Uflex’s net profit jumps by 13% in Q1 FY 2016-17
India’s largest global flexible packaging solution company Uflex Limited has reported a 13% jump in the consolidated net profit for the quarter ended 30 June 2016 as compared to the same quarter in the previous fiscal. The net profit for Q1 FY 2016-17 stood at Rs 86.2 crore as opposed to Rs 76.2 crore in the last financial year.
29 Aug 2016 | By Rahul Kumar
Consolidated EBITDA for Q1 FY 2016-17 has been Rs 228.4 crore as compared to Rs 219.3 crore recorded in Q1 FY 2015-16, thereby clocking in a growth of 4%.
Consolidated net revenue stood at Rs 1,538.70 crore declining by 4% as compared to Rs 1,605.00 crore recorded in Q1 FY 2015-16. While there has been a drop in net revenue caused by lower sales price owing to sliding raw material costs, the volumes during the quarter have grown by 3%.
In an official newsletter released soon after declaring the earnings for Q1 FY 2016-17, Ashok Chaturvedi, chairman and managing director, Uflex, said that the new financial year has started on an exhilarating note with product innovation, process improvements, technological collaborations and partnerships fortifying positive change.
“I am pleased to inform that we have inaugurated the ‘fully automatic robotic laser engraving line at our Noida facility in technical collaboration with Think Lab, Japan. This has reduced the cumbersome process of manufacturing rotogravure printing cylinders to a single operator job while tremendously increasing both precision of job and the efficiency,” he said.
In June 2016, the company had a successful showing at Drupa 2016. “The response has been overwhelming with a lot of interest by global clientele in the end-to-end flexible packaging solutions offered by Uflex,” said Chaturvedi. “At the event, we announced technological collaboration with Comiflex SRL Italy for manufacturing geared and gearless CI Flexo Printing Machines at our engineering plant in India under a Technology Transfer Agreement with the latter.”
Chaturvedi added that the quarters ahead hold promising business prospects.
Meanwhile, upholding its commitment towards nature, Uflex has started interventions towards natural resource conservation and optimisation of the ecosystem in two villages of Gautam Buddha Nagar District in Uttar Pradesh. This entails recharging the groundwater table through rainwater harvesting measures and improving ecological quotient and greenery through focused plantation drives. These programmatic interventions are being carried out using the participatory rural appraisal mechanism.