Replacement demand boosts wire & cable makers' profits in Apr-Sep of FY20

To lure customers, companies in the sector have started focusing on customised services to provide complete electrical solutions

Wire and cable manufacturers have reported strong growth in their profit for the first half of the financial year ended September 2019 (H1) due to a strategic change in their product mix and a complete diversion in focus to replacement markets.

Polycab India, which recently listed its shares on stock exchanges after a successful initial public offering (IPO), reported 97 per cent jump in net profit at Rs 326.34 crore in H1 as compared to Rs 166 crore for the same period last year. Similarly, Finolex Cables reported an 18 per cent jump in net profit at Rs 223.79 crore