Packaging company Uflex Limited (Uflex) reported better than expected numbers in Q1FY19. Consolidated revenue was up 18% yoy (5% qoq) at Rs1,905cr, surpassing the consensus estimate of Rs1,859cr. Higher input cost and operating expenses led to EBITDA margin contraction of 131bps yoy (expansion of 66bps qoq) to 13%. EBITDA growth was restricted to 7% yoy (11% qoq) at Rs248cr. However, EBITDA and EBITDA margin surpassed the consensus estimates of Rs239cr and 12.9%, respectively. Consolidated PAT was up by a mere 1% yoy (32% qoq) at Rs94cr, ahead of the consensus estimate of Rs85cr.
Revenue growth for the quarter was led by sales volume growth of 15% yoy, while production volume was up 12% yoy.
At the operating level, higher raw material cost (up 162bps yoy as % of sales) and operating and manufacturing expenses (up 63bps yoy as % of sales) dented EBITDA margins.
Tax rate in Q1FY19 was 14% vs. 13% in Q1FY18 and 16% in Q4FY18.
Uflex Ltd ended at Rs291, down 2.95 points, or 1%, from its previous closing of Rs293.95 on the BSE. The scrip opened at Rs295.90 and has touched a high and low of Rs299 and Rs290, respectively. A total of 1,41,650 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.
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