Cords Cable Industries Ltd., one of India’s leading manufacturer of Instrumentation, Signaling, Control and LV Power cables has announced its financial results for Q1 FY22.
Cords Cable’s Financial Results for Quarter 1 of FY 2021-22
Financial Figures of Q1 FY22 v/s Q1 FY21
Total income of Cords Cable has increased sharply by 79.13 % reaching Rs. 88.67 crore in Q1 FY22 from Rs. 49.50 crore in Q1 FY21.
Cords Cable’s net profit rose to Rs 1.45 crore in the quarter ended June 2021 against just Rs 0.12 crore during same quarter last year. This is an increase of 1108.3 % in net profit.
Last year, the swift spread of the Corona Virus Pandemic came as a heavy blow to the wire and cable manufacturing sector. Starting from mid March 2020, strict lock-down was imposed in India due to which manufacturing segment had come to a standstill.
Labour migration/shortage, disrupted supply chain, weaker demand, lack of logistic support, raw material shortages, capacity under-utilization and various other problems resulted in poor performance of the Industry, including the Indian Wires and Cables Industry during April-June of 2020. Whereas the second Covid-19 wave that hit India in April of 2021 did not impact Industry as much because Industrial activity wasn’t put under lockdown.
Expressing views on results and future prospects Mr. Naveen Sawhney, Chairman & MD, Cords Cable Industries Ltd. in an interaction with CableCommunity.com said “We have now left Covid behind by a lot, only thing is that third wave should not be there and going forward we expect a good business and reasonable growth. This year we expect a growth of around 25 %, which is fairly good and our second quarter should be much better than the first quarter“.
Mr. Naveen Sawhney further mentioned that “Order booking is also very good. Right now we have a order backlog of around Rs. 175 crore. Lot of projects which were held up or progressing slowly due to Covid have now picked up pace. Buyers are after delivery, they want to release there RFQ’s and orders. Going forward we expect a good business from hydrocarbons, metro, steel, cement and practically every segment of our business. This year should turn out to be better and for third wave we can keep our fingers crossed”.
About Cords Cable Industries Limited: The company was established in 1987, headquartered in New Delhi (India). Cords manufactures Instrumentation cables, Control cables, Thermocouple cables, LV Power cables besides all other Special Tailor-made cables mainly for industrial sector. Cords is listed on BSE and NSE stock exchanges. Cords has two manufacturing units based at Chopanki and Kahrani.