UFlex announces financial results for the quarter ended 30 June 2023

UFlex, India’s largest multinational in flexible packaging and solutions company, announced its financial results for the first quarter ended 30 June 2023. The company’s unaudited results were approved by the Board of Directors in a meeting.

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, 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”.

Rajesh Bhatia, Group chief financial officer, 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 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.