Finolex Cables results: Net profit plummets 22% YoY, Gopichand Hinduja held 1.89% stake in Q4

The Board of Directors have “Recommended a dividend @ 350% (i.e. @ ₹7.00 per equity share of Rs. 2/- each fully paid up) for the financial year ended 31st March, 2023, subject to approval of shareholders at ensuing Annual General Meeting of the Company,” said Finolex Cables in a stock exchange filing.

During Q4FY23, the company reported consolidated revenue from operations of ₹1,224.32 Cr up by 3.15% YoY from ₹1,186.85 Cr during Q4FY22. The company recorded a consolidated net income of ₹1,266.14 Cr during the quarter under review as against ₹1,206.80 Cr in the year-ago quarter. 

Finolex Cables said its consolidated net profit reached ₹175 Cr in Q4FY23 down by 22% YoY from ₹224.47 Cr in the corresponding quarter of FY22. Its EPS plummeted to ₹11.44 from ₹14.68.

Sales for the entire fiscal year 2022–23 grew by 19% to Rs. 4481.1 Cr from Rs. 3,768.1 Cr the year before. Profit after taxes for the entire year grew by 24% to Rs. 501.7 Cr from Rs. 404.6 Cr. in the prior year. 

The company recently revealed plans to build a factory to boost the capacity of fiber cabling and produce preforms for drawing fiber. Approximately Rs. 300 Cr. in Capex plans have been set up for this purpose and would be spent in the fiscal years 2023–24 and 2024–25.

The shares of Finolex Cables closed today on the BSE at ₹844.80 apiece up by 0.45% from the previous close of ₹841.00. As per the shareholding pattern of Finolex Cables for January to March 2023 quarter, ace investor Gopichand Hinduja held 28,79,550 fully paid up equity shares or 1.89% stake in the company. As per corporate shareholdings filed for March 31, 2023, Gopichand Parmanand Hinduja publicly holds 1 stock Finolex Cables with a net value of Rs. 242.8 Cr.

Updated: 26 May 2023, 04:04 PM IST