UFlex, India’s largest multinational flexible packaging company and a global player in polymer sciences, has declared its earnings for first quarter of FY 2020-21. The company posted a stellar performance where the company’s consolidated net profit surged by 116.7% YoY to INR 196.5 crore for Q1 FY 2020-21. 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.
Speaking of the results, Rajesh Bhatia, group president (finance and accounts) and CFO, Uflex, said, “Q1 FY 2020-21 has been a quarter of great progress for UFlex. With innovations seen in FlexiTubes, Spout Pouches and other product portfolio, we have been working relentlessly during these challenging times. The demand for pouching saw a huge increase led by 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, said, “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.”
He continued, “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.”
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In Q1FY20-2021, UFlex made some noteworthy developments:
FlexiTubes to pack sanitizers in 30-200 ml sizes
With the outbreak of COVID19 and surge in demand for hand sanitizers, FlexiTubes by UFlex tapped the opportunity to pack sanitizers in multi-layered plastic laminated tubes in sizes ranging from 30-200 ml to make them more easily accessible to consumers. This range proved to be an effective and attractive replacement to pack sanitizers that were earlier available in rigid packaging.
Easy tear structure for single-dose sanitizers
Single dose packs have been commonly used for one time use of products like tomato ketchup, face creams, shampoos etc. so far. However, these packs are difficult to tear by hand. In order to stay abreast of the rising demand for sanitizers that can used be on-the go, UFlex Packaging Business has developed first-of-its-kind ‘easy tear structure’ for single dose sanitizers that offers ease of convenience and can be effortlessly opened by hand.
Flex Protect Coverall jointly developed with IIT Delhi
In line with PM’s vision of ‘Vocal for Local’, UFlex developed Flex Protect PPE Coverall in collaboration with IIT Delhi approved by DRDO, to enhance safety of frontline workers fighting the COVID 19 pandemic. Flex Protect Coverall meets the inadequacies of the conventional PPE coveralls with its anti-microbial coating and four layer security seal to protect against the virus and allows better breathability.
Six-layer N95 mask
The company responded with innovative pivot to its line of business by venturing into manufacturing of safety solutions like N95 masks. These are 6-layered personal protection masks without valve which are capable of filtering out bacteria and other particles greater than 0.3 micrometre so that the wearer can protect themselves from respiratory diseases. UFlex N95 masks have greater resistance against splashes and strong resistance against PM 2.5. The raw material is indigenously manufactured to provide the best safety from harmful bacteria and virus.
Flexpack 5100 semi-film
UFlex Chemicals successfully launched Flexpack 5100, a semi-film forming PU developed for surface as well as reverse inks. It provides high gloss for surface inks and good lamination bond for reverse inks and provides suitability for both flexographic and gravure printing processes. The new product Flexpack 5100 is free of chemical compounds like TDI, MDI and Tin making it ideal for indirect food additives for packaging and suitable as pew new BIS notifications IS 15945:2020 for safe printing inks.
Flexcoat PC OPV 1009 – water-based playing card OPV
Another launch for UFlex Chemicals Business was Flexcoat PC OPV 1009, an environment-friendly water-based overprint varnish (OPV) for printing over paperboard used for playing cards. It is specially designed to give excellent slip property with very low CoF value, high scuff- resistance and good gloss besides smooth lay and anti-blocking properties. It is suitable for both inline and offline processes and has got the stamp of approval from leading card manufacturers.
CI Flexmatt Two Component OPV
CI Flexmatt Two Components OPV is a matt coating specially developed for CI Flexo printing process. This ‘soft-feel’ overprint varnish provides excellent adhesion on a variety of substrates including PE, PET, BOPP etc. besides excellent matt effect and scuff resistance. It complies with food packaging regulations and is most suitable for hygiene care products.
Metal embossed sheets for home interior and OOH
Cylinder Business developed metal embossed sheets that are used for decorating interiors of modular kitchen, false ceilings, furniture etc. to enhance aesthetics. These sheets are also getting good response for use in Out of Home (OOH) properties like corporate sign-boards, lift and metro wall decorations.
Silver scratch film for packaging and label industry
UFlex Holography Business has developed a premium product namely Silver Scratch Film in 12 and 15 micron variants for packaging, labels and decoration industries. This film which was recently commercialized has huge potential in Indian and overseas markets.