Cords Cable Industries Posts Impressive Q1 FY-24 Financials: Revenue Up 10% YoY
Cords Cable Industries Ltd. [NSE: CORDSCABLE, BOM: 532941] has announced its financial results for the quarter ended 30th June 2023.
Cords Cables’ Standalone Financials for Q1 of FY-24
YoY Comparison of Cords’ Financial Figures: Q1 FY-24 vs. Q1 FY-23
Cords Cable Industries reported a revenue of Rs. 135.26 crore for Q1 of FY-24 against Rs. 123.16 crore logged during Q1 of FY-23. This reflects a healthy Year-over-Year (YoY) revenue growth of 9.82%.
The company’s Profit After Tax (PAT) for the quarter ended 30th June 2023 stood at Rs. 1.85 crore, which is 6.32% higher YoY than the Rs. 1.74 crore PAT reported by Cords for Q1 of FY-23.
Earnings Per Share (EPS) of the company during Q1 of FY-24 were Rs. 1.41 against Rs. 1.34 for Q1 of FY-23.
QoQ Comparison of Cords’ Financials: Q1 FY-24 vs. Q4 FY-23
On a Quarter-over-Quarter (QoQ) basis, Cords’ revenue dropped slightly by 4.73% from Rs. 141.98 crore, which had been reported for Q4 of FY-23. PAT of the company slid by 12.74% QoQ from Rs. 2.12 crore which was minted during Q4 of FY-23.
Management Insights on Financial Performance of Cords Cable
In an interaction with CableCommunity.com, Mr. Naveen Sawhney, Chairman and Managing Director of Cords Cable Industries commented “During this FY 2023-24, we expect a good demand for our products from both domestic as well as overseas markets. We expect growth in the top line by approximately 10% over the FY 2023-24. Bottom line is also expected to be better than the last financial year. Going forward, we foresee healthy demand for our range of products.”
Mr. Sandeep Kumar, CFO of Cords Cable Industries, mentioned that “During the quarter ended 30.6.2023 the company has achieved reasonable good growth. However, stiff competition in the market has put some pressure on profit margins. The company has been working on cost reduction and increasing current efficiency by putting new machineries etc. With the growth in GDP and India being a Bright spot in the global economy, we expect reasonable growth in business”.
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’s portfolio comprises 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.