Uflex Limited — Earnings Release 2025

Aug 12, 2024

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UFLEX/SEC/2024/

The National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No. C/l, G-Block Bandra-Kurla Complex Bandra (E), Mumbai – 400051 Scrip Code : UFLEX

The BSE Limited Corporate Relationships Department 1st Floor, New Trading Ring, Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai – 400001 Scrip Code : 500148

Subject : Earnings Release for the Quarter Ended June 30, 2024

Dear Sir,

Please find attached herewith an “ Earnings Release for the Quarter Ended June 30, 2024 ” for the information of Members.

Thanking you,

Yours faithfully, For UFLEX LIMITED

RITESH Digitally signed by RITESH CHAUDHRY CHAUDHRY Date: 2024.08.12 18:25:46 +05'30' ( Ritesh Chaudhry ) Sr. Vice President (Secretarial) & Company Secretary

Encl: As above

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UFLEX LIMITED

EARNINGS RELEASE FOR THE QUARTER ENDED JUNE 30, 2024

Q1 FY25: Robust performance manifest benefits of global presence in local markets

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Q1 FY25 Q4 FY24 Q1 FY24
Sales volume 158,022 MT 157,847 MT 143,159 MT
(+0.1% QoQ, +10.4% YoY) (+6.8% QoQ, +10.5% YoY) (+0.4% QoQ, -7.5% YoY)
Sales vol. split Pkg. Films: 76.9% Pkg. Films: 76.3% Pkg. Films: 75.2%
Packaging: 23.1% Packaging: 23.7% Packaging: 24.8%
Revenue Rs. 36,825 Mn. Rs. 34,967 Mn Rs. 32,782 Mn
(+5.3% QoQ, +12.3% YoY) (+4.5% QoQ, +3.0% YoY) (-3.4% QoQ, -19.0%YoY)
Revenue split Domestic: 43% Domestic: 57% Domestic: 59%
International: 57% International: 43% International: 41%
Rs. 4,652 Mn. Rs. 4,550 Mn. Rs. 3,214 Mn.
Norm. EBITDA
(+2.2% QoQ, +44.7%YoY) (+6.9% QoQ, +6.3%YoY) (-24.9% QoQ, -55.1%YoY)
+12.6% Margin +13.0% Margin +9.8% Margin
(-40 bps QoQ, + 280 bps YoY) (+28 bps QoQ, + 40 bps YoY) (-281 bps QoQ, -788 bps YoY)
Norm. PAT
Rs. 823 Mn. Rs. 1,188 Mn. Rs. (346) Mn.
+2.2% Margin +3.4% Margin -1.1% Margin
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UFlex Limited A – 107 – 108, Sector IV, NOIDA 201301, UP, India, Tel: +91 120 255 6040 CIN: L74899DL1988PLC032166 Email: investorrelations@uflexltd.com

EARNINGS RELEASE FOR THE QUARTER ENDED JUNE 30, 2024

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#Please see the footnotes on page 18 for the calculations of normalized EBITDA and normalized PAT.

Q1 FY25 highlights (standalone) ❖

• ❖ 65,650 MTPA sales volume during the quarter.

• ❖ Net revenue of Rs. 18,741 million.

• ❖ EBITDA of Rs. 2,232 million.

• ❖ EBITDA margin at 11.9%.

• ❖ PAT of Rs. 478 million.

STRONG PERFORMANCE: PACKAGING FILMS LEAD WITH WING IN ITS SAILS

NOIDA, India; August 12, 2024 - UFlex Limited (BSE: 500148, NSE: UFLEX), India’s largest integrated flexible packaging and solutions company, reported first quarter fiscal 2025 unaudited consolidated net revenue of Rs. 36,825 million. Normalized EBITDA for the quarter was Rs. 4,652 million and EBITDA margin was at 12.6%. Profit before exceptional items and tax for the quarter was Rs. 1,051 million.

The Board of Directors meeting held today and taken on record the unaudited consolidated financial results of UFlex Limited and its subsidiaries for the quarter ended June 30, 2024.

Q1FY25: Maintain growth sustainability across volume, revenue and profitability

The first quarter of fiscal 2025 unfolded the company’s strong growth momentum from the fourth quarter of last financial year. During Q1 FY25, Packaging Films and Packaging sales volume increased by 10.4% year-over-year (YoY) and 0.1% quarter-over-quarter (QoQ). This includes a 13.0% YoY and 0.9% QoQ growth in the packaging films business, and a 2.5% YoY growth in the packaging business. The YoY growth in the packaging sector was driven by significant increases in holography and aseptic liquid packaging, with holography sales volume rising by 23.3% YoY and Aseptic liquid packaging rising by 3.2% YoY and 6.8% QoQ.

Packaging Film Business leads the charge with improved margin in India

The Packaging Films business gained substantial momentum in this quarter, fueled by improved contribution margin in India. This marked a crucial turning point as the increased headline margin in Packaging Film in India brought EBITDA back into positive territory after six challenging quarters. With the packaging film industry showing signs of having bottomed out during the quarter, there is now a promising opportunity to capitalize on an emerging growth cycle. As the demand-supply balance stabilizes, this could potentially evolve into a significant wealth creation opportunity for film manufacturers, who have been impacted by price declines over the past year and a half. Packaging remains the largest end-use for BOPET films, demonstrating robust growth across developing markets and thriving in profitable niches within developed markets.

Packaging to draw energy for growth from the surge in rural volume

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As signs of recovery began to appear in rural volume during the final month of the fourth quarter of fiscal 2024, the FMCG industry has experienced a gradual pickup in volume in rural markets sequentially. This ongoing rural demand growth for FY25 is to be driven by a better monsoon, good harvest, higher MNREGA budget allocation, stable inflation, increased government spending and signs of recovery of the domestic demand before the festive season.

UFlex is confident in its ability to navigate immediate challenges and deliver lasting value for all stakeholders over the medium to long term, notwithstanding, macroeconomic headwinds, geo-political uncertainty, pricing pressures, looming possibility of recession and tighter central bank monetary policies.

Value added products (VAP):

Packaging: Rural volume is gaining momentum since June

Packaging business (Flexible Packaging, Liquid Packaging and Holography) sales volume grew by 2.5% YoY while down by 2.4% QoQ. The decline in volume QoQ basis was led by flexible packaging and holography business within packaging portfolio. However, holography business grew by 23.3% YoY during the quarter. Liquid packaging sales volume continues to grow by high-single digit QoQ with strong capacity utilization with steady realisations.

The Asepto Speed 25,000 Machine, introduced in Q4 FY24 with a capacity of 25,000 aseptic liquid cartons per hour, along with debottlenecking capacity at the Sanand plant in FY25, would enable UFlex to acquire large clients for their bigger brands with requirements of large-scale of volume cartons packs. This breakthrough will help UFlex increase its market share and promote growth in the liquid packaging landscape going forward.

Flexible packaging (Pouches and tubes) business faced challenges in the first half of the current calendar year due to a price reduction by a key FMCG player, which led to pressure on margins. The company's strategy is firmly rooted in the pursuit of high-margin business opportunities. This approach often involves a strategic decision to relinquish lower-margin business segments, allowing the company to focus on optimizing its resources for better opportunities. Consequently, our volume remained low from April until mid-May. However, from mid-May onward, volume picked up, reaching record-high sales in July. The rise in flexible packaging raw material prices, which was passed on to customers, also contributed to the lower volume. Nevertheless, UFlex remains optimistic about closing FY25 with approximately 6-7% volume growth.

Packaging Film business:

India: EBITDA turns positive with better volume growth, business mix

Improved business scenario in BOPET and BOPP Packaging Films and sales volume growth (+2.2% YoY and +5.0% QoQ) during the quarter led to a 44% increase in net revenue YoY and a 51% rise QoQ. Gross profit saw substantial growth (+38% YoY & +48% QoQ) during the quarter. EBITDA turned positive with a mid-single-digit margin.

In Q1 FY25, UFlex’s share of exports reached a record 14.2% in comparison to 9.1% in Q4 FY24 and 4.4% in Q1 FY24. With observations of the similar trend of higher exports of Packaging Films from India, there is a headroom for further improvement in the business scenario in India.

USA and Mexico: Sales volume continues to grow notwithstanding cheaper imports

The overall plant capacity utilization in the Americas region increased by 1,110 bps YoY and 1,160 bps QoQ, reaching 102.2% in Q1 FY25.

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Americas’ production volume increased by 12.2% YoY and 12.8% QoQ during the quarter. This strong growth was driven by both the USA and Mexico in tandem. The Americas region saw a strong sales volume growth of 34.8% YoY and 9.8% QoQ. This growth was driven primarily by the USA, followed by Mexico.

The North American market, particularly the USA and Canada, has led the way in PCR green films due to consumer and industry-driven sustainability efforts. Flex Films USA is well-positioned to meet the demand for green PCR films with our patented and branded ASCLEPIUS™, a 90% recycled PCR PET plastic film. Both the USA and Mexico units are anticipating a positive outlook for FY25.

Europe: VAP continues to drive sales and profitability growth in Packaging Films

Capacity utilization in the European region, including Russia, increased by 1,270 basis points YoY to 78.9% during the quarter. This overall utilization was primarily driven by Hungary and Poland, which saw increases of 1,730 and 4,340 basis points YoY, respectively.

During the quarter, sales volume rose by 28.7% YoY but fell by 3.6% QoQ. The decrease was attributed to a onemonth closure of the Russian facility and a strategic shift towards producing more BOPP films in VAP (value-added product) category. This strategy includes replacing base BOPP films production with at least 30% value-added packaging films of total production volume at the Hungary facility. Value-added packaging films will yield approximately three times better realization per kilogram compared to base packaging films.

Africa: The global network optimisation defied odd for growth and profitability

Nigeria continues to achieve significant revenue growth, driven by substantial increases in sales volume and better film prices. This has resulted in exponential gains in EBITDA and headline margins, despite challenging macroeconomic conditions.

Nigeria's revenue from operations surged by 325% YoY and 19% QoQ in local currency. EBITDA jumped by 224% YoY basis. Capacity utilization rose by 1,000 basis points QoQ and 4,300 basis points YoY to 77.6% in Q1 FY25. BOPET base film production increased by 125% YoY and 16% QoQ. Total sales volume, including base packaging films and value-added films, grew by 12% QoQ and 115% YoY, an uptick in sales volume driven by 330% rise in exports. Export sales as a percentage of total sales rose to 13% in Q4 FY24, and 53% in Q1 FY25.

The blended realisation increased by 98% YoY and 8% QoQ, following adoption of a modification in its pricing strategy. Aiming to secure 55% of its sales volume from exports and holding over 60% market share of the BOPET films market in Nigeria, UFlex is expected to achieve approximately 84% capacity utilization at its Nigerian facility in FY25.

Egypt's capacity utilization surged to 100.4% during the quarter, up by 1,960 bps YoY and 620 bps QoQ. Consequently, total packaging film production volume shot up to 28,611 MTPQ, reflected a 24% YoY and 7% QoQ increase.

Total packaging film sales volume in Egypt increased by 20.4% YoY and 10.4% QoQ despite challenging local macroeconomic environment, geopolitical tensions in neighboring countries, an unfavorable demand-supply gap, and currency fluctuations. During the quarter, revenue and gross profit grew by 14% and 5% YoY, respectively. EBITDA surged by 37% YoY, with the margin improved by 200 basis points YoY and 1,700 basis points QoQ.

Capital Expenditure: Investing in tomorrow

During the quarter, the company incurred a total capital expenditure (Capex) of Rs 2,802 million (Rs. 6,308 million in Q4 FY24), which undertook two major projects. A sum of Rs. 1,145 million dedicated for setting up a Virgin PET

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chips plant in Egypt, while Rs. 1,194 million allocated for acquiring and installing an SML machine at the Sanand facility. The remaining Rs. 463 million of the Capex attributed to various miscellaneous and maintenance activities.

Egypt: Virgin PET CHIPS line of 2,16,000 MTPA

The Virgin PET Chips plant at the Egypt facility is scheduled for commissioning in H2 FY25. This project, with a total investment of USD 68 million, will have a capacity of 2,16,000 MTPA PET chips. To date, USD 44 million has already been spent while the remaining capex to be utilized before commissioning of the PET chips plant in Q3 FY25.

Mexico: CPP line of 18,000 MTPA capacity

The CPP line with a capacity of 18,000 MTPA and the coating line are set to be commissioned in the second quarter of fiscal 2025. The total estimated capital expenditure for this project is ~USD 37 million (640 million Mexican Pesos), of which, ~USD 33 (564 million Mexican Pesos) already incurred, while the remaining USD 4 million (76 million Mexican Pesos) to be used before commissioning of the CPP line.

Commenting on the results, Mr. Ashok Chaturvedi, Chairman and Managing Director, UFlex

Group, said, “We had a strong quarter, especially in the packaging films and solutions segment where we have seen both year-on-year and quarter-on-quarter growth in volumes coupled with growth in margins. The PET chips plant in Panipat, India, which was commissioned in March 2024 has achieved 65% capacity in the first quarter of its operations. We have seen a revival in the demand for packaging films across global markets. Our aseptic business continues on the growth path, we continue to see good traction for our holography products and solutions, and we are driving good growth across all our business segments.”

"In FY25, we will be commissioning several key projects, including a 216,000 MTPA virgin PET chips plant in Egypt, an 18,000 MTPA CPP line in Mexico, and capacity debottlenecking at our Sanand plant in India, to increase its annual output to 12 billion packs. These strategic projects are pivotal for creating enduring value for all UFlex stakeholders. These investments shall foster operational excellence and propel substantial growth in our top line and EBITDA while yielding considerable free cash flow”.

“Reinforcing our strategic focus on sustainability, our attention toward PCR flexible packaging is on top of our agenda and we are constantly working toward developing more sustainable solutions. We are the only company that is working within India and globally on innovative solutions in flexible MLP and PCR and its applications”.

“We have entered into a long-term Power Purchase Agreement with Onevolt Energy Private Limited to secure renewable power for our manufacturing facilities in Noida-NCR. This agreement is in addition to a PPA with Amplus Phoenix Private Limited to supply solar power to our packaging films plant in Dharwad, Karnataka, which will help reduce the company’s carbon emissions by 19,000 tCO2e”.

Mr. Rajesh Bhatia, Group president and CFO, UFlex Limited, said, “We had a good first quarter, and are on track for a strong recovery in the global packaging films business both in volumes and margins. The aseptic packaging business recorded the highest-ever quarterly production and sales volumes and with the debottlenecking getting completed later in the year, we will witness strong volume growth from Q4 FY25 onward. The backward integration strategy with the commissioning of the first PET chips plant in Panipat, India, has been a huge success, and with the planned commissioning of the PET chips plant in Egypt later in FY25, UFlex will become even more self-sufficient in its raw material requirements. We are at the cusp of witnessing stupendous optimisation in recycled content across various segments of the packaging industry and are on the road to becoming a market leader in this segment in the immediate future”.

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Recycling & sustainability: Keeping plastic where it belongs – In the Economy

UFlex is deeply committed to fostering a circular economy and supporting a sustainable, green planet. By recycling 185 million PET bottles—amounting to 2,569 metric tons of PCR PET bottle trash —and 2,027 metric tons of MLP waste during the quarter, UFlex underscores its dedication to reducing plastic waste, conserving resources, and converting waste into wealth. This initiative ensures that plastic remains where it belongs - in the economy, not in the environment.

The growing emphasis on sustainability is expected to drive global growth in the PCR PET market. Additionally, countries' individual commitment to a circular economy is likely to boost the recycled PET market in those regions as well.

UFlex's recycling infrastructure is fully operational and ready to fulfill demand efficiently. With extensive facilities and streamlined processes, we can deliver solutions from the day one of our operations, assuring the prompt integration of recycled rPET chips into film manufacturing and, eventually, recycled green film into tubes, pouches, and aseptic cartons as needed. This readiness in a smooth process from recycling to final product underscores UFlex's dedication to sustainability and its capacity to supply reliable recycling end-to-end solutions when needed. UFlex aims to become the leading and preferred recycled plastic film producer in India and worldwide.

Gross debt and net debt

Debt portfolio to maintain diminishing growth as commercialized projects offer new avenues for revenues Despite focusing on expansion plans both in India and globally over the past few years, UFlex has successfully pare down its debt-to-normalised EBITDA ratio to a comfortable level of 3x In Q1 FY25. This achievement underscores the company's effective financial management and strategic balance between growth and debt reduction.

The company is optimistic about further reducing its debt-to-normalised EBITDA ratio from its current comfortable level of 3x over the next few years. This goal will be pursued without compromising business growth opportunities. The aim is to strengthen financial health, enhance flexibility, and improve the balance sheet while managing debt more effectively to maintain growth.

Management is optimistic that the newly commissioned projects in 2024 in Panipat, Egypt, and Russia, along with the upcoming 2025 projects—including a 2,16,000 MTPA Virgin PET Chips line in Egypt, an 18,000 MTPA CPP line in Mexico, and the aseptic debottlenecking in Sanand—will drive additional earnings and free cash flow. These initiatives are expected to help in deleveraging the company’s balance sheet. As of June 30, 2024, the company’s gross and net debt were Rs 69.3 billion and Rs 56.7 billion, respectively.

Rs. million	June 30, 2024	March 31, 2024	June 30, 2023
Gross Debt	69,346	67,196	60,298
Less: Cash and cash equivalents	12,671	11,508	15,833
Net debt	56,675	55,688	44,465
Net debt to Norm. EBITDA (Ebitda annualized)	3.0X	3.1X	3.5X

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Business Highlights

UFlex Limited is at the forefront of innovation in the ever-changing film and flexible packaging industries. Using sophisticated technologies and design concepts, we constantly refine and update our product offerings to adapt to changing consumer preferences and stay ahead of the industry curve. Details are given below:

New Product Launches

Chemicals Business

❖ RADCURE PRODUCTS

1) Flexcure “Metal Spray” Gloss Coating for Metal-decor applications.

Flexcure “Metal Spray Coating” , a new generation dual cure UV / LED curing mechanism designed especially for “ Metal décor” applications, such as Aluminum, Steel, Iron & Metal composites etc. suitable for processing with latest generation spray coating machines. This is an eco-friendly coating designed offering best exterior durable properties.

• See-through high gloss non-yellowing properties.

• Excellent adhesion & levelling properties.

• VOC free.

• High mechanical & chemical resistance.

• Compatible with UV & LED digital printing.

2) Flexcure “PVC Mirror Gloss” Coating for PVC flexible & rigid substrate applications.

Flexcure “Mirror Gloss Coating” is a new generation curing mechanism designed especially for PVC doors & Panel (flexible & rigid) substrates through roller coater applications with excellent mechanical & chemical resistant properties.

• Mirror like gloss.

• Non-yellowing properties.

• Excellent leveling & de-foaming ability.

• Superb adhesion properties.

• VOC free.

• High mechanical & chemical resistance.

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❖ WATER BASE PRODUCTS

1) FLEXBOND PB 40 : Flexbond PB 40 is water based general performance synthetic adhesive designed for handle & bottom pasting applications on medium-to-high speed automatic paper bag making machines through standard wheel applicator. This product is also suitable for side pasting application in corrugated boxes by wheel and can also be used for flute board pasting, corrugation honeycomb making.

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Key features:

• High wet tack & fast setting time.

• High green bond strength.

• Most suitable for low to high GSM Kraft paper for making paper bags and corrugation.

• Good bond strength.

2) FLEXCOAT FP BARRIER COAT UF009: This water-based, eco-friendly primer free coating offers a high oxygen barrier and is specifically recommended for BOPET film to enhance the shelf life of food. The coated films are suitable for packaging dry food items such as nuts, chips, and biscuits. This coating can be applied offline using a conventional rotogravure cylinder.

Key features:

• Environment friendly.

• Primer Free.

• Excellent clarity & good printability.

• Good bond strength with both solvent based and solvent less adhesives.

❖ PU PRODUCTS

1) Development of Polyurethane Acrylate (FLEXCRYL 3333)

The polyurethane acrylate resin is mainly used for production of UV curable coatings, printing inks, and adhesives.

• Excellent mechanical properties and flexibility.

• High resistance to chemicals and extreme temperatures.

• Resistance to yellowing and abrasion.

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2) 2K Solvent free reverse chemistry PU adhesive for flexible packaging. (FLEXBON R110A/FLEXBON R110C)

Adhesive for flexible packaging offering superior wetting properties. These adhesives are highly effective on combinations of metallized films and Aluminum foils with printed films, producing speckle-free laminates.

Key features:

• ➢ Reduces PAA migration in the laminates.

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• ➢ Suitable for high-speed lamination.

• ➢ Excellent lay of laminate, especially on metallized substrates.

• ➢ Fast curing, good bond and seal strength.

Flexible Packaging

• ❖ UFlex converting division unveils innovative packaging solutions Pouches boost brand visibility on shelves and online by capturing immediate attention. They advance packaging design, providing innovative solutions to meet consumer needs while supporting a more sustainable future.

RISO FLAXOMEGA MULTI-SOURCE EDBILE OIL 1LTR

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3D pouch with plastic handle, 3D FORMAT POUCH IN
first time in pesticide and VERMI COMPOST
Fertilizer
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Holography Business

• ❖ Advanced holographic blister packaging solutions: A New Era of Counterfeit Deterrence

UFlex Holography business unit, India’s leading provider of anti-counterfeiting solutions, has made notable penetration in the pharmaceutical packaging market with its advanced holographic blister packaging solutions. In the Q1 of 2024-25, the division successfully attracted a significant number of customers in this format, providing the pharmaceutical industry with an exceptional level of product protection and brand security..

Packaging Films Business

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• 1) Acrylic Coated BOPP Films

• a. “B-TAL” ultra-low SIT (65°C) one side Acrylic coated transparent BOPP film.

• b. “B-TAA” ultra-low SIT (65°C) both side Acrylic coated transparent BOPP film.

• c. “B-TAO” ultra-low SIT (85°C) one side Acrylic coated transparent BOPP film.

One sided Acrylic Coated BOPP films

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Two sided Acrylic Coated BOPP films

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Acrylic-coated BOPP (Biaxially Oriented Polypropylene) film is a high-performance value-added super film known for its excellent transparency and clarity. It provides superior barriers against aroma, oxygen, and humidity, and features Excellent wide heat-sealing property at ultra-low temperatures (65°C or 85°C). Low temperature sealable layer makes it ideal for high-speed HFFS (Horizontal FormFill-Seal) machines for making units and/or multiple packs. Additionally, it offers excellent ink adhesion on acrylic side, high gloss, low haze, and good water vapor barrier properties.

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Acrylic Coated
Market & Application
BOPP films
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End-use application
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1. Food Packaging

2. a. Flexible Pouches

3. b. Wraps and Films

4. 1. Beverage Packaging. 3. Cosmetic Packaging. 4. Medicine Packaging.

5. Adhesive Tapes.

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2) “B-UNB-M” Outstanding Barrier Metallized BOPP Film (Non heat sealable version) :

The “B-UNB-M” is an outstanding barrier metallized BOPP film, having ultra-high surface energy on one side and the other side no heat sealable treated layer. The packaging film has exceptional barrier to oxygen, moisture, aroma and mineral oil. Sustainable & recyclable solutions to replace AL foil.

The packaging film is designed to meet stringent packaging demands for Dry fruits and beverage packaging, and Confectionery and chocolate packaging.

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“B-UNB-M” Barrier Metallized BOPP film
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• End use application End use application

• 1. Dry fruits & beverage packaging
• 1. Confectionery & chocolate packaging

3) The “C-CPR-CH” Co-Extruded Transparent film with both sides treated and sealable:

Co-Extruded Transparent CPP Film with double-sided treated and sealable. This high-performance film offers excellent sterilization capabilities, superior lamination adhesive anchorage, and high seal strength, making it an ideal choice for various packaging applications, including cheese packing.

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1. Cheese packaging

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Performance trends for the quarter

Consolidated operational and financial performance of the company.

Geography-wise production contribution to the total packaging film production vol. (%)

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Q1 FY25 Q4 FY24 Q1 FY24
10%
11% 12%
23%
22% 6% 26%
7% 7%
9%
8% 123,714 6% 107,118
129,362 6% MTPQ 6% MTPQ
MTPQ
12% 11% 6%
11%
22% 6% 22% 7%
6% 7% 6% 4% 21%
India Dubai Egypt Nigeria Russia Poland Hungary USA Mexico
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Plant-wise and overall packaging film production and utilization

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Capacity Q1 FY25 Production (Utilization %) Q4 FY24 Production (Utilization %) Q1 FY24 Production (Utilization %)
(MTPQ)
41040 India 28557 (69.6%) 28053 (72.4%) 28269 (73%)
10000 Dubai 7333 (73.3%) 7408 (74.1%) 6647 (66.5%)
28500 Egypt 28611 (100.4%) 26846 (94.2%) 23019 (80.8%)
11250 Nigeria 8731 (77.6%) 7558 (67.2%) 3875 (34.4%)
12000 Russia 7546 (62.9%) 7515 (100.2%) 7349 (98%)
18750 Poland 14550 (77.6%) 14575 (77.7%) 11311 (60.3%)
10500 Hungary 11034 (105.1%) 11363 (108.2%) 6150 (58.6%)
7500 USA 8524 (113.7%) 7311 (97.5%) 7510 (100.1%)
15000 Mexico 14476 (96.5%) 13085 (87.2%) 12988 (86.6%)
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The capacity of the Noida plant in India has been upgraded with technological enhancements. The overall new packaging film capacity of the India plants is now 164,160 MTPA, up from the capacity of 155,000 MTPA.

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As of March 2024, the capacity of the Russia plant was 30,000 MTPA. Following the commissioning of the new 18,000 MTPA CPP line, the plant's new capacity is 48,000 MTPA.

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Sales volume (MTPQ) Sales volume growth rate
200,000 15.0% 10.5% 10.4%
10.0% 6.8%
150,000
5.0% 0.4% 0.1%
100,000
143,159 157,847 158,022 0.0%
50,000 -5.0%
0 -10.0%
-7.5%
Q1FY24 Q4FY24 Q1FY25
Q1FY24 Q4FY24 Q1FY25
Sales (Vol’s MT) QoQ YoY
Net revenue Revenue growth rate
40,000 20.0% 12.3%
10.0% 4.5%3.0% 5.3%
30,000
0.0%
20,000 32,782 34,967 36,825 -10.0% -3.4%
10,000 -20.0%
-19.0%
0 -30.0%
Q1FY24 Q4FY24 Q1FY25
Q1FY24 Q4FY24 Q1FY25
Total income (Rs. million) QoQ YoY
Gross profit Gross profit growth rate
15,000 39.1% 38.8% 40.0% 40.0% 20.4%
39.0% 20.0% 6.2% 4.4%
10,000 38.0% 0.4%
36.2% 13,682 14,285 37.0% 0.0%
5,000 36.0% -20.0% -7.9%
11,866 35.0%
0 34.0% -40.0% -26.2%
Q1FY24 Q4FY24 Q1FY25 Q1FY24 Q4FY24 Q1FY25
Gross profit (Rs. million) Gross margin (%) QoQ YoY
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Normalized EBITDA Norm. EBITDA growth rate
44.7%
13.0%
5,000 12.6% 14.0% 50.0%
4,000 12.0% 6.9%6.3% 2.2%
9.8% 0.0%
3,000
4,550 4,652 10.0%
2,000 3,214 -50.0% -24.9%
8.0%
1,000 -55.1%
0 6.0% -100.0%
Q1FY24 Q4FY24 Q1FY25
Q1FY24 Q4FY24 Q1FY25
Norm. EBITDA (Rs. million) Norm. EBITDA margin (%) QoQ YoY
PAT & normalized PAT Debt
2,000 1,188 823 80,000
- 60,000
(2,000) (346) (985) 40,000
(4,000) (2,709) 20,000
(4,162)
(6,000) -
Q1FY24 Q4FY24 Q1FY25 Q1FY24 Q4FY24 Q1FY25
PAT (Rs. million) Normalized PAT Gross debt (Rs. million) Net debt (Rs. million)
Capex Norm. EBITDA / Interest expense
8,000 4.0
6,000 3.0
4,000 2.0 2.4x 3.5x
6,308 2.9x
2,000 1.0
2,802
1,478
0 0.0
Q1FY24 Q4FY24 Q1FY25 Q1FY24 Q4FY24 Q1FY25
Capex (Rs. million) Adj EBITDA / Interest expense
Net debt / Norm. EBITDA Norm. EPS
4.0 20.00
3.5x 15.00
3.0
10.00
2.0 16.45
3.1x 3.0x 5.00 11.40
1.0
0.00
-4.80
0.0 (5.00)
Q1FY24 Q4FY24 Q1FY25 Q1FY24 Q4FY24 Q1FY25
Net debt / Norm. EBITDA Normalized EPS (Rs.)
60,298 44,465 67,196 55,688 69,346 56,675
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Norm. RoE and RoCE Book Value / Share
15.0% 1,500
9.6% 9.7%
10.0% 6.6%
5.4% 4.6% 1,000 1,014
5.0%
500 1,001 986
0.0%
-5.0% -1.9% 0
Q1FY24 Q4FY24 Q1FY25 Q1FY24 Q4FY24 Q1FY25
Norm. RoE Norm. RoCE Book value per share (Rs.)
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Condensed consolidated quarterly statement of operations ffffff

The exhibit below shows the condensed consolidated statement of operations for UFlex Limited for the first quarter ended June, 2024 compared to the quarter ended March, 2024 and quarter ended June, 2023:

Rs. million Quarter ended Jun. 2024 Quarter ended Mar. 2024 Quarter ended Jun. 2023	% change Q-o-Q % change Y-o-Y
Sales/Income from operation 36,028 34,023 32,199	5.9 11.9
Other operating income 509 241 383	111.1 32.8
Revenue from operations 36,538 34,265 32,583	6.6 12.1
Other income 318 717 218	(55.6) 46.1
Share of (Loss) / Profit of Associate & Jointly Controlled Entities (31) (14) (18)	119.3 66.8
Total income 36,852 34,967 32,782	5.3 12.3
Expenditure 32,422 30,603 29,745	5.9 9.0
EBITDA 4,403 4,364 3,037	0.9 45.0
Depreciation & Amortization 1,734 1,650 1,605	5.0 8.0
Financial costs 1,619 1,283 1,346	26.1 20.3
Profit / (Loss) before exceptional items and tax 1,051 1,430 86	(26.5) 1117.5
Exceptional items 1,808 3,897 3,816	(53.6) (52.6)
Profit / (Loss) before tax and after exceptional items (757) (2,467) (3,729)	- -
Tax expense:
Current tax 218 41 455	433.0 (52.1)
Deferred tax 10 202 (22)	(95.3) -
Profit / (Loss) after tax (984) (2,710) (4,163)	(63.7) (76.4)
Non-controlling interest 0 (1) (1)	- -
Net Profit/ (Loss) for the period (984) (2,709) (4,162)	- -

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Note: 1) Numbers in the table may not add up due to rounding-off. 2) Previous year figures have been regrouped wherever necessary.

Revenue split

UFlex’s operating revenue includes packaging films and value-added products. The exhibit below shows each as a percentage of operating revenues:

Rs. million Quarter ended Jun. 2024 % of revenue Quarter ended Mar. 2024 Quarter ended Jun. 2023 % of revenue	% change Q-o-Q % change Y-o-Y
Packaging films 22,924 62.3 20,984 19,793 60.4	9.2 15.8
Value added product 13,614 37.0 13,281 12,790 39.0	2.5 6.4
➢ Packaging 10,479 28.5 10,432 10,233 31.2	0.5 2.4
➢ Engineering 976 2.7 843 682 2.1	15.8 43.1
➢ Others VAP 2,159 5.9 2,006 1,875 5.7	7.6 15.1
Total revenue from operations 36,538 99.2 34,265 32,583 99.4	6.6 12.1

Packaging = Flexible packaging, Liquid packaging, and Holography Engineering = Machinery and Printing cylinders Others value added product (VAP) = Inks & Adhesives and other operating income

Expenditure

UFlex’s primary expenses include cost of goods sold, personnel cost and other operating expenses. The exhibit below shows each as a percentage of operating revenue:

Rs. million Quarter ended Jun. 2024 % of revenue Quarter ended Mar. 2024 Quarter ended Jun. 2023	% of revenue	% change Q-o-Q % change Y-o-Y
COGS 22,540 61.2% 21,286 20,916	63.8%	5.9 7.8
Power & fuel 1,618 4.4% 1,553 1,601	4.9%	4.2 1.0
Personnel cost 3,281 8.9% 3,057 2,915	8.9%	7.3 12.5
Other operating expenses 4,984 13.5% 4,708 4,313	13.2%	5.9 15.6
Total operating expenses 32,422 88.0% 30,603 29,745	90.7%	5.9 9.0

Note: 1) Numbers in the table may not add up due to rounding-off.

• 2) Previous year figures have been regrouped wherever necessary.

3) Other Operating expense includes expenses allocated to self-constructed assets.

4) COGS is cost of goods sold.

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Condensed standalone quarterly statement of operations

The exhibit below shows the condensed standalone statement of operations for UFlex Limited for the first quarter ended June, 2024 compared to the quarter ended March, 2024 and quarter ended June, 2023:

Rs. million Quarter ended Jun. 2024 Quarter ended Mar. 2024 Quarter ended Jun. 2023	% change Q-o-Q % change Y-o-Y
Sales/Income from operation 18,231 16,180 16,291	12.7 11.9
Other operating income 371 392 341	(5.6) 8.6
Revenue from operations 18,601 16,572 16,633	12.2 11.8
Other income 139 136 79	2.1 75.8
Total income 18,741 16,709 16,712	12.2 12.1
Expenditure 16,508 14,459 14,656	14.2 12.6
EBITDA 2,233 2,250 2,056	(0.8) 8.6
Depreciation & Amortization 795 747 730	6.4 8.9
Financial costs 803 666 596	20.6 34.8
Profit / (Loss) before exceptional items and tax 634 837 729	(24.2) (13.1)
Exceptional items - - -	- -
Profit / (Loss) before tax and after exceptional items 634 837 729	(24.2) (13.1)
Tax expense:
Current tax 178 132 198	34.7 (9.8)
Deferred tax (22) 91 (18)	- -
Profit/ (Loss) after tax 478 614 550	(22.1) (13.1)

Note: 1) Numbers in the table may not add up due to rounding-off.

2) Previous year figures have been regrouped wherever necessary.

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Footnotes:

This Earnings Release contains consolidated unaudited results that are prepared as per Indian Accounting Standards (Ind-AS).

_*_ Q1 FY25, the Normalized EBITDA stood at Rs. 4,652 million and corresponding normalized EBITDA margin of 12.6%. The Adjusted EBITDA derived with adjustments of Rs 249 million due to the impact of foreign currency gain/loss and profit/loss in derivative instruments. In Q4 FY24, a similar adjustment was Rs. 186 million.**

The calculated Normalized EBITDA margin is determined by dividing the Normalized EBITDA by the net revenues.

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** Normalized PAT adjusted for exceptional item stemming from currency devaluation in Nigeria Egypt, and Mexico amounting to Rs. 1,808 million during Q1 FY25. This represents a significant reduction from the higher losses of Rs. 3,816 million in Q1 FY24 and Rs. 3,897 million in Q4 FY24.

*The average USD/INR exchange rate used: Rs. 83.41 in Q1 FY25, compared to Rs. 82.75 in Q4 FY24 and Rs. 82.20 in Q1 FY24.

Caution Concerning Forward-Looking Statements:

This document includes certain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause UFlex’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding UFlex’s present & future business strategies and the environment in which UFlex Limited will operate in the future. Among the important factors that could cause UFlex’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, the condition of and changes in India’s political and economic status, government policies, applicable laws, the Indian packaging sectors, and international and domestic events having a bearing on UFlex’s business, particularly in regard to the progress of changes in sectors’ regulatory regimes, and such other factors beyond UFlex’s control. UFlex Limited is under no obligation to and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

About UFlex Limited:

UFlex is India’s largest multinational flexible packaging and solutions company. Since its inception in 1985, UFlex has grown from strength to strength and has built a strong presence across all verticals of the packaging value chain — packaging films, chemicals, aseptic liquid packaging, holography, flexible packaging, printing cylinders, and engineering.

With a 10,000+ strong multicultural workforce across global regions that work toward developing innovative, value-added, and sustainable packaging solutions, the company has earned an irreproachable reputation for defining the contours of the ‘Packaging Industry’ in India and overseas. It provides end-to-end solutions to numerous Fortune 500 clients across various sectors such as FMCG, consumer product goods, pharmaceuticals, building materials, automobiles, and more, in more than 150 countries. Headquartered in Noida, the National Capital Region, India, UFlex enjoys a global reach with advanced manufacturing facilities in India, UAE, Mexico, Egypt, USA, Poland, Russia, Nigeria, and Hungary.

A winner of various marquee global awards for product excellence, innovation, and sustainability, UFlex is the first company in the world to earn recognition at the Davos Recycle Forum in 1995 for conceptualizing the recycling of mixed plastic waste. For more details, please visit: www.UFlexltd.com

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