Cable and wire manufacturer Finolex Cables Lts has has recorded a net profit of Rs 23.98 which is up by 75 per cent of as compared to Rs 13.7crore as on December 31, 2012.
The company has also witnessed an increase of 9 per cent in revenue at Rs 534.28 crore as compare to Rs 499.47 crore last year.
Commenting on results, Deepak Chhabria, managing director Finolex Cables Ltd said, " We are exploring new stcors like telecom, manufacturing and real estate for the cable and wire business. The company has a plan to expand business of manufacturing CFLs and electric switches. We are making significant investments for the expansion. As a part of this, we are setting up a captive 5MW solar power plant at its manufacturing facilities at Urse, Pune at an estimated cost of Rs 40 crore. The power will be consumed for the company usage itself. In future, considering the business outlook for solar power business, we may generate power on commercial basis."
Finolex's sales of electrical cables registered a growth of 20 per cent over the corresponding period of the previous year. In respect of Communication Cables, the quarter saw a growth of 12 per cent.
The real estate sector contributes 50 per cent business of Finolex while other sectors are which contributes are automobile, agriculture, telecom, industrial and power.
