Finolex Cables Limited has announced the results for the first quarter of the financial year 2021-22.
Revenue from operations increased from Rs 3.77 billion during quarter ended (QE) June 2020 to Rs 6.75 during QE June 2021, recording a YoY growth of 79 per cent in value terms. In volume terms, electrical wires increased by 7 per cent, while power cables increased by 23 per cent. Within the communication cables segment, the volume of metal-based products improved by 71 per cent during the quarter. Optic fibre cable volumes grew by over 290 per cent during the quarter. New products within the FMEG sector all grew by more than 21 per cent each.
Finolex’s income from other sources recorded a fall from Rs 225 million to Rs 156 million during the period under consideration. Further, the company’s profit before exceptional item, interest, depreciation and tax increased from Rs 570 million to Rs 859 million.
Further, the company’s profit for the quarter, before taxes, stood at Rs759 million, as compared to Rs.468 million in the previous year, an improvement of 62 per cent. Meanwhile, profit after tax increased from Rs 350 million to Rs 551 million., recording a YoY growth of 58 per cent.
According to the company, economic recovery following the outbreak of the corona virus seemed well on its way when the second wave struck India early in the quarter. While the lockdowns were not as severe as in the previous year, market sentiments were impacted and the restrictions on operating timings for businesses also had their impact. Further, different markets were under lockdown at different times during the quarter – Kerala, Karnataka, Delhi, Tamil Nadu, Maharashtra and parts of West Bengal being among the states where the company was impacted significantly.
