Quarterly Result: Finolex Cables Ltd
Bhagyashree Vivarekar / 10 Nov 2016
Finolex Cables Ltd is currently trading at Rs 422.9, up by 0.05 points or 0.01% from its previous closing of Rs. 422.85 on the BSE. The company's net profit increased 64.3% YoY to Rs 104.8 crore.
Technical View:
Finolex Cables Ltd is currently trading at Rs 422.9, up by 0.05 points or 0.01% from its previous closing of Rs. 422.85 on the BSE. The scrip opened at Rs 425.85 and has touched a high and low of Rs 434 and Rs 422.9 respectively.A total of 27704 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.
Standalone Results Q2FY17:
Finolex Cables Ltd’s Q2FY17 standalone numbers came in mixed as compared to Bloomberg estimates. Revenue for the period was 2.1% below estimate of Rs 627 crore. Also, reported net profit for the period was 20.7% above the estimate of Rs 87 crore.
The revenue for the quarter declined 4.1% YoY to Rs 614.23 crore on account of 44% YoY decline in communication cable segment and 5% decline in copper rod sales.
The company's EBITDA increased 32.3% YoY to Rs 99.77 crore while EBITDA margins improved 447 bps YoY to 16.2%. This was primarily due to the impact of change in inventory.
The company's net profit increased 64.3% YoY to Rs 104.8 crore. This was due to 106% jump in other income and decrease of 52% in finance cost YoY.
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