UFlex Ltd reports financial results for Q3 FY2023-24

UFlex Limited (BSE: 500148, NSE: UFLEX), India's largest integrated flexible packaging and solutions company, reported third quarter fiscal 2024 unaudited consolidated net revenue of Rs. 33,454 million, down 1.3% QoQ & 4.3% YoY and adjusted EBITDA for the quarter stood at Rs. 4,258 million, down 0.4% QoQ & up by 4.3% YoY. EBITDA margin was 12.7%, up by 70 bps QoQ & 50 bps YoY.

The Board of Directors in the meeting held on February 10, 2024 have approved and taken on record the unaudited consolidated financial results of UFlex Limited and its subsidiaries for the quarter ended December 31, 2023.

Commenting on the results, Mr. Ashok Chaturvedi, Chairman and Managing Director, UFlex Group, said, "Q3 witnessed an improvement in the sales volumes on year-on-year basis both for Packaging Films and Packaging businesses. The consolidated adjusted EBITDA (excluding loss on account of currency devaluation and derivatives) stood at Rs. 4,258 million. As we have commenced trial runs of our PET chips resin manufacturing facility for BOPET films at Panipat, we expect the entire facility will be commissioned in the current quarter. We are confident about our long-term value creation strategy and are strongly positioned in our markets. The supply chain disruptions coupled with the escalating shipping costs caused by the Red Sea crisis have once again brought to the forefront of the advantages of onshore manufacturing and reliability for our customers."

Mr. Rajesh Bhatia, Group CFO, UFlex, said, "I am delighted to share that we have seen a sustained rise in sales volumes over the last two quarters and a moderate expansion in margins. We have seen encouraging signs of strong demand in our end markets in the Americas, India, and Nigeria. India continues to deliver strong performance with volume traction in packaging films and value-added products (VAP). We expect improvement in our performance with the integration of a post-consumer recycled (PCR) PET chips plant in Egypt and the commissioning of our PET chips plant at Panipat in Q4, FY24. The currency markets in Nigeria and Egypt to remain a matter of concern."

Shares of UFLEX Limited was last trading in BSE at Rs. 427.60 as compared to the previous close of Rs. 454.90. The total number of shares traded during the day was 9712 in over 548 trades.

The stock hit an intraday high of Rs. 446.80 and intraday low of 425.00. The net turnover during the day was Rs. 4222946.00.

Source : Equity Bulls

Keywords

UFLEX INE516A01017 Q3FY24 9MFY24 ResultUpdate