FINCABLES · Capital Goods
Finolex Cables Ltd. reported revenue of ₹1,401 cr for January to March 2024, — on the year and +14.6% on the quarter.
Operating profit (EBITDA) was ₹162 cr, a margin of 11.6%, — on the year and +60 bps on the quarter.
Net profit was ₹186 cr, — on the year and +23.2% on the quarter, with earnings per share of ₹12.17.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹42.61 over the last four quarters, the stock at ₹1,232.40 trades at 28.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,187 cr | ₹1,222 cr | ₹1,401 cr | ₹1,230 cr | ₹1,312 cr | ₹1,182 cr | ₹1,595 cr | ₹1,396 cr | ₹1,376 cr | ₹1,599 cr | ₹1,951 cr | ₹2,013 cr |
| YoY | — | — | — | +2% | +11% | −3% | +14% | +13% | +5% | +35% | +22% | +44% |
| EBITDA margin | 12.3% | 11.0% | 11.6% | 10.3% | 8.1% | 11.7% | 10.7% | 9.7% | 10.5% | 9.9% | 9.2% | 12.1% |
| Other income, % of PBT | 35% | 38% | 40% | 64% | 38% | 35% | 40% | 39% | 37% | 34% | 46% | 29% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 24% | 25% | 23% | 22% | 24% | 27% | 20% | 21% | 24% | 26% | 21% |
| Net profit | ₹154 cr | ₹151 cr | ₹186 cr | ₹244 cr | ₹118 cr | ₹147 cr | ₹192 cr | ₹163 cr | ₹163 cr | ₹164 cr | ₹224 cr | ₹249 cr |
| YoY | — | — | — | +52% | −23% | −3% | +3% | −33% | +38% | +12% | +17% | +53% |
| Core profit YoY | — | — | — | −15% | −30% | +2% | +5% | +6% | +38% | +13% | +4% | +80% |
| EPS | ₹10.08 | ₹9.87 | ₹12.17 | ₹15.95 | ₹7.71 | ₹9.63 | ₹12.54 | ₹10.63 | ₹10.63 | ₹10.73 | ₹14.67 | ₹16.28 |
| Flags | 1 | 1 | 1 | 2 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Finolex Cables Ltd. reported revenue of ₹1,401 cr (— on the year) and net profit of ₹186 cr (— on the year) for January to March 2024.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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