The Hindu Business Line : Finolex Cables full-year net up at Rs 69 cr

Pune May 10 Finolex Cables Ltd has posted a net profit of Rs 69 crore over sales of Rs 1,033 crore, and for the first time crossed the Rs 1,000-crore mark in sales, during the 2006-07 financial year.

The results that were approved by the board meeting on Thursday showed annual sales rose 38 per cent, while the profit after tax rose 37 per cent over corresponding figures of the previous fiscal.

Net sales for the last quarter were Rs 292.2 crore while the net profit stood at Rs 8.8 crore.

The earnings per share for the year was Rs 4.50.

Mr Deepak K. Chhabria, Managing Director, said, "The year will be remembered for an important milestone with a turnover of more than Rs 1,000 crore for the first time. The results are well worth the effort and investment of resources.''

The conversion of JFTC capacity at Urse, mainly to manufacture light duty electrical cables, started yielding results during the year.

Exports grew by 81 per cent to touch Rs 68.2 crore against Rs 37.6 crore during the previous year.

There was no traditional JFTC business with BSNL/MTNL due to lack of tenders from these two companies, a company statement said.

The company holds the `Superbrand' status. Starting with the Business Superbrand status, Finolex Cables moved forward and was awarded the Consumer Superbrand status for 2006-07, the only cable company to have this distinction.

During the quarter, it launched the `Six Sigma' initiative (3.4 defects per million opportunities).

It is being implemented throughout the company.