Finolex Cables posts a QoQ increase in PAT by 58% in Q1FY22
- 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%.
- Profit for the quarter, after taxes, was Rs.55.1 Cr, as compared to Rs.35.0 Cr in the previous year, an improvement of 58%.
Chennai, August 12th, 2021: 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.
FINANCIAL HIGHLIGHTS+
(Rs. in crores)
| Quarter Ended
30.06.21 |
Quarter Ended
30.06.20 |
|
| Revenue from Operations
Other Income Profit before Exceptional item, Interest, Depreciation and Tax Deductions for: l Interest l Depreciation Profit before Taxation Tax Expenses Profit After Tax |
675.4
15.6
85.9
0.1 9.9
75.9 (20.8) 55.1 |
377.1
22.5
57.0
0.2 10.0
46.8 (11.8) 35.0 |
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.
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.
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%.
Profit for the quarter, after taxes, was Rs.55.1 Cr, as compared to Rs.35.0 Cr in the previous year, an improvement of 58%.
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 automobiles, 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 and Water Heaters to its range of products.
