Cords Cable Industries Posts Robust Q2 FY24 Results: Revenue Up 10%, PAT Soars 19% YoY
Cords Cable Industries Ltd. [NSE: CORDSCABLE, BOM: 532941], an Indian manufacturer of power, instrumentation, control, and specialty cables, has announced its financial results for Q2 of FY-24.
Cords’ Q2 FY-24 Financial Results
YoY Comparison of Cords’ Financial Numbers: Q2 FY-24 vs. Q2 FY-23
On a Year-over-Year (YoY) basis, the company’s Q2 top line grew to Rs. 145.33 crore during FY-24 from Rs. 131.74 crore which was reported during FY-23. This reflects a strong growth by 10.32% in Q2 revenue.
Further, a YoY comparison of Cords’ Q2 Profit After Tax (PAT) reflects an impressive increase by 18.60% to Rs. 2.04 crore in FY-24 from Rs. 1.72 crore during FY-23.
Earnings Per Share (EPS) of the company increased correspondingly, to Rs. 1.57 in Q2 of FY-24 from Rs. 1.33 during Q2 of FY-23.
QoQ Comparison of Cords’ Financials: Q2 FY-24 vs. Q1 FY-24
Cords Cable Industries’ revenue from operations grew by 7.44% on a Quarter-over-Quarter (QoQ) basis from Rs. 135.26 crore, which was clocked during Q1 of the current fiscal.
PAT of the company also followed an upward trajectory, growing by 10.27% QoQ from Rs. 1.85 crore which was earned during Q1 of FY-24.
Company’s Insights on its Financial Performance
Speaking about the company’s Q2 FY-24 financial performance, Mr. Sandeep Kumar, CFO of Cords Cable Industries said, “Due to buoyancy in demand, the company has been getting big orders from all major sectors. However, volatility in raw material prices and market competition is putting some pressure on the company’s bottom line in percentage terms. With economies of scale, the company has been improving its bottom line in absolute numbers”.
About Cords Cable Industries Ltd.: Established in 1987, Delhi-headquartered Cords Cable Industries has manufacturing facilities at Chopanki and Kahrani in Rajasthan. The company’s product offerings comprise Instrumentation cables, Thermocouple cables, Power cables, Control cables, and other Special cables for industrial connectivity solutions such as Railway Signalling, SCADA, DCS, and other plant instrumentation requirements.
