Uflex Ltd declared its earnings for the quarter ended June 30, 2019 and reported. The Consolidated Revenue grew by 3.6% to INR 1982 cr in Q1 and EBITDA rose by 8.7% to INR 277.3 cr Y-o-Y. On standalone basis, the revenue increased by 2.23% to INR 1051 crore and EBITDA jumped by 11.7% to INR 132.6 crore. The consolidated net profit dropped by 3.6% Y-o-Y to 90.7 crore for Q1 FY2019-20, due to higher tax provision.
Talking about the earnings, Rajesh Bhatia, Group CFO at Uflex Limited said, "This quarter while our Total Production volume was almost constant at 100814 MT Y-o-Y basis, Packaging production volume was up by 4.8% Y-o-Y to 21018 MT." He continued, "To optimally use our film line capacity, we are shifting one of our BOPET film manufacturing line from UAE to Russia, since the production from this line was already largely dedicated to markets in Russia & CIS countries. This will enable us to serve customers locally apart from substantial cost saving of freight, energy and import duties."
Ashok Chaturvedi, Chairman & Managing Director, Uflex Limited said, "Uflex has progressed exponentially in the last few years with its products, technological and engineering capabilities, keeping in mind the evolving needs of the packaging industry, along with environmental needs. We have been striving hard and making all possible efforts to provide our customers with innovative and sustainable packaging solutions that are also economical." Adding, "To ensure that we are future-ready and have a better outreach of sustainable solutions to our clients located globally, we are scaling up our operations internationally. Our ongoing investment in Hungary, Nigeria and Russia to set up manufacturing facilities for packaging films attests our commitment to deliver packaging excellence to each of our customer.
He further commented, "As leaders in the industry, we are cognizant of the challenge that noise around plastic poses. To address the issue this rather solvable problem, Uflex is working on a range of revolutionary plastic films that will be bio-degradable as well recyclable by nature, thereby reducing plastic waste going into landfill and save our planet."
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