Uflex shares zoom over 19 pc; hit 52-week high - HERE IS WHY

Shares of packaging materials company Uflex Ltd on Wednesday zoomed over 19 per cent after the firm reported more than two-fold jump in consolidated net profit for the fourth quarter ended March 2021.

Following the encouraging earnings which were announced post market hours on Tuesday, the stock rallied 19.39 per cent to Rs 570.05 -- its 52-week high -- on the BSE.

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At the NSE, it jumped 19.15 per cent to its 52-week high of Rs 568.90.

Uflex Ltd on Tuesday reported more than two-fold jump in consolidated net profit at Rs 264.95 crore for the fourth quarter ended March 2021.

The company had posted a net profit of Rs 100.90 crore during the January-March period a year ago, Uflex said in a regulatory filing.

Total income rose 45.05 per cent to Rs 2,571.77 crore, as against Rs 1,773 crore in the corresponding period of the previous fiscal.

Uflex Group CFO Rajesh Bhatia said, "Although the quarter witnessed steep increase in raw materials prices coupled with availability issues, we managed to deliver a strong performance to wrap up the year. Our EBIDTA margins for Q4 FY20-21 improved to 20.1 per cent vs 15.6 per cent for the same quarter last fiscal."

For the full fiscal 2020-21, Uflex reported a two-fold rise in consolidated net profit after taxes at Rs 843.68 crore. It had posted a net profit of Rs 370.88 crore in the previous year.

Revenue from operations was at Rs 8,914.86 crore in FY 2020-21, up 19.96 per cent from Rs 7,431.62 crore in FY20.