Uflex Q3 net profit up 56% to Rs 84.81 crore

Packaging company Uflex on February 13 reported a 56.07 percent increase in consolidated net profit at Rs 84.81 crore for the third quarter ended December. The company had posted a net profit of Rs 54.34 crore during October-December quarter a year ago, Uflex said in a BSE filing.

However, total income during the quarter under review fell 9.07 percent to Rs 1,801.33 crore as against Rs 1,981.09 crore in the corresponding quarter of the previous fiscal.

Commenting on the results, Uflex Ltd Global CFO Rajesh Bhatia said, "Overall, operating EBITDA margin of 15 percent was achieved for the quarter driven by higher margins in Packaging Films Business and higher volumes in Packaging Business."

He added, "The production, sales volume and net revenue in Q3 were lower marginally due to closure of one BOPET line in Dubai which is being shifted to Russia, but the operating EBITDA was still up 19 percent YoY."

Total production volume during the quarter was 93,161 metric tonnes (MT) as compared to 96,876 MT during the December 2018 quarter, while total sales volume for the quarter was 91,842 MT as against 94,229 MT in December 2018 quarter, Uflex said in a post earning statement.

Total expenses fell 11.77 percent to Rs 1,682.52 crore as against Rs 1,907.14 crore a year ago.

Shares of Uflex Ltd on Thursday settled 0.60 percent higher at Rs 226.55 on the BSE.