Finolex Industries' consolidated net profit surged 156.6% to Rs 145.52 crore on a 71.8% jump in net sales to Rs 965.72 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).
Consolidated profit before tax soared 156.6% to Rs 198.44 crore in Q1 FY22 as against Rs 77.34 crore in Q1 FY21. The Q1 earnings was declared after trading hours yesterday, 30 July 2021.
On a standalone basis, volumes in Pipes and Fittings segment grew 5.5% to 55,819 million tonnes (MT) in Q1 FY22 against 52,911 million tonnes (MT) in Q1 FY21. Volumes in PVC Resin segment climbed 10.6% to 50,249 MT in Q1 FY22 against 45,435 MT in Q1 FY21.
Commenting on the Q1 results, Prakash P. Chhabria, the executive chairman of Finolex Industries, has said that: "After reaching all-time highs, the PVC prices seem to be cooling off, which is a positive sign for further opening up of the market."
Finolex Industries is one of the largest supplier of PVC pipes & fittings for the agriculture and non-agricultural sectors.
Shares of Finolex Industries rose 0.17% to close at Rs 176.90 on Friday, 30 July 2021.
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