Finolex Industries Q1 result: Net profit rises 16% YoY

Finolex Industries Ltd, a manufacturer of PVC pipes and fittings, announced a 16.2% year-on-year growth in net profit for the first quarter ending June 30, 2023, totaling Rs 115.3 crore. However, overall income decreased by 0.9% during the same time, totaling Rs 1,179.2 crore, compared to Rs 1,189.8 crore in the previous fiscal year’s similar quarter. 

During the first quarter of FY24, Finolex Industries’ PVC resin sector earned Rs 359.41 crore, while its PVC pipes and fittings business vertical earned Rs 1154.21 crore. According to the business, volume in the pipes and fittings category climbed by 28% to 92,181 MT in Q1FY24 from 71,960 MT in Q1FY23. Volume in the PVC Resin category fell 26.57 percent in Q1FY24 to 46,074 MT from 62,746 MT in Q1FY23.  

According to Finolex Industries, the volumes increased significantly year on year. It also said that the company’s liquidity was robust throughout the quarter, with free cash (net) of Rs 1,650 crore. The company posted a total income of Rs 1,219.43 crore versus Rs 1214.88 crore a year ago. The total expenses for the quarter came at Rs 1070.11 crore as against Rs 1,096.57 crore during Q1FY23. 

Finolex Industries Ltd is engaged in the business of manufacturing PVC pipes & fittings and PVC resin. The company’s product range includes PVC Resin, PVC-U Pipes & Fittings, Selfit PVC-U Pipes (for agriculture and potable water supply), Ringfit PVC-U Pipes (for agriculture and potable water supply), Moulded Fittings for Agriculture, Fabricated Fittings for Agriculture, Protector Well Casings and Screens, Underground Sewerage Pipes, Selfit & Ringfit SWR PVC Pipes, SWR Moulded Fittings, Plumbing Pipes (for domestic plumbing applications), Solvent Cemented Fittings (for domestic plumbing applications), etc. 

Finolex Industries is currently trading at Rs 181.70, up by 0.80 points or 0.44% from its previous closing of Rs 180.90 on the BSE. The scrip opened at Rs 183 and touched a high and low of Rs 183.60 and Rs 180.45 respectively. So far 1,05,080 shares were traded on the counter.  

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