PUNE: Finolex Industries Limited (NSE: FINPIPE|BSE:500940) has reported a strong YoY profit improvement in Q2 FY24, according to its unaudited financial results. The company’s total income from operations for the quarter was INR 883.15 crore, down 6.16% from the same period last year. However, the volume in the pipes and fittings segment increased by 6.24% to 62,914 MT, while the volume in the PVC resin segment decreased by 30.61% to 37,516 MT.
The company’s EBITDA stood at INR 102.98 crore for Q2 FY24, compared to an EBITDA loss of INR 142.67 crore in Q2 FY23. The profit after tax for the quarter was INR 93.78 crore, compared to a loss of INR 93.92 crore in Q2 FY23.
Commenting on the results, Prakash P. Chhabria, Executive Chairman of Finolex Industries Limited, said, “Indian economy is displaying continued consumption-led growth in both the rural and the urban segments of the country. The pipes and fittings segment which plays an important role in contributing to economic growth has been growing strong on a year-on-year basis. The global PVC prices are near historic lows, which might bolster pipes and fittings demand once prices stabilize.“
| Rs. In Crores | Q2 FY24 | Q2 FY23 | % Change | H1 FY24 | H1 FY23 | % Change |
| Total Income from operations | 883.15 | 941.13 | (6.16%) | 2,062.32 | 2,130.94 | (3.22%) |
| EBITDA gain/(loss) | 102.98 | (142.67) | NA | 255.45 | (16.76) | NA |
| EBITDA % | 11.66% | (15.16%) | 12.39% | (0.79%) | ||
| Depreciation | 27.38 | 21.56 | 61.77 | 42.90 | ||
| Profit/ (loss) before interest & tax | 75.60 | (164.23) | NA | 193.68 | (59.66) | NA |
| EBIT % | 8.56% | (17.45%) | 9.39% | (2.80%) | ||
| Finance costs | 12.46 | 4.31 | 21.48 | 15.64 | ||
| Other Income | 62.51 | 39.29 | 102.77 | 64.36 | ||
| Profit/(loss) before tax | 125.65 | (129.25) | NA | 274.97 | (10.94) | NA |
| PBT % | 14.23% | (13.73%) | 13.33% | (0.51%) | ||
| Tax | 31.87 | (35.33) | 70.31 | (17.11) | ||
| Profit/(loss) after tax | 93.78 | (93.92) | NA | 204.66 | 6.17 | NA |
| PAT % | 10.62% | (9.98%) | 9.92% | 0.29% |
For H1 FY24, the company’s total income from operations was INR 2,062.32 crore, down 3.22% from the same period last year. The volume in the pipes and fittings segment grew 18.23% to 1,55,095 MT, while the volume in the PVC resin segment decreased by 28.44% to 83,590 MT. The EBITDA for H1 FY24 stood at INR 255.45 crore, compared to an EBITDA loss of INR 16.76 crore in H1 FY23. The profit after tax for H1 FY24 was INR 204.66 crore, compared to INR 6.17 crore in H1 FY23.
| PVC Resin (External) | 2,546 | 14,495 | (82.43%) | 5,025 | 18,713 | (73.15%) |
| PVC Resin (Including inter Segment) | 37,516 | 54,063 | (30.61%) | 83,590 | 1,16,809 | (28.44%) |
| Pipes and Fittings | 62,914 | 59,218 | 6.24% | 1,55,095 | 1,31,178 | 18.23% |
Finolex Industries Limited is India’s most trusted PVC pipes and fittings manufacturer, impacting the sanitation-plumbing and agricultural sectors with prudent investments across its value chain. The company has earned ISO 9001:2015 certifications across plants and has a strong network and goodwill. Its CSR partner, Mukul Madhav Foundation, is dedicated to uplifting underprivileged and vulnerable communities with opportunities that pave their path to success.
