Finolex Industries reports net profit after tax of Rs.50.2 crores for Quarter ending June 30, 2014 an increase of 122 % - Tucson News Now

Finolex Industries reports net profit after tax of Rs.50.2 crores for Quarter ending June 30, 2014 an increase of 122 %

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The Company has achieved improved performance for the quarter on strong demand and better realization, said, Mr. Saurabh S. Dhanorkar, Managing Director, Finolex Industries Limited.
Net income jumps to Rs.663 crores – an increase of 18%

India, Pune, 29 July 2014 : Finolex Industries Limited [FIL], has clocked a turnover of Rs. 663 crores and reported a net profit of Rs.50.2 crores for the quarter ended 30th June, 2014, as compared to Rs.563 crores and Rs.22.6 crores respectively in the corresponding quarter of previous year.

The Company’s EPS for the quarter stood at Rs.4.05

Commenting on the financial performance, Mr. Saurabh S. Dhanorkar, Managing Director, Finolex Industries Limited, said, “The Company has achieved improved performance for the quarter on strong demand and better realization.”

“The demand for Company’s products continues to be strong. The Company’s initiatives in expanding its network across India are paying rich dividends. The Company has recently set up a dedicated warehouse at Cuttack, Odisha to cater to the ever increasing demand for the Company’s products from East and North-East India. The outlook for the current year is positive as demand from agricultural sector as well as construction Industry is expected to keep growing.”

Outlook

Various initiatives by the Government to increase the reach of irrigation and drinking water supply are expected to give a further boost to the demand for PVC Pipes and Fittings. Some of the measures announced by the new Government at the Centre which bode well for the Company’s business are:

• A target of INR 800,000 crore for agriculture credit during 2014-15

• Allocation of INR 1000 crore to improve access to irrigation under Pradhan Mantri Krishi Sinchayee Yojana

• MGNREGA revamp – 60% funds now to be spent on Agri-asset creation

• Increased allocation of INR 8000 crore for National Housing Bank to expand rural housing

• Earmarking INR 3600 crore under National Rural Drinking Water Programme

Financial Highlights [Rs. In Crores]

Quarter ended 30th June, 2014

Quarter ended 30th June, 2013

Year ended 31st March 2014

Net sales/Income from operations and other Income

662.72

563.49

2453.03

Profit before Interest, Depreciation and tax

129.80

114.01

440.29

Deductions for

Interest/Finance charges

26.76

13.71

66.37

Depreciation

14.90

14.64

62.29

Provision for Taxation

21.25

9.12

71.71

Exceptional Items

16.69

53.89

69.77

Net Profit

50.20

22.65

170.15

To view the full Statement of Unaudited Financial Results for the Quarter Ended 30th June 2014, please click on the link below:

http://india-press-release.com/featured/files/Finolex%20Result%20-%2030%20June%202014.pdf

Distributed by MediaValueWorks

Media Contact
Company Name: Finolex Industries Limited
Contact Person: Rachana Chowdhary
Email: rachana@mediavalueworks.com
Phone: +91 9619776084
Country: India
Website: http://www.finolex.com/

ReleaseID: 5464

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