Finolex Industries: We are expecting 10 to 15% growth in both pipes and fittings segment: Ajit Venkataraman, Finolex Industries

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Let us begin by talking about your volume growth because that was at 4% versus about 14% to 16% as compared to your peers for PVC pipes. Why was there this kind of a vast difference and will volume growth be lower than industry growth this year? Your PVC EDC spread has seen a sharp fall as opposed to what your Q4 exit rate was, as we understand. Is that likely to dent PVC raise in margins in the coming quarters as well? If we do not get a good monsoon this year, if we do not, fingers crossed, what will change for you? We have had an extraordinary year of high inflation, crude prices, polymer prices, everything has reversed. You must have increased your prices when raw material prices they went higher. Now that raw material prices are normalizing, would you be retaining some price hike back? Now that we have seen the PVC prices as well that are at the usual levels of pre-pandemic levels and pre-war times, do you think that there could be a further contraction in prices or have they bottomed out? You are also looking to monetise a part of your non-core land parcel in Pune as we understand. How much is expected from this land sale? Also that Rs 1500 crore cash which is lying on your books, any major capex which is planned, how do you plan to utilise this sum? When you say 10 to 15% growth, it is largely because the industry is growing or you are gaining market share?It is due to a couple of aspects. In the agri segment, we are expecting a growth of around about 8% whereas the plumbing and sanitation segment, we are expecting a growth upwards of 15%.