Cords Cable Q1 FY23 Financials: Revenue Up 39.36% YoY, Net Profit Up 20% YoY
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 the quarter ended 30th June 2022.
Standalone Financial Performance of Cords Cable Industries
YoY Comparison of Cords’ Financials: Q1 FY-23 vs. Q1 FY-22
Revenue from Operations of the company was Rs. 123.17 crore during the first quarter of the ongoing fiscal. This reflects a healthy growth of 39.36% on a Year-over-Year (YoY) basis from Rs. 88.38 crore revenue reported by the company during Q1 of the previous fiscal.
Net Profit also followed an upward trend, rising by 20% to Rs. 1.74 crore for Q1 of FY-23 from Rs. 1.45 crore recorded for the corresponding period in FY-22.
Cords’ YoY performance reflects impressive financial recovery from the effects of the Coronavirus pandemic, which had dealt a heavy blow to most industries at the start of FY-22. While industrial growth has been sluggish since negative impacts of the pandemic had begun to wane, Cords Cable’s Q1 financials exhibit commendable YoY recovery.
QoQ Comparison of Cords’ Financial Results: Q1 FY-23 vs. Q4 FY-22
On a Quarter-over-Quarter (QoQ) basis, the company’s revenue showed a slight drop of 7.39% from Rs. 133 crore reported for the last quarter of the previous financial year.
Cords’ profit also went down marginally by 6.45% from Rs. 1.86 crore which was clocked during Q4 of 2021-22.
Usually, the last quarter of any financial year is the highest grossing period in case of the Indian cable industry. In this light, Cords Cable has entered the new financial year with consistent and robust performance.
Insights of the Company on its Financial Performance
Commenting on Cords Cable’s financials for the opening quarter of 2022-23, Mr. Sandeep Kumar, the company’s CFO said, “During the quarter ended 30th June 2022, the company’s performance has been strong; the company has achieved reasonable good growth in its top line. However, due to geopolitical situation, there has been volatility in oil and commodities prices which put some pressure on input cost“.
About Cords Cable Industries Ltd.: Established in 1987, Delhi-headquartered Cords Cable Industries Ltd. has manufacturing facilities at Chopanki and Kahrani in Rajasthan. The company engages in the 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.