Finolex Industries announced that it has commenced commercial operations of polyvinyl chloride (PVC) fittings at a new manufacturing facility in Pune, Maharashtra with effect from 12 March 2023.
The annual capacity of the said facility is 12,000 MT and the capex towards the same is approximately Rs 100 crore, which has been funded entirely through internal accruals, the company stated.
Finolex Industries is the third-largest player in the PVC resin market and one of the largest manufacturers of PVC pipes in India. The company has three manufacturing facilities, one each in Pune and Ratnagiri (both in Maharashtra) and Masar, near Vadodara in Gujarat.
The company's consolidated net profit tumbled 55.2% to Rs 79.54 crore in Q3 FY23 as against Rs 177.43 crore recorded in Q3 FY22. Net sales rose 11.9% year on year to Rs 1,124.76 crore in quarter ended 31 December 2022.
Shares of Finolex Industries declined 0.77% to Rs 166.85 on the BSE.
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