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.