UFlex announces financial results for quarter ended June 30

New Delhi, August 14 UFlex Ltd, India’s largest multinational in flexible packaging and solutions company, announced its financial results for the first quarter ended June 30, 2023.

The Company’s unaudited results were approved by the Board of Directors in a meeting held earlier today. The Company posted consolidated Revenue of Rs 3278 crores.

The Company’s Earnings before interest, depreciation & amortization, currency devaluation/fluctuation gain/loss, and tax (EBITDA) for this quarter stands at Rs 304 crores.

The consolidated revenue registered a decrease of 19% YoY, while the sales volume decreased by 7.5% YoY.

Ashok Chaturvedi, Chairman and Managing Director, UFlex Ltd., stated, “FY24 has begun on the right note with packaging verticals delivering strong performances. Globally, the packaging films business is facing headwinds due to high inflation in the US and European regions. In India, we have seen an uptick in demand, and our new CPP and BOPET lines in Dharwad, Karnataka are operational, which resulted in 22% YoY increase in sales volume in the quarter. Our backward integration strategy of manufacturing polyester resin chips, investments in sustainable products and solutions, technology, and continued focus on recycling, decarbonization, and other environment-friendly manufacturing processes will help us achieve our business and strategic goals”.

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