Net profit of Finolex Industries rose 89.90% to Rs 233.25 crore in the quarter ended September 2021 as against Rs 122.83 crore during the previous quarter ended September 2020. Sales rose 84.87% to Rs 1082.95 crore in the quarter ended September 2021 as against Rs 585.78 crore during the previous quarter ended September 2020.

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Finolex Industries will hold a meeting of the Board of Directors of the Company on 30 October 2021.

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The company's board on 15 September 2021 approved the proposal to transfer leasehold rights in the land admeasuring approximately 70 acres along with the structures standing thereon located at D-1/10, M.I.D.C, Chinchwad, Pune.

The land is proposed to be sold for a total consideration not less than Rs 725 crore to be received in one or more tranches. The proposal is subject to necessary due diligence, approvals, consents, permissions from the concerned authorities including MIDC.

On a consolidated basis, net profit of Finolex Industries rose 156.56% to Rs 145.52 crore on 71.81% rise in net sales to Rs 965.72 crore in Q1 June 2021 over Q1 June 2020.

Finolex Industries is India's largest and only backward integrated PVC pipes and fittings manufacturer.

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The Board of Finolex Industries at its meeting held on 15 September 2021 has approved the proposal for transfer of Company's leasehold rights in the MIDC land admeasuring approximately 70 acres along with the structures standing thereon located at D-1 / 10, M.I.D.C, Chinchwad, Pune - 411 019 subject to necessary due diligence, approvals, consents, permissions from the concerned authorities including MIDC to one or more parties in part, piecemeal or in full for a total consideration not less than Rs. 725 Crore to be received in one or more tranches.

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