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Finolex Cables’ Q1 Revenue Grows over 50% YoY, Q1 Profit up 37.63% YoY

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Finolex Cables Limited [NSE: FINCABLES, BOM: 500144], an Indian manufacturer of cables and FMEG products, has announced its financials for the first quarter of 2022-23 fiscal.

Finolex Cables’ Consolidated Financials

YoY Comparison of Finolex Cables’ Financial Performance: Q1 FY-23 vs. Q1 FY-22

For the quarter ended 30th June 2022, Finolex Cables reported Rs. 1,015.65 crore as revenue from operations. This reflects an impressive YoY increase of 50.39% from the Rs. 675.36 crore revenue that the company clocked in Q1 of the previous financial year.

Comparison of Finolex Cables’ Financials: Q1 FY-22 vs. Q1 FY-23 vs. Q4 FY-22

Profit After Tax (PAT) of the company also rose by 37.63% on a YoY basis to Rs. 119.60 crore for the first quarter of FY-23 from Rs. 86.90 crore recorded during the corresponding period in FY-22.

These numbers are representative of a strong post-CoVID financial recovery.

QoQ Comparison of Finolex Cables’ Financials: Q1 FY-23 vs. Q4 FY-22

On a Quarter-over-Quarter (QoQ) basis, the company’s revenue from operations fell by 14.42% from Rs. 1,186.85 crore reported for the last quarter of the previous financial year. This decrease is natural since Q4 has been historically the highest grossing quarter for the Indian cable industry.

The company’s profits declined by 46.72% from Rs. 224.47 crore accrued over the course of the quarter ended 31st March 2022.

Finolex Cables’ Segment-Wise Consolidated Revenue Comparison

Finolex Cables clocked Rs. 1,015.65 crore as standalone revenue from operations during Q1 FY23. Further, the standalone PAT of the company has been recorded as Rs. 95.57 crore during the same period.

Comparison of Finolex Cables’ Segment-wise Revenue: Q1 FY-22 vs. Q1 FY-23 vs. Q4 FY-22

Electrical Cables: This segment contributes the most to Finolex Cables’ revenue. In the opening quarter of FY-23, the company reported Rs. 826.51 crore as revenue due to its electrical cables segment. This represents an impressive YoY increase of 48.24% from the company’s Q1 FY-22 revenue of Rs. 557.55 crore from this segment.

On a QoQ basis, revenue from this segment went down by 19.40% from Rs. 1,025.47 crore clocked during Q4 of the previous financial year.

Communication Cables: Finolex’s Communication Cables segment contributed Rs. 133.56 crore to the company’s revenue during Q1 of FY-23 as against Rs. 87.48 crore during the same period in the previous fiscal. This translates to a remarkable 52.67% increase YoY.

From Q4 of FY22 to Q1 of FY23, revenue from this segment rose by 29.24% from Rs. 103.34 crore.

Copper Rods: The company’s Copper Rods segment recorded the highest YoY growth compared to Finolex’s other business segments with a staggering 668.69% increase. In the first quarter of 2022-23, Copper Rods contributed Rs. 299.25 crore to the company’s revenue as against Rs. 38.93 crore for the same period in FY-22.

A miniscule decrement of 0.95% is observed on comparing copper rods revenue of the company on a QoQ basis. In the last quarter of FY-22, the company reported a revenue of Rs. 302.11 crore from this segment.

Others: This segment consists of the company’s switchgear, FMEG, and conduit pipes businesses. In Q1 of FY-23, Finolex Cables reported Rs. 50.26 crore as revenue from this segment. This is a significant 82.56% increase YoY from Rs. 27.53 crore revenue recorded for Q1 of the previous fiscal.

Compared to the last quarter of FY-22, Finolex Cables’ revenue from this segment decreased marginally by 2.75% from Rs. 51.68 crore.

About Finolex Cables Ltd.: Finolex Cables Ltd. is one of India’s major cable companies with manufacturing units in Pune, Panjim and Roorkee. Finolex’s Continuous Cast Copper (CCC) Rods are manufactured at its facility in Goa. For the 2021-22 financial year, the company reported a turnover of Rs. 3,839.56 crore.