Finolex Industries posts 121% Q2 profit; turnover rises 4%

Mumbai: Finolex Industries (FIL) has clocked an impressive performance for the half-year ended 30 September 2002. The profit before tax for the period has more than doubled, from Rs 36.04 crore (compared to the corresponding period of the previous year) to Rs 79.67 crore — an increase of 121 per cent.

The turnover has increased by 4 per cent, from Rs 385.78 crore to Rs 400.91 crore. The company has managed to further bring down the cost of funds from Rs 14.53 crore to Rs 7.73 crore for the six months ended 30 September 2002.

FIL is the largest manufacturer of PVC pipes and the third largest PVC producer in India. FIL also has ISO-14001 certification for environmental management system for PVC and PVC pipes plants at Ratnagiri, Maharashtra.

The company has also been accredited with the new ISO certification [IS/ISO 9001:2000] for the PVC pipes plant in Pune and Ratnagiri. The PVC plant in Ratnagiri has received the National Safety Award for three years in succession by achieving more than 10-million manhours without any reportable accident since May 1995.

The PVC division in Ratnagiri has been doing exceptionally well. Enthused by the performance, the management has decided to increase the PVC capacity by an additional 130,000 metric tonnes. The domestic demand for PVC has now outstripped the supply. The market is expected to grow at the rate of 8-10 per cent per annum over the next few years.