Finolex Industries hits the roof after strong Q4 earnings

The result was announced on Saturday, 4 March 2013.

Meanwhile, the BSE Sensex was up 74.31 points, or 0.38%, to 19,649.95.

On BSE, 5.63 lakh shares were traded in the counter as against an average daily volume of 1.05 lakh shares in the past one quarter.

The stock hit a high of Rs 119.30 and a low of Rs 103 so far during the day. The stock had hit a 52-week high of Rs 109 on 29 April 2013. The stock had hit a 52-week low of Rs 53.65 on 14 May 2012.

The stock had underperformed the market over the past one month till 3 May 2013, sliding 3.49% compared with the Sensex's 4.12% rise. The scrip had, however, outperformed the market in past one quarter, rising 29.92% as against Sensex's 1.04% fall.

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

Finolex Industries' net profit rose 81.2% to Rs 136.14 crore on 2.1% increase in net sales to Rs 2124.26 crore in the year ended March 2013 over the year ended March 2012.

Commenting on the financial performance, Mr Saurabh S. Dhanorkar, Managing Director, Finolex Industries, said, "The demand for company's products i.e. PVC pipes and fittings and PVC resin continues to be strong. Government of India has declared a steep 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 resins. With its leadership position in the PVC pipes industry and pan-India distribution network, the company is well poised to reap the benefits of the surge in demand.

The board of Finolex Industries recommended a dividend of Rs 5.50 per share for the financial year ended March 2013.

Finolex Industries is the largest PVC-U pipe manufacturer in India. It offers a wide range of PVC pipes and fittings, for diverse applications in Agriculture, Housing, Telecom, Construction and Industry, in sizes ranging between 20 millimetre (mm) to 400mm diameter in different pressure classes as per relevant Indian Standards.

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