Finolex Industries Ltd Share Price – NSE /  BSE

Plastic products, Small Cap

Finolex Industries has appointed Saurabh Dhanorkar as Managing Director for a period of two years with effect from 21 November 2024.

Dhanorkar has been associated with the Company since 1983 in various roles and was Managing Director until 2012 when he retired. He is a qualified Chartered Accountant and has contributed significantly to the expansion of the Company from a Rs. 2 crore pipes manufacturing company to a multi-location petrochemicals and plastics processing giant. He retired as Managing Director in 2016 and has been associated with the Company as a Non-Executive Director for the past eight years.

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Ajit Venkataraman stepped down as MD at the close of business hours on 20 November 2024.

Saurabh Dhanorkar has been associated with the company since 1983 in various roles and was MD until 2012, when he retired. He is a qualified CA and has contributed significantly to the expansion of the company from an Rs 2 crore pipes manufacturing company to a multi-location petrochemicals and plastics processing giant. He retired as MD in 2016 and has been associated with the company as a non-executive director for the past eight years.

Finolex Industries is the third-largest player in the PVC resin market and one of the largest manufacturers of PVC pipes in India. The company has three manufacturing facilities, one each in Pune and Ratnagiri (both in Maharashtra) and Masar, near Vadodara in Gujarat.

The company’s consolidated net profit declined 58.5% to Rs 40.67 crore on 6.2% drop in net sales to Rs 828.43 crore in Q2 FY25 over Q2 FY24.

Shares of Finolex Industries slipped 3.39% to Rs 253.65 on the BSE.

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Net profit of Finolex Industries declined 58.48% to Rs 40.67 crore in the quarter ended September 2024 as against Rs 97.96 crore during the previous quarter ended September 2023. Sales declined 6.20% to Rs 828.43 crore in the quarter ended September 2024 as against Rs 883.15 crore during the previous quarter ended September 2023.

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Finolex Industries will hold a meeting of the Board of Directors of the Company on 24 October 2024.

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