Finolex Industries Ltd. (FIL) reported another strong quarterly performance in a seasonally weak quarter for agri-pipes. Lower PVC resin supply in domestic market created demand-supply mismatch, which led to higher sales volume and improved realization for FIL in its PVC segment. Net sales increased by 1.6% YoY to Rs5.8bn, while EBITDA came in at Rs1.4bn, a robust growth of 76.5% over Q2FY20. The company reported net profit of Rs1.2bn, up by 20.1% YoY. The management remains focused on increasing share of non-agri products and fittings to support sales growth as well as margin expansion in future. We have fine-tuned our net sales/PAT estimates for...