Q4 Results Impact: Finolex Industries shares climb 9.6% to new high
Finolex Industries surged 9.6 percent in intra-day deals on Tuesday to their record high of ₹297.55 apiece after the firm announced its March quarter (Q4FY24) results. The firm posted about a 2 percent year-on-year (YoY) rise in its standalone profit after tax to ₹161.43 crore in Q4FY24 on the back of higher revenues as against ₹158.35 crore in the corresponding period last year. Meanwhile, its total income from operations during the quarter under review also rose 8.27 percent to ₹1,235.42 crore versus ₹1,141.06 crore in the year-ago period.
On the operating front, the company's EBITDA fell 3.91 percent to ₹208.93 crore in the last quarter compared to ₹217.43 crore a year ago. Meanwhile, EBITDA margin was 16.9 percent in Q4 FY24 as against 19.1 percent in Q4 FY23. Post today's rally, the stock has now jumped 82.5 percent from its 52-week low of ₹163, hit on June 12, 2023.
It has risen over 49 percent in the last one year and 40 percent in 2024 YTD, giving positive returns in 4 of the 5 months so far. It has gained 10.5 percent in May so far after an 8 percent and 12.9 percent increase in April and March, respectively. However, it fell 2 percent in February but was up 5.7 percent in January 2024.
Prakash P Chhabria, Executive Chairman, Finolex Industries Limited, said, "PVC prices remained stable during the second half of the year, leading to a healthy demand. Our operating performance during the year has been robust and with the company's increased focus on the plumbing and sanitation segment, the same is expected to improve further". Volume in the Pipes and Fittings segment during the quarter increased by 22.98 percent to 1,00,171 MT from 81,452 MT in Q4FY23.
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