For the entire fiscal FY 2016-17, the top line of company grew by 2% to stand at Rs 6,250 crore when compared to FY 2015-16. The consolidated net profit for FY 2016-17 stood at Rs 348 crore, registering a bottom line growth of 11% wrt FY 2015-16.
While approving and adopting the audited annual accounts for the FY 2016-17, the board has recommended dividend of 35% subject to approval by the shareholders of the company.
RK Jain, group president (corp F&A), Uflex, said, “Owing to the emphasis that we invariably lay on innovation to create value added differentiation, our total sales volume in the fourth quarter of FY 2016-17 and that for the entire fiscal grew by 14 % and 9% respectively. New variants of specialty and high barrier films, coupled up with value added flexible packaging solutions that we launched throughout the year played a significant role in the overall sales volume and profit growth.”
In an official statement issued soon after the results were declared, Ashok Chaturvedi, chairman and managing director, Uflex, said, “FY 2016-17 has been an eventful year with a lot that happened at both micro as well as macro-economic levels. The foundation of our business emanates from and rests upon innovation to create value added differentiation, therefore as always, we unwaveringly focused all our energies towards developing yet enhanced flexible packaging solutions, adding value to the businesses of our clients across the globe simultaneously contributing towards shareholders’ wealth.”
Chaturvedi said owing to the company’s agile global sales and marketing network, Uflex has been able to bring some of the best converters and FMCG brands under the fold of its servicing. “I am glad to share with you that the demand for our bespoke flexible packaging solutions is showing a steady and positive uptrend. Our impeccable products and services, coupled with the indomitable zest to contribute towards socio-environmental sustainability was acknowledged at various platforms not only in India but internationally too.”
Chaturvedi especially singled out the company’s win at the Association of International Metallizers, Coaters, and Laminators’ (AIMCAL) Awards 2017 in USA where Uflex’s ‘waterless internet flower packaging’, working on the principle of active modified atmospheric packaging bagged four (2 gold and 2 silver) gongs in the categories of technical innovation, sustainability, extending the use of flexible packaging and packaging excellence.
“Our aseptic packaging material manufacturing plant at Sanand in Gujarat will be commissioned soon and we shall commence commercial operations shortly thereafter. The new financial year has kicked off on a robust note and this upbeat fervor will encourage us to engineer and deliver best-in-class flexible packaging solutions throughout the year and beyond,” he added.