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Uflex stock surges after highest quarterly revenue and positive outlook cheer Street

Uflex stock surges after highest quarterly revenue and positive outlook cheer Street

Uflex stock surges after highest quarterly revenue and positive outlook cheer Street
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By CNBCTV18.com Aug 11, 2022 2:57:52 PM IST (Published)

Uflex: Shares of Uflex jumped as much as 9 percent on Thursday as the company's higher income and sales along with a solid management outlook aided the upmove in the scrip.

Shares of Uflex jumped as much as 9 percent on Thursday as the company's higher income and sales along with a solid management outlook aided the upmove in the scrip.

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"We continued delivering robust results despite facing volatile market conditions and strong global headwinds created by supply chain and raw material constraints," said Rajesh Bhatia, Group President and Chief Financial Officer of UFlex, in an earnings release.
"In fact, we outperformed with highest ever quarterly revenue and net profit in this quarter," he said.
At 13:46 IST, shares of the multinational flexible packaging materials and solutions company were trading 7.6 percent higher at Rs 673.50 on the BSE.
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The company witnessed a rise of 46.5 percent year-on-year in its consolidated total income to Rs 4,045.8 crore for the quarter ended June 2022. Meanwhile, net profit rose around 42 percent year-on-year to Rs 374.5 crore.
Bhatia told CNBC-TV18: “So, quarterly basis this quarter, there's still an impact of the higher raw material prices, which is evident from YoY revenue growth of close to about 47 percent versus the volume growth of close to 16 percent”.
He said prices have come down off late, but a clear impact would be known in some time. “Crude has come down, and so will the polymer. But it is too early to guess,” he said.
Talking about the topline growth, Bhatia said the ramp-up to the new capacity addition had been pretty good, even in the first quarter. “We should be able to replicate those performances for the year as a whole, as export markets are also showing very promising signs,” he said.
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