Finolex Industries surged 8.49% to Rs 188.40 after the company consolidated net profit soared 409.40% to Rs 298.84 crore on 62.5% jump in net sales to Rs 1,249.34 crore in Q4 March 2021 over Q4 March 2020.
Profit before tax surged 356.50% to Rs 405.07 crore in Q4 FY21 as against Rs 88.73 crore in Q4 FY20. The Q4 earnings were announced after trading hours on Friday, 25 June 2021.
Speaking on the Q4 performance, Prakash P. Chhabria, the chairman of Finolex Industries, said: "We are confident that our business model which is as strong and robust as the products and services we offer, will help us augment our growth. The company is confident of growing at an accelerated rate which is aligned with our overarching strategy to enhance value for all stakeholders. For our shareholders, we continue with our policy of a high dividend payout ratio. We stand with our employees - our biggest assets and are happy to state that we not only announced increments and promotions during the year, but also paid a special incentive for all employees as the company completes 40 years of successful operations. During this difficult time, Finolex Industries, in conjunction with our CSR Partner, Mukul Madhav Foundation, continues to support communities, in which we operate, with on-ground activities for Covid relief funded under its CSR initiatives."
"Finolex has always endeavored to create value for its shareholders. Earlier this year in January 2021, Finolex Industries had announced a share split which was received positively by the markets reflecting confidence in the long-term growth plans of the company. This has increased the liquidity of our shares and allows more investments through the open market, with the widening of the distribution of company stocks. In line with our past history of healthy dividend payouts every year, the board of directors have recommended a final dividend of Rs 2 per equity share and an additional one-time special dividend of Rs 2 per equity share for this financial year. This is subject to approval from the Shareholders of the Company in ensuing Annual General Meeting (AGM)."
The board has recommended a final dividend of Rs 2 per equity shares of Rs 2 and a special dividend of Rs 2 per share for the FY 2020-21.
During the financial year, Finolex Industries' consolidated net profit climbed 121.79% to Rs 737.79 crore on 16.02% rise in revenue from operations to Rs 3,462.82 crore in FY 2021 over FY 2020.
Finolex Industries is one of the largest supplier of PVC pipes & fittings for the agriculture and non-agricultural sectors.
The scrip hit a record high of Rs 198.90 in intraday today.
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