Finolex Ind surges on turnaround Q3 results

Q3 net profit at Rs 30.61 crore against loss of Rs 1.76 crore in year ago quarter, due to higher other income and lower interest cost.

Finolex Industries has rallied 7% to Rs 64.85 after it reported a net profit of Rs 30.61 crore for the third quarter ended December 2012 (Q3) against loss of Rs 1.76 crore in year ago quarter, due to higher other income and lower interest cost.

“Total income from operations however, declined by 9% at Rs 514 crore from Rs 569 crore during the recently concluded quarter,” Finolex Industries said in a statement.

The company engaged in plastic pipes has seen its income from other sources jumped almost three-fold at Rs 11.31 crore, while interest cost declined by 31% at Rs 12.95 crore over the previous year.

 

The stock opened at Rs 61.80 and hit a high of Rs 64.90 on the BSE. A combined 599,286 shares have changed hands on the counter till noon deals on both the exchanges.