Conference Call with Uflex Management and Analysts on Q2FY23 Performance and Outlook. Listen to the full earnings transcript.
Container & packaging company Uflex announced Q2FY23 results: Q2FY23: EBITDA recorded an increase of 16.2% YoY to Rs 493.2 crore Aseptic Packaging sales volumes increase by 149% YoY PAT at Rs 190.7 crore in the September quarter -11.7% YoY growth Continued progress on sustainability priorities with recycling facilities close to commissioning in Mexico and Poland Ashok Chaturvedi, Chairman and Managing Director UFlex Ltd, stated, "Our consistent focus on product innovation, sustainability, vertical integration, and customer orientation continues to pay rich dividends. In line with our continued focus and investments in sustainability, we are in the process of commissioning our Post-Consumer Recyclate (PCR) and Multi-Layered Plastic (MLP) recycling facilities in Mexico and Poland. We have commissioned a CPPpackaging films plant with a capacity of 18000 MTPA at Dharwad, India during the quarter. While the flexible packaging industry has witnessed stupendous growth in the last many years, the emanating energy challenges in Europe coupled with the impending fear of global recession/high inflation in the USA and Europe resulting in aggressive changes in monitory policies of major central banks have had an impact on the packaging films industry during the quarter. Having said that, we are confident of sustaining our leadership position across product categories in the packaging industry". Rajesh Bhatia, Group CFO, UFlex Ltd, said "Our focus on operational excellence, high engagement with our customers in global markets, and continued investments in building capacity have enabled us to sustain healthy year-on-year revenue and profitability growth. We are looking forward to commissioning our BOPETfilms facility at Dharwad, Karnataka and Dubai in FY23. The energy costs in our European operations are a matter of concern in FY23." Result PDF
Containers & Packaging firm Uflex Announced Q1FY23 Result : UFlex Posts Highest ever Quarterly Net Revenue & PAT in Q1FY2023 46.5% YoY growth in Revenue at INR 4045.8 cr in Q1FY23 PAT at INR 374.5 cr, up by 41.9% YoYin Q1FY23 EBITDA jumps by 44.3% YoY to INR 725 cr in Q1FY23 Aseptic Liquid Packaging Business outperforms with 123% YoY jump in sales volume in Q1FY23 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. UFlex Ltd, India's largest multinational in flexible packaging materials and solutions, announced its business performance results for the first quarter of FY2022-23 today. The company posted consolidated EBITDA at INR 725 cr for Q1 FY22-23, up by 44.3% YoY whereas the consolidated Net Profit stood at INR 374.5 cr, witnessing a gain of 41.9% YoY. The consolidated Revenue registered a rise of 46.5% YoY to reach INR 4045.8 cr, in the said quarter. EBITDA margin for Q1FY23 was 17.9%. Expressing his views about the company's performance, Rajesh Bhatia Group CFO, UFlex Ltd 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%." Result PDF
Containers & Packaging firm Uflex declares Q4FY22 result: UFlex Wraps-up Q4FY22 &. FY2021-22 on a high note Posts 52.2% YoY growth in Revenue at INR 3915.1 cr in Q4FY22 EBITDA jumps by 42.2% YoY to INR 734.4 cr in Q4FY22 PAT at INR 350.3 cr, up by 32.3% YoY in Q4FY22 The growth in revenue was backed by higher production and sales volumes of Packaging films and Packaging businesses. Total Production volume witnessed a jump of 26.2% YoY to reach 160475 MT in Q4FY22 whereas Total Sales volume jumped by 20% YoY to reach 164079 MT in Q4FY21-22. For FY2021-22, the company achieved consolidated Revenue of INR 13224.7 cr rising by 48.3% YoY driven by 29.3% sales volume growth. The consolidated EBITDA for FY2021-22 registered a growth of 24.8% YoY to reach INR 2280 cr and consolidated Net Profit rose by 30.3% YoY to INR 1098.3 cr for the same period. The EBITDA margin for FY21-22 remained healthy at 17.2%. Speaking on the financial performance, Rajesh Bhatia Group CFO, UFlex Ltd expressed, "Our performance in the quarter is reflective of our determined approach to match the fast paced consumption environment with enhanced production volumes. Across all fronts - be it production/sales volumes, Revenue, EBITDA and PAT, new highs have been achieved in Q4 as well as in full FY21-22. We recently commissioned our new line in Aseptic Liquid Packaging facility at Sanand, Gujarat thereby doubling its capacity to tbn packs per annum. He added, "More good news poured in also with Credit rating agency CRISIL upgrading our company's short term rating to A1+ and long term rating to AA- inferring improvement in the business and financial risk profile, thus reinforcing our leadership position in the flexible packaging industry. " Result PDF
Containers & Packaging company Uflex declares Q3FY22 result: UFlex Net Profit Jumps by 96% YoY to Rs 313.2cr in Q3FY2021-22 Net Revenue rises by 64.6% to Rs 3474.3 cr in Q3FY22 EBITDA grows by 48.5% YoY to Rs 618.7 cr in Q3FY22 Posts Highest-ever Quarterly Production & Sales Volume The company posted a consolidated PAT of Rs 313.2 cr surging by 95.9% YoY whereas the consolidated EBITDA stood at Rs 618.7 cr for Q3FY21-22, up by 48.5% YoY. The consolidated net revenue registered 64.6% YoY jump to reach Rs 3474.3 cr for the quarter under review. Owing to the global expansions and contributions being made by the new lines that were commissioned in the past quarters, Total Production Volume surpassed its previous record to reach 153441 MT in Q3FY22 witnessing a jump of 38% YoY whereas Total Sales Volume mirrored the 38% YoY increase to reach 154224 MT. Speaking on the business' financial performance, Rajesh Bhatia Group CFO, UFlex Ltd stated, "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 topline coming from the newly commissioned overseas capacities reflected in YoY growth of 46.3% in packaging films production volume. Looking ahead, we are expecting incremental growth in forthcoming quarters as we operationalize our new aseptic liquid packaging capacity in Sanand and packaging films lines in Karnataka & Dubai. " Highlighting company's sustained efforts towards building a circular plastic economy, Ashok Chaturvedi, Chairman and Managing Director UFlex Limited said, "Packaging waste management especially of plastic is an ever increasing area of focus, across the world. UFlex has been walking the green path by recycling post-consumer MLP mixed plastic waste; upcycling recycled resins into Post-consumer Recycled (peR) films range and also creating solutions that use lesser amount of virgin plastic at source. The new high value line of products and solutions including the proposed enzyme-based biodegradable packaging solution are aimed at adoption of responsible packaging and reflects our increased focus and investments in R&D.; UFlex has already been recycling close to 30,000 tonnes of plastic waste per year and our target is to reach 1,00,000 tonnes. The new recycling lines to be commissioned in our Mexico and Poland facility and the proposed recycling infrastructure in Egypt will help us realize our vision. We are also expecting the new EPR regulations in India shortly which will bring more certainty towards sustainable packaging. " Result PDF
Conference Call with Uflex Management and Analysts on Q3FY22 Performance and Outlook. Listen to the full earnings transcript.
Highlights: UFlex Posts 36% YoY growth in Net Revenue at 3036.2 cr in Q2FY2021-22 EBITDA at 424.5 cr & PAT at 170.7 cr Commissions Greenfield 45,000 MTA production capacity BOPET Film Manufacturing Plant in Nigeria The company posted consolidated EBITDA at 424.5 cr for Q2FY21-22 down by 10.2% YoY whereas the consolidated PAT stood at 170.7 cr, dropping by 23% YoY. The consolidated Revenue registered YoY growth of 36% at 3036.2 cr for the quarter. Owing to the global expansions made and contributions being made by the new lines that were commissioned in the past quarters, Packaging Films Production witnessed a jump of 33.5% YoY to reach 124670 MT in Q2FY22 while Packaging Films Sales witnessed an increase of 41.6% YoY to reach 122321 MT. Overall Sales Volume for the quarter was up by 31.5% YoY. Speaking on business' financial performance, Rajesh Bhatia Group CFO, UFlex Ltd stated, "The company has been sailing on the rising tides of pandemic and competitive business environment and has consistently posted a series of exemplary performance over the past few quarters. The quarter too reflected strokes of highs in volumes with contribution in production coming from the newly commissioned capacities. The demand for packaging films continue to be strong and is reflected in 41.6% sales volume surge in Q2FY22 over Q2FY21. All the newly commissioned plants in Hungary, Egypt, Russia & Poland are operating at near full capacity while Nigeria plant is ramping up fast and will achieve full capacity utilization in next 1-2 quarters. However, the quarter witnessed heightened cost pressures with frequent increases in raw material prices, higher shipping & energy costs, and consequently a strong order book position only meant servicing these customers at increased input prices, thus affecting the margins. However, given the strong demand momentum, once the raw material prices stabilize, the margins are expected to become better. Continuing, he added, "I am pleased to share that India Ratings has upgraded credit rating of UFlex by two notches to 'IND AA-' with a stable outlook reflecting the improvement in overall business profile of the company. This re-rating will further position UFlex amidst the competitive forces in the quarters ahead." Ashok Chaturvedi, Chairman and Managing Director UFlex Limited said, "We have spread wide and delved deep for expanding our opportunity matrix. We added customers, entered new geographies and fortified existing relations. Strengthening our leadership position in Africa, we have successfully commissioned our greenfield project in Nigeria that will house a first-of-its-kind 10.6 meter wide BOPET film line with a capacity of 45,000 TPA." Result PDF