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Analyst Meet / AGM
07-Feb-17
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Conference Call
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Finolex Industries
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Budget proposals, Demonetization and GST will help organize players to gain market share
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Finolex Industries conducted conference call to discuss results for the quarter ended December 2016 and way forward. Senior Management of the company addressed the call.
Highlights of the Concall
- Net sales increased 5.6% on a y-o-y basis to Rs 662.4 crore for Q3FY'17 while EBITDA rose 54.2% to Rs 129.7crore. PAT was up 69.6% to Rs 71.9 crore.
- The sales volumes for PVC resins decreased 7% YoY to 56226 tonnes in Q3FY17 while PVC pipes fittings volumes decreased 3.5% to 40966 tonne.
- The volumes in Q3FY17 were lower compared to Q3FY16 due to lower offtake as a result of demonetisation. The profitability improved due to higher spread in PVC segment. The company expects pipes & fittings volumes to pick up in the coming months.
- EBITDA margin at 19.58% in Q3FY'17 was higher than 13.45% in Q3FY'16 due to higher spreads in PVC segment.
- The company has repaid long term debt of Rs 100 crore during the quarter.
- For 9MFY'17 sales volumes for PVC pipers and fitting segment was up 3%.
- Volume growth during the current year will be marginally lower than anticipated by the company due to monetization but long term impact is good.
- Union Budget had number of proposals which will benefit the pipes and fittings industry- Increased allocation for Irrigation corpus to Rs. 40,000 crore, Dedicated micro irrigation fund worth Rs 5000 crore to be set-up by NABARD, Target for agri-credit fixed at Rs10 lakh crore, total allocation for Rural, agriculture sector is Rs.1,87,223 crore, coverage provided under the Fasal Bima Yojna Scheme has increased to 40% in the current year and 50% in 2018-19, proposal to complete construction of one crore houses by 2019 and higher sanitation focus.
- The company expects budget proposals, demonetization and GST will help organize players to gain market share.
- The company is seeing a contraction in PVC spreads in Q4FY'17 compared tro Q3FY'17.
- PVC prices increased much higher than the PV pipes prices during the quarter.
- EDC prices are slightly moving upwards.
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