UFlex recorded a 127 percent drop in net profit in Q3FY23

Uflex’s total income shows marginal growth of 0.6% YoY to INR 3,483 crore. For the nine months ended December 31, 2022, total income grew 23% YoY to INR 11,391 crore. The company’s earnings before interest, depreciation & amortization, tax and foreign exchange gain/loss are at INR 429 crore as compared to INR 599 crore in the corresponding quarter of FY22.

UFlex recorded a loss INR 85 crore. During the third quarter, national foreign exchange losses due to currency devaluation/fluctuations aggregated to INR 236 crore, which is unprecedented. Packaging sales volumes grew 34.3% YoY. Continued progress on its sustainability vision with a presentation to brand owners and industry leaders at an Alliance to End Plastic Waste (AEPW) board meeting at the New York Stock Exchange; showcases expertise in building circularity and strengthening the waste-to-wealth value chain on a global platform.

Ashok Chaturvedi, Chairman and Managing Director UFlex Ltd., stated, “It has been a challenging quarter for the packaging industry globally, with rising energy costs in the European Union, rising interest rates, and weakened growth momentum in the United States and other developed economies. UFlex is confident of navigating these current macroeconomic conditions and will continue to deliver long term stakeholder value. Our distributed global manufacturing strategy, execution capabilities, investments in research and development, and product innovation will enable us to deliver year-on-year profitable growth.

We are making great progress on our sustainability journey and are in the process of commissioning PostConsumer Recyclate (PCR) and Multi-Layered Plastic (MLP) recycling facilities in Mexico and Poland. UFlex has recycled more than half a million tons of Multi-Layer mixed Plastic Waste (MLP) so far. In Q3, 2022, it was a great honor for UFlex to be invited to make a presentation on our recycling experience to brand owners and industry leaders at an Alliance to End Plastic Waste board meeting at the New York Stock Exchange. UFlex has offered to lend its technical expertise in recycling Multi-Layer mixed Plastic Waste to civic bodies, regulators, policymakers, and brand owners globally”.