Thursday, December 5, 2024

Finolex Industries Ltd reports strong operating performance despite stable volume growth

Bengaluru – July 29, 2024: Finolex Industries Limited (NSE:FINPIPE|BSE:500940) at its Board Meeting held today announced unaudited financial results for the first quarter ended June 30, 2024.

Key Financial Highlights (Standalone): (INR- Cr)

Rs. In Crores

Q1 FY25

Q1 FY24

% Change

Total Income from operations

1,140.49

1,179.17

-3.28%

EBITDA

206.65

152.47

35.53%

EBITDA %

18.12%

12.93%

Depreciation

26.08

34.39

 

Profit/ (loss) before interest & tax

180.57

118.08

52.92%

EBIT %

15.83%

10.01%

Finance costs

6.65

9.02

Other Income

54.90

40.26

Profit before tax excluding exceptional item gain

228.82

149.32

53.24%

PBT %

20.06%

12.66%

Exceptional item gain

416.99

               –

Profit before tax including exceptional item gain

645.81

149.32

Tax

140.61

38.44

Profit after tax including exceptional item gain

505.20

110.88

355.64%

PAT %

44.30%

9.40%

Sales volume in MT

PVC Resin (External)

         1,753

         2,479

-29.28%

PVC Resin (Including inter Segment)

       69,625

       46,074

51.11%

Pipes and Fittings

       90,620

       92,181

-1.69%

 Q1 FY25 Highlights:

  • Total income from operations was down 3.28% to Rs 1,140.49 Cr for Q1FY25 against
    Rs 1,179.17 Cr in Q1FY24.
  • Volume in Pipes & Fittings segment decreased by 1.69% to 90,620 MT in Q1FY25 against  92,181 MT in Q1FY24.
  • Volume in PVC Resin segment was up 51.11% to 69,625 MT in Q1FY25 against 46,074 MT in Q1FY24.
  • EBITDA stood at Rs 206.65 Cr for Q1FY25, up 35.53% compared to the EBITDA of Rs 152.47 Cr for Q1FY24.
  • PAT stood at Rs 505.20 Cr (Including exceptional item of Rs. 416.99 Cr) in Q1FY25 against  Rs 110.88 Cr in Q1FY24.

Commenting on the quarterly results, Mr. Prakash P. Chhabria, Executive Chairman, Finolex Industries Limited said“Operating performance of the Company improved due to growth in the plumbing and sanitation segment and increase in PVC pricing.  Demand remained stable during the quarter with higher growth seen from the non-agri (urban) segment compared to agri segment. The company’s continuous efforts to penetrate into the non-agri segment will reflect in improved earnings performance going forward”

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