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Pune-based manufacturer of electrical and communication cables Finolex Cables Ltd has posted a profit after tax of Rs 25 crore during the first quarter of 2012-13 against Rs 20 crore over in the same quarter of FY’12 representing a rise of 25%.
Income from operations was Rs 518 crore versus Rs 461 crore, a growth of 12 per cent year-on-year.
During the quarter, sales of electrical cables registered a growth of 28 per cent over the corresponding period of the previous year, while communication cables witnessed a growth of 9 per cent.
Sales of copper rods, however continues to be lower than in the previous year due to extreme pressure on margins.
Chairman to retire
At the board meeting held today, Chairman Prahlad Chhabria, announced his intention to retire from his position upon completing his current term on June 30, 2013.
Following this announcement, the board unanimously appointed Managing Director Deepak Chhabria to succeed him as Executive Chairman of the company and the board with effect from July 1, 2013.
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