Within the communication cables segment, the volume of metal-based products improved by 71 percent during the quarter, while optic fiber cable volumes grew by over 290 percent during the quarter.
August 13, 2021
Finolex Cables Ltd., (FCL) has announced the results for the first quarter of the financial year 2021-22. The company recorded a profit for the quarter (after taxes) at INR 55.1 crore, as compared to INR 35 crore in the previous year, an improvement of 58 percent.
According to the reports — revenues for the quarter ended June 2021 stood at INR 675.4 crore as against INR 377.1 crore for the corresponding period in the year 2020-21, representing a 79 percent growth in value terms. In volume terms, Electrical Wires increased by 7 percent, while power cables increased by 23 percent.
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Within the communication cables segment, the volume of metal-based products improved by 71 percent during the quarter. Optic fiber cable volumes grew by over 290 percent during the quarter. New products within the FMEG sector all grew by more than 21 percent each.
Also Read: Wire & Cable India MAY-JUN 2021 Issue.
Economic recovery following the outbreak of the Corona Virus seemed well on its way when the second wave struck India early in the quarter. While the lockdowns were not as severe as in the previous year, market sentiments were impacted and the restrictions on operating timings for businesses also had their impact. Further, different markets were under lockdown at different times during the quarter – Kerala, Karnataka, Delhi, Tamil Nadu, Maharashtra and parts of West Bengal being among the states where the Company was impacted significantly.
