Finolex Industries (FIL) Q3FY20 result was below our estimates on sales front owing to lower sales volume. However, lower inventory cost aided EBITDA. Revenue declined by 7.6% YoY to Rs6.9bn, whereas EBITDA improved by 10.8% to Rs1.3bn. Lower tax outgo supported PAT which reported growth of 25.3%YoY to 0.9bn. PVC resin volume declined by 11.5%YoY on account of extended monsoons and PVC pipes & fittings witnessed degrowth of 10.8% YoY to 52,815MT. CPVC /Column pipe volume was at 2,489MT/429MT. In spite of weak volume off take, the company has maintained its FY20 volume growth guidance of 15-20%. The management reiterated the company's...