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Finolex Cables FY-24 Financial Results: Revenue Up 12%, PAT Jumps 29%

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Finolex Cables Limited [NSE: FINCABLES, BOM: 500144], an Indian manufacturer of cables, copper rods, switchgear and FMEG products, has announced its financial results for Q4 of FY-24 and FY-24.

Standalone Financial Results of Finolex Cables: Q4 of FY-24 & FY-24

Finolex Cables earned a standalone revenue of Rs. 1,401.02 crore from operations during Q4 of FY-24 and a corresponding Profit After Tax (PAT) of Rs. 146.22 crore. The company’s Earnings Per Share (EPS) stood at Rs. 9.56 during Q4 of FY-24.

For the entire financial year 2023-24, Finolex Cables reported a standalone revenue of Rs. 5,014.39 crore and a PAT of Rs. 571.60 crore. In FY-24, the company’s EPS were recorded as Rs. 37.37.

Finolex Cables’ Consolidated Financial Figures: Q4 FY-24 & FY-24

YoY Comparison of Finolex Cables Financials: Q4 FY-24 vs. Q4 FY-23 & FY-24 vs. FY-23

Finolex cables Revenue Comparison: Q4 FY-23 vs. Q4 FY-24 vs. FY-23 vs. FY24

In Q4 of FY-24, Finolex Cables recorded a consolidated revenue of Rs. 1,401.02 crore, exhibiting an increase of 14.43% YoY from its revenue of Rs. 1,224.32 crore recorded for Q4 of FY-23. PAT during Q4 of FY-24 increased to Rs. 186.10 crore from Rs. 175 crore which was logged as profit for Q4 of FY-23. Therefore, PAT of the company showed an increase of 6.34% from Q4 of FY-23.

Finolex cables PAT Comparison: Q4 FY-23 vs. Q4 FY-24 vs. FY-23 vs. FY24

Considering the full financial year, in FY-24, Finolex cables’ revenue surged by 11.90% to Rs. 5,014.39 crore from Rs. 4,481.11 crore which was reported for FY-23. Further, the company’s FY-24 PAT of Rs. 651.69 crore was 29.23% higher than its FY-23 profit of Rs. 504.28 crore.

Moreover, the company’s Q4 FY-24 EPS stood at Rs. 12.17 and for the entire financial year 2023-24, Finolex Cables’ EPS were Rs. 42.61.

Finolex cables Revenue: Q3 FY-24 vs. Q4 FY-24
Finolex cables PAT: Q3 FY-24 vs. Q4 FY-24

Finolex Cables QoQ Result Comparison: Q3 FY-24 vs. Q4 FY-24

On a Quarter-over-Quarter (QoQ) basis, Finolex Cables’s revenue from operations saw an increase of 14.68% from Rs. 1,221.68 crore reported for Q3 of FY-24. Further, the company’s PAT jumped by 23.26% from Rs. 150.98 crore clocked during third quarter of FY-24.

Segment Wise Revenue Comparison of Finolex Cables Revenue

Electrical Cables: During entire FY-24, this segment accounted for 62.80% of the company’s gross revenue*.

Gross revenue of a company represents the total of segmental revenues before subtracting the inter-segmental revenue.

Finolex Cables’ Electrical Cables segment bought in a revenue of Rs. 1,200.68 crore during Q4 of FY-24 which reflects a YoY increase of 16.37% from the Rs. 1,031.77 crore during Q4 of FY-23.

The company mentioned in its investor presentation that volume of electric cables business increased by 16% during Q4 of FY-24 because of improvement in construction works and infrastructural development activities.

For the entire year, Finolex Cables’ revenue from Electrical Cables business stood at Rs. 4,221.63 crore, exhibiting a growth of 14.61% from Rs. 3,683.51 crore revenue during FY-23.

Considering the full financial year 2023-24, volume of electrical wires increased by 15% and volume of cables increased by 26%.

The company mentioned, “Volatility in commodity prices were managed with appropriate changes to selling prices and tight inventory management”.

Communication Cables: During Q4 of FY-24, the company reported Rs. 127.95 crore as its revenue from this segment. This is 8.58% lower YoY than the company’s Communication Cables revenue of Rs. 139.96 crore during Q4 of FY-23.

For the entire financial year 2023-24, Finolex Cables’ revenue from this segment was Rs. 531.20 crore, reflecting a decrease of 8.27%. In FY-23, the company’s revenue from Communication Cables segment stood at Rs. 579.04 crore.

This is the only segment of the company which showed a decrease in revenue. Finolex Cables mentioned, “Within communication cables segment volume of optic fiber cable decreased during the year primarily due to delay in tender both from the Govt. as well as from private telecom players”.

Copper Rods: Finolex Cables’ revenue from this segment stood at Rs. 480.53 crore in Q4 of FY-24 which is 24.43% higher YoY than the Rs. 386.20 crore revenue during Q4 of FY-23.

Over the full FY-24, revenue from this segment exhibited a growth of 37.58% to Rs. 1,744.24 crore against Rs. 1,267.79 crore logged for financial year 2022-23.

Others: This segment comprises Finolex Cables’ FMEG, switchgear, and conduit pipes businesses. Revenue from ‘Others’ segment of the company grew by 41.13% YoY to Rs. 63.93 crore in fourth quarter of FY-24 from Rs. 45.30 crore during fourth quarter of FY-23.

For FY-24, revenue from this vertical stood at Rs. 255.15 crore, up by 30.62% from Rs. 195.34 crore during FY-23.

The company mentioned that the addition of products in the ‘others’ segment and the expansion of the distribution network contributed to both revenues and volumes.

Ongoing Development at Finolex Cables’ Preform Plant & Solar Cables Facility in Pune

Finolex Cables is in the process of establishing a preform manufacturing plant in Urse, Pune. Additionally, the company is also working on manufacturing solar power cables using Electron (e-beam) technology at the same plant. According to the company’s investor presentation for the quarter and financial year ended March 31st 2024, The first of the E-beam equipment is currently under commissioning and is expected to be in production shortly. The second E-beam equipment is expected to arrive in June 2024. The first phase of Finolex Cables’ preform plant is expected to become operational by the end of 2024.

About Finolex Cables Limited: Pune-based Finolex Cables is a major Indian cable manufacturer and the flagship company of the Finolex Group. Finolex offers a wide range of Electrical and Communication cables. The company has manufacturing facilities at Pimpri and Urse in Pune, Goa, and Roorkee, Uttarakhand.