Finolex Cables Ltd., (FCL) on Wednesday while announcing the financial results for the second quarter ended September 30, 2020, said the gradual unlocking across the country during the quarter and the improving business sentiments meant a better quarter for the company.
While the numbers improved significantly compared to the previous quarter, they were still slightly lower than the corresponding period of 2019-20, the company said. Improvements in volumes were seen across all product categories; this combined with repeated assurances from the government towards the economy building, brings tremendous hope for the immediate future.
Net Sales for the quarter ended September 30, 2020, were Rs639.4cr as against Rs715.7cr for the corresponding period of the previous year representing a 10% decline in value terms.
Profit after taxes (PAT) for the quarter was at Rs69cr as compared to Rs123.2cr in the previous year.
The company further said that while volumes in Electrical Cables and Communication Cables reflected a similar trend (lower than the corresponding period of the previous year), in the newer categories of Lamps, Switches, Switchgear, Fans and Water Heaters, there was a healthy growth of upwards of 20%. The strategy to focus on better distribution is bringing rewards, though slowly.
At around 10.00 am, Finolex Cables was trading at Rs279.40 per piece up by Rs1.55 or 0.56% from its previous closing of Rs277.85 per piece on the BSE.
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