Finolex Cables Ltd has announced its financial results for the third quarter of the financial year 2023-24. The company reported a 6 per cent increase in revenues for the quarter ended December 2023, with sales volumes in the electrical cables segment improving by 8 per cent. However, the communication cables segment experienced a decrease in sales volume of optic fibre cable due to delays in government-sponsored projects and a focus on 5G rollout by private telecom operators.
For the nine-month period ended December 2023, the company’s revenues were up by 11 per cent, with the electrical cable segment improving by 14 per cent in volume terms.
The company reported a profit before taxes of ₹166.9 crore for the quarter, compared to ₹163 crore in the previous year. For the nine months ended December 2023, the profit before taxes was ₹556.7 crore, higher by 18 per cent compared to the corresponding period in 2022-23.
In terms of future developments, the company’s capex programme is progressing well, with the E-Beam equipment expected to be operational by April, and the preform project’s factory construction expected to be completed by April-May.
Overall, the company’s financial results indicate positive growth and performance in the third quarter of the financial year 2023-24, despite challenges faced in the communication cables segment and pricing pressure in the appliance sector.
The announcement comes as a significant update for investors and stakeholders, showcasing the company’s resilience and growth potential in a competitive market landscape.
The results provide insight into the company’s performance and strategic developments, positioning Finolex Cables Ltd for future growth and success in the industry.
