Hyderabad/ Pune  : Finolex Cables Ltd., (FCL) at the meeting of its Board of Directors held today approved results for the second quarter of the financial year 2022-23.

Revenues for the quarter ended September 2022 were Rs.1090.8 Cr as against Rs.932.9 Cr for the corresponding period in year 2021-22, representing a 17% growth in value terms. In volume terms, Electrical Cables increased by 10%, while within Communication Cables segment, volume of metal-based products improved by 24% during the quarter and Optic Fiber Cable volumes grew by over 100% during the quarter. Volume growth in new products within the FMEG sector was generally affected by inflationary pressures as well as subdued consumer sentiment, as well as destocking in the case of FANS due to the expected changes in BEE norms. Net margins were impacted in cables due to change in product mix as well as liquidation of high-cost inventory (fall in copper prices during the quarter).

Revenues for the six months period ended September 2022 were Rs.2106.5 Cr as against Rs.1608.3 Cr for the corresponding period of 2021-22, representing a 31% growth in value terms. In volume terms, Electrical Cables increased by 14%, while within Communication Cables segment, volume of metal-based products improved by 19% and Optic Fiber Cable volumes grew by over 100% during the half year.

Profit for the quarter, after taxes, was Rs.136.7 Cr, as compared to Rs.149.7 Cr in the previous year, lower by 8%. Besides the lower margins as explained above, profits were also impacted by higher marketing spends. Profit, after taxes, for the six months ended September 2022 was Rs.232.3 Cr as against Rs.204.8 Cr in the corresponding period of 2021-22, higher by 13%.

FINANCIAL HIGHLIGHTS                                                                                                                                                                                                                                                    (Rs. in crores)