You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Finolex Industries sizzles after strong Q2 result

Capital Market 

Finolex Industries jumped 5.53% to Rs 561.50 after the company reported 16.6% rise in consolidated profit after tax to Rs 119.72 crore on 1.6% rise in total income from operations to Rs 585.78 crore in Q2 September 2020 over Q2 September 2019.

Consolidated EBITDA stood at Rs 144.77 crore for Q2 September 2020, up by 76.5% as against Rs 82 crore for Q2 September 2019. EBITDA margin improved to 24.7% in Q2 September 2020 from 14.2% in Q2 September 2019.

The company's consolidated profit before tax came at Rs 157.12 crore, surging 96.9% year on year. Finolex incurred total tax expenses of Rs 37.40 crore in Q2 September 2020 as compared to a tax rebate of Rs 22.88 crore received in Q2 September 2019.

Finolex Industries said that subsequent to a Covid-19 induced volume reduction in Q1, business witnessed recovery in Q2 with near normal operating conditions. Significant improvement in EBIT on year on year basis, attributed to better realisations and lower costs in both the operating segments and higher volume in the PVC resin segment.

Finolex Industries, headquartered in Pune, is one of the largest supplier of PVC Pipes & Fittings for the agriculture and non-agricultural sectors.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, October 27 2020. 09:15 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU