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Reliance Securities Report
Finolex Industries Ltd. delivered a healthy revenue in Q4 FY22, but margin pressure remains a concern. Total revenue increased by 28% YoY and 59% QoQ to Rs 15.9 billion (higher than our estimate of Rs 14.1 billion).
Revenue of poly vinyl chloride resin segment increased by 13.5% to Rs 10.4 billion, led by 5.2% YoY increase in volume at 79,182 million tonne, while realisation improved by 8% YoY to Rs 132/kilogram.
Revenue of PVC Pipes segment rose by 42% YoY to Rs 12.8 billion, led by a 30.5% YoY jump in volume to 78,629 million tonne and a 8.5% YoY realisation growth to Rs 162/kg.
Blended Ebitda declined by 36% YoY (up 9% QoQ) to Rs 2.6 billion, lower than our estimate of Rs 3.6 billion.
We are positive on Finolex’s growth prospects, given its leadership position in the agri-pipe segment, proven track record and innovative capabilities.
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