Finolex Industries reports net profit after tax of Rs.50.2 crores for Quarter ending June 30, 2014 – an increase of 122 %

“The demand for Company’s products continues to be strong. The Company’s initiatives in expanding its network across India are paying rich dividends. The Company has recently set up a dedicated warehouse at Cuttack, Odisha to cater to the ever increasing demand for the Company’s products from East and North-East India. The outlook for the current year is positive as demand from agricultural sector as well as construction Industry is expected to keep growing.”

Various initiatives by the Government to increase the reach of irrigation and drinking water supply are expected to give a further boost to the demand for PVC Pipes and Fittings. Some of the measures announced by the new Government at the Centre which bode well for the Company’s business are:

• A target of INR 800,000 crore for agriculture credit during 2014-15

• Allocation of INR 1000 crore to improve access to irrigation under Pradhan Mantri Krishi Sinchayee Yojana

• MGNREGA revamp – 60% funds now to be spent on Agri-asset creation

• Increased allocation of INR 8000 crore for National Housing Bank to expand rural housing

Net sales/Income from operations and other Income

Profit before Interest, Depreciation and tax

Deductions for

Interest/Finance charges

Depreciation

Provision for Taxation

Exceptional Items

Net Profit

To view the full Statement of Unaudited Financial Results for the Quarter Ended 30th June 2014, please click on the link below: