UFlex slumps 7% on poor Q1 show

The packaging company reported a loss of Rs 416.18 crore in the June quarter against a profit of Rs 374.49 crore in the year-ago period

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UFlex shares were down 7 percent in the morning trade on August 16 after the packaging company reported a loss of Rs 416.18 crore in the June quarter against a profit of Rs 374.49 crore in the year-ago period.

It was a loss-making quarter due to an exceptional expense of Rs 381.55 crore incurred due to changes in the Central Bank of Nigeria’s (CBN) forex policy, the company said on August 14. In June 2023, the reintroduction of the willing buyer and willing seller model at the importers and exporters window had led to devaluation of Nigerian Naira by 62 percent against the US dollar. This according to the company, which has a manufacturing facility in Nigeria, resulted in forex losses.

The company reported a 19 percent year-on-year (YoY) decline in revenue at Rs 3,219.90 crore. Operating profit margins contracted by 900 basis points to 9 percent.

One basis point is one-hundredth of a percentage point.

Sales volume for the quarter declined 7.5 percent YoY to 1,43,159 tons, the company said.

Segment-wise, the company’s major revenue-generating flexible packaging segment reported a 19 percent YoY decline in the quarterly revenue at Rs 3194.40 crore. Revenue from the engineering activities was down 7.93 percent at Rs 81.99 crore.

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“While the packaging films business in India and globally continues to remain sluggish, UFlex’s flexible packaging and aseptic packaging business continues to perform well. We have witnessed 7 percent YoY increase in sales volume in the packaging business for the quarter,” chief financial officer Rajesh Bhatia said.

“By debottlenecking the existing aseptic packaging plant at Sanand, Gujarat, we intend to achieve a capacity of about 12 billion packs per annum from April 2024 onwards.”

Uflex Limited operates in the flexible packaging industry. It manufactures a diverse range of flexible packaging solutions, including films, laminates and pouches and serves various sectors such as food, beverage, pharmaceuticals, personal care, and agriculture.

Other than India, the company has manufacturing facilities in Nigeria, the UAE, Mexico, Egypt, the US, Poland, Russia and Hungary.

At 10 am, UFlex was quoting at Rs 376.35 on the National Stock Exchange, down 6.76 percent from the previous close.

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