Uflex Q2 net profit jumps two-fold to Rs 222 crore

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Packaging materials firm Uflex Ltd on Wednesday reported an over two-fold jump in consolidated net profit at Rs 222 crore for the September quarter, helped by volumes growth.

The company had posted a net profit of Rs 94.26 crore during the July-September period a year ago, Uflex said in a regulatory filing.

Total income was at Rs 2,234.46 crore, up 19.15 percent from Rs 1,875.32 crore in the corresponding period of the previous fiscal.

Total expenses rose 10.43 percent to Rs 1,934.85 crore compared to Rs 1,752.01 crore earlier.

During the quarter, Uflex witnessed a "surge in demand" for multiple lines of businesses while also adding newer clients, the company said in a post-earnings statement.

"This is evident by the rise in total sales volume by 18.8 percent YoY to 1,116,45 MT in Q2 FY2020-21."

"Total production volume for the quarter showed an increase of 25.7 percent YoY to 1,184,70 MT, the Packaging Films production volume grew by 26.8 percent YoY and Packaging production volume grew by 22.1 percent YoY,” it said.

Revenue from flexible packaging segment was up 19.13 per cent to Rs 2,162.67 crore as against Rs 1,815.29 crore.

Revenue from the engineering segment was at Rs 81.67 crore, up 19.36 crore from Rs 68.42 crore earlier.

Uflex Group CFO Rajesh Bhatia said, "The surge in production and sales volume of Packaging Films is on account of additional output from Russia and Poland plants. The surge in packaging production and sales volumes by 22 percent and 23.3 percent YoY respectively is an outstanding achievement.”

Shares of Uflex Ltd settled at Rs 307.65 on BSE, down 0.93 percent from the previous close.