Finolex Inds jumps 3% as firm targets $1 billion in revenue by 2020

NEW DELHI: Shares of Finolex Industries advanced nearly 3 per cent on Monday after the firm set $1 billion revenue target by 2020. The firm also sees doubling of its capacity by then.

Following the announcement, the stock rose 2.80 per cent to close at Rs 655.95 on BSE.

The Pune-based company generates 70 per cent of its revenue from farm-oriented pipes & fittings. The company though wants to increase the non-agri revenue share to 50 per cent from 30 per cent now, as it shifts focus on the residential and commercial properties segments, given the government thrust on housing, its executive chairman Prakash P Chhabria told PTI.

For the year to March 2017, the debt-free Finolex had reported Rs 2,987.6 crore revenue, up 5 per cent over fiscal 2016, while its profit jumped over 38 per cent to Rs 352.2 crore on an Ebidta growth of over 39 per cent at Rs 563 crore.