Raw Material prices have started softening: Finolex

Niraj Kedia, Deputy CFO of Finolex Industries, on Thursday, said that some of the raw material prices have softened.

The manufacturer of PVC-U pipes and fittings for plumbing, sanitation and agricultural sectors reported weak earnings for the December 31, 2021-ended quarter owing to weak demand in the quarter gone by. Profit is down 30 percent and margin has contracted significantly owing to higher input costs.

In an interview to CNBC-TV18, Kedia said, “Apart from raw materials, there is also an increase in the input cost when it comes to fuel like naphtha and coal, but the good thing is that these are starting to soften now.”

“Some of the increase in prices was linked to crude and global supply chain issues, but now as we move in the Q4 and the year 2022, we are seeing these bottlenecks to be easing out a bit, some cooling down of these raw material prices as well,” he said.

For the entire interview, watch the accompanying video