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Paramount Communications Q1 FY-24 Financials: Revenue Up 28.60% YoY

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Paramount Communications Limited [NSE: PARACABLES, BOM: 530555], a Delhi-headquartered cable manufacturer, has announced its financial results for the quarter ended 30th June 2023.

Paramount Communications’ Standalone Financial Numbers for Q1 FY-24

For Q1 FY-24, Paramount Communications reported a standalone revenue of Rs. 210.54 crore from its operations. Correspondingly, the company’ s Profit After Tax (PAT) for this period stood at Rs. 14.53 crore on standalone basis.

Further, Paramount’s Earnings Per Share (EPS) were reported as Rs. 0.72 during Q1 of FY-24.

Paramount’s Consolidated Financial Figures for Q1 of FY-24

YoY Comparison of Paramount’s Financial Results: Q1 FY-24 vs. Q1 FY-23

Paramount Communication’s Financials: Q1 FY-23 vs. Q1 FY-24 vs. Q4 FY-23

Paramount’s revenue from operations rose by 28.60% YoY to Rs. 210.54 crore in Q1 of FY-24 from Rs. 163.72 crore which was reported for Q1 of financial year 2022-23.

Consolidated PAT of the company increased to Rs. 14.53 crore which is 2.07 times the company’s Q1 FY-23 profit of Rs. 7.02 crore.

Further, EPS of the company was Rs. 0.72 for Q1 of FY-24 against Rs. 0.36 during Q1 of the previous fiscal.

QoQ Comparison of Paramount’s Financial Numbers: Q1 FY-24 vs. Q4 FY-23

On a Quarter-over-Quarter (QoQ) basis, the company’s revenue from operations grew slightly by 4.19% from Rs. 202.08 crore clocked in the last quarter of FY-23.

Paramount Communications’ PAT also increased by 5.29% from Rs. 13.80 crore reported during Q4 of FY-23.

Uptick in Global & Domestic Demand from Infra., Real Estate, Highway & Railway Sectors

Mr. Sanjay Aggarwal, Chairman & CEO of Paramount Communication Ltd., said that the wires and cables industry is growing rapidly because of robust orders from domestic and international markets.

Explaining the reasons for the growth in domestic demand, Mr. Aggarwal said, “Domestic demand is being boosted by a growth in private capital expenditure, real-estate expenditures, and government infrastructure programs such as highway building, urban railway systems, metro railways, smart cities, and other large infrastructure investments across the country”.

He further elaborated that the development of data centers and implementation of 5G technology in the country have increased the demand for transmission cables.

Paramount’s investor presentation on its Q1 FY-24 results states that exports contributed 40% to the total revenue in the opening quarter of FY-24. Considering the domestic sale of cables, power cables accounted for 34% of the company’s Q1 FY-24 revenue whereas domestic sales of railway cables, telecom cables and domestic wires contributed 7% each.

About Paramount Communications Ltd.: Paramount Communications is a part of the Paramount Cables Group, and it is engaged in wire and cable manufacturing. The company has a wide product range including High Voltage & Low Voltage Power Cables, Specialised Cables, Railway Cables, Optical Fiber Cables & Telecom Cables, Instrumentation and data Cables, and Fire Survival Cables. The company has two manufacturing facilities one of which is situated in Khushkhera, Rajasthan, while the other is in Dharuhera, Haryana.