Finolex Industries declines on reporting net loss of Rs 13.74 crore in Q1

Finolex Industries is currently trading at Rs. 57.75, down by 1.60 points or 2.70% from its previous closing of Rs. 59.35 on the BSE.

The scrip opened at Rs. 60.00 and has touched a high and low of Rs. 60.00 and Rs. 56.50 respectively. So far 24413 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 76.00 on 06-Jul-2012 and a 52 week low of Rs. 42.00 on 20-Dec-2011.

Last one week high and low of the scrip stood at Rs. 61.75 and Rs. 56.50 respectively. The current market cap of the company is Rs. 716.65 crore.

The promoters holding in the company stood at 52.39% while Institutions and Non-Institutions held 5.46% and 42.16% respectively.

Finolex Industries has reported results for first quarter ended June 30, 2012.

The company has reported a net loss of Rs 13.74 crore for the quarter under review as compared to a net profit of Rs 16.70 crore for the same quarter in the previous year. However, the total income from operation of the company has increased by 2.67% at Rs 519.85 crore for Q1FY13 as compared Rs 506.34 crore for the corresponding quarter previous year.

Finolex is the largest player in the fragmented and competitive PVC pipes and fittings market in India, with an overall share of around 22%. In addition, its established brand equity and large dealer network have enabled it to capture a significant share of the growing retail PVC pipe market.