Finolex Industries Q1 results: Net profit zooms to Rs 146 cr

New Delhi: Finolex Industries Ltd, integrated manufacturer of PVC pipes and fittings, has reported nearly three-fold jump in June quarter consolidated net profit at Rs 145.52 crore. The Pune-based company had posted a profit of Rs 56.72 crore for April-June 2020-21, Finolex Industries said in a filing to BSE.

Income increased to Rs 981.07 crore from Rs 570.21 crore in the year-ago period, the filing said.

“The company has reported robust set of financials, despite the overall business environment remaining subdued due to the 2nd wave of the pandemic. After reaching all-time highs, the PVC prices seem to be cooling off, which is a positive sign for further opening up of the market.

“We remain committed to our long-term growth goals and retain our focus on profitability built on a sustainable business, ensuring long-term value to all our stakeholders,” Finolex Industries Executive Chairman Prakash P Chhabria said.

The company has three manufacturing plants at Pune and Ratnagiri in Maharashtra and Masar in Gujarat.

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