New Delhi, May 30 (PTI) Packaging material manufacturer Uflex Ltd on Tuesday reported a 99.7 per cent decline in its consolidated net profit to Rs 83 lakh for the fourth quarter ended March 31, 2023 due to currency exchange losses.

The company had posted a net profit of Rs 350.59 crore during the January-March quarter a year ago, Uflex said in a regulatory filing.

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Its revenue from operation was down 14 per cent to Rs 3,320.18 crore during the quarter under review as against Rs 3,861.86 crore in the corresponding period of the previous fiscal.

Uflex's total expenses were at Rs 3,306.15 crore, down 4.37 per cent in the last quarter of FY23, as against Rs 3,457.39 crore.

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Its total income in the March quarter was at Rs 3,393.51 crore, down 14.15 per cent.

For the fiscal ended March 2023, Uflex's net profit fell 56.27 per cent to Rs 480.76 crore from Rs 1,099.43 crore in FY22.

"The profitability in FY23 was impacted by unprecedented currency devaluation in Egypt and currency exchange loss on account of the US dollar strength against the other world currencies," said Uflex Group CFO Rajesh Bhatia.

Its consolidated revenue from operations was up 11.58 per cent to Rs 14,457.92 crore in FY23.

Commenting on the result Uflex Chairman and Managing Director Ashok Chaturvedi said: "The packaging films industry witnessed new capacity additions at a time when demand was impacted, especially in the US and Europe, on account of global issues."

However, the worst seems to be over, and Uflex is witnessing an increase in both demand and prices globally.

"The European energy crisis also seems to be behind us, and gas prices have slumped," he said.

Uflex is India's largest multinational flexible packaging materials and solution company and a leading global player in Polymer Sciences. It has manufacturing facilities in India, UAE, Mexico, Egypt, USA, Poland, Russia, Nigeria, and Hungary.

Shares of Uflex Ltd on Tuesday settled at Rs 414.55 per scrip on BSE, down 0.53 per cent from the previous close.

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