Finolex Cables Limited — Important, 12-11-2024: Financial Result Updates

Finolex Cables Limited has announced a board meeting, revealing consolidated financials for the quarter and half-year. Total revenue for the quarter ended September 2024 reached ₹1,311.72 crore, a 10% increase compared to ₹1,187.44 crore from the same period last year, driven mainly by significant volume growth in optic fiber cables and new product categories, despite a setback in communication cable volumes.

Net profit for this quarter stood at ₹146.09 crore, down from ₹165.39 crore year-over-year, reflecting challenges due to lower copper prices and destocking across trade channels. Operational costs increased by 6.75%, influenced largely by inventory adjustments and selling price corrections.

The company's balance sheet remains robust, with substantial assets bolstering its operational capacity. Going forward, strategic expansions, including the readiness of its E-Beam facility, indicate a positive outlook, positioning the company well in a competitive market. Based on these performance metrics, a hold position could be considered as the company navigates current challenges while pursuing growth initiatives.