Finolex Industries (FNXP) has reported a tepid Q2FY24 pipe volume growth of 6.2% YoY (-31.7% QoQ, 4-year CAGR of 7.0%) on a low base due to lukewarm demand from agriculture segment (60% volume mix in Q2). Consolidated EBIDTA margin contracted 127bps QoQ to 11.7% (vs EBITDA loss of ~INR 1.4bn YoY) due to lower profitability in pipes segment (EBIT/kg down 21.7% QoQ to INR 10.7).