The company registered a growth of 266% in its consolidated net profit for the full year to INR6,950m ($155m) against INR1,900m ($42m) for the corresponding period last year as a result of strong global demand.
Uflex chairman and managing director, Ashok Chaturvedi said the revenue growth has come on the back of traction in demand and corresponding manufacturing capacities across facilities in Egypt, Mexico, Dubai and India.
Experts state, the higher revenue growth projections are attributed to rising demand for polyester film and resultant higher realisations. According to Reuters Estimates, analysts were expecting the company to report net profit of Rs 8 billion on revenue of Rs 36 billion for the fiscal 2011.
The firm's consolidated revenue for the quarter increased by 67.9% and stood at INR 11.09bn ($248m) compared with INR 6.6bn ($147m) in 2010.
Full-year net revenue increased by 47% to INR 34.1bn ($761m) compared with INR 23.14bn ($517m) in the same period in the previous fiscal year.
The company hopes to hit the $1bn revenue mark by FY 2012 with new manufacturing facilities and corresponding investments in place.
Uflex expects a profit of Rs 8 billion on a revenue of Rs 36 billion
The Indian packaging giant, Uflex has posted a 58% increase in its 2011 first-quarter consolidated net profit to INR 955.7m ($21m) compared with INR 605m ($13m) in the same period last year.
