Uflex Posts a Strong Performance in Q3 2018-19

Uflex Ltd. declared its earnings for the third quarter ended Dec. 31, 2018, and reported consolidated net revenue of INR 1981.1 crore ($276 million), a jump of 17.7% on year-over-year basis. The consolidated EBITDA for Q3 FY18-19 stood at INR 227.7 crore ($31.7 million), showing an increase of 13.6% year over year.
 
“The performance during this quarter is exceptional against the backdrop of huge volatility in crude oil prices,” Rajesh Bhatia, group CFO at Uflex Limited, said. “From a high of $84.94 on Oct. 1, 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% year-over-year.”