Profit before tax declined 95.3% year on year to Rs 21.53 crore in Q4 FY23. EBITDA (Before currency devaluation/fluctuation gain/loss) stood at Rs 421.7 crore in Q4 FY23.

During the quarter, sales volumes of packaging (flexible and aseptic) grew 19.6% YoY.

On full year basis, the company's consolidated net profit declined 56.2% to Rs 480.68 crore in FY23 as compared with Rs 1,098.26 crore in FY22. Revenue from operations jumped 11.6% year on year to Rs 14,457.92 crore in FY23 over FY22.

In FY23, the total production volume was 589,637 MT and the sales volume stood at 587,118 MT.

Ashok Chaturvedi, chairman and managing director, said, “The packaging films industry witnessed new capacity additions at a time when demand was impacted, especially in the US and Europe, on account of global issues. However, the worst seems to be over, and we are witnessing an increase in both demand and prices globally. The European energy crisis also seems to be behind us, and gas prices have slumped.

We are currently setting up chip resin manufacturing facilities in India and Eygpt. Given the size and scale of our PET films business globally, it was imperative that we integrate backward to manufacture our own PET chips.

Overall, FY23 can be termed as a year of consolidation for the flexible packaging industry, and we remain bullish on the flexible and aseptic packaging industry with continued focus on recycling and sustainability.”

Rajesh Bhatia, group CFO, UFlex, said, “The challenges emanating from the Russia and Ukraine conflict and the aggressive fiscal policies of the US Fed impacted the costs as well as the demand for flexible packaging films but our diversified product portfolio which includes Flexible packaging, Aseptic packaging, Inks & Adhesives, Holography, Printing Cylinders, and Engineering, helped us keep our overall growth momentum intact in FY23.

The profitability in FY23 was impacted by unprecedented currency devaluation in Egypt and currency exchange loss on account of the US dollar strength against the other world currencies.”

Meanwhile, the board has recommended a final dividend of Rs 3 per equity share for financial year 2022-23.

UFlex is India's largest multinational flexible packaging materials & solutions company and a global player in polymer sciences.