Finolex Cables Ltd., (FCL) at the meeting of its Board of Directors held approved results for the first quarter of the financial year 2023-24.
Revenues for the quarter ended June 2023 were Rs.1204.3 Cr as against Rs.1015.7 Cr for the corresponding period in year 2022-23, representing a 19% growth in value terms. In volume terms, Electrical Wires increased by 29%, while Power Cables increased by 3%. Within Communication Cables segment, volume of metal-based products improved by 17% during the quarter while, Optic Fiber Cable volumes grew by over 50% during the quarter. Volume growth in new products within the FMEG was marginal due to continued inflationary pressures affecting consumer sentiment.
Profit for the quarter, after taxes, was Rs.132.2 Cr, as compared to Rs.95.6 Cr in the previous year, an improvement of 39%.
The Company’s expansion plans ie Preform Facility, OFC capacity expansion and E-Beam facility are on track. The E-Beam facility is expected to be operational in Q4 of this year while the others are expected to go live early next financial.
Finolex Cables Limited is India's largest and leading manufacturer of Electrical and Communication cables. Finolex offers a wide range of Electrical and Communication cables. Its wire and cable products are used in applications such as automobile, lighting, cable TV, telephone and computers to industrial applications touching every person in his daily life. Finolex has added Electrical Switches, LED based Lamps, Fans, low voltage MCBs, Water Heaters and Electric Irons to its range of products.