Finolex Q4 net up 41.2% at Rs 79.35 cr

Leading manufacturer of PVC pipes and fittings Finolex Industries (FIL) today reported 41.2% growth in net profit of at Rs 79.35 crore for the fourth quarter ended March 31, 2013.

FIL's net profit stood at Rs 56.19 crore in the year-ago period, the company said in a release.

The sales for the quarter under review grew marginally by 6% at Rs 629.59 crore compared to Rs 593.01 crore in the same period of previous fiscal.

"We have achieved an all round improvement in performance during the year. Both top-line and bottom-line have shown positive growth," FIL Managing Director Saurabh S Dhanorkar said.

"The government has declared an increase in the allocation for rural water management and irrigation in the 12th Five Year plan. This is expected to generate a substantial demand for PVC pipes and fittings and consequently for PVC resin.

"With our leadership position in the industry and pan-India distribution network we are well poised to meet the surge in demand," he said.

The net profit for the year 2012-13 grew by 81.15% to Rs 136.14 crore compared to Rs 75.15 crore in FY'12.

The board of directors has recommended a dividend of 55% for FY13.