Uflex profit drops 23% in Q1

Packaging firm Uflex has reported a 23.21 per cent decline in its net profit to Rs 43 crore for the first quarter ended June 30 compared with Rs 56 crore during the same period a year ago. Net sales rose to Rs 1,398 crore for the first quarter, against Rs 1,376 crore for the same period last fiscal. Ashok Chaturvedi, Chairman and Managing Director, said: “The higher revenue growth has come on the back of increasing manufacturing capacities across our facilities in Egypt, Mexico, Dubai and India, in addition to the new facilities in Kentucky and Poland to cater to the increasing demand trends.” Shares of Uflex closed at Rs 49 on the BSE, down 3.16 per cent from its previous close.