Cable NewsLatest NewsSpotlight

Cords Cable Posts Promising Q3 FY-24 Results: PAT Grows 79%, Revenue 29% YoY

Cords Cable logo

Cords Cable Industries Ltd. [NSE: CORDSCABLE, BOM: 532941], a major Indian manufacturer of Instrumentation, Signaling, Control and LV Power cables, has announced its financial results for Q3 of FY-24.

Cords Cables’ Financials for Q3 of FY-24

Comparison of Cords Cable’s Revenue: Q3 FY23 vs. Q3 FY24 vs. Q2 FY24

YoY Comparison of Cords’ Financial Numbers: Q3 FY-24 vs. Q3 FY-23

Cords Cable reported Rs. 167.93 crore as its revenue from operations for Q3 of FY-24. This shows a remarkable 29.82% Year-over-Year (YoY) increase from Rs. 129.36 crore earned during third quarter of FY-23.

The company’s Q3 PAT showed an impressive YoY growth of 79.88% to Rs. 2.95 crore in FY-24 from Rs. 1.64 crore which was logged during FY-23.

Comparison of Cords Cable’s PAT: Q3 FY23 vs. Q3 FY24 vs. Q2 FY24

Correspondingly, Earnings Per Share (EPS) of the company grew to Rs. 2.27 during Q3 of FY-24 from Rs. 1.27 in Q3 of FY-23.

QoQ Comparison of Cords Cable’s Financial Figures: Q3 FY-24 vs. Q2 FY-24

On a Quarter-over-Quarter (QoQ) basis, Cords’ revenue from operations soared by 15.55% from Rs. 145.33 crore, which was clocked during Q2 of FY-24.

Following the same upward trend, Cords Cable’s PAT displayed a robust QoQ growth of 44.60% from Rs. 2.04 crore reported for Q2 of FY-24.

Cords’ Shares Gain 49% within 4 days After Strong Results, Bolster Investors’ Confidence

Cords Cable Kahrani factory
Cords’ Manufacturing Unit at Kahrani, Rajasthan

Cords Cable’s share price jumped by 20% on the day of announcement of Q3 FY-24 financial results on 31st January 2024. The company’s shares were trading at Rs. 141.80 apiece on 31st January 2024 against Rs. 118.20 apiece on 30th January 2024. Since the announcement of Q3 FY24 results Cords Cable’s share price has increased by approx. 49% within 4 days of trading.

Moreover, volume of trades of the company’s shares after the announcement of Q3 FY-24 results soared remarkably. On the day of announcement of results, volume of share trades stood at 10,66,000 trades as compared to 55,000 trades a day earlier.

Both the aforementioned metrics suggest that investors’ confidence in Cords’ stock remains strong.

Share price of Cords Cable Industries Ltd. has risen approx. 160% in that past 1 year.

Insights of the company on its Q3 FY-24 Financial Performance

Naveen Sawhney CMD Cords Cable Industries Ltd
Mr. Naveen Sawhney, CMD, Cords Cable Industries Ltd.

Speaking about the company’s Q3 FY-24 financial performance, Mr. Naveen Sawhney, Managing Director of Cords Cable Industries Ltd., said, “This fiscal’s growth in comparison to last financial year, that is, 2022-23 was because of 2-3 factors. Firstly, because of focus on proper product mix which is more suitable for our setup. Secondly, instead of smaller orders, our focus was on large value orders having continuous length of production. Apart from this, we did debottlenecking in certain areas at both of our manufacturing units (i.e. Chopanki and Kahrani) which ultimately resulted in this growth”.

He further added “This is a continuous process and we are focusing more on optimization at every level in order to have better productivity”.

Commenting on the company’s future growth prospects, Mr. Sawhney said that in FY 2023-24 the company expects a revenue growth of more than 15% as compared to previous fiscal.

Mr. Sandeep Kumar, CFO of Cords Cable Industries, said that the company has performed remarkably well during Q3 of FY-24. “The company has improved every parameter of performance. The company has achieved highest turnover in a quarter, he said. He also mentioned that Cords’ Profit Before Tax (PBT) earned during the nine months ended 31st December 2024 is 94% of the company’s PBT earned during the entire FY-23. “Cost control measures and economies of scale have improved the bottom line”, he added.

Mr. Sandeep Kumar added that the company has been maintaining a healthy order book with orders from different industrial sectors.

About Cords Cable: 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.