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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.

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

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