Shilpi Cable Tech Q1 net up 13% at Rs 62.43 crore

Cable manufacturer Shilpi Cable Technologies (SCTL) today reported a 13 per cent increase in net profit to Rs 62.43 crore for the quarter ended June 30 2016,
The net profit for the company in the corresponding period of the previous fiscal stood at Rs 55.49 crore.
Total revenues for the April-June period grew by 12 per cent to Rs 1,128.01 crore from Rs 1,010.88 crore in the same quarter last fiscal.
"We are beginning the financial year on a successful note with 12 per cent growth in revenues. All segments have performed well during this quarter. Our focus on consistently increasing our network and new product development using advance research and development techniques have augmented well with our vision to become a billion dollar company by 2020," company's Managing Director Manish Goel said in a statement.

He said that in B2C segment, its brand 'SAFE' has evoked good response with its presences in 17 states in the country and the company will continue to launch more brands in order to penetrate the B2C segment in coming quarters.
"Demand for our products have increased in both domestic and international markets and we shall continue to tap new geographies going forward," Goel added.
SCTL is engaged in manufacturing of wide variety of cables used in telecom, automotive and energy segments complied with the business of wires, switches, MCB, among others in B2C segment.