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The plant with an initial capacity of 100 tons of preforms, is being set up at a cost of Rs 290 crore approximately and would be funded entirely out of internal accruals.
“The plant's capacity would be scalable and would be expanded at a later date subject to market requirements,” the company said in regulatory filing.
The construction will commence upon receipt of necessary regulatory approvals. The production from this new plant is expected to commence in 15 months approximately from the date of commencement of construction of plant.
The company's consolidated net profit rose 7.9% to Rs 154.31 crore on 18.2% jump in net sales to Rs 1,150.31 crore in Q3 FY23 over Q3 FY22.
Finolex Cables is principally engaged in the manufacturing of electricals cables, communication cables &other electrical appliances.
The scrip rose 0.62% to Rs 863 on the BSE.
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