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FINOLEX CABLES LTD RESULTS

Pune, June 29, 2021

Finolex Cables Ltd., (FCL) at the meeting of its Board of Directors held today, approved results for the fourth quarter as well as the full year of 2020-21.


Revenues for the quarter ended March 2021 were Rs.921.4 Cr as against Rs.651.4 Cr for the corresponding period in year 2019-20, representing a 41% growth in value terms. In volume terms, Electrical Wires increased by 14%, while Power Cables declined by 18%. Within Communication Cables segment, there is an increase of 8% in volumes during the quarter, with most product lines contributing to the growth except OFC. New products within the FMEG sector all grew by more than 40% each. The PVC Conduit Pipe launch gives us an exciting new opportunity to strengthen the bond with customers – the first two month’s sale after launch has been encouraging.


For the full year 2020-21, sales were Rs. 2,768.1 Cr as against Rs. 2,877.3 Cr in the previous year – a decline of 3.80 %, mainly caused by COVID related lockdown in Q1. Consequently, volumes for the year are lower than what was achieved in the previous year - Electrical Wires by 10% and all Communication product lines by 1%. Newer product lines (Fans, Switchgear and Water Heaters) have all increased between 24% to 524% in volumes as compared to the previous year. Addition to product range, and expansion of distribution network and continued presence in visual media have all contributed to the better revenues and volumes within these product segments. 


Profit for the quarter, before taxes, was Rs.136.4 Cr, as compared to Rs.135.5 Cr in the previous year – a nominal growth of 1%. 


For the full year, profit before taxes stood at Rs 392.1 Cr as against Rs 501.3 Cr in the previous year – a decline of 22 %, primarily attributable to negligible revenue (and consequently lower profits) in Q1 due to COVID related disruptions, as well lower dividends from investments during the rest of the year.



PAT for Q4 of 2020-21 stood at Rs 96.1 Cr as against Rs 117.8 Cr for the corresponding period of the previous year – a decline of 18%. Previous year’s profit included dividend receipts from an associate company, during which period of time dividend receipts were tax free in the hands of the recipient.


For the full year, profit after taxes were Rs 282.9 Cr as against Rs 402.5 Cr in the previous year – included in the profits of the previous year are dividends of Rs. 80 Crore (tax free) received from associate companies.


At its meeting today, the Board has recommended a dividend of 275 % for the year, which means for every share of Rs 2/- the dividend outgo would be Rs 5.50.


For the year ended 31st March 2021, the consolidated results reflect net sales of Rs 2,768.1 Cr as against Rs 2877.3 Cr in the previous year and Profit After Taxes of Rs 461.5 Cr as against Rs 391.0 Cr in the previous year.  




ABOUT FCL 

Finolex Cables Limited is India's largest and leading manufacturer of Electrical and Communication cables.  Finolex offers a wide range of Electrical and Communication cables. Its wire and cable products are used in applications such as automobile, lighting, cable TV, telephone and computers to industrial applications touching every person in his daily life.  Finolex has added Electrical Switches, LED based Lamps, Fans, low voltage MCBs, Water Heaters and PVC Conduit Pipes to its range of products.




FINANCIAL HIGHLIGHTS

                                                                                                                                         In (Rs Cr)

 Particulars

Standalone

Standalone

Standalone

Standalone

Consolidated

Consolidated

 

Quarter Ended

Quarter Ended

Year Ended

Year Ended

Year Ended

Year Ended

 

31.03.21

31.03.20

31.03.21

31.03.20

31.03.2021

31.03.2020

Net Sales / Income from Operations (net of duty)

921.35

651.44

2768.11

2877.30

2768.11

2877.30

Profit before Exceptional item, Interest, Depreciation and Tax

147.34

145.80

431.84

541.80

447.17

474.92

 


 


 


 

Deductions for:


 


 


 

  • Exceptional Item


 

          -

 

            -

 

  • Interest

0.24

0.73

0.76

1.55

0.76

1.55

  • Depreciation

10.67

9.57

38.96

38.91

38.96

38.91

 


 


 


 

Profit before Taxation

136.43

135.50

392.12

501.34

407.45

434.46

Share of Profits in Associates & JVs

            -

            -

            -

             -

223.49

77.59

Profit After Tax

96.08

117.76

282.89

402.49

461.46

391.00

OCI

7.18

-32.69

33.31

-40.55

33.47

-41.37








Total Comprehensive Income

103.26

84.47

316.20

361.94

494.92

349.60








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