Uflex posts loss of Rs 416 cr
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New Delhi: Packaging major Uflex posts loss of Rs 416 cr has posted a consolidated loss after tax of Rs 416 crore in the first quarter ended June 30, 2023 impacted by a change in the Forex Policy of the Central Bank of Nigeria. The company had posted a consolidated profit after tax of Rs 375 crore in the same quarter last fiscal, Uflex Ltd said in a statement. The company said it recorded an exceptional loss of Rs 382 crore due to change in the forex policy of the Central Bank of Nigeria in June 2023 which impacted its bottomline. Consolidated revenue during the quarter under review stood at Rs 3,278 crore, down 19 per cent from the year-ago period, it added. Total sales volume was at 1.43 lakh tons, down 7.5 per cent year-on-year (YoY). “Globally, the packaging films business is facing headwinds due to high inflation in the US and European regions,” UFlex Ltd Chairman and Managing Director Ashok Chaturvedi said.
