IGI Logo

Pune : Finolex Industries Limited (NSE:FINPIPE|BSE:500940) at its Board Meeting held today announced unaudited financial results for the second quarter ended September 30, 2022.

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

Q2 FY23 Highlights:

* Total income from operations was Rs 941.13 Cr for Q2FY23 – down 13.1% against Rs 1,082.57 Cr in Q2FY22.

* Volume in Pipes & Fittings segment was up 6.8% to 59,218 MT in Q2FY23 against 55,453 MT in Q2FY22.

* Volume in Resin segment was up 3.9% to 54,063 MT in Q2FY23 against 52,029 MT in Q2FY22.

* EBITDA loss of Rs -142.67 Cr for Q2FY23 against profit of Rs 299.51 Cr for Q2FY22.

* PAT loss of Rs -93.92 Cr for Q2FY23 against Rs 235.08 Cr for Q2FY22.

H1 FY23 Highlights:

* Total income from operations was Rs 2,130.94 Cr for H1FY23 – up 4.0% against Rs 2,048.02 Cr in H1FY22.

* Volume in Pipes & Fittings segment grew 17.9% to 1,31,178 MT in H1FY23 against 1,11,272 MT in H1FY22

* Volume in Resin segment was up 14.2% to 1,16,809 MT in Q2FY23 against 1,02,278 MT in Q2FY22

* EBITDA loss stood at Rs 16.76 Cr for H1FY23 against EBITDA profit of Rs 510.97 Cr for H1FY22.

* Profit after tax was at Rs 6.17 Cr for H1FY23 against Rs 381.88 Cr for H1FY22.

Commenting on the quarterly results, Mr. Prakash P. Chhabria, Executive Chairman, Finolex Industries Limited said, “Second quarter is generally a drag on volume due to Monsoon. However, the Company has delivered higher volumes over last year, which reflects spur in demand. The financial results for the quarter had a severely adverse impact due to sharp correction in PVC prices against high priced inventory of raw material and finished goods. The silver lining is that the correction in commodity rates could further improve demand from consumers across segments. The Company is well positioned to sail through this trough of the cycle as it has a strong debt-free balance sheet with positive cash flows.”

Above views are of the author and not of the website kindly read disclaimer