Revenue from operations slipped 19.4% year on year to Rs 3,219.92 crore during the quarter.

Total sales volume stood at 1,43,159 tons in Q1 FY24, registering a decline of 7.5% YoY.

Profit before exceptional items was at Rs 8.63 crore in first quarter of FY24, down 98.19% from Rs 475.60 crore recorded in Q1 FY23. The company recorded an exceptional loss of Rs 382 crore due to change in the forex policy of the Central Bank of Nigeria in June 2023.

EBITDA dropped 58% YoY to Rs 304 crore in the quarter ended 30 June 2023.

Ashok Chaturvedi, chairman and managing director, UFIex, stated, “FY24 has begun on the right note with packaging verticals delivering strong performances. Globally, the packaging films business is facing headwinds due to high inflation in the US and European regions. In India, we have seen an uptick in demand, and our new CPP and BOPET lines in Dharwad, Karnataka are operational, which resulted in 22% YoY increase in sales volume in the quarter.

Our backward integration strategy of manufacturing polyester resin chips, investments in sustainable products and solutions, technology, and continued focus on recycling, decarbonization, and other environment-friendly manufacturing processes will help us achieve our business and strategic goals”.

Rajesh Bhatia, Group CFO, UFIex, said, “While the packaging films business in India and globally continues to remain sluggish, UFlex's flexible packaging and aseptic packaging business continues to perform well. Despite the impact of an early monsoon in 2023, we have witnessed 7% YoY increase in sales volume in the packaging business in the quarter. By debottlenecking the existing aseptic packaging plant at Sanand, Gujarat, we intend to achieve a capacity of about 12 billion packs per annum from April 2024 onward. Our continued focus on exports has resulted in 56% YoY increase in exports from India to touch Rs 400 crore.”

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