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Hints of 'uplift' in market, says Finolex Industries

Hints of 'uplift' in market, says Finolex IndustriesFinolex reported a 16% year-on-year increase in its revenues for 2020-21 fiscal, standing at around Rs3,463 crore. Its YOY EBITDA and profits were also significantly up, with the former up by 122% to around Rs1,062 crore, and the latter jumping by around 125% to Rs 728 crore.Hints of 'uplift' in market, says Finolex IndustriesPUNE: City-based PVC pipes and fittings maker Finolex Industries said there were signs of improvement in sectors it has an interest in, despite localized lockdowns across the country. The company said, however, that high input prices were a cause for concern.Finolex reported a 16% year-on-year increase in its revenues for 2020-21 fiscal, standing at around Rs3,463 crore. Its YOY EBITDA and profits were also significantly up, with the former up by 122% to around Rs1,062 crore, and the latter jumping by around 125% to Rs 728 crore.“The March quarter of FY20 and the first quarter of FY21 were hit by the lockdown. We got good volumes across sectors in Q3, especially over Diwali and the New Year. Q4 was going well when the second wave hit,” Niraj Kedia, deputy CFO, told TOI. The company shares closed 1.4% higher, at Rs173.65, on BSE on Friday evening. Kedia said that the company’s plants, including the one near Pune, did not have to shut during the recent restrictions. Kedia said despite the company making its own PVC, the high prices for the commodity — up 60-80% in the past year — are worrisome. He said the lack of a nationwide lockdown was a ray of hope in FY22. “There are hints of uplift in some sectors, like construction. There has been less of that uplift in agricultural sector as shops have been closed and customers generally go to dealers,” he added.
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