Finolex Industries back in black, Q3 net profit at Rs 43 cr

The company reported a net profit of Rs 43 crore in Dec 2015 quarter versus loss of Rs 43.8 crore in Dec 2014 quarter

Finolex Industries surged over 6% at Rs 302 on the Bombay Stock Exchange after the company returned to profit in the third quarter ended December 2015 on the back of lower finance costs.

The company reported a standalone net profit of Rs 43 crore for the quarter ended December 2015 compared with a loss of Rs 43.8 crore in the quarter ended December 2014.

Finance costs for the quarter under review declined to Rs 8 crore compared with Rs 28.7 crore in the same quarter last fiscal.

However, net sales during the quarter were lower by 15% at Rs 540.9 crore compared with Rs 637.7 crore in the quarter ended December 31, 2014.

The stock opened at Rs 297 and touched a high of Rs 303. At 10:45am, over 21,000 shares were traded on both the stock exchanges.