Published on 14/08/2020 5:25:25 PM | Source: Dion Global Solutions Ltd

Finolex Cables Q1 net profit down 57.12% at Rs 34.98 cr

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The company reported standalone net profit of Rs 34.98 crore for the quarter ended June 30, 2020 as compared to Rs 81.57 crore in the same period last year, registering a year-on-year decline of 57.12 per cent. Net revenue of the company declined substantially by 53.31 per cent at Rs 377.12 crore in April-June quarter of this fiscal as against Rs 807.74 crore in the corresponding period last year.

During April-June quarter, operating expenses dropped by 51.18 per cent to Rs 342.58 crore from Rs 701.74 crore in year ago period. Other Income grew by 2.32 per cent at Rs 22.48 crore versus (Jun'19 Rs 21.97 crore).

Operating Profit slipped by 67.42 per cent to Rs 34.54 crore as against Rs 106.00 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 30.18 per cent in June quarter. Interest declined by 22.73 per cent y-o-y to Rs 0.17 crore, while Taxation decreased by 67.34 per cent at Rs 11.85 crore (Jun'19 Rs 36.28 crore).