Plastic Products company Finolex Industries announced Q4FY23 & FY23 results: Q4FY23: Total income from operations was Rs 1,141.06 crore for Q4FY23 – down 28.44% against Rs 1,594.57 crore in Q4FY22 Volume in Pipes & Fittings segment up by 3.59% to 81,452 MT in Q4FY23 against 78,629 MT in Q4FY22 Volume in PVC Resin segment was down 26.58% to 58,132 MT in Q4FY23 against 79,182 MT in Q4FY22 EBITDA stood at Rs 217.43 crore for Q4FY23 against Rs 264.66 crore for Q4FY22, down 17.85% YoY PAT was Rs 158.35 crore for Q4FY23 against Rs 493.80 crore for Q4FY22 FY23: Total income from operations was Rs 4,397.05 crore for FY23 – down 5.39% against Rs 4,647.32 crore in FY22 Volume in Pipes & Fittings segment grew 27.92% to 3,03,026 MT in FY23 against 2,36,895 MT in FY22 Volume in Resin segment was up 6.54% to 2,39,638 MT in FY23 against 2,24,924 MT in FY22 EBITDA for FY23 was down 71.42% at Rs 292.54 crore compared to Rs 1,023.74 crore for FY22 Profit after tax decreased 77.54% to Rs 236.58 crore in FY23 against Rs 1,053.47 crore in FY22 Commenting on the quarterly results, Prakash P. Chhabria, Executive Chairman, Finolex Industries said, “After a subdued volume growth in last 3 years, stabilization in prices has led to a strong pent-up demand. The momentum is expected to sustain in the long run with the overall growth prospects in the rural and the real estate sector of the country. The company has witnessed a strong financial performance on full year basis, marking a new milestone achievement of record sales volume growth.” Result PDF
Plastic products firm Finolex Industries announced Q3FY23 results: Q3FY23 vs Q3FY23: Total income from operations was Rs 1,124.76 crore for Q3FY23, up 11.95% against Rs 1,004.73 crore in Q3FY22. Volume in the Pipes & Fitting's segment was up 92.36% to 90,396 MT in Q3FY23, against 46,994 MT in Q3FY22. Volume in the PVC Resin segment was up 49% to 64,696 MT in Q3FY23, against 43,464 MT in Q3FY22. EBITDA stood at Rs 91.89 crore for Q3FY23, against Rs 241.90 crore for Q3FY22 and an EBITDA Loss of Rs 142.67 crore incurred in Q2FY23. PAT was Rs 71.69 crore for Q3FY23, against Rs 177.77 crore for Q3FY22. 9MFY23 vs 9MFY22: Total income from operations was Rs 3,255.99 crore for 9MFY23, up 6.66%, against Rs 3,052.76 crore in 9MFY22. Volume in the Pipes & Fitting's segment grew 40% to 2,21,574 MT in 9MFY23, against 1,58,266 MT in 9MFY22 Volume in the Resin segment was up 24.54% to 1,81,506 MT in 9MFY23, against 1,45,742 MT in 9MFY22 EBITDA for 9MFY23 was down 90.03% at Rs 75.11 crore and Rs 753.42 crore for 9MFY22. Profit after tax decreased 86.08% to Rs 76.90 crore in 9MFY23, against Rs 559.67 crore in 9MFY22. Commenting on the quarterly results, Prakash P Chhabria, Executive Chairman, Finolex Industries Limited, said, “Stability in prices at current levels and overall demand scenario could provide sustainable growth in the market. The correction in prices has also led to a substantial demand-pull. After witnessing a severe drop in PVC prices and resultant adverse impact on the earning performance of the company during the second quarter, the company’s performance in the third quarter improved significantly on the back of strong volume growth.” Result PDF