UFlex Ltd., a multi-national flexible packaging company based in India, has declared its earnings for first quarter of FY2020-21. The company’s consolidated net profit surged by 116.7% YoY, while consolidated total revenue for the first quarter of the fiscal 2020-21 stood at INR 1997.5 crore, a marginal increase of 0.78% YoY.

Rajesh Bhatia, Group president of finance and accounts, and CFO, UFlex Ltd. says, “Q1 FY2020-21 has been a quarter of great progress for UFlex. With innovations seen in FlexiTubes, spout pouches and other product portfolios, we have been working relentlessly during these challenging times. The demand for pouching saw a huge increase, led by the personal hygiene category. This was reflected in our quarterly performance via higher sales volumes, huge surge in profitability and much healthier EBITDA margins of 21.1%. Even amidst the lockdown, we were able to complete the construction of our new facilities in Poland and Russian and start trial runs.”

Ashok Chaturvedi, chairman and managing director, UFlex Limited, states, “The COVID-19 pandemic has been an epic test of leadership character. As an essential supplies player, UFlex had the humongous responsibility to ensure continuity of packaging material supplies for food and pharma, which is the lifeline in present context, and allied products. Team UFlex assumed its responsibilities and rose to the occasion in discharging their duties, despite daunting pressures on daily functioning when lockdowns were the order of the day. A natural corollary of all the efforts had to culminate into a remarkable quarter for us.

“As regards COVID-19, my personal belief is that the world has to learn to live with this new normal with razor-sharp focus on economics, otherwise the fallout will be more disastrous than the pandemic itself, particularly for the underdeveloped and developing world as they have limited resources to match the fiscal stimulus provided by their developed counterparts,” he adds.

In Q1, UFlex made some noteworthy developments. Learn more about the company’s product line here.