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Finolex Industries’s Q1 FY-24 Financials: PAT Shoots up 16% YoY to 115 Cr.

Finolex Industries Ltd logo

Finolex Industries Limited [NSE: FINPIPE, BOM: 500940], an Indian manufacturer of PVC pipes and fittings, has announced its financial results for the quarter ended 30th June 2023.

Finolex Industries’ Standalone Financial Figures for Q1 FY24

During Q1 of FY24, Finolex Industries clocked a standalone revenue of Rs. 1,179.17 crore from its operations and a corresponding Profit After Tax (PAT) of Rs. 110.88 crore for the first quarter of FY24.

Earnings Per Equity Share (EPS) of the company stood at Rs. 1.79 during Q1 of FY24.

Finolex Industries’ Consolidated Q1 FY24 Financial Results

Finolex industries Revenue Q1
Comparison of Finolex Industries Financials: Q1 FY23 vs. Q1 FY24 vs. Q4 FY23

Finolex Industries’ revenue from operations fell slightly by 0.89% to Rs. 1,179.17 crore in Q1 of FY24 from Rs. 1,189.81 crore recorded during Q1 of previous financial year.

The company’s Q1 PAT rose by 16.24% to Rs. 115.33 crore in FY24 from Rs. 99.22 crore clocked during Q1 of FY23.

Further, Finolex’s consolidated EPS for Q1 of FY24 was Rs. 1.86 against Rs. 1.60 reported during Q1 of FY23.

QoQ Comparison of Finolex Industries Financial Numbers: Q1 FY24 vs. Q4 FY23

On a Quarter-over-Quarter (QoQ) basis, the company’s revenue from operations grew by 3.34% from Rs. 1,141.06 crore reported for Q4 of FY23. Correspondingly, the company’s PAT fell by 30.73% from Rs. 166.50 crore clocked during the last quarter of FY23.

Finolex Industries’ Segment-Wise Revenue for Q1 FY24

Revenue in Rs. Cr.

Comparison of segmentwise Finolex Industries Financials: Q1 FY23 vs. Q1 FY24 *

*The sum of revenue from PVC Resin segment and that from PVC Pipes & Fittings segment results in the company’s gross revenue. In order to obtain the company’s revenue from operations, inter segmental revenue is subtracted from the thus obtained gross revenue

PVC Resin: Finolex Industries’ saw a decrease of 54.19% in its Q1 revenue from PVC Resin from FY23 to FY24. The company clocked Rs. 359.41 crore from the PVC Resin segment during Q1 of FY24 against Rs. 784.58 crore clocked during Q1 of FY23.

PVC Pipes and Fittings: Revenue from this segment grew slightly by 1.96% to Rs. 1,154.21 crore in Q1 of FY24 from Rs. 1,132.01 crore earned during Q1 of FY23.

Apart from Finolex Industries’ revenue from these two segments, the company registered an inter-segmental revenue of Rs. 334.45 crore in Q1 of FY-24 against Rs. 726.78 crore for Q1 of FY-23..

Company’s Insights on its Financial Performance

During the company’s earnings call for its Q1 FY24 financial performance, Mr Ajit Venkataraman, Managing Director of Finolex Industries Ltd., said, “Q1 FY ’24 continues to see strong volume growth on the back of improvement in demand dynamics in both rural and urban segments. Operating performance has improved despite correction in PVC (Polyvinyl chloride) prices. While the performance of pipes and fitting segment has been phenomenal, the PVC segment was adversely impacted due to sharp contraction in the PVC/EDC (Ethylene dichloride) and PVC/VCM (Vinyl Chloride Monomer) delta during the quarter. However, this trend seems to be improving in the current quarter, with some feedstock prices normalizing”.

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.