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August 2, 2025
To,
The Manager – Listing Department
National Stock Exchange of India Limited
5, Exchange Plaza
Bandra-Kurla Complex
Bandra (East), Mumbai 400051
To,
The Manager – Listing Department
BSE Limited
Floor 25, P. J. Towers,
Dalal Street,
Mumbai 400 001
Symbol: FINPIPE
Scrip Code: 500940
Sub.: Outcome of the Board Meeting held on Saturday, 2nd August 2025
Ref.: Regulation 30 & 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“SEBI Listing Regulations”)
Dear Sir / Madam,
In terms of the subject referred regulations, the Board of Directors of the Company at its meeting held on
Saturday, August 2, 2025, inter-alia, approved and taken on record the following:
1.
The Unaudited Financial Results (Standalone & Consolidated) of the Company for the Quarter ended
June 30, 2025 along with the Limited Review Report issued by M/s. Walker Chandiok & Co LLP,
Chartered Accountants, Statutory Auditors of the Company, pursuant to Regulation 33 of SEBI Listing
Regulations;
Changes in Board of Directors:
2.
Appointment of Mr. Udipt Agarwal (DIN: 11219144) as an Additional Director cum Whole-time
Director and Managing Director of the Company
Based on the recommendation of the Nomination and Remuneration Committee, the Board of
Directors of the Company, at its meeting held on Saturday, August 2, 2025, approved the appointment
of Mr. Udipt Agarwal (DIN: 11219144) as under:
• Additional Director cum Whole-time Director of the Company, to hold office from
September 5, 2025 to October 31, 2025; and
• Managing Director and Key Managerial Personnel for a term commencing on November 1,
2025 and concluding on September 4, 2030, totaling a tenure of five years.
This appointment is subject to the approval of the members at the forthcoming 44th Annual General
Meeting of the Company.
3.
Appointment of Mr. Rambabu Sanka (DIN: 11218997) as an Additional Director cum
Whole-time Director and designated as Director - Technical of the Company
On the recommendation of Nomination and Remuneration Committee, the Board of Directors of the
Company at its meeting held on Saturday, August 2, 2025, approved the appointment of
Mr. Rambabu Sanka (DIN: 11218997) as an Additional Director cum Whole-time Director of the
Company and designated as Director - Technical for a term of five years commencing from August 2,
2025 to August 1, 2030, subject to the approval of members at the ensuing 44th Annual General
Meeting of the Company.
4.
Resignation of Mr. Saumya Chakrabarti (DIN: 09594036) as Director – Technical of the
Company
The Board of Directors took note of the resignation tendered by Mr. Saumya Chakrabarti as Director
– Technical of the Company on account of personal reasons, effective August 31, 2025.
5.
Resignation of Mr. Saurabh Dhanorkar (DIN: 00011322) as Managing Director of the Company
Mr. Saurabh Dhanorkar, Managing Director of the Company, will attain the age of 70 years on October
26, 2025. In accordance with the prescribed age limit as stipulated under the Companies Act, 2013 and
SEBI Listing Regulations, Mr. Dhanorkar has conveyed his decision not to seek reappointment and
will accordingly relinquish his position as Managing Director effective from the close of business
hours on October 25, 2025.
The Board of Directors has taken note of Mr. Dhanorkar’s decision and placed on record its
appreciation for his exemplary leadership and valuable contributions to the Company.
6.
Resignation of Mr. Rajesh Balkrishna Rathi (DIN: 00018628) as an Independent Director of the
Company
The Board acknowledged the resignation submitted by Mr. Rajesh Balkrishna Rathi (DIN: 00018628)
from his position as an Independent Director of the Company, citing other professional commitments
and pre-occupations. Accordingly, he ceased to be a member of the Board and its Committees with
effect from August 2, 2025.
Appointment of Secretarial Auditors of the Company:
7.
Appointment of M/s. SVD & Associates, Practicing Company Secretaries (Peer Review No.
6357/2025) as Secretarial Auditors of the Company
The Board of Directors appointed M/s. SVD & Associates, as the Secretarial Auditors of the Company
for a term of five consecutive years to conduct the Secretarial Audit of the Company from the Financial
Year 2025-26 to Financial Year 2029-30, subject to approval of members in the ensuing 44th Annual
General Meeting of the Company.
8.
The Board of Directors has approved the date for the 44th Annual General Meeting of the
Company, which has been scheduled on Friday, September 12, 2025.
List of Key Managerial Personnel (KMP)
Pursuant to Regulation 30(5) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations,
2015, below is the list of KMP of the Company, along with their contact details, authorized to determine
for the materiality of events /information and for the purpose of making disclosures to Stock Exchange(s)
under the said regulation:
Sr.
No.
Name
Designation
1
Mr. Saurabh Dhanorkar
Managing Director (upto October 25, 2025)
2
Mr. Udipt Agarwal
Managing Director (w.e.f. November 1, 2025)
4
Mr. Chandan Verma
Chief Financial Officer
3
Mr. Dakshinamurthy Iyer
Company Secretary & Compliance Officer
Contact Details
Finolex Industries Limited
Indiqube ‘The Kode’ 11th Floor S. No. 134, Baner Pashan Link Road, Pune – 411 045
Tel. No.: 020-27408200/27408567
Email ID: investors@finolexind.com; Website: www.finolexpipes.com
Pursuant to Regulation 30 of the SEBI Listing Regulations read with SEBI Master Circular No.
SEBI/HO/CFD/PoD2/CIR/P/0155
dated
11th
November
2024
and
SEBI/HO/CFD/CFD-
PoD1/P/CIR/2023/123 dated 13th July 2023, the particulars / details with respect to the aforesaid change(s)
as required, are enclosed as Annexure A.
In compliance with Regulation 46 of the SEBI Listing Regulations, the information is also being uploaded
on the website of the Company at https://www.finolexpipes.com/
The Board Meeting commenced at 6:30 p.m. (IST) and concluded at 08:30 p.m. (IST)
You are requested to take the above on your records.
Thanking you,
For Finolex Industries Limited
Dakshinamurthy Iyer
Company Secretary & Head Legal
M. No. A13004
Encl.: As above
Annexure A
Changes in Board of Directors
Sr.
No.
Particulars
Mr. Udipt Agarwal
Mr. Rambabu Sanka
1.
Reason for change viz.
appointment,
re-appointment,
resignation,
removal,
death or otherwise;
Appointment
of
Mr.
Udipt
Agarwal (DIN: 11219144) as an
Additional Director cum Whole-
time Director of the Company
with effect from September 5,
2025 to October 31, 2025 and as
Managing
Director
from
November 1, 2025 to September
4, 2030, totaling a tenure of five
years, subject to the approval of
members at the ensuing 44th
Annual General Meeting.
Appointment of Mr. Rambabu
Sanka (DIN: 11218997) as an
Additional Director cum Whole-
time Director of the Company and
designated as Director - Technical
for a term of five years from
August 2, 2025 to August 1, 2030,
subject to the approval of members
at the ensuing 44th Annual General
Meeting.
2.
Date of appointment &
term of appointment
Please refer Response to Point
(1) above
Please refer Response to Point (1)
above
3.
Brief Profile (in case of
appointment)
Mr. Udipt Agarwal, 56, is a
strategic and performance-driven
business leader with over three
decades of experience across
Asia, having successfully led and
transformed
businesses
for
leading
US
and
European
companies. He has a proven track
record in launching and scaling
new
ventures,
executing
turnarounds,
and
driving
sustainable
growth
through
innovation
and
operational
excellence. Currently serving as
Chief Commercial Officer at
Alkyl
Amines
Chemicals
Limited, he oversees business
strategy, investments, and P&L
management,
while
leading
procurement,
supply
chain,
marketing, and M&A initiatives.
Prior to this, Mr. Udipt Agarwal
had a distinguished career at
Cargill Bio Industrial, where he
established the India business
and later led the Asia region,
expanding into 10 countries and
Mr. Rambabu Sanka, 63, holds a
Master of Technology in Chemical
Engineering
from
the
Indian
Institute of Technology, Mumbai.
He also holds a Bachelor of
Technology
in
Chemical
Engineering
from
Andhra
University and a Post graduate
Certificate in Fundamentals of
Senior Management from the
Open
University,
United
Kingdom.
He
is
currently
serving
as
President-Technical and Senior
Management Personnel of the
Company from 3rd March, 2025. In
this capacity, he oversees the plant
operations and functions of the
Company.
Mr. Rambabu Sanka is a Senior
Executive with 39 years of
comprehensive experience in the
Chemical Manufacturing Sector,
including 31 years dedicated to
VCM/PVC
production.
His
expertise encompasses leadership
integrating
post-acquisition
operations. His earlier tenure at
BASF
spanned
various
leadership roles in India and
Hong
Kong,
contributing
significantly
to
business
development, market expansion,
and
team
building
across
multiple segments.
He holds a B.Tech. in Chemical
Technology
from
H.B.
Technological Institute, Kanpur,
and has completed executive
education in Strategic Business
Leadership from INSEAD.
in technical services, process
optimization, debottlenecking, and
the management of large-scale
plant expansions and operations.
He has a proven track record in the
commissioning
of
advanced
chemical
facilities,
enhancing
operational
efficiency,
and
achieving significant increases in
production. He is skilled in
production planning, budgeting,
variance analysis, and managing
shutdowns and turnarounds, all
while
prioritizing
safety
and
operational continuity.
In his prior positions, he has
overseen
VCM
and
PVC
manufacturing operations (INEOS
Technology), serving as Vice
President with Reliance Industries
Limited, and held the role of
Executive
Vice
President,
Technical Services at TCI Sanmar
Chemicals S.A.E.
4.
Disclosure of
relationships between
directors (in case of
appointment of a
director).
Mr. Udipt Agarwal does not have
any inter-se relationship with any
other directors of the Company.
Mr. Rambabu Sanka does not have
any inter-se relationship with any
other directors of the Company.
5.
Information as required
under BSE Circular
Number
LIST/COM/14/2018-19
and NSE circular no.
NSE/CML/2018/24
dated June 20, 2018
Mr. Udipt Agarwal is not
debarred from holding the office
of Director pursuant to any SEBI
Order or Order of any such
authority.
Mr. Rambabu Sanka is not
debarred from holding the office of
Director pursuant to any SEBI
Order or Order of any such
authority.
Sr.
No.
Particulars
Mr. Saumya Chakrabarti
Mr. Saurabh Dhanorkar
1.
Reason for change
viz.
appointment,
reappointment, for
resignation, removal,
death or otherwise
Mr. Saumya Chakrabarti (DIN:
09594036)
as
a
Director
–
Technical resigned on account of
personal reasons.
Mr.
Saurabh
Dhanorkar
(DIN:
00011322) shall step down from the
position of Managing Director upon
reaching the age of 70 years. He has
conveyed his decision not to seek re-
appointment thereafter.
2.
Date of cessation (as
applicable) & term of
appointment /
reappointment
August 31, 2025
October 25, 2025
3.
Brief Profile
(in case of
appointment)
Not Applicable
Not Applicable
4.
Disclosure of
Relationships
between directors (in
case of appointment
of a director)
Not Applicable
Not Applicable
Sr.
No.
Particulars
Mr. Rajesh Balkrishna Rathi
1.
Reason for change viz.
appointment, reappointment, resignation,
removal, death or otherwise
Mr. Rajesh Balkrishna Rathi (DIN: 00018628)
resigned from his position as an Independent
Director of the Company, citing other professional
commitments and pre-occupations.
2.
Date of cessation (as applicable) & term of
appointment / reappointment
August 2, 2025.
3.
Brief Profile
(in case of appointment)
Not Applicable
4.
Disclosure of Relationships between directors
(in case of appointment of a director)
Not Applicable
Additional Information in case of resignation of an Independent Director (Schedule Ill - Para A(7B) of
Part A of SEBI LODR)
1
The letter of resignation along with detailed
reasons for the resignation as given by the said
director
A copy letter of resignation enclosed
2
Names of listed entities in which the resigning
director holds directorships, indicating the
category of directorship and membership of
board committees, if any
Sudarshan Chemical Industries Limited
Committee Position:
1. Stakeholders Relationship Committee
2. Corporate Social Responsibilities Committee
3. Risk Management Committee
4. Finance Committee
5. Share Transfer Committee
3
The independent director shall, along with the
detailed reasons, also provide a confirmation
that there is no other material reasons other
than those provided.
The required confirmation has been provided in the
enclosed resignation letter.
Sr.
No.
Particulars
M/s. SVD & Associates
1.
Reason for change viz. appointment,
reappointment, resignation, removal, death
or otherwise
Appointment of M/s SVD & Associates as
Secretarial Auditors of the Company
2.
Date of appointment / reappointment /
cessation
(as applicable) & term of appointment /
reappointment
Appointment in the Board Meeting held on August
2, 2025, for a term of five consecutive years from
the Financial Year 2025-26 to Financial Year
2029-30, subject to approval of members in the
ensuing 44th Annual General Meeting of the
Company.
3.
Brief Profile
(in case of appointment)
M/s. SVD & Associates (Peer Review No.
6357/2025) was formed in 2014 by Professionals
of varied skill set, to bring out synergy in corporate
legal and corporate advisory services with a pivotal
role in Secretarial Audit. Catering to a wide range
of clients, including a large number of listed and
multinational companies, its strength is its team of
qualified, experienced and trained professionals
who treasure the value of diligence and knowledge.
The firm is peer reviewed in terms of the peer
review guidelines issued by the ICSI.
4.
Disclosure of Relationships between
directors (in case of appointment of a
director)
Not Applicable
Walker Chandiok &.Co LLP
Walker Chandiok & Co LLP
16th Floor, Tower Ill,
One International Center,
S B Marg, Prabhadevi 01'1),
Mumbai - 400013
Maharashtra, India
T +91 22 6626 2699
F +91 22 6626 2601
Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of the
Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (as amended)
To the Board of Directors of Finolex Industries Limited
1. We have reviewed the accompanying statement of standalone unaudited financial results (the
'Statement') of Finolex Industries Limited (the 'Company') for the quarter ended 30 June 2025, being
submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations').
2.
The Statement, which is the responsibility of the Company's management and approved by the
Company's Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting
('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 (the 'Act'), and other
accounting principles generally accepted in India and is in compliance with the presentation and
disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a
conclusion on the Statement based on our review.
3.
We conducted our review of the Statement in accordance with the Standard on Review Engagements
(SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the
Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information
consists of making inquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act,
and consequently, does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
4.
Based on our review conducted as above and consideration of review report of the auditor of Finolex
Industries Employees' Welfare Trust (the 'Welfare Trust') as referred to in paragraph 5 below, nothing
has come to our attention that causes us to believe that the accompanying Statement, prepared in
accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under
section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed
the information required to be disclosed in accordance with the requirements of Regulation 33 of the
Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material
misstatement.
Chartered Accountants
Offices in Ahmadabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Indore,
Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune
Walker Chandiok & Co LLP is registered with limited liability with
identification number AAC-2085 and has its registered office at
L-41, Con naught Circus, Outer Circle, New Delhi, 110001, India
Walker Chandiok &.Co LLP
Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of the
Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (as amended) (Cont'd)
5.
We did not review the interim financial information of the Welfare Trust included in the Statement,
whose financial information reflects total revenue of ~Nil, total net profit after tax of ~8.44 crore and
total comprehensive income of ~8.44 crore for the quarter ended 30 June 2025, as considered in the
Statement. This interim financial information has been reviewed by the other auditor whose review
report has been furnished to us by the management, and our conclusion, in so far as it relates to the
amounts and disclosures included in respect of the Welfare Trust, is based solely on the review report
of such other auditor of the Welfare Trust.
Our conclusion is not modified in respect of this matter with respect to our reliance on the work done
by and the report of the other auditor.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm Registration No: 001076N/N500013
RAJNI
MUN DR
A
Digitally signed
by RAJNI
MUNDRA
Date: 2025.08.02
20:24:36 +05'30'
Rajni Mundra
Partner
Membership No. 058644
UDIN: 25058644BMODMP7677
Place: Mumbai
Date: 2 August 2025
Chartered Accountants
Registered Office I Urse Plant
Finolex Industries Limited
Gat No. 399, Village Urse, Tal.-Maval,
Dist. Pune 41 O 506, Maharashtra, India
CIN L40108PN1981PLC024153
Tel
Toll Free
Fax
Email
Web
+91 2114 237251 1237253
1800 200 3466
+91 2114 237252
investors@finolexind.com
finolexpipes.com
FINOLEX INDUSTRIES LIMITED
Registered Office: Gat No. 399, VIiiage Urse,
FINOLEX
PIPES & FITTINCiS
Taluka Mavai, Dist. Pune - 410 506. CIN: L40108PN1981PLC024153
Statement of Unaudited Standalone Finmncial R~ults for the quarter ended June 30, 2025
Sr. no.
Particulars
June 30, 2025
(Unaudited)
Income
I
Revenue from operatioM
Othe· income
Total Income (I)
II
Expenses
Cost of materials consumed
Purchases of stock-in-trade
Changes in inventories of finished g:oods, stock-in-trade and work-in-progress
Employee benefits expense
Finance costs
Oeprec1acion and amortisation expense
Ocher expenses
Total expenses {II)
Ill
Profit before exceptional items and tax (I-It)
IV
Exceptional item ga1n (refer note 3)
v
Profit before tax {lll+IV)
VI
Tax expense
Current tax
Tax pertaining to earlier period(s.)/ year{s)
Deferred tax charge
Total tax expense
VII
Profit for the period/year {V-VI)
VIII
Other comprehensive income (OCJ)
Items that will not be reclassified to profit or toss
Re-measurement of defined benefit plans
Income-tax effect on above
Vlll(i) Re-measurement of defined benefit plans, net of income-tax
Fair value changes in equity Instruments through OCI
Income-tax effect on above
Vlll(ii) Gain/ (loss) on equity instruments measured at fair value through OCI,
net of income-tax
Total other comprehensive income/{loss) [Vlll{i)+Vlll{ii)]
IX
Total comprehensive income/(loss) for the period/year {Vll+Vlll)
x
Paid-up equity share capital (face value of' 2 eachJ
XI
Other equity
XII
Earnings per equity share having nominal value off 2 each per share
(Not annualised, except for the year ended March 31, 2025)
Basic:
Diluted
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Finolex Industries Limited
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lndiQube 'The Koda' - 11th Floor,
S. No. 134, Hissa No. 1/38,
Saner Pashan Link Road,
Tel
Fax
Email
Web
Pune - 411045,
Maharashtra, India
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1,043.15
64.68
1,107.83
629.12
5.55
68.17
58.35
5.51
26.61
188.37
981.68
126.15
126.15
29.84
(2.55)
1.93
29.22
96.93
(0.18)
0.04
(0.14)
146.99
(21.02)
125.97
125.83
222.76
123.67
1.57
1.57
(All amounts in' Crore except earnings per share}
Standalone
Quarter ended
March 31, 2025
June 30, 2024
[Audited)
{Unaudited)
(r'efer note 5)
1,171.81
64.57
1,236.38
727.19
6.01
34.69
SJ.25
6.18
26.89
181.40
1,033.61
202.77
202.77
40.91
1.18
10.42
52.51
150.26
1.67
(0.42)
1.25
(596.08)
85.24
(510.84)
(509.59)
(359.33)
123.67
2.43
2.43
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ISO 14001 :2015
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1,140.49
54.90
1,195.39
595.30
12.06
61.22
57.58
6.65
26.08
207.68
966.57
228.82
416.99
645.81
136.12
4.49
140.61
505.20
(0.81)
0.20
(O.Gl)
1,238.93
(141.10)
1,097.83
1,097.22
l ,602.42
123.67
8.17
8.17
Year ended
March 31, 2025
{Audited)
4,141.97
248.25
4,390.22
2,621.95
28.62
25.49
222.28
29.64
106.71
767.83
3,80;.52
587.70
416.99
1,004.69
214.81
0.25
11.77
226.83
777.86
(0.70)
0.18
(0.52)
(194.49)
12.27
(182.22)
(182.74)
595.12
123.67
5,854.69
~~:;1"EM Ct:Jil'lj.,,(<o
ISO 9001 :2015
Pipes Division
12.58
12.58
Notes
1
2
Fl OLEX
PIPES Br FITlilNCS
The standal0ne financial results of Finolex Industries Limited ('FIL') for the quarter ended June 30, 2025 have been reviewed by the Audit Committee and approved by the Board
of Directors at their respective meetings held on August 2, 2025 and a limited review of the same has been carried out by the statutor~ auditor of FIL.
These r.e,ults have been prepared in accordance with the recognition and measurement prir.ciples laid down in the Indian Accounting Standard ('Ind AS') 34, 'Interim Financial
Reporting' prescribed under s·ection 133 of the Companies Act, 2013 and other accounting principles generally accepted ln ltldia and are In compliance with the presentation and
disclosure requirements of Regulation 33 of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended).
Exceptional item pertains to the net gain amounting>:: 416.99 crore recorded by FIL on completion of transfer of rigr.ts on leasehold l;nd admeasuring approximately 25.27 acres
situated at Chinchwad, Pune, along with structures.
4
During the current year, FIL has re-aligned its internal reporting structures and consequently, in accordance with Ind AS 108, Operating Segments, based on the manner in which
the chief operating decision maker (CODM) reviews its financial information for the purpose of resource allocation and performance assessment, has determined that FIL now
operates as a single integrated business focussed on the manufacture and sale of Pipes and Fittings. Accordingly, no separate segment reporting disclosures have been furnished
in these financial results.
5
The figures for the quarter ended March 31, 2025 are the balancing figures between the audited figures in respect of the full financial year and the published unaudit•d year t o
date figures upto the third quarter of the relevant financial year.
Place: Pune
Date: August 2, 2025
By order of the Board of Directors
For Finolex Industries limited
_.,1\__;-,vV~
.
~
Saurabh Sarvottam Dhanorkar
Managing Director
DIN: 00011322
Walker Chandiok &.Co LLP
Walker Chandiok & Co LLP
16th Floor, Tower Ill,
One International Center,
S B Marg, Prabhadevi (W),
Mumbai - 400013
Maharashtra, India
T +91 22 6626 2699
F +91 22 6626 2601
Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of the
Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (as amended)
To the Board of Directors of Finolex Industries Limited
1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the
Statement') of Finolex Industries Limited ('the Holding Company') and its associates (refer
Annexure 1 for the list of associates included in the Statement) for the quarter ended 30 June 2025,
being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing
Regulations').
2.
This Statement, which is the responsibility of the Holding Company's management and approved by the
Holding Company's Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting
('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting
principles generally accepted in India and is in compliance with the presentation and disclosure
requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion
on the Statement based on our review.
3.
We conducted our review of the Statement in accordance with the Standard on Review Engagements
(SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity,
issued by the Institute of Chartered Accountants of India (the 'ICAI'). A review of interim financial
information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than
an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the
Act, and consequently, does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the Listing Regulations, to the extent applicable.
4.
Based on our review conducted and procedures performed as stated in paragraph 3 above and upon
consideration of the review reports of the other auditors referred to in paragraph 5 below, nothing has
come to our attention that causes us to believe that the accompanying Statement, prepared in
accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under
section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the
information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing
Regulations, including the manner in which it is to be disclosed, or that it contains any material
misstatement.
Chartered Accountants
Offices in Ahmadabad, Bengaluru, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Hyderabad, Indore,
Kechi, Kolkata, Mumbai, New Delhi, Neida and Pune
Walker Chandiok &.Co LLP
Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of the
Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (as amended) (Cont'd)
5.
The Statement includes the Holding Company's share of net profit after tax of ~3.57 crore and total
comprehensive income of ~3.57 crore, for the quarter ended on 30 June 2025, as considered in the
Statement, in respect of two associates whose interim financial results have not been reviewed by us.
These interim financial results have been reviewed by other auditors whose review reports have been
furnished to us by the management, and our conclusion in so far as it relates to the amounts and
disclosures included in respect of these associates is based solely on the review reports of such other
auditors and the procedures performed by us as stated in paragraph 3 above.
Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by
and the reports of the other auditors.
For Walker Chandiok & Co LLP
Chartered Accountants
Firm Registration No: 001076N/N500013
Digitally signed
RAJ NI
by RAJNI
MUNDRA
MUN ORA Date: 2025.08.02
20:25:24 +05'30'
Rajni Mundra
Partner
Membership No. 058644
UDIN: 25058644BMODMQ7227
Place: Mumbai
Date: 2 August 2025
Chartered Accountants
Walker Chandiok &.Co LLP
Annexture 1 to the Independent Auditor's Review Report on Consolidated Unaudited Quarterly
Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (as amended)
Annexure 1
List of entities included in the Statement
Associates:
1)
Finolex Plasson Industries Private Limited
2)
Pawas Port Limited
(This space has been intentionally left blank)
Chartered Accountants
Registered Office I Urse Plant
Finolex Industries Limited
Gat No. 399, Village Urse, Tal.-Maval,
Dist. Pune 410 506, Maharashtra, India
CIN L40108PN1981PLC024153
Tel
Toll Free
Fax
Email
Web
•91 2114 2372511237253
1800 200 3466
+91 2114 237252
investors@finolexind.com
finolexpipes.com
FINOLEX INDUSTRIES LIMITED
Registered Office: Gat No_ 399, Village Urse,
FINOLEX
PIPES & FITTINOS
Ta Iuka Mavai, Dist. Pune -410 506. CIN: l40108PN1981PLC024153
Statement of Unaudited Consolidated Financial Results for the quaner ended June 30, 2025
(AU amounts in" Crore, except earnings per share)
Consolidated
Quarter ended
Year ended
Sr. No.
P.artic:ulilrs
June 30, 2025
March 31, 2025
June 301 2024
Miirch 31, 2025
(Unaudited)
(Audited)
(Unaudited)
(Audited)
(refe r note 6)
Income
I
Revenue from operations
1,043.15
l,171.81
1,140.49
4,141.97
Other income
64.68
64.57
54.90
246.63
Total income (1)
1,107.83
1.236.38
1,195.39
4,388.60
II
Expenses
Cost of materials consumed
629.12
727.19
595.30
2,621.95
Purchases of stock-in-trade
5.55
6.01
12.06
28.62
Changes in inventories o f finished goods, stock-in-trade and work-in-progress
68.17
34.69
61.22
25.49
Employee benefits expense
58.35
5125
57.58
22228
Finance costs
5.51
6.18
6.65
29.64
Depreciation and amortisation expense
26.61
26.89
26.08
106.71
Other expenses
188.37
181.40
207.68
767.83
Total e<penses (II)
981.68
l,033.61
966.57
3,802.52
Ill
Profit before e><ceptional item, share of net profit of investment in associates accounted for
using equity method and tax (1·11)
U6.15
202.77
228.82
586.08
IV
Exceptional item gain (refer note 4)
416.99
416.99
v
Profit before share of net profit of investment in associates accounted for using equity
126.15
202.77
645.81
1,003.07
method and tax (lll+IV)
VI
Share of profit of investment in associates accounted for using equity method
4.81
20.43
0.50
40.17
VII
Profit before ta• (V+VI)
130.96
223.20
646.31
1,043.24
V III
Tax expense
Current t<lx
31.12
46.95
136.15
225.91
Tax pertaining to earlier pericd(s}/ year(s)
(2.55)
0.68
(0.01)
Deferred tax charge
4.23
10.99
9.43
17.31
Total tax expense
32.80
58.62
145.58
243.2 1
IX
Profit for the period/vear' (VII-VIII)
98.16
164.58
500.73
800.03
x
Other comprehensive income (OCI)
Items that will not be redassified to profit or loss
Re-measurement of defined benefit plans
(0.18)
l.57
(0.81}
(0.80)
Income-tax effect on above
0.04
(0.42)
0.20
0.13
X(i) lle·measurement of defined benefit plans, net of income·tax
(0.14)
1.15
(0.61)
(0.62)
Fair value change5 in equity instruments through OCI
146.99
(596.08)
1,238.93
(194.49}
Income-tax effect an above
(21.02)
85.24
(141.10)
12.27
X(ll) Gain/ (toss) on equity instruments measured at fair value through OCI,
125.97
(510.84)
1,097.83
(182.22)
net of income-tax
Total other comprehensive income/ (loss)* [X(i)+X(ii)J
125.83
(509.69)
1,097.22
(182.84)
XI
Total comprehensive income/ (loss) for the periad/year* llX+X)
223.99
(345.11)
1,597.95
617.19
~
XII
Paid-up equity share capital (face value of-;: 2 each)
~
~
123.67
123.67
123.67
123.67
XIII
Other equity
~ ....
5,973.20
XIV Earnings per equity share having nominal value of~ 2 e ach per share
-1~~
~ ~t
(Not annualised, except for the year ended March 31, 2025)
~c; ~
4'111Mi
~
~
~sk
"rt.r;'
1.59
2.66
8.10
12.94
Diluted
1.59
2.66
8.10
12.94
-
• Profit for tlie period/ year, total other comprehensive income/(k>ss) and total comprehensive income/{loss) for the period/ year are entirely attributable to the owners of FIL
Corporate Office
Finolex Industries Limited
lndiQube 'The Kode' - 11th Floor,
S. No. 134, Hissa No. 1/38,
Saner Pashan Link Road,
Pune - 411045,
Maharashtra, India
Tel
Fax
Email
Web
~~
+91 20 27408200
~~
+91 20 27489000
~ :
· ·.
care@finolexpipes.com
finolexpipes.com
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15014001 :2015
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Ratnaglrl Plant
Pipes Division
FINO LEX
PIPES & F.l~lilNCiS
Notes
l
The consolidated financial results of Finolex Industries limited {'FIL') and its two associates for the quarter ended June 30, 2025 have been reviewed by the Audit Committee and
approved by the Board of Directors at their respective meetings held on August 2, 2025 and a limited review of the same has been carried out by the statutory auditor of FIL.
These results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard ('Ind /\S') 34, 'Interim Financial
Reporting' prescribed under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and are in compliance with the presentation and
disclosure requirements of Regulation 33 of the SEBI (List ing Obligations and Disclosure Requirements) Regulations, 2015 (as amended).
3
FIL has investment in two associates, Finolex Plasson Industries Private limited and Pawas Port Limited. Using equity method as prescribed under Ind AS 28, 'Investment in
Associates and Joint Ventures', it duly consolidates its 46.35% equity stake in Finolex Plasson Industries Private Limited and 49.99% e(\uity stake in Pawas Port Limited.
4
Exceptional item pertains to the net gain amoun:ing" 416.99 crore recorded by FIL on completion of transfer of rights on leasehold land admeasuring approximately 25.27 acres
situated at Chinchwnd, Pune, along with structures.
S
During the current year, FIL has re-aligned its internal reporting structures and consequently, in accordance with Ind AS 108, Operating Segments, based on the manner in which
the chief operating decision maker {CODM) reviews its financial information for the purpose of re.source allocation and performance assessment, has determined that Fil now
operates as a single integrated business focussed on t he manufacture and sale of Pipes and Fittings. Accordingly, no separate segment reporting disclosures have been furnished
in these financial results.
6
The figures for the quarter ended March 31, 2025 are the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to
date figures upto the third quarter of the relevant financial year.
Place: Pune
Date: August 2, 2025
By order of the Board of Directors
~ited
Saurabh Sarvottam Dhanorkar
Managing Director
DIN: 00011322
From: PRAKASH CHHABRIA <pc@finolexind.com>
Sent: Saturday, August 2, 2025 14:04
To: DAKSHINAMURTHY IYER <dvi@finolexind.com>
Cc: Saurabh Dhanorkar <ssd@finolexind.com>; GAYATRI CHHABRIA <gpc@finolexind.com>
Subject: Re: Acceptance of MDs Resignation
Dear Mr. Dhanorkar,
Sub: Acceptance of Resignation from the Position of Managing Director
I acknowledge receipt of your letter dated 24th July 2025, tendering your resignation from the
position of Managing Director of Finolex Industries Limited, effective 25th October 2025. While
your decision to step down is understood and respected, I would like to take this opportunity to
express my heartfelt appreciation for the exceptional leadership, vision, and dedication you
have demonstrated during your tenure.
We are grateful for your willingness to support the transition and guide your successor during
the handover period. Your continued involvement during this phase will undoubtedly ensure
stability and strategic continuity. On behalf of the Board and all employees of Finolex Industries,
I thank you for your invaluable service and look forward to your continued association with the
Company in an advisory capacity and wish you the very best.
Warm regards
Prakash P Chhabria
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