Finolex Industries Q4 Review - Favourable Prices Lead To Best Operating Performance: Systematix
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Systematix Research Report
Finolex Industries Ltd.'s revenue/Ebitda/adjusted profit after tax grew 63%/296%/409% YoY to Rs 12.5 billion/Rs 4.1 billion/Rs 2.9 billion in Q4 FY21.
Revenue/profit after tax was 8%/10% below our estimate due to lower than expected pipe volume and higher other operating expenses.
The resin plant operated at a utilisation rate of 123%, while the pipe plant operated at 67%.
Pipe segment revenue improved 43% YoY to Rs 9 billion despite a volume decline of 4% YoY (agri pipes down 14%, non-agri pipes up 22% YoY) to 60,232 tonne due to deferral in rural purchases owing to higher prices.
The company’s pipe realisations strengthened by 48% YoY to Rs 150/kilogram.
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