Finolex Cables reported mixed set of Q1FY19 numbers. Sales have increased by 17.4% yoy to Rs791.2cr from Rs674cr. EBITDA has increased by 18% yoy to Rs129.8cr during the quarter from Rs110cr in Q1FY18. EBITDA margin was up 8bps yoy to 16.4% in Q1FY19. Adjusted net profit de-grew 11.3% yoy to Rs90.3cr.
• The growth in revenue is led by a healthy volume growth in both the major segments – Electrical Cables (EC) and Communication Cables (CC). EC volumes grew 10% yoy, specific product lines such as electrical wires and power cables grew more than 20% yoy. Similarly, there was a healthy volume growth in CC segment, led primarily by a 20%+ yoy growth in Optical Fiber Cables.
• EBIT margin in EC increased from 14.4% to 16.4% in Q1FY19. Margin improvement on the EC segment was restricted due to disruption of copper supplies in the quarter. Hence, material requirements were met in the short term by imports, which were costlier.
• EBIT margin in CC improved from 10.3% to 15.8% in Q1FY19.
• Revenue from new products (electrical appliances) has increased to Rs18.1cr in Q1FY19 vs Rs15.1cr in Q1FY18.
• Other income declined 36% yoy to Rs20.1cr, while tax rate increased from 21.3% in Q1FY18 to 35.4% in Q1FY19.
Finolex Cables Ltd is currently trading at Rs595, up 7.6 points, or 1.29%, from its previous close of Rs587.40 on the BSE. The scrip opened at Rs587.40 and touched a high and low of Rs597.35 and Rs575, respectively. A total of 68,016 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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