UFlex Ltd declared its financial results for the quarter ending December 2020.
The company said it witnessed a surge in demand for multiple lines of businesses while also adding newer clients.
The company posted strong growth numbers with Consolidated Net Profit surged by 89% YoY to INR 159.9 crore.
UFlex announced a domestic and international expansion for its Packaging Films business in the results.
“The highlights of this quarter are commissioning of the brownfield BOPET film line in Poland with a capacity of 45,000 TPA. The trial run for our BOPP plant in Hungary and BOPET plant in Nigeria have already commenced and both the plants are expected to be commissioned soon," said Rajesh Bhatia, group CFO at UFlex Limited. "In India, we have not expanded the capacity of Packaging Films since the last 16 years and are now setting up greenfield BOPET and CPP lines in Karnataka to meet the growing demand. We are also expanding outside India with plans to set up brownfield CPP film line at our UAE plant that will add a production capacity of 18,000 TPA.”
“UFlex has played a pivotal role in providing packaged products to the end consumers during the pandemic," added Ashok Chaturvedi, chairman and managing director, UFlex Limited. "In line with our vision to go local and serve the last mile with our best-in-class innovative and sustainable solutions, we are scaling up our international as well as domestic operations. Driven by a robust order book and consistent market growth, we are doubling the manufacturing capacity of our Aseptic Liquid Packaging plant in Sanand.”
The earlier capacity of the group’s Packaging Films plant in Poland was 30,000 TPA and with an additional 10.4-meter wide BOPET line of 45,000 TPA getting commissioned, FlexFilms is the largest BOPET manufacturer in European Union.
In India, the current capacity of Packaging films line with BOPET, BOPP, CPP put together is 92,000 TPA.
The new lines to be added in South India will have a cumulative production capacity of 63,000 TPA.
The UAE plant that currently houses a BOPET line with a capacity of 22,000 TPA, will have an additional capacity of 18,000 TPA once the CPP line is commissioned.
In Q3 FY 2020-21, UFlex also introduced a range of new products and solutions across its business.
Flexible Packaging Business
UFlex developed six variants of matte finish film-based 3D pouches to pack coffee beans for Al-Fanoos Coffee in the Saudi Arabian and Gulf markets.
The BOPP, PET, PE structure pouch holds myriad features such as a 3D design for shelf impact, a Hot Stamp to prevent counterfeiting forces, a Slider Zipper that promotes reusability at the point of consumption, a Breathing Valve that allows excess gas to exit from the pack such that packed contents remain fresh for a longer duration, a See-through Window on the side, and a Side Handle that allows easy carriage.
With the demand for sanitizers and disinfectants still booming due to the novel coronavirus pandemic, the vertical developed two variants of easy tear laminate for I2Cure BioShield Lotion that allows easy dispensation of alcohol-free sanitizer. With the lotion being Halal certified, it has been receiving a lot of interest from the Middle East, South Asian and Indian markets, according to UFlex.
The jumbo bags for packing poultry feed are one of the few bulk bags in non-woven format with high tensile strength and weather resistance. The bag that is developed for the Indian market offers durability and convenience of carriage with safety, despite its capacity to carry mass quantity.
Recently commercialized:
- Easy to peel strength pouches for PS Kona WB Coffee in which the peel strength has been customized with regulated opening force;
- Paper foil-based laminated film for packing seasoning mix for Kroger Ranch salad dressing and seasoning mix;
- Replaced PET in EVoH based BOPP film structure to make it a recyclable Monopolymer laminate for Purina Dog Chow PET Food;
- Special PET + PET-based retort pouches replaced previously used oriented nylon for packaging of pre-cooked rice for TJ Morris.
Chemicals Business
UFlex launched dual-purpose, alcohol-based hand sanitizer FLEXGUARD-I that contains Isopropyl Alcohol IP-75% V/V and complies with WHO guidelines.
UFlex secured a patent for a new process to derive Epoxy Ester Resin following the provisions of the Patents Act, 1970.
UFlex launched a water-based oxygen barrier coating ‘FLEXCOAT UF0008’ for food packaging to achieve oxygen barrier properties on BOPP and CPP films.
Cylinders Business
UFlex manufactured watermark printing cylinders on steel sheets by its laser engraving line making the company the first Indian manufacturer to achieve this feat.
This process has been a challenge in the past as the pigments of steel sheet paint are substantially different in size and shape as compared to conventional gravure inks, therefore rotogravure printing on metal substrates was critical and that too with minimum depositions effect required for a watermark.
