)
Finolex Industries has plunged 9% to Rs 284 after reporting a sharp 50% year on year (yoy) decline in net profit at Rs 13.71 crore for the second quarter ended September 30, 2014 (Q2), due to lower sales and higher raw material cost.
The manufacturer of PVC pipes & fittings and PVC resins had a profit of Rs 27.42 crore in the same quarter fiscal.
Operational income of the company for the quarter decline 1% to Rs 386 crore against Rs 390 crore in the corresponding quarter of previous year. The raw material cost increased 6.6% to Rs 339 crore on yoy basis.
EBITDA or operation profit margin declined to 11.5% from 20.9% during the recently concluded quarter.
The stock opened at Rs 295 and touched a low of Rs 265 on NSE. The trading volumes on the counter more than doubled with a combined 807,170 shares changed hands till 1440 hours on NSE and BSE.
The manufacturer of PVC pipes & fittings and PVC resins had a profit of Rs 27.42 crore in the same quarter fiscal.
Operational income of the company for the quarter decline 1% to Rs 386 crore against Rs 390 crore in the corresponding quarter of previous year. The raw material cost increased 6.6% to Rs 339 crore on yoy basis.
EBITDA or operation profit margin declined to 11.5% from 20.9% during the recently concluded quarter.
The stock opened at Rs 295 and touched a low of Rs 265 on NSE. The trading volumes on the counter more than doubled with a combined 807,170 shares changed hands till 1440 hours on NSE and BSE.
