Finolex Industries extend major support to dealers

Finolex Industries Ltd (FIL), India’s largest manufacturer of rigid PVC pipes & fittings, has increased the turnover discount scheme (TOD) across its dealer network, which is in addition to its already existing TOD that the company pays to incentivise its dealer network.

This was the result of week-long deliberations that the company had with its dealers and employees based across the country. The company has over 18,000 retailers, dealers and sub-dealers. An additional TOD is being paid to the dealers, who managed to achieve their target and also for those who could not; they too will be paid a token amount to cushion the impact of the challenging environment, caused due to the lockdown. Such productive measures help in enhancing the long-term relation of the company with its dealers.

Additionally, to reassure employees, the company has decided to not deduct staff salaries. The company has a manageable debt with an interest expense of Rs 1.77 crore, along with an operating profit of Rs 145 crore for Q3FY20. Employee cost for Q3FY20 was Rs 33.60 crore, which is around six per cent of the total expenditure of around Rs 560.97 crore for Q3FY20.

The stock closed at 390, up by 1.10 per cent or Rs 4.25 per share. The intraday high is Rs 393.85 and intraday low is Rs 381.80. The 52-week high is Rs 635 and 52-week low is Rs 283 on BSE.