Finolex Cables’ Q4 Revenue Grows by 15%, Annual Profits Up by 14% Amidst New Product Growth and Market Expansion

Jammu Tawi: 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 2023-24.Revenues for the quarter ended March 2024 were Rs.1401.2 Cr as against Rs.1224.3 Cr for the corresponding period in year 2022-23, representing a 15% growth in value terms. In volume terms, Electrical Wires increased by 15% compared to Q4 of the previous year, while Cables improved by 50%. Within Communication Cables segment, most product lines increased in volume, by an average of 14%. Volumes in new products within the FMEG sector all showed a healthy growth from the corresponding quarter. While all products contributed to positive margins, Lighting products continued to be affected by price erosion.For the full year 2023-24, sales were Rs. 5014.4 Cr as against Rs. 4481.1 Cr in the previous year – an improvement of 12%. During the year, commodity prices continued to remain volatile, which led to several price revisions to pass on both cost reductions as well as cost increases to the end customers, resulting in a situation where margins fluctuated every quarter. For the full year Electrical Wires grew about 15% in volume, while Cables grew by 26%; OFC volumes were lower by 30% given that there were delays in new tenders from the government as well as by private telecom companies, while all other products in the Communication segment grew more than 10%. There has been a pick up in the growth of new products and revenue crossed Rs 225 Cr for the year – a growth of 15%. Addition to product range, and expansion of distribution network have all contributed to the better revenues and volumes within these product segments.