Conference Call with Finolex Industries Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
Plastic Products company Finolex Industries announced Q3FY24 & 9MFY24 results: Standalone Q3FY24: Total income from operations was Rs 1,019.69 crore for Q3FY24 – down 9.34% against Rs 1,124.76 crore 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 crore for Q3FY24, up 30.51% compared to the EBITDA of Rs 91.87 crore for Q3FY23. PAT increased by 23.78% to Rs 89.21 crore in Q3FY24 against Rs 72.07 crore in Q3FY23 Standalone 9MFY24: Total income from operations was Rs 3,082.01 crore for 9MFY24 – down 5.34% against Rs 3,255.99 crore 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 crore for 9MFY24 against Rs 75.11 crore for 9MFY23. Profit after tax was increased to Rs 293.87 crore in 9MFY24 compared to Rs 78.24 crore in 9MFY23. Commenting on the quarterly results, Prakash P. Chhabria, Executive Chairman, Finolex Industries 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 the 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.” Result PDF