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Prabhudas Lilladher Report
We remain positive on Finolex Industires Ltd.’s volume growth and healthy margin with polyvinyl chloride-ethylene dichloride spread for near term, post our recent management meeting.
Finolex Industries will continue to focus on maintaining its leadership position in agriculture pipe market and Q4/Q1 being seasonally strong quarters for agri-pipe volumes will benefit the company, in our view.
Also, higher PVC-EDC spread (in range of $600-650/ million tonne) will help in maintaining Ebitda margin between 16-17%.
We expect sales/Ebitda/profit after tax compound annual growth rate of 7.7%/31.9%/25.6% over FY23-25E.
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