Uflex net dips 41.6% in Q1

Packaging firm Uflex Ltd has reported a 41.6 per cent dip in net profit at Rs 56 crore for the first quarter ended June 30 compared with Rs 96 crore in the corresponding period a year ago. The consolidated net revenue increased by 22 per cent for the current quarter against Rs 1,125 crore for the same period last year. Mr Ashok Chaturvedi, CMD, said, “The higher revenue growth has come on the back of increasing manufacturing capacities across our facilities in Egypt, Mexico, Dubai and India corresponding to the increasing demand trends where we were quick to offer our products and services. Innovation and expansion are two aspects that Uflex is always eagerly pursuing. Identifying and harnessing the opportunity at the right time has been the key to our strong foothold in the flexible packaging market globally.”