New Delhi, Aug 19 (PTI) Shares of packaging materials and solution company Uflex Ltd on Wednesday closed with over 7 per cent gains after the company reported more than two-fold jump in its consolidated net profit for the first quarter ended June 2020.

The stock closed 7.05 per cent higher at Rs 361.35 on the BSE. During the day, the scrip surged by 10.13 per cent to its one-year high of Rs 371.75.

Also Read | Motorola One Fusion+ to Go on Sale Tomorrow at 12 Noon via Flipkart; India Prices, Features, Offers & Specifications.

On the NSE, it zoomed 7.26 per cent to close at Rs 361.55.

Uflex Ltd on Tuesday reported over two-fold jump in its consolidated net profit at Rs 196.54 crore for the first quarter ended June 2020, helped by volume growth.

Also Read | Redmi 9 India Launch Teased, Likely to Be Introduced as Rebranded Redmi 9A or Redmi 9C.

The company had posted a net profit of Rs 90.91 crore during April-June quarter a year ago, Uflex said in a regulatory filing.

Its total income rose marginally by 0.78 per cent to Rs 1,997.54 crore during the quarter under review, as against Rs 1,981.97 crore in the corresponding period of the previous fiscal.

Uflex's total expenses declined 6.94 per cent to Rs 1,734.87 crore in the first quarter of financial year 2020-21, as against Rs 1,864.29 crore a year ago.

"Due to the pandemic, consumption trends have witnessed a shift and flexible packaging has gained much more importance especially because of the hazards attached to non-packaged products. This resulted in higher production and sales volume," Uflex said in a statement.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)