UFlex Q4 FY22 and FY 2021-22 full-year results

Chaturvedi: company is ready to embrace new PWM rules

Ashok Chaturvedi, chairman and managing director UFlex Photo UFlex
Ashok Chaturvedi, chairman and managing director UFlex Photo UFlex

Noida, 28 May 2022, UFlex, India’s largest multinational in flexible packaging and polymer sciences, announces its results for the quarter and for the full financial year ending 31 March 2022. The company posted a consolidated EBITDA of Rs 734.4 crore for Q4FY22, up by 42.2% YoY whereas the consolidated net profit stood at Rs 350.3 crore, an increase of 32.3% YoY. The consolidated revenue registered a rise of 52.2% YoY to reach Rs 3915.1 crore, in the quarter.

The revenue growth was a reflection of higher production and sales volumes of packaging film manufacturing and the packaging business. The total production volume shows a jump of 26.2% YoY to reach 160,475 metric tons in Q4FY22, whereas the total sales volume increased by 20% YoY to reach 164,079 metric tons in Q4FY21-22.

For FY2021-22, the company achieved consolidated revenue of Rs 13,224.7 crore rising by 48.3% YoY and driven by a 29.3% growth in sales volume. The consolidated EBITDA for FY2021-22 registered a growth of 24.8% YoY to reach Rs 2,280 cr and the consolidated net profit increased by 30.3% YoY to Rs 1098.3 crore for the year. The EBITDA margin for FY 21-22 remained healthy at 17.2%.

Rajesh Bhatia UFlex
Rajesh Bhatia, Group CFO at UFlex Photo UFlex

Speaking on the financial performance of the company, Rajesh Bhatia Group CFO, UFlex stated, “Our performance in the quarter reflects our determined approach to match the fast-paced consumption environment with enhanced production volumes. Across all fronts – be it production, sales volumes, revenue, EBITDA, and PAT, new highs have been achieved in Q4 as well as in the full 21-22 financial year. We recently commissioned our new line in the aseptic liquid packaging facility at Sanand, Gujarat thereby doubling its capacity to 7 billion packs per annum.”

He added, “More good news poured in also with Credit rating agency CRISIL upgrading our company’s short term rating to A1+ and long term rating to AA-, inferring improvement in the business and financial risk profile, thus reinforcing our leadership position in the flexible packaging industry.”

Chairman Chaturvedi excited to lead in sustainable solutions

Ashok Chaturvedi, chairman and managing director of UFlex Limited said, “What excites me most about the year ahead is the opportunities that will originate from the much talked about new Plastic Waste Management (Amendment) Rules 2022 in India, and our readiness to embrace them. As a socially responsible organization that has been leading the way in sustainable solutions, we are setting-up India’s first U-shaped paper straw line for aseptic carton packs at our Sanand plant, which is already gaining traction from many beverage brands considering the impending ban on single-use plastic. With our extensive R&D strength and innovative spirit, we are deep into creating future-ready solutions in plastic packaging for our clientele, including advanced biodegradable solutions, so that we can together step closer towards a sustainable tomorrow.”

The Covid-19 pandemic led to the country-wide lockdown on 25 March 2020. It will be two years tomorrow as I write this. What have we learned in this time? Maybe the meaning of resilience since small companies like us have had to rely on our resources and the forbearance of our employees as we have struggled to produce our trade platforms.

The print and packaging industries have been fortunate, although the commercial printing industry is still to recover. We have learned more about the digital transformation that affects commercial printing and packaging. Ultimately digital will help print grow in a country where we are still far behind in our paper and print consumption and where digital is a leapfrog technology that will only increase the demand for print in the foreseeable future.

Web analytics show that we now have readership in North America and Europe amongst the 90 countries where our five platforms reach. Our traffic which more than doubled in 2020, has at times gone up by another 50% in 2021. And advertising which had fallen to pieces in 2020 and 2021, has started its return since January 2022.

As the economy approaches real growth with unevenness and shortages a given, we are looking forward to the PrintPack India exhibition in Greater Noida. We are again appointed to produce the Show Daily on all five days of the show from 26 to 30 May 2022.

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Editor of Indian Printer and Publisher since 1979 and Packaging South Asia since 2007. Trained as an offset printer and IBM 360 computer programmer. Active in the movement to implement Indian scripts for computer-aided typesetting. Worked as a consultant and trainer to the Indian print and newspaper industry. Visiting faculty of IDC at IIT Powai in the 1990s. Also founder of IPP Services, Training and Research and has worked as its principal industry researcher since 1999. Author of book: Miracle of Indian Democracy.


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