Noida-based Uflex, one of the largest multinational flexible packaging companies in India and a global player in polymer sciences, has declared its earnings for the first quarter of FY2020-21. The company posted a stellar performance where the company’s Consolidated Net Profit surged by 116.7% YoY to Rs 196.5 crore for Q1FY 2020-21. Consolidated Total Revenue for the first quarter of fiscal 2020-21 stood at Rs 1997.5 crore, a marginal increase of 0.78% YoY.
Speaking of the results, Rajesh Bhatia, group president – Finance and Accounts and chief financial officer, Uflex, said, “Q1 FY2020-21 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 opined, “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.”
In Q1FY20-2021, Uflex made some noteworthy developments that, according to the company are set to thrust the packaging sphere:
FlexiTubes to pack sanitizers in 30 to 200 ml sizes
With the outbreak of Covid-19 and surge in demand for hand sanitizers, Uflex’s FlexiTubes claimed to tap the opportunity to pack sanitizers in multi-layered plastic laminated tubes sizes ranging from 30 to 200ml to make them more easily accessible to consumers. Uflex mentioned that 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 the one-time use of products like tomato ketchup, face creams, shampoos, and others so far; however, these packs are difficult to tear by hand. To stay abreast of the rising demand for sanitizers that can be used be on-the-go, Uflex Packaging Business has developed an ‘easy tear structure’ for single-dose sanitizers that offers ease of convenience and can be opened by hand.
Flex Protect Coverall
In line with prime minister’s vision of ‘Vocal for Local’, Uflex developed Flex Protect PPE Coverall in collaboration with IIT Delhi approved by DRDO to enhance the safety of frontline workers fighting the Covid-19 pandemic. According to Uflex, Flex Protect Coverall meets 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-layered N95 mask to prevent Covid spread
The company responded with an innovative pivot to its line of business by venturing into the manufacturing of safety solutions like N95 masks. These are six-layered personal protection masks without a valve capable of filtering out bacteria and other particles greater than 0.3 micrometers so that the wearer can protect themselves from respiratory diseases. Uflex N95 masks claim to have higher resistance against splashes and strong resistance against PM 2.5. The raw material is indigenously manufactured to offer the best safety from harmful bacteria and viruses.
Uflex Chemicals launched Flexpack 5100, a semi-film forming PU developed for the surface and reverse inks. It claims to offer 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 per the new BIS notifications IS 15945:2020 for safe printing inks.
Flexcoat PC OPV 1009
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 better slip property with low CoF value, high scuff- resistance, and good gloss besides smooth lay and anti-blocking properties. It is suitable for both in-line and offline processes and has got the stamp of approval from leading card manufacturers.
CI Flexmatt two components OPV is a matt coating specially developed for the CI Flexo printing process. This ‘soft-feel’ overprint varnish claims to offer better adhesion on a variety of substrates, including PE, PET, and BOPP, besides good matt effect and scuff resistance. It complies with food packaging regulations and, according to Uflex, is most suitable for hygiene care products.
Metal embossed sheets for home interior & OOH
Cylinder Business developed metal embossed sheets used for decorating interiors of modular kitchen, false ceilings, and furniture to enhance aesthetics. These sheets are also getting a good response for use in Out of Home (OOH) properties like corporate sign-boards, lift, and metro wall decorations.
Silver scratch film for packaging & label industry
Uflex Holography Business has developed a Silver Scratch Film in 12 and 15-micron variants for packaging, labels, and decoration industry. This film, which was recently commercialized, has huge potential in Indian and overseas markets, says Uflex.
IBA’s trusted partner for printing MICR instruments
Uflex’s Holography Business was once again certified by Indian Banks’ Association (IBA) to continue printing of security products in the Banking sector for another two years that is from April 2020 to March 2022. Magnetic Ink Character Recognition (MICR) requires a special printing system with overt and covert features for bank cheques, legal tenders, and various other negotiable instruments. Uflex is one of the industry leaders in the industry, printing such security documents for member banks of IBA.