UFlex Ltd declared its earnings for the quarter ending September 2020. The company posted a strong performance with consolidated revenue rising by 19.2% YoY to INR 2234.5 crore ($300.4 million), EBITDA increasing by 69.6% YoY to INR 472.9 crore ($63.6 million) and net profit jumping YoY by 136% to INR 221.8 crore ($29.8 million) in Q2 FY2020-21.
The company has registered back-to-back successful quarters where they witnessed a surge in demand for multiple lines of businesses while also adding newer clients.
“This quarter has witnessed a resurgent UFlex, despite all the COVID-19 challenges, achieving highest ever quarterly production, sales, revenue, EBITDA and PAT,” said Ashok Chaturvedi, chairman and managing director, UFlex Limited. “We have been pivotal in providing packaged products to the end consumers during the pandemic period. To ensure that we are future-ready and have a better outreach of sustainable solutions to our clients located globally, we have been scaling up our international operations. We are glad to announce that during the quarter, we commenced commercial operations at our Russian facility which will help bring us closer to our customers in Russia and CIS markets.
“We are eagerly waiting for a COVID-19 problem to be over which will bring the focus back on sustainability in flexible packaging as we are ready to commercialize our various biodegradability initiatives,” he added.
In terms of inks, UFlex’s Chemicals Business launched toluene-free inks for vinyl, PU and polyamide-based chemistries. Toluene-free inks comply with revised guidelines issued by the Bureau of Indian Standards (BIS IS 15495:2020). It is best suited for flexible packaging segments for food, pharma and hygiene applications.
