The Hindu Business Line : Finolex Q3 net up 49 pc

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Pune Jan. 26 The third-quarter net profit of Finolex Cables Ltd (FCL) grew by 49 per cent, to touch Rs 16.1 crore on sales revenue of Rs 252.9 crore, up 18.5 per cent over the corresponding period last year.

The EBIDTA for the same quarter stood at Rs 37.47 crore, a growth of 43 per cent from Rs 26.12 crore last year.

The figures for the nine months ending December 31, 2006 showed 105 per cent growth in net profit on 41.2 per cent increase in sales. They stood at Rs 60.1 crore and Rs 740.8 crore respectively.

The results that were approved at a board meeting here on Wednesday showed Q3 earnings per share (EPS) at Rs 1.1, while those for the nine-month period were at Rs 3.9 against the respective figures of Rs 0.70 and Rs 1.9 last year. The EPS took into account the effect of the share split of January 16, 2007, that reduced the face value of the share from Rs 10 to Rs 2.

Sale count

A company statement clarified that the Q3 sales figures did not have any billing of jelly-filled telecom cables (JFTC) to BSNL/MTNL in the absence of a tender. The 2005-06 third quarter results showed a billing of Rs 42.1 crore in this direction.

FCL's exports for the quarter were Rs 50.79 crore, a growth of 91.5 per cent over that of Rs 26.52 crore last year.

The export sectors have widened to European countries in addition to the traditional Asian, West Asia and African regions.

Commenting on the results, the Managing Director, Mr Deepak K. Chhabria, said that new products like modular electrical switches and compact fluorescent lamps have been well received.

He also said that the High Voltage Power Cable project at Urse and the expansion of the LDC capacity near Roorkee in Uttaranchal were on schedule.