Pune, 23 July 2022: 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 margin (%)||10.58%||21.70%|
|Profit before tax||118.31||200.04||-40.9%|
|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 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.”