The Hindu Business Line : Finolex net rises 20 pc

PUNE: Perkiness in economy and increased demand for electrical cables seem to have augured well for the Pune-based Finolex Cables Ltd. The company has recorded a total income of Rs 568.9 crore for the year ended March 2004 as against Rs 518.9 crore for 2002-03.

Net profit was up 20 per cent at Rs 29.6 crore, (Rs 24.7 crore) earnings per share stood at Rs 9.66 (Rs 7.83) and cash earnings per share were at Rs 18.27 (Rs 15.29). For the quarter ended March 2004, total income stood at Rs 164 crore, up from Rs 158.6 crore recorded in the same period last fiscal. Net profit stood at Rs 3.36 crore, up from Rs 2.5 crore, a growth of 34 per cent.

According to Mr Deepak Chhabria, Managing Director, Finolex Cables, income and net profit for the quarter had been healthy on account of better performance. The electrical cables business had also observed good growth contributing to 72 per cent to the business.

BSNL, which floated its yearly tender for cables requirements, placed an order of 10.81 LCKM. The high-end communication cables business, primarily LAN and co-axial cables, has also shown a good growth, he noted.

He added that during the year FCL had also launched new products catering to the private and public sector. These included new varieties of LAN cables, flat JTFC two-pair drop cable for higher breaking load, lead free PVC insulated auto cables and rodent retardant PVC cables.