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IDBI Capital Report
Finolex Industries Ltd.'s Q3 FY23 result was in-line with our estimate on all key parameters. Substantial improvement in performance on account of robust growth in sales volumes for both PVC resin and pipes –fittings segment aided the quarterly performance.
PVC prices are showing improvement which will benefit improvement in operating margin in upcoming quarters. Net sales increased by 11.9% YoY to Rs 11.2 billion, while Ebitda came in at Rs 0.9 billion.
Finolex Industries reported adjusted net profit of Rs 0.7 billion, down by 55.2% over Q3 FY22. We believe healthy demand and softness in raw material prices bodes well for overall earnings of the company.
After a sharp increase in stock price recently, potential upside is capped from current level.
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