Business EconomyPosted at: Aug 12 2024 4:24PM


Finolex Cables profit down 7 pc to Rs 122.5 cr in Q1

New Delhi, Aug 12 (UNI) Electrical and communication cables manufacturer Finolex Cables Ltd on Monday reported 7% year-on-year decline in net profit to Rs 122.5 crore for April-June quarter (Q1) of the current financial year 2024-25.
The company had posted a net profit of Rs 132.3 crore in the Q1 of previous financial year 2023-24.
The cable manufacturer's revenues for the quarter ended June 2024 were Rs 1230.5 crore as against Rs 1204.3 crore for the corresponding period in year 2023-24, representing a 2% growth in value terms.
"In volume terms, electrical wires were flat, while power cables increased by 20%. Within communication cables segment, volume of metal-based products was lower by 8% during the quarter while, optic fiber cable volumes grew by 10% during the quarter. Volume growth in all new product categories was significant and reflected in the overall turnover from this segment," Finolex said in a media release.
It further said, "The steep fall in copper prices from the end of May 2024, extreme heat in the summer as well as the General Elections during the quarter impacted business sentiments and consequently sale of electrical wires. Selling price corrections were taken in June 2024, which impacted margins negatively."
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Tags: #Finolex Cables profit down 7 pc to Rs 122.5 cr in Q1
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