Uflex soars 16% after two-fold jump in Q4 profit; closes FY21 on a high note with various ingenious products

UFlex rose above the challenges to post exemplary performance and achieved the highest ever production & sales volumes, revenue and profitability in the quarter as well as in FY2020-21.

Jun 30, 2021 10:06 IST India Infoline News Service

Uflex
Uflex Ltd reported an over two-fold jump in consolidated net profit at Rs264.95cr for the fourth quarter ended March 2021 as against a net profit of Rs100.90cr during the January-March period a year ago,

Total income increased by 45.05% to Rs2,571.77cr as against Rs1,773cr in the corresponding period of the previous fiscal.

With packaging taking the center stage in the pandemic affected last year, UFlex rose above the challenges to post exemplary performance and achieved the highest ever production & sales volumes, revenue and profitability in the quarter as well as in FY2020-21.

Ashok Chaturvedi, Chairman & Managing Director, UFlex Limited stated, “Our business network has weathered the disruption whilst also demonstrating resilience to cope with the ever-changing demands of the sector. We commissioned three of our projects in FY2020-21, a BOPET film line in Russia and Poland each; and a new BOPP film line in Egypt with 42,000 TPA capacity, thus gaining an even wider reach globally.”

Continuing, Ashok Chaturvedi said, “The pandemic did not dampen our focus on ESG practices and we continue to accentuate our efforts on this front. After the success of post-consumer multi-layer mixed plastic waste and PET bottle waste recycling lines at Noida in India, we are in the process of replicating these at our overseas locations, at an even larger scale. At our Mexico facility, we are setting up plant to upcycle post-consumer PET bottles waste into high recycled content polyester PCR films, for flexible packaging applications and also propose to set up facilities to recycle post-consumer multi-layer mixed plastic waste to make molded, injection molded and extrusion molded components, both of which shall contribute to a circular plastic economy. In Poland, again, we are setting up plant to recycle post-consumer multi-layered mixed plastic waste to make various molded components.”

UFlex also displayed its commitment towards sustainability and innovation by developing a host of new cutting-edge offerings for a better future.

Currently, the stock is trading at Rs550.35 up by Rs72.9 or 15.27% from its previous closing of Rs477.45 on the BSE. The scrip opened at Rs510 and has touched a high and low of Rs570.05 and Rs510 respectively.

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