In the recent board meeting, Finolex Industries Limited, a prominent PVC pipes and fittings manufacturer from India, made public its unaudited financials for the quarter that ended on September 30, 2023.

Q2 FY24 Key Financial Data:

• The firm’s total operational income landed at INR 883.15 Cr, marking a decrease of 6.16% compared to the INR 941.13 Cr recorded in Q2 FY23.
• The Pipes & Fittings sector saw a growth in volume by 6.24%, reaching 62,914 MT, a jump from the 59,218 MT of Q2 FY23.
• Conversely, the PVC Resin segment underwent a decrease in volume by 30.61%, clocking in at 37,516 MT from the earlier 54,063 MT in Q2 FY23.
• EBITDA for the quarter was positive at INR 102.98 Cr, a significant shift from the EBITDA loss of INR 142.67 Cr in Q2 FY23.
• The quarter closed with a profit after tax (PAT) of INR 93.78 Cr, contrasting the loss of INR 93.92 Cr in the same quarter of the previous year.

H2 FY24 Significant Points:

• Total operational income for H1 FY24 was reported at INR 2,062.32 Cr, showcasing a dip of 3.22% from the INR 2,130.94 Cr of H1 FY23.
• The Pipes & Fittings segment recorded a volume increase of 18.23%, hitting 1,55,095 MT compared to the 1,31,178 MT of H1 FY23.
• The Resin segment volume declined by 28.44%, with figures standing at 83,590 MT against 1,16,809 MT of the previous year’s first half.
• H1 FY24’s EBITDA stood positive at INR 255.45 Cr, a turnaround from the EBITDA loss of INR 16.76 Cr in H1 FY23.
• The profit after tax surged to INR 204.66 Cr in H1 FY24 from a modest INR 6.17 Cr in H1 FY23.

Shedding light on the figures, Prakash P. Chhabria, the Executive Chairman of Finolex Industries Limited, commented, “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.”

  Finolex Industries, India, Prakash P. Chhabria, PVC Pipes