Finolex Cables Q1 News release to be disseminated ASAP
FINOLEX CABLES LIMITED
Finolex Cables Limited announces Q1FY20 results
Chennai, 14th August, 2019: Finolex Cables Ltd., (FCL) at the meeting of its Board of Directors held today approved results for the first quarter of the financial year 2019-20.
Q1FY20 Standalone performance overview
(Rs. in crores)
|Quarter Ended 30.06.19||Quarter Ended 30.06.18|
|Revenue from Operations||807.7||791.2|
|Profit before Exceptional item, Interest, Depreciation and Tax||127.9||149.8|
|Profit before Taxation||117.8||139.8|
|Profit After Tax||81.6||90.3|
Net Sales for the quarter ended June 30th2019 were Rs 807.7crores as against Rs 791.2 crores for the corr espo nding period of the previous year representing a 2.1 % improvement in value terms.
Growth in Net Sales were affected by subdued construction activity, slowdown in automobile and commu nica tion sectors. Further commodity prices have fallen by over 12% during the comparable periods, which have affe cted revenue.
On volumes, Electrical Wires grew by a modest 3%, while in the commu ni cation sector OFC volumes declined due to delays in order conclusions as well as slowdown in Govt spending. It is expected that with Governmen t formation completed by end of June, programs to improve connectivity with broadband and related technolog ies, will gain momentum.
New businesses contributed Rs 15 crores as against Rs 7 crores in the previous year. Volume showed improvem ent; however higher spends on advertisement and market development activities resulted in lower profitability. As volumes improve further, it is expected that profitability should improve as well.
Profit for the quarter, before taxes, was Rs.117.8 crores, as compared to Rs.139.8 crores in the previous year.
About Finolex Cables Limited:
Finolex Cables Limited is India’s largest and leading manufacturer of Electrical and Communication cables. Fino lex offers a wide range of Electrical and Communication cables. Its wire and cable products are used in applic ati ons such as automobile, lighting, cable TV, telephone and computers to industrial applications touching every pe rson in his daily life. In recent years, Finolex has added Electrical Switches, LED based Lamps, Fans, low voltage MCBs and a range of Water Heaters to its product portfolio.
Certain statements that are made in the Press Release may be forward-looking statements. Such forward-looking stat ements are subject to certain risks and uncertainties like significant changes in economic environment in India and ov erseas, tax laws, import duties, labour relations, litigation, etc. Actual results might differ substantially from those exp ressed or implied. Finolex Cables Ltd will not be in any way responsible for any action taken based on such statements a nd discussions; and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.