Finolex Industries net profit up 16% at Rs 115 crore in Q1

Finolex Industries Ltd on Wednesday reported a 16.2 percent YoY increase in net profit at Rs 115.3 crore for the first quarter that ended June 30, 2023, as compared to a net profit of Rs 99 crore in the corresponding quarter last year.

In the June quarter, total revenue stood at Rs 1,179.2 crore during the period under review, declining 0.9 percent against Rs 1,189.8 crore in the corresponding period of the preceding fiscal.

EBITDA jumped 21.2 percent to Rs 152.5 crore in the first quarter of this fiscal over Rs 125.8 crore in the corresponding period in the previous fiscal, Finolex Industries said in a regulatory filing.

EBITDA margin stood at 12.9 percent in the reporting quarter as compared to 10.6 percent in the corresponding period in the previous fiscal.

The company said the volume in the pipes & fittings segment increased by 28.10 percent to 92,181 MT in the first quarter of FY24 against 71,960 MT in the first quarter of FY23.

The volume in the PVC resin segment was down 26.57 percent to 46,074 MT in the first quarter of FY24 against 62,746 MT in the first quarter of FY23.

Prakash P. Chhabria, Executive Chairman of Finolex Industries said that the overall economic recovery in both the rural and the urban segments has led to a strong demand which in turn, is driving volume growth in the pipes and fittings segment.

Source: Media reports