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Finolex Cables Q4 net profit rises 4 pc to Rs 84.9 crore

Finolex Cables Q4 net profit rises 4 pc to Rs 84.9 crore

Mumbai, May 29 (PTI) Finolex Cables Wednesday reported a four per cent rise in its standalone net profit to Rs 84.9 crore for the quarter ended March 31, mainly on the back of increase in revenues. The company had posted a net profit of Rs 81.76 crore in the corresponding period of the previous financial year. Its standalone total income in the January-March period rose three per cent to Rs 821.69 crore, compared with Rs 799.2 crore a year ago, said in a statement here. For the entire 2018-19, sales stood at Rs 3,082.58 crore as against Rs 2,902.84 crore in the previous year with a six per cent revenue growth. However, the profit after tax for 2018-19 reduced to Rs 344.09 crore from Rs 358.2 crore in 2017-18. "Except for power cables and optic fiber cables, all other product lines showed a healthy volume growth," it said. During the quarter, in volume terms, its electrical wires business grew by 18 per cent, while power cables business de-grew marginally. Within the communication cables segment, volumes in optic fiber cables de-grew owing to delays in orders from both the government sector as well as sluggishness from private telecom companies. Other communication products that are sold through dealer network, however, saw volume growth of over 15 per cent, the company said. New products within the fast-moving electrical goods (FMEG) sector grew by over 10 per cent, which is a reflection of positive impact of GST, the company said. "Newer product lines like fans, switchgear and water heaters have all grown. Addition to product range, expansion of distribution network, continued presence in visual media have all contributed to the Finolex brand recognition within these product segments," the company added. PTI PSK AP HRS