by Suman Gupta
Mumbai, August 12th, 2024: Finolex Cables Ltd., (FCL) at the meeting of its Board of Directors held today approved results for the first quarter of the financial year 2024-25.
Revenues for the quarter ended June 2024 were Rs.1230.5 Cr as against Rs.1204.3 Cr for the corresponding period in year 2023-24, representing a 2% growth in value terms. In volume terms, Electrical Wires were flat, while Power Cables increased by 20%. Within Communication Cables segment, volume of metal-based products was lower by 8% during the quarter while, Optic Fiber Cable volumes grew by 10% during the quarter. Volume growth in all new product categories was significant and reflected in the overall turnover from this segment.
The steep fall in copper prices from the end of May 2024, extreme heat in the summer as well as the General Elections during the quarter impacted business sentiments and consequently sale of Electrical Wires. Selling price corrections were taken in June 2024, which impacted margins negatively.
Profit for the quarter, after taxes, was Rs.122.5 Cr, as compared to Rs.132.3 Cr in the previous year, a reduction of 7%.
The Company’s expansion plans are on track the E-Beam facility is ready for operation, with only regulatory permissions pending; the Preform Facility is at an advanced stage of completion and is expected to be commissioned towards the latter part of this fiscal.
ABOUT FCL: Finolex Cables Limited is India’s largest and leading manufacturer of Electrical and Communication cables. Finolex offers a wide range of Electrical and Communication cables. Its wire and cable products are used in applications such as automobile, lighting, cable TV, telephone and computers to industrial applications touching every person in his daily life. Finolex has added Electrical Switches, LED based Lamps, Fans, low voltage MCBs, Water Heaters and Electric Irons to its range of products.
FINANCIAL HIGHLIGHTS+
(Rs. in crores)
| Quarter Ended 30.06.2024 |
Quarter Ended 30.06.2023 |
|
| Revenue from Operations
Other Income Profit before Exceptional item, Interest, Depreciation and Tax
Deductions for:
Profit before Taxation Tax Expenses Profit After Tax
|
1230.5
46.3
166.7
0.4 10.7
155.6 (33.1) 122.5 |
1204.3
38.8
183.2
0.3 10.5
172.4 (40.1) 132.3
|
