Finolex Industries Ltd has posted a net profit of Rs 12.863 crore (Rs 128.63 million) for the quarter ended December 31, 2002 as compared to Rs 22.683 crore ( Rs 226.83 million) in the quarter ended Jan 31, 2002.

Total Income (net of excise) has increased from Rs 172.347 crore (Rs 1723.47 million) in the quarter ended January 31, 02 to Rs 204.335 crore (Rs 2043.35 million) in DQ-02.

Commenting on the results, Prakash Chhabria, Dy MD said, " There is an appreciable upswing in the prices of finished products in the past weeks which is expected to offset the increase in raw material prices."

BSE Code: 500940