Finolex Cables net profit rises 39% to Rs 132.2 cr in Q1, revenue up 19%

Electrical and communication cable manufacture Finolex Cables on Monday reported a 39 per cent rise in its net profit at Rs 132.2 crore in the April-June quarter.

The company had reported a net profit of Rs 95.6 crore in the trailing 12-month period.

The Pune-headquartered company in a statement said its revenue for the quarter rose 19 per cent to Rs 1,204.3 crore from Rs 1,015.7 crore recorded in the corresponding period of FY23.

In volume terms, its flagship electrical wires rose 29 per cent, while power cables increased 3 per cent. Within the communication cables segment, volume of metal-based products improved 17 per cent during the quarter and optical fiber cable volume grew 50 per cent.

Volume growth in new products within the FMEG (fast moving electrical goods) segment was marginal due to continued inflationary pressures affecting consumer sentiment, the company added.

The expansion plans under which it is setting up a preform facility, OFC capacity expansion and E-beam facility are on track. The E-beam facility is expected to be operational in the fourth quarter of this year while the others are expected to go live early next year, it added.

Apart from offering a range of electrical and communication cables, Finolex is also into wires and cable products used in applications such as automobiles, lighting, cable TV, telephones and computers. Of late Finolex has also got into electrical switches, LED lamps, fans, low-voltage MCBs, water heaters and electric irons.