Finolex Industries Posts Over Rs 42-Crore Net Profit in Q3

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New Delhi: Finolex Industries on Saturday reported a net profit of Rs 42.97 crore for the third quarter ended December 31, on account of lower expenses.

The company had posted a net loss of Rs 43.81 crore in the same quarter of the previous fiscal.

Net sales during the quarter under review declined by 15.18 per cent to Rs 540.87 crore as against Rs 637.68 crore in the same period a year ago, the company said in a BSE filing.

The company’s overall expenses stood at Rs 475.8 crore, down 28.61 per cent, compared with Rs 666.5 crore in the corresponding period of the last fiscal.

Last month, Finolex Industries, which is into manufacturing of PVC-U pipes and fittings, had said that it plans to invest Rs 100 crore to add 1,00,000 tonnes of pipes capacity over the next three years.

The Rs 100-crore expansion will be funded through internal accruals only as the company generates around Rs 150-200 crore cash flows every year.

The company’s current debt is estimated at Rs 500 crore and it aims to become debt free in three years, the company said.

The Pune-headquartered company has manufacturing plants located at Urse and Ratnagiri in Maharashtra and Masar in Gujarat.