Last Updated on January 20, 2024 by BFSLTeam BFSLTeam
On January 18, 2024, Finolex Industries Limited (BSE, NSE: FINPIPE) announced its Q3 2023-24 results, recording robust profit on a YoY basis, plus an improvement in operating metrics leading to a successful Q3 FY24.
Table of Content
General Result Takeaways
Here are the overall highlights of Q3 results for Finolex Industries:
- In Q3 FY24, the Total Income from Operations was ₹1,019.69 Cr, down 9.34% versus ₹1,124.76 Cr in Q3 FY23.
- The Volume in the Pipes & Fittings segment dropped by 10.05% to 81,312 MT in Q3 FY24 relative to 90,396 MT in Q3 FY23.
- The Volume in the PVC Resin segment decreased 32.40% to 43,737 MT in Q3 FY24 versus 64,696 MT in Q3 FY23.
- For Q3 FY24, the EBITDA was ₹119.90 Cr, up 30.51% against the EBITDA of ₹91.87 Cr for Q3 FY23.
- The Profit After Tax or PAT went up by 23.78% to ₹89.21 Cr in Q3 FY24 relative to ₹72.07 Cr in Q3 FY23.
Additional Read: Q3 Results Dashboard
Q3 Result Details from the Management Commentary
The Executive Chairman of Finolex Industries Limited had some key details of the results to share and these are mentioned below:
- The business is witnessing robust growth in volumes, especially with a focus on products in the sanitation and plumbing segment.
- PVC prices are predicted to be range-bound. Given this, consumption-led demand is estimated to remain strong in both urban and rural business areas.
Boosting Business With Branding
In Q3, the Company launched several initiatives to boost its brand and generate visibility:
- Brand integration was conducted in high-affinity sports (like the Cricket World Cup) and TV programmes to enhance visibility on a mass scale.
- In Q3, the Company made the most of the festive season to gain brand visibility via its presence on popular news channels.
- In Q3, the Company successfully engaged in social media marketing & digital marketing campaigns to fortify its brand and gain reach and visibility across demographics.
- In its endeavour to strengthen its brand, the Company tapped diverse cultural cues and several stakeholder sentiments during the festive period across diverse locations, and took an active part in leading exhibitions.
Financial Results at a Glance
Here is a glimpse of the standalone financial results of Q3 (figures in ₹ Crore except where indicated by %):
| Metrics | Q3 FY 2023-24 | Q3 FY 2022-23 | YoY % Change |
| Total Income from Operations | 1,019.69 | 1,124.76 | -9% |
| EBITDA % | 11.8% | 8.2% | |
| Profit Before Tax | 119.79 | 92.06 | 30% |
| Profit After Tax (PAT) | 89.21 | 72.07 | 24% |
Additional Check: Finolex Industries Share Price
Q3 FY24 Result Summary
Finolex Industries Limited stands to be one of India’s most reputed pipes and fittings manufacturers. The impact that the company has had on the health and sanitation sector in India is legendary with four decades of experience in rural and urban settings. The Company is actively engaged in the production of pipes and fittings right from the grassroots level of sourcing raw materials to manufacturing, transportation, storage, marketing, and sales operations involved in the business. Due to its reliability and dependability, the Company has earned ISO certifications boosting its leading position in the industry and sector.
With each passing quarter, the Company becomes more and more customer-focused and attempts to expand its operations to reach new markets. With robust branding, the Company has delivered yet another quarter of growth in Q3 FY24. Despite lower volumes registered in Q3 FY24, margins remain strong. Moreover, operations are on track and the product mix of the company has witnessed a boost in Q3 FY24. The Company’s liquidity remains robust and although the segment of pipes and fittings experienced decreased growth, the year-to-date segment demand appears positive. Overall, the third quarter of FY24 has been one of positive prospects for the growth of the Company in the months that follow.
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