Finolex Cables Ltd. Results Announced: Net Profit Goes Down
Finolex Cables Ltd. the flagship company of Finolex Group and a leading manufacturer of electrical and telecommunication cables, announced its results of Q1 FY20 as well as Annual Results.
Standalone Financial Performance of Finolex Cables Ltd Q-o-Q
Total Income From Operation of the company remained flat with a marginal increase of 2.27% to Rs. 829.71 Cr. as against Rs.811.28 Cr. during Q1 FY19. Net Profit Before Tax of the company declined 15.72% to Rs. 117.85 Cr. as against Rs.139.84 Cr. during Q1 FY19. Net Profit After Tax of the company witnessed a huge decline of 9.71% to Rs. 81.57 Cr. as against Rs.90.34 Cr. of Q1 FY19.
Consolidated Financial Performance of Finolex Cables Ltd Q-o-Q
The consolidated results include the performance of the following:
Associate Company: Finolex Industries Ltd.
Joint Venture comapanies: Finolex J-Power Systems Private Ltd. and Corning Finolex Optical Fibre Private Ltd.
Total Income From Operation of the company increased by marginal 2.27% to Rs. 829.71 Cr. as against Rs.811.28 Cr. during Q1 FY19. Net Profit Before Tax of the company declined 20.73% to Rs. 138 Cr. as against Rs.174.09 Cr. during Q1 FY19. Net Profit After Tax of the company declined 17.31% to Rs. 96.95 Cr. as against Rs.117.25 Cr. during Q1 FY19.
Finolex Cables: Standalone Financial Performance Y-o-Y
Family Disputes could be fading the colors of Financial Results
It appears that the management dispute maybe affecting the financial performance of the company. The net profit of the company, standalone as well as consolidated have gone down drastically by 15.72 % and 20.73 % respectively. Also, the net profit (annual results) shows a downfall of 4 %.
We hope that all issues are resolved at this very important industry.
Read more about the management disputes at Finolex
About the Company: The company was established by two brothers in 1958 in Pune. Presently, the company manufacturers a wide variety of Wires & Cables, it has a network of 4,000 distributors, 30,000 dealers, 5 manufacturing plants and 28 depots at various locations.