Finolex Cables hits lifte time high

Finolex Cables hit a new life time high today at Rs.344.60, with volumes surging over 12 times.

The company posted a very good set of numbers for Q4FY16. On a 3% (YoY) rise in net sales at Rs.675 crore, the company posted a 76% jump in net profit at Rs.83 crore. This was thanks to the 5% drop in total costs and doubling of other income from Rs.9 crore to Rs.18 crore. Operating profit was up 135% at Rs.94 crore.

The company reported a 12% growth in volume of electric cables and 20% growth in communication cables. Overall, during the quarter, margins improved by 250 basis points to 19%, due to better product mix as well as continuous margin monitoring.

It ended FY16 with a 25% growth in net profit at Rs.249 crore though net sales was flat at Rs.2444 crore v/s Rs.2430 crore in FY15. Equity stands at Rs.30 crore and EPS is at Rs.16 (FV of Rs.2/share). Borrowings stand at Rs.68 crore and cash is at Rs.22 crore.