Finolex Cables Q1FY24 net profit up 39 pc to Rs 132 cr

Hyderabad, (UNI)  Finolex Cables Limited is India’s largest and leading manufacturer of Electrical and Communication cables, on Monday announced a 39 per cent up in net profit to Rs 132.2 crore for the first quarter ended on June 30,2023 as compared to Rs 95.6 crore in the corresponding period in the previous year.

The company at its Board of Directors meeting held today approved results for the first quarter of the financial year 2023-24.

Revenues for the quarter stood at Rs.1204.3 crore as against Rs.1015.7 crore for the corresponding period in FY23, representing a 19 per cent growth in value terms, the company said in a release.

In volume terms, Electrical Wires increased by 29 per cent, while Power Cables increased by 3 percent.

Within the Communication Cables segment, volume of metal-based products improved by 17 per cent during the quarter while Optic Fiber Cable volumes grew by over 50 percent during the quarter.

Volume growth in new products within the FMEG was marginal due to continued inflationary pressures affecting consumer sentiment.

The Company’s expansion plans -Preform Facility, OFC capacity expansion and E-Beam facility are on track.

The E-Beam facility is expected to be operational in Q4 of this year while the others are expected to go live early next financial year.

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