Packaging materials company Uflex Ltd on Tuesday reported an over two-fold jump in consolidated net profit at Rs 264.95 crore for the fourth quarter ended March 2021.
The company had posted a net profit of Rs 100.90 crore during the January-March period a year ago, Uflex said in a regulatory filing.
Total income rose 45.05 per cent to Rs 2,571.77 crore as against Rs 1,773 crore in the corresponding period of the previous fiscal.
Total expenses stood at Rs 2,235.47 crore in Q4 FY 2020-21, up 35.32 per cent from Rs 1,651.94 crore earlier.
Uflex Group CFO Rajesh Bhatia said, "Although the quarter witnessed steep increase in raw materials prices coupled with availability issues, we managed to deliver a strong performance to wrap up the year. Our EBIDTA margins for Q4 FY20-21 improved to 20.1 per cent vs 15.6 per cent for the same quarter last fiscal." For the full fiscal 2020-21, Uflex reported a two-fold rise in consolidated net profit after taxes at Rs 843.68 crore. It had posted a net profit of Rs 370.88 crore in the previous year.
Revenue from operations was at Rs 8,914.86 crore in FY 2020-21, up 19.96 per cent from Rs 7,431.62 crore in FY20.
On future outlook, Bhatia said Uflex will be doubling its capacity in aseptic packaging and commissioning more packaging films lines in FY22 in line with its earlier announced capacity expansion.
"In FY22, I expect higher volumes from our newly set-up capacities and shall strive to maintain EBITDA margins of 20 per cent," he said.
In a separate filing, Uflex said its board at its meeting on Tuesday recommended a dividend of 25 per cent, that is Rs 2.50 per equity share of Rs 10 each for the financial year ended March 31, 2021.
Shares of Uflex Ltd on Tuesday settled at Rs 477.45 apiece, up 0.40 per cent from its previous close.