The Hindu Business Line : Finolex Cables Q4 net doubles to Rs 21 cr

Finolex Cables Ltd (FCL), at the meeting of the board of directors on Tuesday, approved its results for the fourth quarter and annual audited financial results for the period ended March 31, 2006.

The company has recorded a total income of Rs. 231.2 crore for the fourth quarter (Rs 145.23 crore). Net profit for the quarter stood at Rs 21.02 crore (Rs 10.13 crore), an increase of 107.5 per cent.

For the year ended March 2006, the total income of the company was Rs.776.17 crore (Rs 587.4 crore) and the net profit stood at Rs 50.37 crore (Rs. 30.77 crore).

Earnings per share for the quarter was Rs. 6.87 (Rs. 3.31) and for the year was Rs. 16.46 (previous year Rs. 10.06).

It has stepped up the dividend on equity shares from 45 per cent to 60 per cent.

The quarterly and yearly results includes the results of the merger effect of erstwhile subsidiary companies — Finolex Wire Products Ltd and Finolex Finance Ltd.

Board changes

At the board meeting, it was decided to promote Mr M.L. Jain (currently Executive Director) as Asst. Managing Director and Chief Operating Officer and Mr P.B. Parasnis (currentlyDirector - Finance) as Asst. Managing Director and Chief Financial Officer.

Mr Parasnis told Business Line that during June 2006, FCL would introduce electrical switches in the market under the brand name `Finoswitch'. The electrical switches have been developed in two ranges; one is for niche market and the other for mass market.

CFL unit

FCL is also setting up a manufacturing unit for compact fluorescent lamps, which are expected to be on the retail shelf during the first quarter of the current financial year. The CFLs would be introduced in the market under the brand name `Finoglow'.

The third product to be introduced, namely High Voltage Power Cables (up to 66 KV), would be available for sale during the fourth quarter of the current financial year. Manufacturing units for all these products were coming up at Urse where the company had about 140 acres of land and existing infrastructure, he added.