08.14.19
Uflex Ltd. declared its earnings for the quarter ended June 30, 2019 and reported. Consolidated revenue grew by 3.6% to INR 1982 crore in Q1 ($278 million) and EBITDA rose by 8.7% to INR 277.3 crore ($39 million) year on year. The consolidated net profit dropped by 3.6% year on year to 90.7 crore ($12.7 million) for Q1 FY2019-20, due to higher tax provision.
“This quarter while our total production volume was almost constant at 100814 MT year on year basis, packaging production volume was up by 4.8% year on year to 21018 MT,” said Rajesh Bhatia, Group CFO at Uflex Limited. “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 and CIS countries. This will enable us to serve customers locally apart from substantial cost saving of freight, energy and import duties.”
“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,” Ashok Chaturvedi, chairman and managing director, Uflex Limited, said. “We have been striving hard and making all possible efforts to provide our customers with innovative and sustainable packaging solutions that are also economical.
“As leaders in the industry, we are cognizant of the challenge that noise around plastic poses,” added Chaturvedi. “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.”
On the ink side, Uflex’s Chemicals Business launched water-based inks for various kinds of paper packaging, including flexible packaging, paper & board segments for food wraps and paper cups for beverages. This product, which comes with excellent printability, good scuff and water repellent properties, has successfully qualified for big brands such as Coca Cola, PepsiCo and Subway.
Meanwhlie, the recently launched UV LED Inks for narrow web and sheeted business segments by the Chemicals Business generated substantial revenue, in this quarter, by scaling up its sales by 70% and adding key customers in the African market to its portfolio.
“This quarter while our total production volume was almost constant at 100814 MT year on year basis, packaging production volume was up by 4.8% year on year to 21018 MT,” said Rajesh Bhatia, Group CFO at Uflex Limited. “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 and CIS countries. This will enable us to serve customers locally apart from substantial cost saving of freight, energy and import duties.”
“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,” Ashok Chaturvedi, chairman and managing director, Uflex Limited, said. “We have been striving hard and making all possible efforts to provide our customers with innovative and sustainable packaging solutions that are also economical.
“As leaders in the industry, we are cognizant of the challenge that noise around plastic poses,” added Chaturvedi. “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.”
On the ink side, Uflex’s Chemicals Business launched water-based inks for various kinds of paper packaging, including flexible packaging, paper & board segments for food wraps and paper cups for beverages. This product, which comes with excellent printability, good scuff and water repellent properties, has successfully qualified for big brands such as Coca Cola, PepsiCo and Subway.
Meanwhlie, the recently launched UV LED Inks for narrow web and sheeted business segments by the Chemicals Business generated substantial revenue, in this quarter, by scaling up its sales by 70% and adding key customers in the African market to its portfolio.
