Finolex Cables Q1 Net up 38.46% at Rs 48.02 crore

Finolex Cables today reported 38.46 per cent rise in net profit at Rs 48.02 crore for the quarter ended June 30.
The company's net profit in the corresponding quarter of the previous fiscal was Rs 34.68 crore, Finolex Cables said in a BSE filing.
Its net sales in the quarter under review stood at Rs 584.91 crore, up 3.10 per cent compared with Rs 567.31 crore in the year-ago period, it said.
Meanwhile in a separate filing, Finolex Cables said it plans to enter into the fan business by setting up a new facility and to expand its product facilities with an investment of Rs 125 crore.

"The Board of Directors have considered and approved the company's plans to enter into the fan business by setting up a new facility during the year with a capacity to manufacture about 2,00,000 fans per month," Finolex Cables said.
The Board also approved "to make additional investment in production facilities at Urse in Pune to expand its cable range. Both the above investments would primarily be from internal accruals and would require an investment of about Rs 125 crore."
Shares of Finolex Cables closed at Rs 263.30 apiece, up 1.07 per cent from their previous close on the BSE.