Finolex Industries Limited (NSE:FINPIPE|BSE:500940) at its Board Meeting held today announced unaudited financial results for the third quarter ended Dec 31, 2023.
Key Financial Highlights (Standalone): (INR- Cr)
| Rs. In Crores | Q3 FY24 | Q3 FY23 | % Change | 9M FY24 | 9M FY23 | % Change |
| Total Income from operations | 1,019.69 | 1,124.76 | (9.34%) | 3,082.01 | 3,255.99 | (5.34%) |
| EBITDA gain/(loss) | 119.90 | 91.87 | 30.51% | 375.92 | 75.11 | 400.51% |
| EBITDA % | 11.76% | 8.17% | 12.20% | 2.31% | ||
| Depreciation | 27.57 | 22.50 | 89.34 | 65.40 | ||
| Profit/ (loss) before interest & tax | 92.33 | 69.37 | 33.09% | 286.58 | 9.71 | 2,852.12% |
| EBIT % | 9.05% | 6.17% | 9.30% | 0.30% | ||
| Finance costs | 7.66 | 5.13 | 29.14 | 20.77 | ||
| Other Income | 35.12 | 27.82 | 137.32 | 92.18 | ||
| Profit/(loss) before tax | 119.79 | 92.06 | 30.12% | 394.76 | 81.12 | 386.66% |
| PBT % | 11.75% | 8.18% | 12.81% | 2.49% | ||
| Tax | 30.58 | 19.99 | 100.89 | 2.88 | ||
| Profit/(loss) after tax | 89.21 | 72.07 | 23.78% | 293.87 | 78.24 | 275.60% |
| PAT % | 8.75% | 6.41% | 9.53% | 2.40% |
Sales volume in MT
| PVC Resin (External) | 2,759 | 4,863 | (43.27%) | 7,784 | 23,576 | (66.98%) |
| PVC Resin (Including inter Segment) | 43,737 | 64,696 | (32.40%) | 1,27,327 | 1,81,506 | (29.85%) |
| Pipes and Fittings | 81,312 | 90,396 | (10.05%) | 2,36,406 | 2,21,574 | 6.69% |
Q3 FY24 Highlights:
- Total income from operations was Rs 1,019.69 Cr for Q3FY24 – down 9.34% against
Rs 1,124.76 Cr in Q3FY23. - Volume in Pipes & Fittings segment decreased by 10.05% to 81,312 MT in Q3FY24 against 90,396 MT in Q3FY23.
- Volume in PVC Resin segment was down 32.40% to 43,737 MT in Q3FY24 against 64,696 MT in Q3FY23.
- EBITDA stood at Rs 119.90 Cr for Q3FY24, up 30.51% compared to the EBITDA of Rs 91.87 Cr for Q3FY23.
- PAT increased by 23.78% to Rs 89.21 Cr in Q3FY24 against Rs 72.07 Cr in Q3FY23.
9M FY24 Highlights:
- Total income from operations was Rs 3,082.01 Cr for 9MFY24 – down 5.34% against Rs 3,255.99 Cr in 9MFY23.
- Volume in Pipes & Fittings segment grew 6.69% to 2,36,406 MT in 9MFY24 against 2,21,574 MT in 9MFY23
- Volume in Resin segment decreased by 29.85% to 1,27,327 MT in 9MFY24 against 1,81,506 MT in 9MFY23
- EBITDA for 9MFY24 stood at Rs 375.92 Cr for 9MFY24 against Rs 75.11 Cr for 9MFY23.
- Profit after tax was increased to Rs 293.87 Cr in 9MFY24 compared to Rs 78.24 Cr in 9MFY23.
Commenting on the quarterly results, Mr. Prakash P. Chhabria, Executive Chairman, Finolex Industries Limited said, “FY23 had seen a huge pent up agri-pipes and fittings demand, leading to highest ever pipes and fittings sale in the country. Despite 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.”