Packaging materials and Solution company Uflex Ltd on Tuesday reported a 66.8 per cent decline in consolidated Profit After Tax (PAT) to Rs 63.31 crore for the September quarter.
The company had posted a profit of Rs 190.75 crore in the year-ago period, according to a regulatory filing from Uflex.
Its revenue from operations was down 10.57 per cent to Rs 3,369.44 crore during the second quarter of the ongoing fiscal from Rs 3,767.76 crore a year ago.
Uflex's total expenses during the quarter under review was Rs 3,279.68 crore, down 9.06 per cent, while its total income was Rs 3,389.46 crore, down 11.93 per cent.
However, its "total sales volume increased 0.6 per cent y-o-y to 150,840 MT," said an earning statement from the company.
Uflex's revenue from flexible packaging activities was down 10.3 per cent to Rs 3,299.97 crore.
Similarly, its revenue from engineering activities was at Rs 85.03 crore, down 19.36 per cent.
Commenting on the results, Uflex Group Chairman and Managing Director Ashok Chaturvedi said, "While the EBITDA margins (excluding exceptional items with respect to currency devaluation) are down on a year-on-year basis, the margins have improved significantly on a sequential quarterly basis, which has led to EBITDA (excluding exceptional items with respect to currency devaluation) increasing to Rs 405.9 crore in second quarter from Rs 303.7 crore in the first."
"We expect the packaging films business margins to improve further from the fourth onwards," he said.
Shares of Uflex Ltd on Tuesday settled at Rs 436.80 apiece, down 0.21 per cent from its previous close.