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Tuesday, November 29, 2022

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 Cr Q1 FY23 Q1 FY22 % change
Income from operations 1,189.81 965.37 23.3%
EBITDA 125.91 209.51 -39.9%
EBITDA margin (%) 10.58% 21.70%
Depreciation 21.34 20.06
EBIT 104.57 189.45 -44.8%
EBIT % 8.79% 19.62%
Finance costs 11.33 4.76
Other Income 25.07 15.35
Profit before tax 118.31 200.04 -40.9%
PBT % 9.94% 20.72%
Tax 18.22 53.24
PAT 100.09 146.80 -31.8%
PAT % 8.41% 15.21%
Sales in MT
PVC Resin (External) 4,218 8,726 -51.7%
Pipes and Fittings 71,960 55,819 28.9%

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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