Cords Cable Announces Q3 FY-23 Financials: Revenue Soars by 16.93% YoY
Cords Cable Industries Ltd. [NSE: CORDSCABLE, BOM: 532941], an Indian cable manufacturer, has announced its financial results for the quarter ended 31st December 2022.
Cords Cable’s Financial Performance for Q3 of FY-23
YoY Comparison of Cords’ Financials: Q3 FY-23 vs. Q3 FY-22
Cords reported a revenue of Rs. 129.36 crore from its operations during the third quarter of the 2022-23 financial year. This is a 16.93% jump from the company’s revenue during Q3 of the previous fiscal, which was Rs. 110.63 crore.
Q3 Profit After Tax (PAT) of the company also soared by 6.49% to Rs. 1.64 crore in FY-23 from Rs. 1.54 crore in FY-22.
QoQ Comparison of Cords’ Financial Numbers: Q3 FY-23 vs. Q2 FY-23
On a Quarter-over-Quarter (QoQ) basis, the company’s revenue from operations dropped by a meagre 1.81% from Rs. 131.74 crore clocked during the quarter ended 30th September 2022.
Cords’ PAT also fell QoQ by a slight 4.65% from Rs. 1.72 crore which was reported for Q2 of the current fiscal.
Company’s Insights on its Financial Performance
Commenting on the company’s financial performance for the quarter ended 31st December 2022, Mr. Sandeep Kumar, CFO of Cords Cable Industries, said, “Due to buoyancy in demand the company is getting a regular flow of orders from all sectors. However, volatility in raw material prices is put some pressure on the company’s bottom line in percentage terms.” Elaborating on the profit earnings he added, “With economies of scale, the company is improving its bottom line in absolute numbers.”
About Cords Cable Industries Ltd.: Delhi-headquartered Cords Cable Industries was established in 1987, and has manufacturing facilities at Chopanki and Kahrani in Rajasthan. The company is involved in manufacture of Instrumentation cables, Thermocouple cables, Power cables, Control cables, and other Special cables to provide solutions for industrial connectivity requirements such as Railway Signalling, SCADA, DCS, and other plant instrumentation requirements.