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Finolex Cables Ltd’s board has approved the company’s results for the third quarter of the financial year 2023-24.
Revenues for the quarter ended December 2023 were ₹1,221.7 crore as against ₹1,150.3 crore a year ago, up by 6 per cent.
Sales volumes of the electrical cables segment improved by 8 per cent, with more growth expected with the improvement in construction activity. In the communication cables segment, sales volume of optic fibre cable decreased, since the tender for the government-sponsored Bharatnet project has been delayed until end-February. Procurement by private telecom operators has been slow as they are focused on 5G rollout. Volume growth in new products within the appliance (except fans) sector was higher than 20 per cent, but pricing was under pressure.
Revenues for the nine-month period ended December 2023 were ₹3,613.4 crore as against ₹3,256.8 crore a year ago, up by 11 per cent. In volume terms, the electrical cable segment improved by 14 per cent; in the communication cables segment the volume of metal-based products improved by 4 per cent while optic fibre cable volumes were lower compared to previous year.
Profit for the quarter, before taxes, was ₹166.9 crore, as compared to ₹163 crore in the previous year. Profit before taxes for the nine months ended December 2023 was ₹556.7 crore as against ₹472.5 crore in the corresponding period of 2022-23, higher by 18 per cent.
The capex programme announced earlier is progressing well, the company said. The first of the E-Beam equipment is expected by end-February 24 and would be operational by April As regards the preform project, factory construction is expected to be completed by April-May, after which equipment installation will take place and operationalised in Q3 of 2024-25.
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