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Valuations and Recommendation The stock has underperformed the markets and has corrected 35% in the last one year on the uncertainty of new supply facilities coming up and the unclear stance of the government on the use of single use plastic. However, both the issues have turned out to be inconsequential for the industry as a whole and we believe the stock has bottomed out and can a turnaround fr
Uflex Ltd. reported a muted quarter where consolidated sales for the quarter grew at ~4% YoY to Rs 1978.3 Cr. Slowdown in growth was on the back of slump in the engineering division revenues and tepid growth in films volumes due to constraints in capacity. Excluding the engineering division sales, the revenue growth came at 8% QoQ. Consolidated EBITDA margins remained flattish at 13.8% in Q1FY20 vs. 13% in Q1FY19 however improved sequentially from 12.5%. Adjusting for Engineering division, consolidated EBITDA grew by 18% YoY, with margins improving 15%. PAT for Q1FY20 was at Rs. 70.1 Cr vs. Rs 71 Cr/54 Cr in...
Uflex Ltd. reported a decent quarter where consolidated sales for the quarter increased by 13.5% YoY to Rs 2057.3 cr, however, the overall volume growth remained muted on the back of flattish packaging and film volume growth. Consolidated EBITDA margins remained flat YoY at 12.5% in Q4FY19 vs 12.3% in Q4FY18 however improved sequentially from 11.4. PAT for Q4FY19 was at Rs. 70.1 cr vs Rs 71.1cr/54 cr in Q4FY18/Q3FY19 respectively. PAT was lower due to higher tax rate, which is expected to normalize at current levels going ahead. Adjusting...
Uflex Ltd. reported a muted Q3FY19 as it faced headwinds given the volatility in the crude oil prices during the quarter. Though consolidated sales for the quarter increased by 18.2% YoY to Rs 1979.3 cr, the volume growth was mere 3.1% YoY, with packaging business volumes de-growing 7.5% and film volumes growing at 6.3% YoY. The key reason for low volume growth is delay in purchases by customers in declining pricing phenomena. Consolidated EBITDA margins remained flat YoY at 11.4% in Q3FY19 vs 11.6% in Q3FY18 however declined QoQ from 12.9%, due to declining prices. The management reiterated that EBITDA/ton...
Uflex Ltd. reported a good set of numbers in Q2FY19. Sales for the quarter increase by 26.5% YoY to Rs 2015.8 cr. During the quarter, the company witnessed an overall sales volume growth of 10.6% YoY, with packaging business volumes growing 11.6% and film volumes growing at 10.4% YoY. The management has maintained its guidance for double digit volumes growth in FY19, on the back of additional focus to develop high-margin value added products. EBITDA margins saw a dip from 14.4% in Q2FY18 to 12.9% in Q2FY19 and remained flat on a QoQ basis. Due to a sharp spike in crude oil prices squeezing the packaging business...
Uflex Ltd. reported a good set of numbers in Q1FY19. Sales for the quarter increase by 17.4% YoY to Rs 1904.9 Cr. During the quarter, the company witnessed a strong overall sales volume growth of 14.9% YoY, with packaging business volumes growing 11% and film volumes growing at 15.9% YoY. The management has maintained its guidance for double digit overall sales volumes growth in FY19 with improved margins of 15%, given the stability in crude prices. EBITDA margins saw a dip from 14.3% in Q1FY18 to 13% in Q1FY19 and remained flat on a QoQ basis. The negative impact on EBITDA margins was primarily...
Uflex Ltd. reported a good set of numbers for the year FY18 and for Q4. Sales for the quarter increase by 11.8% YoY to Rs 1809.8 Cr and for FY18 have increased by 8.8% to Rs. 6697.4 Cr. The company has witnessed a good volume growth in both films and packaging business. During the quarter, the company witnessed a healthy overall sales volume growth of 8.6% with packaging business volumes growing 12% and film volumes growing at 8% YoY. EBITDA margins saw a dip from 13.5% in Q4FY17 to 12.3% in Q4FY18, but improved from 11.6% in Q3FY18. EBITDA margins during FY18 stood at 13.1% a dip from 14.2% in FY17, on account...
Uflex Ltd, is the flagship company of the Flex group and is a India-based flexible packaging company. The flexible packaging business consists of multi-layer laminated rolls of plastics, paper, cloth or metal foils that are used separately or in combination for various packaging applications. Uflex also manufactures printing ink and adhesives. Uflex's products include printed, laminated, metalized, co-extruded, coated, embossed, plain plastic films and hologrammed sticker sheets. Its plastic film products include oriented polypropylene...
