UFlex Limited has announced its business performance results for the quarter and full year ending March 2022. The company has posted a consolidated EBITDA at 734.4 cr for Q4FY22, up by 42.2% YoY whereas the consolidated net profit stood at 350.3 crore. The consolidated revenue registered a rise of 52.2% YoY to reach INR 3915.1 cr, in the said quarter.
Uflex has manufacturing facilities at multiple locations in India, UAE, Mexico, Egypt, USA, Poland, Russia, Nigeria and Hungary.
The growth in revenue was backed by higher production and sales volumes of packaging films and packaging businesses. The total production volume witnessed a jump of 26.2% YoY to reach 160475 MT in Q4FY22 whereas the total sales volume jumped by 20% YoY to reach 164,079 MT in Q4FY21-22.
Speaking on the financial performance, Rajesh Bhatia, Group CFO of UFlex Ltd said, “Our performance in the quarter is reflective of our determined approach to match the fast paced consumption environment with enhanced production volumes. Across all fronts, be it production, sales volumes, revenue, EBITDA and PAT, new highs have been achieved in Q4 as well as in full FY 21-22.”
“We recently commissioned our new line in aseptic liquid packaging facility at Sanand, Gujarat thereby doubling its capacity to 7bn packs per annum. We aim to expand the same globally.”
“More good news poured in also with CRISIL upgrading our company’s short term rating to A1+ and long term rating to AA- inferring improvement in the business and financial risk profile, thus reinforcing our leadership position in the flexible packaging industry,” added Bhatia.
Uflex announced an investment of USD 15 million to add capacity at its subsidiary, Flex Middle East FZE, Dubai in the first quarter of 2021.
The company had also commissioned its BOPET film manufacturing plant in the Ogun State of Nigeria. Speaking on the project Ashok Chaturvedi, Chairman and Managing Director of UFlex Limited said, “Strengthening our leadership position in Africa, we have successfully commissioned our greenfield project in Nigeria that will house a first-of-its-kind 10.6 meter wide BOPET film line with a capacity of 45,000 TPA.”
Sharing his outlook on the industry and company, Chaturvedi added, “What excites me most about the year ahead is the opportunities that will originate from the much talked about new Plastic Waste Management (Amendment) Rules 2022 in India, and our readiness to embrace them.”
“With our extensive R&D strength and innovative spirit, we are deep into creating future-ready solutions in plastic packaging for our clientele, including advanced biodegradable solutions, so that we can together step closer towards a sustainable tomorrow,” added Chaturvedi.