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Results
02-Feb-06
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Analysis
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Finolex Cables
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Merger of subsidiaries blunts comparison
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On October 21, 2005, the High Court of Judicature at Bombay approved the merger of erstwhile subsidiaries namely, Finolex Wire Products and Finolex Finance with the Company, effective from April 01, 2005. Accordingly, the financial results were prepared by the company after taking into consideration the merger effect in accordance with the Accounting Standard AS 14 'Accounting for Amalgamations'. In view of the merger effect, the current and previous periods' figures are not comparable.
For the quarter ended December 2005 Net Sale of the company stood at Rs 213.4 crore. OPM of the company was 11.2%.Company has reported a net profit of Rs 10.79 crore. Non promoter holding as on December 2005 stood at 68.05% as compared to 68.06% last year.
For the nine months ended December 2005 net sales of the company were 524.54 crore. OPM for the period stood at 9.2%.PAT for the period stood at Rs 29.35 crore.
Other Developments
As part of an expansion strategy the company has approved a Rs 18 crore project to produce compact fluorescent lamps. The company will generate 80 lakh pieces annually at its existing facility in Urse, Pune.
As on 1st February 2006 closing price of Finolex Cables on BSE was Rs 310.1
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