Finolex Industries Ltd. (FIL) reported the best ever quarterly performance on all key parameters. Net sales increased by 23.9% YoY to Rs12.4bn, while EBITDA came in at Rs4.1bn, a robust growth of 57.8% over Q4FY20. The company reported net profit of Rs2.9bn compared to Rs587mn in Q4FY20. The management attributed Q4FY21 performance to higher sales volume and improved realisations. Amid pandemic, demand has shifted from unorganised to organised players. Though second wave of Covid-19 led lockdown has weighed on demand for agri-pipes in Q1FY22E, the management cited that demand may come back in Q2FY22E, if things normalise. Nonagri segment demand is healthy as real estate has picked up well key cities. We have...