Friday, Mar 22 2019 | Time 13:50 Hrs(IST)
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Business Economy

Kolkata, Mar 15 (UNI) Wire and cable manufacturer, KEI Industries Ltd, aims to close this financial year ending March 31, 2019 with over 20 per cent growth, stimulated by robust export growth at 10 per cent with continued demand for its products in national and international market.
The company is bullish on expansion with over 1400 dealers pan India by this fiscal end, almost a jump of 9 per cent from 1284 dealers as on March 31, 2018, according to a company release issued here today.
KEI’s net profit also soared by 28.36 % to Rs 121.94 crore during nine month period (April 1 2018 to December 31, 2018) from Rs 95 crore during the same period of 2018.
Elaborating on growth of Indian wire and cable industry, Chairman cum Managing Director Anil Gupta Said, “We have been able to expand and at the same time ensured our foothold across the market to which we cater. We do so with the help of strong financials and Capex, which has ensured our continuous growth. As our growth trajectory remains intact, we are very hopeful to clock 18%-20% during the next fiscal."
The first phase of Pathredi project of LT Power Cable had already been completed and the second phase, HT Power Cable expansion completed in the first week of March with the aim to expand capacity of HT Power Cable by Rs 200 crore, he said.
He further added that for KEI’s Silvassa project, the company had spent Rs 16 crore for land and the infrastructure developed on it. “This will add to our capacity of our House Wire manufacturing segment. We will spend another Rs 39 crore to Rs 44 crore, which will add on to enhancing our production capacity of Rs 300 crore. In the second phase, we intend to spend Rs 30 crore in the next financial year, which will add another capacity of Rs 300 crore for our House Wire segment,” Mr Gupta explained.
KEI’s retail sales has contributed 33 per cent (at INR 994 crore) of their turnover in terms of its total sales during nine months of this current fiscal, reporting a jump of 50% (at INR 663 crore) over the same period (April-December 2017-18). Its’ domestic sales as on December 31, 2018 stood at INR 2,578 crore, while its exports were at INR 390 crore during the nine month period starting April 1, 2018.
KEI’s Net Sales during Q3 of FY19 was INR 1087.48 crore from INR 888.66 crore, registering a growth of 22.37 %. Similarly, its Q2 net sales stood at Rs 996.79 crore from INR 748.82 crore during the same period in 2018, registering a growth of 33.11 %.
During Q1 FY19, KEI’s net sales was INR 883.90 crore from INR 777.97 during the corresponding period in 2018, registering 13.62 % growth.
The company is hopeful that with phenomenal growth in retail sales business will help push its growth in its House Wire and Cables segment. Besides, forward looking policies on affordable housing and with rise in the real estate business will also stimulate demand for KEI’s House Wire and Cables.
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