Uflex net profit rises 19 percent in Q1

New Delhi, Aug 6 (IANS) Packaging firm Uflex Ltd posted an increase of 19 percent in its net consolidated profit at Rs.76 crore for the quarter ended June 30, 2015 as against Rs.64 crore in the corresponding timeframe last year.

The company registered an increase of 4.5 percent increase in its net consolidated revenue at Rs.1,605 crore in the period under review compared to Rs.1,536 crore for the same period last year.

In a statement, the company also said it is in the process of setting up a first of its kind aseptic packaging plant for liquid packaging in Sanand in Gujarat with a capex of Rs. 550 crores in the first phase.

“This project is proposed to be commissioned and operational by April 2017 and employ around 250 people in the first phase and on completion of all the phases it will provide employment to approximately 3,000 people,” the statement said.

Upon completion, it will produce approximately seven billion packs per year for liquid products such as energy drinks, milk and juices.

“About 90 percent of the output from this factory will cater to the domestic market,” it said.

For the financial year ended March 31, 2015, the firm recorded a growth of 5 percent in consolidated net revenue at Rs.6,201 crore as against Rs.5,892 crore for the last year.

The net profit for 2013-14 stood higher at Rs.255 crore against Rs.202 crore in the last year – an increase of 26 percent.

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