Finolex clocks 122% jump in Q1 profit to Rs 50 crore

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Finolex Industries, India’s largest manufacturer of PVC pipes, on Monday reported a 122 per cent jump in net profit at Rs 50.20 crore for the June quarter thanks to strong domestic sales.

The Pune-based company had clocked Rs 22.6 crore profit for the year-ago quarter. Its net income rose 18 per cent to Rs 663 crore, up from Rs 563 crore clocked last year.

“The company has achieved improved performance on strong domestic demand and better realisations,” Saurabh

S Dhanorkar, MD at Finolex Industries, Financial Chronicle. He said margins improved during the quarter on lower raw material costs.

“The demand for our products continued to be strong. Our initiatives in expanding network across India are paying rich dividends,” Dhanorkar said.

“The outlook for this year is positive as demand from the agricultural as well as the construction industry is expected to keep growing,” Dhanorkar said.

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