Finolex Industries Q1 net up at Rs 9.55 cr

MUMBAI: Finolex Industries Ltd on Friday posted over three-fold increase in net profit at Rs 9.55 crore for the quarter ended June 30, as compared to Rs 2.69 crore for the same quarter in 2005-06 on the back of buoyant demand conditions.

The total income (net of excise) increased 23.63 per cent to Rs 236.67 crore for the first quarter ended June 30 from Rs 191.43 crore in the corresponding quarter a year ago, the PVC pipe manufacturer informed the Bombay Stock Exchange.

"Buoyant demand contributed to the increase in both bottom line as well as top line growth. The company's improved distribution network across the country is enabling in increasing the market share from all the regions and the outlook for the remaining quarters too remains positive,"

Finolex Industries Asst Managing Director S S Dhanorkar said.

The PVC resin capacity at Ratnagiri in Maharashtra was expanded to 260,000 TPA from 130,000 TPA during the quarter ended March 31, this year and the additional capacity was successfully marketed, it said.