India’s largest global flexible packaging solution company Uflex Limited has reported a 13% jump in the consolidated net profit for the quarter ending 30 June as compared with the same quarter in the previous fiscal period. The net profit for Q1 FY 2016-17 stood at Rs86.2 crore as opposed to Rs76.2 crore in the last financial year.
Consolidated EBITDA for Q1 FY 2016-17 has been Rs228.4 Crore as compared to Rs219.3 crore recorded in Q1 FY 2015-16, clocking in a growth of 4%. Consolidated Net Revenue stood at Rs1538.70 crore declining by 4% as compared to Rs1605.00 crore recorded in Q1 FY 2015-16. While there has been a drop in net revenue caused by lower sales price owing to sliding raw material costs, the volumes during the quarter have grown by 3%.
In an official newsletter released soon after declaring the earnings for Q1 FY 2016-17, Mr Ashok Chaturvedi, chairman and managing director, Uflex Limited said: "The new financial year has commenced on an exhilarating note with Product Innovation, Process Improvements, Technological Collaborations and Partnerships fortifying positive change.
"I am pleased to inform that we have inaugurated Fully Automatic Robotic Laser Engraving Line at our Noida facility in technical collaboration with M/s. Think Lab, Japan. This has reduced the cumbersome process of manufacturing rotogravure printing cylinders to a single operator job while tremendously increasing both precision of job and the efficiency.
"In the month of June 2016 we exhibited at the most celebrated event of the print and cross media solution industry ‘Drupa’ at Dusseldorf, Germany. The response has been overwhelming with a lot of interest by global clientele in the end-to-end flexible packaging solutions offered by Uflex.
"At the event, we announced technological collaboration with Comiflex SRL Italy for manufacturing geared and gearless C.I. Flexo Printing Machines at our Engineering Plant in India under a Technology Transfer Agreement with the latter.
"I am glad to share that we have also extended our existing alliance with Wave Front Technology Inc. to manufacture Fresnel lens packaging film at our manufacturing plant in Poland to cater to European and CIS countries.
"That said, the quarters lying ahead behold promising business prospects for your company and together we will cross several momentous milestones."
Further upholding its commitment towards nature, Uflex has commenced interventions towards natural resource conservation and optimisation of ecosystem in two villages of Gautam Buddha Nagar District. This entails replenishing the ground water-table through rainwater harvesting measures and improving the ecological quotient and greenery through focused plantation drives. These programmatic interventions are being carried out using the participatory rural appraisal mechanism.
Various social and environmental initiatives undertaken by the company ensure continued business sustainability.