Flexible packaging and solutions company UFlex has announced its consolidated financial results for the fourth quarter and full year ended 31 March 2023. The company’s unaudited results were approved by the Board of Directors in a meeting held on 30 May 2023.
The consolidated revenue of the company in the financial year 2022-2023 grew by 11.4% YoY to Rs14,784 crore, driven by a 32.6% sales volume growth in the packaging (flexible and aseptic) segment. The company’s earnings before interest, depreciation & amortization, currency devaluation/fluctuation gain/loss, and tax (EBITDA) for FY23 was Rs 2,068 crore. Profit after tax in FY23 stood at Rs 480.7 crore.
In FY23, the total production volume was 589,637 metric tons (MT) and the sales volume was 587,118 MT.
In Q4 of FY23, revenue was Rs 3,393.5 crore. EBITDA (before currency devaluation/fluctuation gain/loss) stood at Rs 421.7 crore.
Ashok Chaturvedi, chairman and managing director of UFlex said, “In FY23, UFlex continued its growth momentum and achieved the highest-ever revenue of Rs14,784 crore. The packaging films industry witnessed new capacity additions at a time when demand was impacted, especially in the US and Europe, on account of global issues. However, the worst seems to be over, and we are witnessing an increase in both demand and prices globally. The European energy crisis also seems to be behind us, and gas prices have slumped.”
Chaturvedi said they are currently setting up a PET chip resin manufacturing facilities in India and Egypt. Given the size and scale of our PET films business globally, it was imperative that we integrate backward to manufacture our own PET chips, he said.
“Our BOPET film plant at Dharwad, Karnataka, with a capacity of 45,000 MT per annum, was commissioned in March 23. Our aseptic packaging business achieved significant growth in FY23 (sales volume growth of 116% YoY) and we continue to explore opportunities to de-bottleneck the existing plant at Sanand, India, and increase the throughput and productivity,” he said.
Overall, FY23 can be termed as a year of consolidation for the flexible packaging industry, and we remain bullish on the flexible and aseptic packaging industry with a continued focus on recycling and sustainability, Chaturvedi said.
Rajesh Bhatia, Group CFO, UFlex, said, “In FY23, despite all the challenges, UFlex achieved even greater heights and clocked its highest-ever revenue. The challenges emanating from the Russia and Ukraine conflict and the aggressive fiscal policies of the US Fed impacted the costs as well as the demand for flexible packaging films but our diversified product portfolio which includes flexible packaging, aseptic packaging, inks & adhesives, holography, printing cylinders, and engineering, helped us keep our overall growth momentum intact in FY23. The profitability in FY23 was impacted by unprecedented currency devaluation in Egypt and currency exchange loss on account of the US dollar strength against the other world currencies.
Awards and accolades
The company won Silver for Technical Innovation at the Flexible Packaging Achievement Awards 2023, organized by the FPA, for its F-UHB-M ultra-high barrier & high metal bond metalized polyester film for aluminum foil replacement.
- UFlex received the Best Employer Brand Award in the Global Best Employer Brands 2023 segment at the World HRD Congress 2023.
- The IIP’s National IndiaStar and PacMachine 2022’ Awards for Excellence in Packaging B-TGM for multi-layered mono-material BOPP Film
- The UFlex Packaging Films Business has been granted a patent for its research methodology to develop thermoplastic films having asymmetric properties
UFlex is India’s largest multinational flexible packaging and solutions company. Since its inception in 1985, UFlex has built a strong presence across all verticals of the packaging value chain — packaging films, chemicals, aseptic liquid packaging, holography, flexible packaging, printing cylinders, and engineering.
The company provides end-to-end solutions to numerous Fortune 500 clients across various sectors such as FMCG, consumer product goods, pharmaceuticals, building materials, automobiles, and more, in more than 150 countries.
Headquartered in Noida, UFlex enjoys a global reach with advanced manufacturing facilities in India, UAE, Mexico, Egypt, USA, Poland, Russia, Nigeria, and Hungary.