Finolex Industries FY-23 Topline Shrinks 5.39%; Profit Tumbles 76% to 250 Cr.
Finolex Industries Ltd. [NSE: FINPIPE, BOM: 500940], an Indian manufacturer of PVC pipes and fittings, has announced its financial results for the quarter and year ended 31st March 2023.
Finolex Industries’ FY23 Standalone Financial Figures
For Q4 of FY23, Finolex Industries reported a revenue of Rs. 1,141.06 crore from operations, and a corresponding Profit After Tax (PAT) of Rs. 158.35 crore.
For the entire 2022-23 fiscal, the firm logged a standalone top line of Rs. 4,397.05 crore, and a PAT of Rs. 236.59 crore.
Earnings Per Share (EPS) of the Company stood at Rs. 2.55 for Q4 of FY-23, and at Rs. 3.82 for the entire FY-23.
Finolex Industries’ Consolidated FY23 Financial Numbers
YoY Comparison of Finolex Industries’ Financials: Q4 FY-23 vs. Q4 FY-22 & FY-23 vs. FY-22
Finolex Industries had a top line of Rs. 1,141.06 crore during the quarter ended 31st March 2023, which is 28.44% lower YoY than its Rs. 1,594.57 crore revenue for Q4 of FY-22.
Correspondingly, the company’s Q4 PAT suffered YoY as well and plummeted to Rs. 166.50 crore in FY-23 from Rs. 495.12 crore clocked during FY-22. Therefore in FY-23, the company’s Q4 PAT has reduced to about one-third of its FY-22 value.
Taking the entire fiscal into account, Finolex Industries reported a consolidated revenue of Rs. 4,397.05 crore in FY-23 against Rs. 4,647.32 crore in FY-22. This reflects a YoY slump of 5.39%. PAT followed suit and tumbled to Rs. 250.70 crore in 2022-23 from Rs. 1,051.35 crore in 2021-22. Thus, annual PAT slipped by 76.16% from FY-22 to FY-23.
Earnings Per Share (EPS) of the company were Rs. 2.68 for Q4 of the recently concluded fiscal, and Rs. 4.04 for the entire FY-23.
QoQ Comparison of Finolex Industries’ Numbers: Q4 FY-23 vs. Q3 FY-23
Finolex’s revenue from operations showed almost no change from Q3 FY-23 to Q4 FY-23. The company’s revenue grew meagerly by 1.45% from Rs. 1,124.76 crore logged for the third quarter of FY-23.
However, there was a remarkable Quarter-over-Quarter (QoQ) increase in the company’s PAT from Rs. 79.54 crore which was reported for Q3 of FY-23. From Q3 to Q4 of FY-23, Finolex Industries’ PAT more than doubled to Rs. 166.5 Cr.
Finolex Industries’ Segment-Wise Revenue for FY23
PVC Resin: Finolex Industries’ PVC Resin segment revenue took a YoY hit, and dropped by 23.33% to Rs. 2,271.02 crore for FY23 from Rs. 2,962.10 crore logged for FY22.
PVC Pipes and Fittings: This segment contributes the most to Finolex Industries’ revenue, and was responsible for 64.43% of the company’s FY-23 gross top line (i-e, total revenue from all business segments before the deduction of inter-segmental revenue).
Finolex Industries made a revenue of Rs. 4,113.28 crore from its PVC pipes and fittings business in FY-23 against Rs. 3,852.67 crore in FY-22. Therefore, this segment has witnessed a slight increase of 6.76% in revenue from FY-22 to FY-23.
Company’s Insights on its Financial Performance
Commenting on the company’s financials, Mr. Prakash P. Chhabria, Executive Chairman, Finolex Industries Limited, said, “After a subdued volume growth in last 3 years, stabilization in prices has led to strong pent-up demand. The momentum is expected to sustain in the long run with the overall growth prospects in the rural and real estate sector of the country. The company has witnessed a strong financial performance on full-year basis, marking a new milestone achievement of record sales volume growth”.
About Finolex Industries Ltd.: Finolex Industries Ltd. is a part of the Finolex Group, which was founded in 1958 by Mr. Pralhad P. Chhabria. The company has three manufacturing facilities, which are located at Ratnagiri and Urse in Maharashtra, and at Masar in Gujarat. Finolex Industries has a network of about 900 dealers across India.