Uflex shares fall below Rs 500, corrects 13% after profit declines in September quarter

Stocks

Ulfex said it posted consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) dropped 10.2 percent YoY to Rs 424.5 crore for the September 2021 quarter.

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Packaging materials and solution company Uflex share prices fell below Rs 500 levels, down 13 percent intraday on November 4, the Diwali Muhurat Trading 2021 day, after profit declined in September quarter.

The company reported consolidated profit at Rs 171.05 crore for the quarter ended September 2021, declining 23 percent compared to Rs 222 crore profit in the corresponding period last fiscal, hit by higher operating expenses including raw materials and power & fuel.

However, revenue from operations increased sharply by 36 percent year-on-year to Rs 3,027.3 crore in Q2FY22.

Ulfex said it posted consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) dropped 10.2 percent YoY to Rs 424.5 crore for the September 2021 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 percent YoY to reach 1,24,670 MT in Q2FY22 while packaging films sales witnessed an increase of 41.6 percent YoY to reach 1,22,321 MT, the company said, adding overall sales volume for the quarter was up by 31.5% YoY.

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“The demand for packaging films continue to be strong and is reflected in 41.6 percent 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,” said Rajesh Bhatia Group CFO at UFlex.

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,” Bhatia said.

However, given the strong demand momentum, once the raw material prices stabilize, the margins are expected to become better, according to him.

Uflex shares traded at Rs 537.90, down 6 percent on the BSE, at 18:40 hours IST.