Uflex posts 4.4 per cent increase in Q2 profits

Packaging major, Uflex Limited posted a 4.4 per cent year-on-year increase in its net profit for the quarter ended-September 30, 2017. The company announced its financial results for the second quarter of financial year 2018 on Monday.
 
The company ’s net profit for the corresponding quarter grew by 4.4 per cent year-on-year to reach Rs. 94.3 crore, while the EBITDA rose by 3.1 per cent year-on-year to reach Rs. 314.2 crore, as an outcome of favourable movements in the inventories.
 
Rajesh Bhatia, Global CFO of Uflex, attributed much of the growth to a higher volumes at 7 per cent on a yearly basis for the corresponding quarter of the fiscal. He affirmed a positive outlook for the company’s performance on the back of its expansion plans and strategies from Q4 onwards.
 
Rajesh added that the packaging industry is on a growth momentum and is likely to continue the momentum with the rapid urbanisation in India, which will most likely result in a hike in demand in the packaging industry.
 
On November 14, 2017, the stock hit an intraday high of Rs. 462 per share, higher by over 3 per cent and an intraday low of Rs. 447 per share on BSE. The stock closed at Rs. 456.40 per share, up by 2.33 per cent on BSE.
 
Uflex Limited had hit its 52-week high of Rs. 495 per share on October 17, 2017 and its 52-week low of Rs. 226.20 per share on November 22, 2016 on BSE.