Corporate Results
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Plastics
Finolex Ind Q2 net profit falls to Rs 9.57 cr
Our Bureau
Pune
,
Oct. 28
FINOLEX Industries Ltd (FIL) has reported a turnover of Rs 207.34 crore for the second quarter ended September 30, down by 9.16 per cent from Rs 228.24 crore in the corresponding period of the previous year.
The company's net profit for the quarter has also fallen from Rs 28.39 crore to Rs 9.57 crore.
According to an FIL press note, "the effect of high feed stock price continued for part of the quarter under review, resulting in a lower net profit."
During the quarter, the company's PVC plant operated at 115 per cent of its capacity while the capacity utilisation of PVC pipes worked out to 96 per cent.
The company has affirmed that the demand for pipes "has been very strong as is reflected in the pipes turnover which has increased by 33 per cent.
The note goes on to add that the long-term outlook for the industry continues to be bright.
Global demand for PVC is growing at around four per cent per annum while demand in India is expected to grow more than 10 per cent in the current year.
Further, the company's ongoing expansion of PVC resin capacity is progressing on schedule. PVC resin prices have witnessed an upward trend during September-October this calendar and this is expected to result in higher margins in the coming months.
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