Plastic Products company Finolex Industries announced Q2FY24 & H1FY24 results:
1. Financial Highlights:
- Total income from operations for Q2FY24 was Rs 883.15 Cr, a decrease of 6.16% compared to Q2FY23.
- EBITDA stood at Rs 102.98 Cr, showing a significant improvement from the EBITDA loss of Rs 142.67 Cr in Q2FY23.
- Profit after tax (PAT) for Q2FY24 was Rs 93.78 Cr, compared to a loss of Rs 93.92 Cr in Q2FY23.
- Sales volume in the Pipes and Fittings segment increased by 6.24% to 62,914 MT in Q2FY24.
2. Operational Performance:
- Volume in the PVC Resin segment decreased by 30.61% to 37,516 MT in Q2FY24 compared to Q2FY23.
- The volume in the Pipes and Fittings segment grew by 6.24% to 62,914 MT in Q2FY24.
3. Half-Yearly Performance:
- Total income from operations for H1FY24 was Rs 2,062.32 Cr, showing a decrease of 3.22% compared to H1FY23.
- Volume in the Pipes and Fittings segment grew by 18.23% to 1,55,095 MT in H1FY24 compared to H1FY23.
- Volume in the PVC Resin segment decreased by 28.44% to 83,590 MT in H1FY24 compared to H1FY23.
- EBITDA for H1FY24 stood at Rs 255.45 Cr, significantly improving from the EBITDA loss of Rs 16.76 Cr in H1FY23.
- PAT for H1FY24 was Rs 204.66 Cr, compared to Rs 6.17 Cr in H1FY23.
Management Quote (verbatim):
Mr. Prakash P. Chhabria, Executive Chairman, Finolex Industries Limited, said, “Indian economy is displaying continued consumption led growth in both the rural and the urban segments of the country. The pipes and fittings segment which plays an important role in contributing to economic growth has been growing strong on a year-on-year basis. The global PVC prices are near historic lows, which might bolster pipes and fittings demand once prices stabilize."