Uflex Consolidated Net Profit grows by 22% in Fourth Quarter of FY 2016-17
Uflex Limited has reported a 22% rise in consolidated net profit for Q4 FY 2016-17 as compared with the same period in the previous fiscal year. Figuratively the consolidated net profit stood at Rs98 crore as opposed to Rs80 crore in the fourth quarter of FY 2015-16. The total consolidated revenue stood at Rs1,634 crore showing a 9% increase w.r.t. the same period in the previous financial year when it was recorded at Rs1.493 crore.
For the entire fiscal FY 2016-17 the top line of company grew by 2% to stand at Rs. 6250 Crore when compared to FY 2015-16. The consolidated net profit for FY 2016-17 stood at 348 Crore registering a bottom line growth of 11% w.r.t. FY 2015-16.
While approving and adopting the audited annual accounts for the FY 2016-17, the board has recommended dividend of 35% subject to approval by the shareholders of the company.
Elaborating about the earnings, Uflex Limited group president (Corp F & A) Mr R K Jain said: "Owing to the emphasis that we invariably lay on innovation to create value added differentiation, our total sales volume in the fourth quarter of FY 2016-17 and that for the entire fiscal grew by 14% and 9% respectively (Y-O-Y). New variants of speciality and high barrier films coupled up with value added flexible packaging solutions that we launched throughout the year played a significant role in the overall sales volume and profit growth."
In an official statement issued soon after the results were declared, Uflex Limited chairman and managing director Mr Ashok Chaturvedi said: "FY 2016-17 has been an eventful year with a lot that happened at both micro as well as macro-economic levels. The foundation of our business emanates from and rests upon innovation to create value added differentiation, therefore as always, we unwaveringly focused all our energies towards developing yet enhanced Flexible Packaging Solutions adding value to the businesses of our clients across the globe simultaneously contributing towards shareholders’ wealth.
"Owing to our agile global sales and marketing network, we have been able to bring some of the best convertors and FMCG brands under the fold of our servicing. I am glad to share with you that the demand for our bespoke flexible packaging solutions is showing a steady and positive uptrend. "Our impeccable products and services coupled up with the indomitable zest to contribute towards socio-environmental sustainability was acknowledged at various platforms not only in India but internationally too.
"Particularly impressive has been our win at Association of International Metallizers, Coaters, and Laminators’ (AIMCAL) Awards 2017 in USA where our Waterless Internet Flower Packaging, working on the principle of Active Modified Atmospheric Packaging bagged four (two gold and two silver) top honours in the categories of technical innovation, sustainability, extending the use of flexible packaging and packaging excellence.
"Our aseptic packaging material manufacturing plant at Sanand (Gujarat) will be commissioned soon and we shall commence commercial operations shortly thereafter.
"The new financial year has kicked-off on a robust note and this upbeat fervour will encourage us to engineer and deliver best-in-class flexible packaging solutions throughout the year and beyond."