Uflex Posts 19% Rise in Q1 Profit

New Delhi: Uflex on Wednesday reported an 18.97 per cent rise in consolidated net profit at Rs 76.18 crore for the quarter ended June 2015, on account of increasing demand for innovative solutions.

The packaging company had posted a net profit of Rs 64.03 crore for the corresponding period a  year ago, it said in a filing to the BSE.

Total income on a consolidated basis was up 4.60 per cent at Rs 1,600.63 crore in the quarter ended June 2015 as against Rs 1,530.10 crore in the year-ago period.

"We are having a consistent growth amidst increasing demand for innovative flexible packaging solutions fuelled by expanding retail industry particularly in the food segment," Uflex Group president of finance and strategy R K Jain told PTI.

During the quarter, the company performed well on both domestic as well as international markets.

"The company has introduced packaging materials for the segments including building materials and food factories, which is now paying us dividends," Mr Jain said. 

Uflex Group chairman and managing director Ashok Chaturvedi said, "Uflex continues to strive to become one of the largest flexible packaging companies and preferred supplier in the world, delivering best in class products and services."

Over the outlook of the company, he said: "The company would continue to grow in double digits both in bottom line and top line this financial year."

Uflex has its presence in more than 140 countries and has plastic film manufacturing facilities in India, the UAE, Mexico Egypt, Poland and the US.

It has a huge client base that includes Unilever, Pepsi, Wrigley, P&G, Colgate Palmolive, Nestle, Gillette, Perfetti, Joyco, Monsanto and ITC.

Shares in Uflex, on Wednesday, ended over 3 per cent lower at Rs 172.70 apiece on the BSE.