Finolex Cables zooms 11.78 per cent; owing to strong financial performance
Finolex Cables Ltd is a leading manufacturer of electrical and telecommunication cables in India. Besides manufacturing wires and cables, Finolex has also forayed into the manufacturing of Fast-Moving Electrical Goods and home appliances.
On Thursday, the shares of Finolex Cables surged 11.78 per cent to Rs 406 per share on NSE. Recently, the company announced its strong financial performance as well as dividend of 300 per cent to its shareholders.
The company informed that it has recorded net sales and other operating income of Rs 1,186.85 crore thereby, surging by 28.82 per cent from Rs 921.35 crore registered in Q4FY21. On the other hand, the operating profit was recorded at Rs 140.04 crore in Q4FY22 as compared to an operating profit of Rs 151.17 crore in Q4FY21. Q4FY22 registered a net profit of Rs 67.60 crore in comparison with the net profit of Rs 75.73 crore in the same quarter of the previous year, declining 10.74 per cent.
Considering the yearly performance, the operating profit of Finolex Cables was recorded at Rs 499.92 crore in Q4FY22 as compared to an operating profit of Rs 447.17 crore in Q4FY21. The net profit soared 14.29 per cent to Rs 272.06 crore as against Rs 238.04 crore during the previous year, ending March 2021. On the other hand, net sales advanced 36.13 per cent to Rs 3,768.14 crore as against Rs 2,768.11 crore during the previous year, ending March 2021.
The company’s board approved the final dividend of Rs 6 per equity share of Rs 2 each for the financial year ended 31st March 2022, subject to approval of shareholders at the upcoming annual general meeting of the company.
Keep a close eye on this scrip for the upcoming sessions.