India's largest multinational flexible packaging materials and solution company Uflex Limited has announced their earnings for quarter ending 30 June 2018.
The company has been maintaining a sustained growth curve and achieved the Consolidated Income for the quarter ended 30thJune 2018 of Rs. 1912 crores as against Rs. 1627 crore for the same period last year, thus registering a growth of 17.5%. The consolidated EBITDA for the quarter ended 30th June, 2018 has been higher at Rs. 255 crore as against Rs. 237 crore for the same period last year up by 7.9%, and as against Rs. 229 crore for the quarter Jan-March 2018, up 11.3%. The profit after tax for the quarter ended 30th June 2018 is also higher at Rs. 94 crore.
"Buoyed by the highest ever quarterly production & sales volumes, Uflex achieved Revenue growth of 17.5% in Q1 FY 18-19 over Q1 FY 17-18, thus registering highest ever Revenue in a quarter. During Q1 FY 18-19, overall production volumes grew by 11.6% and sales volumes grew by 14.9%. The subsequent quarters for FY 2018-19 are likely to witness incremental export sales volume from the recent customer acquisitions. Aseptic Packaging has increased its customer reach and is now supplying to about 20 customers. The trial runs are on-going successfully with some of the large customers," said Global CFO, Uflex Limited, Rajesh Bhatia.
In an official document released soon after the Earnings were declared, Chairman and Managing Director, Uflex Limited, Ashok Chaturvedi said, "Q1 of Financial Year 2018-19 has witnessed significant Production & Sales volume growth. The margin in packaging films business have improved while the flexible packaging business margins were impacted by the lag effect of about 17% increase in the crude oil prices during the quarter. The fast evolution of our technology, aided us to launch several products in the quarter ended 30 June 2018 that continue to meet the demands of the ever changing customer needs which also adds value to the businesses of our esteemed clients globally."
"As a matter of pride we have been able to contribute to Indian Space Research Organization's endeavour of development of Satellite Thermal Radiation Insulation film and becoming self-reliant in space technology applications. This is a major win for Make in India and a moment of truth for Made in India. All this has been accomplished through the unrelenting hard work by the metallizing team of Flex Films India without which it would not have been possible for us to accomplish this goal," added Chaturvedi.
You will also be glad to know that we have been certified by the Indian Banks' Association (IBA) as a security printer for printing MICR instruments for its member banks. Since we possess all required systems, technology and infrastructure, the Indian Bank's Association conferred this certification to us and has given us the opportunity for security printing MICR instruments which is a big honor and responsibility in itself. To become a leading company and preferred supplier for providing flexible packaging solutions to customers across the globe and to further maximize value for all stakeholders, I encourage my team to follow the mantra of excellence, which means to keep beating your own standards every day and to surpass your past records because if you don't have any record to beat, you can't excel. Let us start off on the right foot, keeping your eyes on the stars with feet on the ground and let success follow us in the financial year ahead..!!" concluded Mr. Ashok Chaturvedi.
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