PUNE: Finolex Industries Limited has announced its unaudited financial results for the third quarter ended Dec 31, 2023. The company reported a total income from operations of Rs 1,019.69 Cr for Q3FY24, down 9.34% against Rs 1,124.76 Cr in Q3FY23. The volume in the Pipes & Fittings segment decreased by 10.05% to 81,312 MT in Q3FY24 against 90,396 MT in Q3FY23. The volume in the PVC Resin segment was down 32.40% to 43,737 MT in Q3FY24 against 64,696 MT in Q3FY23.
However, the company’s EBITDA stood at Rs 119.90 Cr for Q3FY24, up 30.51% compared to the EBITDA of Rs 91.87 Cr for Q3FY23. The PAT increased by 23.78% to Rs 89.21 Cr in Q3FY24 against Rs 72.07 Cr in Q3FY23. The company’s total income from operations was Rs 3,082.01 Cr for 9MFY24, down 5.34% against Rs 3,255.99 Cr in 9MFY23. The volume in Pipes & Fittings segment grew 6.69% to 2,36,406 MT in 9MFY24 against 2,21,574 MT in 9MFY23.
Commenting on the quarterly results, Prakash P. Chhabria, Executive Chairman, Finolex Industries Limited said, “FY23 had seen a huge pent-up agri-pipes and fittings demand, leading to the highest ever pipes and fittings sale in the country. Despite the previous year’s high base, our business is witnessing strong volume growth, especially in the plumbing and sanitation products. PVC prices are expected to be range-bound, and hence, consumption-led demand is expected to remain sturdy in both the rural and the urban segments.“
Finolex Industries Limited is India’s most trusted PVC pipes and fittings manufacturer. The company has impacted the sanitation-plumbing and agricultural sectors with prudent investments across its value chain. The company takes great pride in its dependable quality that has not only earned it ISO 9001:2015 certifications across plants but also earned it the sincere affection of farmers, plumbers, homeowners, partners, associates, and shareholders.
