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Containers & Packaging company Uflex announced Q1FY24 results:
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Consolidated Q1FY24:
- Revenue at Rs 3,278 crore; decrease of 19% YoY
- EBITDA at Rs 304 crore; decrease of 58% YoY
- Loss After Tax at Rs 416 crore against PAT of Rs 375 crore in Q1FY23. Exceptional loss of Rs 382 crore due to change in the Forex Policy of the Central Bank of Nigeria in June 2023
- Total Sales volume at 1,43,159 Tons; down 7.5% YoY
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Standalone Q1FY24:
- Revenue at Rs 1,671 crore; decrease of 1.5% YoY
- EBITDA at Rs 206 crore; increase of 0.2% YoY
- PAT at Rs 55 crore; decrease of 27% YoY
- Total Sales volume at 63,997 Tons; up 13.6% YoY
Ashok Chaturvedi, Chairman, and Managing Director, UFlex, 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 a 22% YoY increase in sales volume in the quarter. Our backward integration strategy for 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”.
Rajesh Bhatia, Group CFO, UFlex, 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 a 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
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