Finolex Industries Limited: Q2FY14 Results

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Finolex Industries Limited


Largest PVC pipe manufacturer in the country

Q2FY14 Results

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Business Performance

Business Highlights

Financials

Industry Outlook
32nd AGM Chairmans Message

Finolex gets people together

Business Performance

Business Highlights

Financials

Industry Outlook
32nd AGM Chairmans Message

Business performance

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Gross margins continue to grow. 30% margins for the quarter ended Q2FY14 highest in last 8 quarters. EBIDTA margins before FOREX loss improved further to 21% vis--vis 18% in Q2FY14. Quarterly segmental revenues (including inter division sales) Particulars
PVC Pipes & Fittings
PVC

Q1FY14
INR Mln. MT

Q2FY13
INR Mln. MT

Q2FY14
INR Mln. MT

4,349.18
3,627.35

53,840
57,994

2,980.14
2,779.48

42,863
36,696

2,778.66
3,244.96

29,489
46,021

Power (Mwh)

450.35

61,754

514.00

72,348

406.10

50,998

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Business Performance

Business Highlights

Financials

Industry Outlook
32nd AGM Chairmans Message

Business Highlights

Finolex gets people together

Prolonged monsoon resulted in fall in demand for pipes and fittings during the quarter. In spite of a weak quarter, there is an increase in the prices of pipes because of an unprecedented increase in the raw material prices. FOREX volatility continues to remain a challenge. FOREX losses of INR 325.62 Mln. for the quarter ended Q2FY14. Realised Loss INR 306.36 Mln.

Unrealised Loss INR 19.27 Mln. Most of the sales in non monsoon states during the quarter - reflects distribution strength.
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Finolex gets people together

Business Performance

Business Highlights

Financials

Industry Outlook
32nd AGM Chairmans Message

Results Update Profit & Loss


Particulars (INR millions) Net Sales EBIDTA before forex gain/(loss) EBIDTA margins (%) EBIDTA after forex gain/(loss) Depreciation EBIT before forex gain/(loss) EBIT margins (%) Other Income Interest PBT PBT margins (%) Tax PAT PAT margins (%) Q2FY13 3,809 673 18% 639 137 536 14% 157 142 516 14% 117 399 10% Q1FY14 5,635 946 17% 407 146 799 14% 194 137 318 6% 91 226 4% Q2FY14 3,899 815 21% 490 148 667 17% 172 122 391 10% 117 274 7%

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YoY 2% 21% -23% 8% 24% 10% -14% -24% 0% -31%

Quarterly P&L
Quarterly PL (INR million) Net Income Cost of goods sold Gross Profits Q3 Q4 Q1

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Q2

Gross margins (%) EBIDTA before forex gain/(loss) EBIDTA (%) EBIDTA after forex gain/(loss) EBIT before forex gain/(loss) EBIT (%) PBT PBT (%) PAT PAT (%) EPS

FY13 6,144 4,779 1,366 22% 940 15% 573 805 13% 421 7% 306 5% 2.47

FY12 5,687 4,582 1,105 19% 497 9% 311 301 5% (35) -1% (18) 0% -

FY13 6,296 4,669 1,627 26% 1,099 17% 1,277 967 15% 1,106 18% 793 13% 6.39

FY12 5,930 4,766 1,164 20% 774 13% 944 592 10% 728 12% 562 9% 4.53

FY14 5,635 4,307 1,328 24% 946 17% 407 799 14% 318 6% 226 4% 1.82

FY13 5,199 3,902 1,296 25% 875 17% 138 735 14% (142) -3% (137) -3% -

FY14 3,899 2,739 1,160 30% 815 21% 490 667 17% 391 10% 274 7% 2.21

FY13 3,809 2,742 1,068 28% 673 18% 639 536 14% 516 14% 399 10% 3.22
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Quarterly Segmental P&L


Segment wise Quarterly PL (INR million) Segmental revenues PVC PVC pipes Power Segmental profits PVC PVC pipes Power Capital employed PVC PVC pipes Power Other segments Q3 FY13 FY12 FY13 Q4 FY12 FY14 Q1 FY13

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Q2 FY14 FY13

4,406 3,558 616 658 123 209


6,994 2,102 3,668 6,195

4,315 3,062 482 235 115 61


6,725 2,367 3,796 5,154

4,555 4,142 546 605 315 166


7,462 3,191 3,151 3,479

3,970 3,447 465 527 177 39


6,758 2,085 3,859 5,406

3,627 4,349 450 424 355 97


8,203 3,429 3,464 3,824

3,896 3,134 395 575 199 47


7,209 1,980 3,903 6,582

3,245 2,779 406 379 236 103


7,400 3,839 2,743 2,734

2,779 2,945 514 504 80 59


6,129 2,695 3,485 6,493
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Profit & Loss Key indicators


Profit & loss account (INR million) Net Income Growth in sales (%) Gross Profits Gross margins (%) EBIDTA before forex gain/(loss) EBIDTA (%) EBIDTA after forex gain/(loss) PBT PBT (%) PAT PAT (%) FY10 14,549 4,442 31%
3,168

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FY11 19,777 36% 3,878 20%


2,362

FY12 20,998 6% 3,893 19%


2,314

FY13 21,448 2% 5,356 25%


3,587

1HFY14 9,534 2,656 28%


1,761

22% 2,628 1,740 12% 1,323 9%

12% 2,197 1,150 6% 762 4%

11% 2,168 967 5% 752 4%

17% 2,627 1,902 9% 1,361 6%

18% 897 708 7% 501 5%

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Balance Sheet Key indicators


Balance Sheet (INR million) Equity and liabilities Share capital Reserves and surplus Long term borrowings Short term borrowings FY10 1,240 4,637 1,958 6,377 FY11 1,240 4,963 1,954 5,391 FY12 1,241 5,380 1,896 8,229 FY13 1,241 5,971 1,397 5,709

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1HFY14 1,241 6,471 1,197 5,405

Assets Fixed Assets (Net Block) Capital WIP Non-current investments Current investments

8,356 664 1,208 2,055

7,924 722 1,221 859

7,840 854 1,221 3,711

8,795 506 1,274 2,322

8,724 586 1,274 -

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Finolex gets people together

Business Performance

Business Highlights

Financials

Industry Outlook
32nd AGM Chairmans Message

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Industry outlook
PVC pipe industry growing at a CAGR of 10% over the last 5 years.
Total pipe market stands at about 1.6 MT as per Industry estimates.

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Rapid shift from the un-organised segment towards the organised segment and currently 50% market remained organised.

Monsoon season is usually a slack season for local PVC pipe manufacturers.
Good monsoon likely to help boost rural incomes.

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Finolex gets people together

Business Performance

Business Highlights

Financials

Industry Outlook
32nd AGM Chairmans Message

15

32nd AGM Chairmans Message


Key Highlights

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Company continues to be Indias largest manufacturer of PVC pipes and fittings.


It plans to expand the pipe & fitting capacity to retain its numero-uno position in the industry.

Company intends to focus on financial consolidation going forward.


Measures have been initiated to achieve cost rationalization throughout the Companys operations and the management expects that this will yield good long term benefits. Healthy cash generation by the company will help to bring down companys debt levels steadily over the next few years.
For the full speech click on the link below
http://www.finolex.com/images/UserFiles/File/CHAIRMAN%20SPEECH%20REVISED%20-%2020%20%209%202013.pdf 16

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For further queries:


Finolex Industries Limited D-1/10, M.I.D.C. Chinchwad, Pune 411 019 Contact No.: 020 2740 8200
S-Ancial Advisors Pvt. Ltd. 503, Gundecha Chambers, Nagindas Master Road, Fort, Mumbai 400 001 Email: fil@s-ancial.com Contact No.: 022 6635 1001/2

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