Finolex Industries reports 29% growth in pipes and fittings volumes

Finolex Industries Limited (NSE: FINPIPE|BSE:500940) at its Board Meeting held today announced unaudited financial results for the first quarter ended June 30, 2022.

Key Financial Highlights (Standalone): (INR- Cr)

Rs CrQ1 FY23Q1 FY22% change
Income from operations1,189.81965.3723.3%
EBITDA125.91209.51-39.9%
EBITDA margin (%)10.58%21.70%
Depreciation21.3420.06
EBIT104.57189.45-44.8%
EBIT %8.79%19.62%
Finance costs11.334.76
Other Income25.0715.35
Profit before tax118.31200.04-40.9%
PBT %9.94%20.72%
Tax18.2253.24
PAT100.09146.80-31.8%
PAT %8.41%15.21%
Sales in MT
PVC Resin (External)4,2188,726-51.7%
Pipes and Fittings71,96055,81928.9%

Q1 FY23 Highlights:

  • Total income from operations was Rs 1,189.81 Cr for Q1FY23 – up 23.3% against Rs 965.37 Cr in Q1FY22.
  • Volume in the Pipes & Fittings segment was up 28.9% to 71,960 MT in Q1FY23 against 55,819 MT in Q1FY22
  • EBITDA stood at Rs 125.91 Cr for Q1FY23 – down 39.9% against Rs 209.51 Cr for Q1FY22.
  • Profit after tax was at Rs 100.09 Cr for Q1FY23 – down 31.8% against Rs 146.80 Cr for Q1FY22.

Commenting on the quarterly results, Mr. Prakash P. Chhabria, Executive Chairman, Finolex Industries Limited said,

“The move towards normalization of PVC price after a 2-year long period of elevated PVC prices is positive for the industry. This should bolster demand, open the markets further and provide the required boost for markets to reach pre-covid levels. This is reflective in the strong volume growth during the quarter.”

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