Pipes and fittings manufacturer Finolex Industries on Saturday reported a 30.81% year-on-year drop in profits to Rs 100.09 crore. Finolex’s Ebitda was down 39.9% to Rs 125.91 crore.
The company attributed the drop in profits to a decline in PVC prices from $16,000 in March 2022 to $1,200 levels by the end of June 2022. Finolex’s earnings before interest, taxes, depreciation and amortisation (Ebitda) was down 39.9% to Rs125.91 crore.
Margins were impacted due to a fall in PVC prices, the company said.
Total income from operations was up 23.3% to Rs1,189.81 crore during the first quarter of FY23, with volume in pipes and fittings going up by 28.9% y-o-y to 71,960 million tonne.
PVC pipe revenues grew by 34% to Rs1,132.01 crore. PVC resin volume grew by 25% y-o-y to 62,746 million tonne and revenues were up 25.1% to Rs784.58 crore.