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PVC pipes and fittings maker Finolex Industries has reported a net profit of Rs 79 crore for the quarter ended March 31, 2013 against Rs 56 crore in the same period of last year. This represents a rise of 41 per cent year on year.
The company’s net income in Q4 13 stood at Rs 634 crore versus Rs 609 crore in Q4 12, translating into a growth of 4 per cent.
For the whole year, net profit was Rs 136 crore as compared to Rs 75 crore in FY 12, a growth of 81 per cent, while income remained flat at Rs 2,178 crore (Rs 2,130 crore).
EPS for the quarter and year ended March 31, 2103 stood at Rs.6.39 and Rs.10.97 respectively. The Board has recommended a dividend of 55 per cent for FY 13.
Saurabh S. Dhanorkar, - Managing Director, Finolex Industries said, “The Union Government has declared a steep increase in the allocation for Rural Water Management and Irrigation in the 12th Five Year plan. This is expected to generate a substantial demand for PVC pipes and fittings.”
Finolex Industries recently commissioned a green field plant for manufacture of PVC pipes at Masar, in Gujarat and the current capacity of the plant of 30,000 MTs per annum will be scaled up to 50,000 MTs p.a. during 2013-14.
The company has also recently completed an expansion of the Emulsion PVC resin capacity from 10,000 MTs p.a. to 20,000 MTs p.a.
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