Saurabh Dhanorkar to Lead Finolex

• Finolex Industries announced that its board of directors has approved the appointment of Saurabh Dhanorkar as managing director (MD) for a period of two years with effect from 21 November 2024.
• 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.
• Executive Chairman, Prakash Chhabria, emphasized the importance of this leadership change, praising Dhanorkar's vast experience in accounting, finance, commercial, strategy, marketing, and general management.
• He expressed confidence in Dhanorkar's ability to lead Finolex into its next phase of growth and profitability, citing his client-centric approach, growth mindset, and commitment to the company's values and looks forward to setting new benchmarks under his leadership.
• The Board at their meeting held on 24th October 2024, considered the recommendation of the Nomination & Remuneration Committee, and approved the appointment of Saurabh Dhanorkar as the Managing Director w.e.f. 21st November 2024, necessary disclosures of which have already been filed with the Stock Exchanges.
• Ajit Venkataraman will be stepping down as Managing Director at the close of business hours on 20th November 2024.

Finolex Industries on Solid Ground

• 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 companys 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.

Editor’s Note