Total expense climbed 47% YoY to Rs 3320.80 crore in Q1 FY23. Cost of raw material consumed stood at Rs 2599.83 crore (up 45.1% YoY), power & fuel expense stood at Rs 157.25 crore (up 32.5% YoY) and employee expenses stood at Rs 250.95 crore (up 14% YoY).

Total production output rose by 14.8% YoY in the said quarter to reach 159793 MT and total sales volume stood at 154811 MT witnessing a jump of 15.7% YoY. The increased capacity of aseptic liquid packaging plant was available during the quarter and the business achieved sales volume growth of 123% YoY.

Rajesh Bhatia Group CFO, UFlex said, "We continued delivering robust results in the first quarter of FY2023 despite facing volatile market conditions and strong global headwinds created by supply chain and raw material constraints. Infact, we outperformed with highest ever quarterly Revenue and Net Profit in this quarter."

Continuing he added, "The BOPET film plant in Nigeria is ramping up and achieved capacity utilization of 70%+ during the quarter. The impact of higher raw material prices continued during the quarter as is evident from 46.5% YoY revenue growth against sales volume growth of 15.7%."

Ashok Chaturvedi, chairman and managing director, UFlex commented, "We are amplifying our objectives to have a complete backward integration for BOPET packaging films via a PET resin facility set up in Panipat (India) to ensure consistent availability of quality raw materials at reasonable prices that will help protect the margins. The project is likely to be commissioned by FY2026."

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