Niraj Kedia Steps Down as Finolex Industries' Chief Financial Officer

Finolex Industries' chief financial officer, Niraj Kedia, has tendered his resignation due to family commitments. His term as CFO was to end on June 30, 2024.

"Consequently, he will also cease to be key managerial personnel of the company as per the provisions of the Companies Act, 2013," the company said in an exchange filing on Thursday.

The PVC pipes and fittings manufacturer reported a 20% year-on-year rise in net profit at Rs 95.4 crore for the quarter ended Dec. 31, 2023.

In the corresponding quarter last year, Finolex Industries posted a net profit of Rs 79.5 crore, according to a regulatory filing. The company's revenue from operations increased 9.3% to Rs 1,019.7 crore as against Rs 1,124.8 crore in the corresponding period of the preceding fiscal.

The pipes and fittings segment witnessed a volume decrease of 10.05%, reaching 81,312 MT, compared to 90,396 MT in the same period last year.

For the cumulative nine months of FY24, Finolex Industries recorded a total income from operations of Rs 3,082.01 crore, reflecting a 5.34% decrease from Rs 3,255.99 crore in the corresponding period of FY23.