Finolex Industries Ltd. (FIL) reported strong performance at both operating and earnings level. Though it reported just 6% revenue growth (slightly below our estimate), EBITDA income grew significantly by 25% YoY (better than our estimate) while lower-than-expected interest outgo boost earnings by 36% YoY to Rs980 mn. With the better demand recovery, the company's PVC pipes & fitting business volume saw a strong 14% YoY growth to 66.1KT mainly led by strong agriculture growth. Also, due to widening PVC-EDC delta and lower power cost, FIL's EBITDA margin expanded 357bps YoY to highest ever 23.7%. Further, due to significant debt reduction, interest expense was down by 68% YoY to Rs50 mn. We expect company to report...