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For the quarter ended Dec’06 Finolex Cables has reported a revenue growth of 19% to Rs 252.96 crore. The operating profit margin has improved to 14.2% from 11.2%. Improvement in margins coupled with surge in revenue has led to a 50% jump in operating profit to Rs 35.98 crore. The net profit of the company has reported growth of 49% to Rs 16.1 crore. The growth in bottomline of the company was mainly powered by electrical cables division.
Quarterly Results
Net sales for the quarter have increased by 19% to Rs 252.96. However sales figures for the quarter ended Dec’06 is not strictly comparable with the one for the quarter ended Dec’05 since there was no billing of JFTC to BSNL / MTNL during the quarter in absence of a tender. During the third quarter ended of the previous year JFTC billing to BSNL / MTNL was Rs 42.15 crore.
The operating profit margin has improved to 14.2% from 11.2%. The improvement in margins was contributed by Communication cable and other business. Improvement in margins coupled with surge in revenue has led to a 50% jump in operating profit to Rs 35.98 crore.
Fall in other income by 31% to Rs 1.49 crore has restricted PBIDT growth to 43%. Interest expenses have increased by 32% to Rs 3.92 crore while provision depreciation has declined by 6% to Rs 6.71 crore. Thus, PBT has posted a growth of 67% to Rs 26.84 crore. Provision for tax has shoot up by 105% to Rs 10.74 crore. Finally, PAT of the company has posted a growth of 49% to Rs 16.1 crore.
Nine months Results
For the nine months ended Dec’06 net sales of the company has increased by 41% to Rs 740.8 crore. Operating profit margin has improved to 13.5% from 9.2%. Improvement in margins coupled with surge in revenue has led to a 107% jump in operating profit to Rs 99.79 crore.
Fall in other income by 22% to Rs 16 crore has restricted PBIDT growth to 69%. Interest expenses have increased by 33% to Rs 11.09 crore while provision depreciation has declined by 7% to Rs 19.56 crore. PBT has posted a growth of 117% to Rs 85.14 crore. Provision for tax has shoot up by 155% to Rs 24.98 crore. Finally, PAT of the company has posted a growth of 105% to Rs 60.16 crore.
Segment Results
Quarterly Results
a) Electrical Cables
The electrical cables business showed a growth in revenue of 43% to Rs 170.05 crore. PBIT margins for the segment have declined to 15.77% from 16 %. PBIT of the division has zoomed by 41% to Rs 26.82 crore.
b) Communication Cables
The Communication Cables business showed a decline in revenue of 43% to Rs 40.48 crore. The segment has reported a profit of Rs 1.97 crore as compared to profit of Rs 0.64 crore in corresponding quarter in previous year, up by 208%.
c) Copper rods
The Copper rods business showed a growth in revenue of 21% to Rs 138.23 crore. PBIT margins for the segment have declined to 1.45% from 1.84%. The PBIT of the division has reported a declined of 5% to Rs 2 crore.
Nine Months Results
a) Electrical Cables
For the nine months ended Dec‘06 the electrical cables business showed a growth in revenue of 52% to Rs 518.97crore. PBIT margins for the segment have improved to 17.29% from 13.6%. As a result the PBIT of the division has zoomed by 93% to Rs 89.71 crore.
b) Communication Cables
The Communication Cables business showed a decline in revenue of 8% to Rs 113.77 crore. The segment has reported a profit of Rs 2.16 crore as compared to loss of Rs 7.31 crore in corresponding quarter in previous year.
c) Copper rods
The Copper rods business showed a growth in revenue of 73% to Rs 466 crore. PBIT margins for the segment have improved to 1.44% from 1.31%. The PBIT of the division has reported a growth of 90% to Rs 6.71 crore.
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