Finolex Industries, a PVC pipes and fittings manufacturer, has reported consolidated net profit after tax of Rs 97.96 crore during the quarter ended September 30, 2023. It had registered consolidated loss after tax of Rs 95.38 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 944.50 crore in Q2 FY24, a dip of 3.62 per cent from Rs 979.96 crore it recorded in the similar quarter last year.
Prakash P. Chhabria, executive chairman of the company said, “The pipes and fittings segment which plays an important role in contributing to economic growth has been growing strong on a year-on-year basis. The global PVC prices are near historic lows, which might bolster pipes and fittings demand once prices stablise.”
PVC pipes and fittings segment witnessed revenue of Rs 857.15 crore and profit before tax of Rs 67.60 crore during the said quarter.
Volume in pipes & fittings segment increased by 6.24% to 62,914 MT in Q2 FY24 as against 59,218 MT in Q2 FY23 while volume in PVC Resin segment was down 30.61% to 37,516 MT in Q2 FY24 vs 54,063 MT recorded in Q2 FY23.