Finolex Cables net profit up 49%

BS 200 SCORECARD

Finolex Cables net profit shot up 49.2 per cent to Rs 16.10 crore for the quarter ended December 31, 2006, (Q3FY07), from Rs 10.79 crore for the quarter ended December 31, 2005.

Total income for Q3FY07 stood at Rs 254.45 crore while it was Rs 215.57 crore for Q3FY06. Net sales for the quarter rose 18.5 per cent to Rs 2,53 crore, from Rs 2,13 crore in the previous corresponding quarter.

The sales for the nine-month period ended December 2006 were Rs 7,40.8 crore, compared with Rs 5,24.54 crore in the same period of the previous year, up 41.2 per cent.

Earnings per share (EPS) for the quarter was Rs 1.1 and for the nine months was Rs 3.9, compared with Rs 0.7 and Rs 1.9, respectively, in the corresponding quarter and nine months of the previous year.

The equity shares were split into face value of Rs 2 each from face value of Rs 10 each with effect from January 16, 2007. Effect of split has been taken into consideration for the EPS stated.

The sales figure for the quarter ended 31 December 2006 is not comparable with the one for the quarter ended 31 December 2005, since there was no billing of JFTC to BSNL/MTNL during this quarter in absence of a tender. During the third quarter of the previous year, JFTC billing to BSNL/MTNL was Rs 42.15 crore.

FCL performed well on the export front. Exports for the nine-month period ended 31 December 2006 were Rs 50.79 crore against exports of Rs 26.52 crore for the corresponding period of the previous year, showing a quantum jump of 91.5 per cent.

The geographical spread of exports has now widened to the countries in the European region, in addition to the traditional Asian, West Asian and African regions.

Commenting on the performance of the company, Managing Director Deepak Chhabria said, "We have continued to grow in the third quarter of the current year, despite lack of traditional JFTC business from BSNL/MTNL. Business potential is promising."

The newly launched products "� modular electrical switches and compact fluorescent lamps "� have been well received. The projects on hand "� high voltage power cable project undertaken at Urse near Pune and expansion of LDC capacity undertaken near Roorkee in the Uttaranchal "� are progressing as per schedule.