Finolex Industries Ltd.
|BSE: 500940||Sector: Industrials|
|NSE: FINPIPE||ISIN Code: INE183A01016|
|BSE 00:00 | 27 May||407.85||
|NSE 00:00 | 27 May||407.75||
|Mkt Cap.(Rs cr)||5,061|
|Mkt Cap.(Rs cr)||5061.42|
Finolex Industries Ltd. (FINPIPE) - Chairman Speech
Company chairman speech
In a competitive business environment your Company has delivered animproved performance for the year 2018-19.
I am pleased to present before you the 38th annual report of yourCompany.
In a competitive business environment your Company has delivered animproved performance for the year 2018-19. We continue to carry forward the values thatform our foundation as we move onwards and upwards.
While our industry faced challenges led by volatility in the price ofPVC and softer demand growth in PVC Pipes & Fittings Finolex reported a healthydouble-digit growth of 12.91% in revenue from operations to H 3091 Crore. The bottom lineregistered a growth rate of 17.18% to H 350 Crore with a healthy margin of 11.32%.
In the coming years we believe there would be a robust growth in thepipes & fittings market considering the government's thrust on development.Programs including Pradhan Mantri Krishi Sinchai Yojana (Prime Minister AgricultureIrrigation Scheme) and increased allocation towards agricultural and allied activitiesnamely irrigation facilities building agri-market infrastructure and the introduction ofthe Kisan credit card to farmers could lead to a rise in demand for agriculture pipes andfittings. In the non-agricultural segment significant demand push from variousinitiatives including Housing for All 2020' and Smart City Mission could see arise in domestic pipes & fittings.
In the coming years we propose to increase our capacities broaden ourdealer/retailer network and add new products to our portfolio. We remain focused onachieving growth and delivering quality products.
I am delighted to inform you that your director and Managing Trustee ofMMF Mrs. Ritu Prakash Chhabria was felicitated with Pune Gaurav Puraskar' forher outstanding contribution to the society at the hands of renowned Social Activist Smt.Medha tai Patkar in the presence of Dr. Neelam Gorhe Dy. Speaker Maharashtra LegislativeCouncil. MMF has received an appreciation certificate from Vadodara District CollectorGujarat for installation of rain water harvesting kit at Muval Primary School for theGovernment's Sujalam Sufalam Project.
The year that went by was a very successful one and all of this wouldnot have been possible without the efforts and hard work of our employees. At Finolexemployees are at the centre of everything we do as a result we continuously ensure theirwell-being with regular training and development programs to enhance their skills andcompetencies.
I would like to express my appreciation to every Board member for theirinvaluable contribution. I would also like to thank the entire management team at Finolexfor their commitment and passion that has enabled us keep up pace and profitsconsistently.
In conclusion I would like to appreciate our shareholders'continued support and shared belief of driving Finolex to be a market leader.
I look forward to another exciting year ahead.