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PUNE: 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.”
source https://nrinews24x7.com/finolex-industries-reports-29-growth-in-pipes-and-fittings-volumes/
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