Packaging company Uflex today reported an increase of 14.04 per cent in consolidated net profit to Rs 68.54 crore for the fourth quarter ended March 31, on volume growth driven by fall in oil price.
The company had posted a net profit of Rs 60.10 crore for the January-March quarter of the previous fiscal, Uflex said in a filing to the BSE.
Its net sales were Rs 1,444.68 crore during the quarter under review, marginally up 1.13 per cent, as against Rs 1,428.45 crore in 2013-14.
"We have grown around 10 per cent in terms of volume this quarter. Our volume is growing as prices are coming down due to factors such as global falling crude oil price. We are a pass through company," Uflex Group President of Finance and Strategy RK Jain told PTI.
During full 2014-15 fiscal, the company's consolidated net profit increased 26.33 per cent to Rs 254.75 crore as against Rs 201.64 crore in the year-ago period.
Uflex's net sales during 2014-15 were at Rs 6,033.11 crore, up 5.64 per cent, against Rs 5,710.61 crore a year ago.
"Our bottom-line has grown by 26 per cent in FY 2014-15 and the volume has grown by 8 per cent," Jain said.
Meanwhile, in a separate filing, Uflex informed the company would set up a plant in Sanand, Gujarat.
"Board of Directors at its meeting held on May 28, 2015, have decided to set up an Asceptic Packaging Material Project for packing liquids at Sanand Industrial Area, Gujarat," Uflex said.
Apart from India, Uflex has a manufacturing base in Mexico, Dubai, Egypt, Poland and the US, among others.
Uflex CMD Ashok Chaturvedi said: "Our continued commitment towards innovation and adding value to clients' businesses, which enables them to delight their customers with bouquet of packaging solutions and adhering to time sensitive operational practises has ensured strong relationships."
Uflex's scrip closed at Rs 136.85 on the BSE, up 1.48 per cent from the previous close.
