Finolex Cables posts a qoq increase in PAT by 58% in Q1FY22

Within the Communication Cables segment, the volume of metal-based products improved by 71% during the quarter.

Aug 13, 2021 05:08 IST India Infoline News Service

Finolex Cables
Finolex Cables Ltd., (FCL) at the meeting of its Board of Directors held today approved results for the first quarter of the financial year 2021-22.

Profit for the quarter, after taxes, was Rs.55.1 Cr, as compared to Rs.35 Cr in the previous year, an improvement of 58%.

Revenues for the quarter ended June 2021 were Rs.675.4 Cr as against Rs.377.1 Cr for the corresponding period in the year 2020-21, representing a 79% growth in value terms. In volume terms, Electrical Wires increased by 7 %, while Power Cables increased by 23%.

Within the Communication Cables segment, the volume of metal-based products improved by 71% during the quarter. Optic Fiber Cable volumes grew by over 290% during the quarter. New products within the FMEG sector all grew by more than 21% each.

The stock ended at Rs489 down by Rs8.35 or 1.68% from its previous closing of Rs497.35 on the BSE. The scrip opened at Rs497 and has touched a high and low of Rs502.35 and Rs487.85 respectively.

Profit for the quarter, before taxes, was Rs.75.9 Cr, as compared to Rs.46.8 Cr in the previous year, an improvement of 62%.

Economic recovery following the outbreak of the Corona Virus seemed well on its way when the second wave struck India early in the quarter. While the lockdowns were not as severe as in the previous year, market sentiments were impacted and the restrictions on operating timings for businesses also had their impact. Further, different markets were under lockdown at different times during the quarter – Kerala, Karnataka, Delhi, Tamil Nadu, Maharashtra and parts of West Bengal being among the states where the Company was impacted significantly.

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