We met the management of Finolex Industries Ltd. (FIL) and discussed their outlook on 1) Competitive landscape in PVC and CPVC pipes and fittings, particularly post GST implementation, 2) FIL's PVC resin business, 3) Outlook on sales and margins improvement, 4) Capacity expansion plans in near future, and 5) Management strategy on CPVC business growth. FIL's strong positioning in domestic PVC pipes market, its timely foray into CPVC segment, arrangement with Lubrizol for CPVC resin availability, extensive distribution network and a strong brand recall strengthen our investment arguments. Recent corporate tax rate cut from 35% to 25.2% would drive higher net...