INDIA: Finolex Industries Limited (NSE: FINPIPE|BSE:500940) at its Board Meeting held today announced unaudited financial results for the third quarter that ended December 31, 2022.
Key Financial Highlights (Standalone): (INR- Cr)
|Rs. In Crores||Q3 FY23||Q3 FY22||% Change||9M FY23||9M FY22||% Change|
|Total Income from operations||1,124.76||1,004.73||11.95%||3,255.99||3,052.76||6.66%|
|Profit/ (loss) before interest & tax||69.39||220.72||-68.56%||9.71||691.57||-98.60%|
|Profit/(loss) before tax||92.2||239.23||-61.46%||81.12||749.60||-89.18%|
|Profit/(loss) after tax||71.69||177.77||-59.67%||77.90||559.67||-86.08%|
|Sales in MT|
|PVC Resin (External)||4,863||10,984||-55.73%||23,576||33,394||-29.40%|
|Pipes and Fittings||90,396||46,994||92.36%||2,21,574||1,58,266||40.00%|
Q3 FY23 Highlights:
- Total income from operations was Rs 1,124.76 Cr for Q3FY23 – up 11.95% against
Rs 1,004.73 Cr in Q3FY22.
- Volume in Pipes & Fitting’s segment was up 92.36% to 90,396 MT in Q3FY23 against 46,994 MT in Q3FY22.
- Volume in the PVC Resin segment was up 49% to 64,696 MT in Q3FY23 against 43,464 MT in Q3FY22.
- EBITDA stood at Rs 91.89 Cr for Q3FY23 against Rs 241.90 Cr for Q3FY22 and an EBITDA Loss of Rs. 142.67 Cr incurred in Q2FY23.
- PAT was Rs 71.69 Cr for Q3FY23 against Rs 177.77 Cr for Q3FY22.
9M FY23 Highlights:
- Total income from operations was Rs 3,255.99 Cr for 9MFY23 – up 6.66% against Rs 3052.76 Cr in 9MFY22.
- Volume in Pipes & Fittings segment grew 40% to 2,21,574 MT in 9MFY23 against 1,58,266 MT in 9MFY22
- Volume in the Resin segment was up 24.54% to 1,81,506 MT in 9MFY23 against 1,45,742 MT in 9MFY22
- EBITDA for 9MFY23 was down 90.03% at Rs 75.11 Cr and Rs 753.42 Cr for 9MFY22.
- Profit after tax decreased 86.08% to Rs 76.90 Cr in 9MFY23 against Rs 559.67 Cr in 9MFY22.
Commenting on the quarterly results, Mr. Prakash P. Chhabria, Executive Chairman, Finolex Industries Limited said, “Stability in prices at current levels and overall demand scenario could provide sustainable growth in the market. The correction in prices has also led to a substantial demand-pull. After witnessing a severe drop in PVC prices and resultant adverse impact on the earning performance of the company during the second quarter, the Company’s performance in the third quarter improved significantly on the back of strong volume growth.”