Uflex shares zoom over 9 pc on encouraging Q1 earnings

NEW DELHI, Aug 19: Shares of packaging materials and solution company Uflex Ltd on Wednesday jumped over 9 per cent after the company reported more than two-fold jump in its consolidated net profit for the first quarter ended June 2020.
The stock gained 9.12 per cent to its one-year high of Rs 368.35 on the BSE.
At the NSE, it zoomed 9.18 per cent to its 52-week high of Rs 368.
Uflex Ltd on Tuesday reported over two-fold jump in its consolidated net profit at Rs 196.54 crore for the first quarter ended June 2020, helped by volume growth.
The company had posted a net profit of Rs 90.91 crore during April-June quarter a year ago, Uflex said in a regulatory filing.
Its total income rose marginally by 0.78 per cent to Rs 1,997.54 crore during the quarter under review, as against Rs 1,981.97 crore in the corresponding period of previous fiscal.
Uflex’s total expenses declined 6.94 per cent to Rs 1,734.87 crore in Q1 FY 2020-21, as against Rs 1,864.29 crore a year ago.
“Due to the pandemic, consumption trends have witnessed a shift and flexible packaging has gained much more importance especially because of the hazards attached to non-packaged products. This resulted in higher production and sales volume,” Uflex said in a statement. (PTI)

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