India-based flexible packaging company UFlex has reported that its consolidated net revenue increased by 64.6% year-on-year (YoY) to Rs34.743bn ($459.3m) for the third quarter (Q3) of the fiscal year 2022 (FY22).
During the three months to 31 December, the company’s consolidated profit after tax (PAT) registered a 95.9% YoY growth to Rs3.132bn.
Its consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter grew by 48.5% to Rs6.187bn.
UFlex’s total production volume jumped by 38% to 153,441mt in Q3, while its total sales volume also increased by 38% from last year to 154,224mt.
The company said the increase was driven by its new production lines, which were commissioned in previous quarters.
UFlex CFO Rajesh Bhatia said: “Rapid technological advancements, rising consumption, regulatory focus and brands’ commitment to move towards sustainable packaging have resulted in significant changes and numerous chances for the plastics industry to expand locally and globally.
“However, after last year’s slump, the crude oil prices are rising again, and the growing input costs are a cause for concern.
“Its impact across industries and on prices of raw materials, in addition to other products, is going to be more pronounced.
“This quarter indicates a high in packaging films production volume with the contribution to our top line coming from the newly commissioned overseas capacities reflected in YoY growth of 46.3% in packaging film production volume.
“Looking ahead, we are expecting incremental growth in forthcoming quarters as we operationalise our new aseptic liquid packaging capacity in Sanand and packaging films lines in Karnataka and Dubai.”
During the quarter, UFlex unveiled a range of products and solutions designed to meet its customers’ growing packaging needs.
The products include perforated bags for children’s products, standee spout pouches for chai tea and a paper-based packaging laminate for Tetley tea bags.