 metric tonnes (MT), although full sales volume increased 8.97 for each cent YoY to 1,03,575 MT.
Revenue from flexible packaging actions rose .62 for each cent to Rs 1,933.98 crore as in opposition to Rs 1,921.94 crore in April-June quarter a 12 months ago.
Revenue from engineering actions grew 22.84 per cent to Rs 80.38 crore from Rs 65.43 crore a yr ago.
Commenting on the effects, UFlex Team President (Finance & Accounts) and CFO Rajesh Bhatia said, “Q1 FY2020-21 has been a quarter of excellent development for UFlex. The demand for pouching observed a substantial maximize led by personal cleanliness classification.
“There has been a steady enhancement in BOPP-BOPET price spread in the last one particular year and we anticipate that the margins will continue to be wholesome in the medium term.”
All this was mirrored in Uflex’s quarterly general performance via larger sales volumes, big surge in profitability and significantly healthier EBITDA margins of 21.1 per cent, he extra.
“Even amidst the lockdown, we were equipped to entire the construction of our new facilities in Poland and Russia and begin demo operates,” Bhatia said.
The enterprise operates in many countries across the world – each in terms of its production functions and the markets for its solutions, and all these nations around the world had imposed lockdowns of varying sorts aimed at containing the spread of the virus, Uflex claimed.
The business confronted first administrative and supply chain troubles in some nations during preliminary lockdown period of time, but there was no effects on its general production and sales volumes for the duration of the quarter, it reported.
“Although Uflex believes that its enterprise will carry on to continue being unscathed by the pandemic as it carries on to witness better demand for its solutions globally so far in FY 2021, there could be uncertainties in the potential owing to underlying developments with respect to COVID-19, which are complicated to predict,” it claimed.
Shares of Uflex on Tuesday settled .09 per cent greater at Rs 337.55 on the BSE.