Finolex Inds scales record high after strong Q4 outcome

Finolex Industries gained 3.81% to Rs 609.25 at 09:41 IST on BSE after net profit surged 50.32% to Rs 123.26 crore on 8.45% rise in total income to Rs 1025.72 crore in Q4 March 2017 over Q4 March 2016.

The result was announced after market hours on Friday, 26 May 2017.

Meanwhile, the S&P BSE Sensex was up 109.13 points, or 0.35%, to 31,137.34. The S&P BSE Mid-Cap index was off 29.54 points, or 0.2%, to 14,490.36.

On BSE, so far 9,163 shares were traded in the counter, compared with average daily volume of 28,498 shares in the past one quarter. The stock hit a high of Rs 624 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 606 so far during the day. The stock hit a 52-week low of Rs 384.95 on 27 May 2016.

The mid-cap company has equity capital of Rs 124.10 crore. Face value per share is Rs 10.

Finolex Industries earnings before interest, taxation, depreciation and amortization (EBITDA) rose 54.4% to Rs 178.50 crore in Q4 March 2017 over Q4 March 2016. EBIDTA margin expanded to 17.56% in Q4 March 2017 from 12.48% in Q4 March 2016.

Finolex Industries said that the company has benefited from lower crude prices which have positively affected the raw material costs and aided better margins. Government initiaties as well as demand from agri and non-agri segments should push up growth in PVC pipe segment, Finolex Industries said.

Finolex Industries is India's leading manufacturer of PVC-U pipes and fittings and the second largest manufacturer of PVC Resin.

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