Finolex Cables announced second quarter results: profit fell 23.54% year-on-year

Finolex Cables second quarter results live broadcast: Finolex Cables announced its second quarter results on November 12, 2024. Although profits fell significantly by 23.54% compared to the same period last year, revenue increased by 10.47% year-on-year.

Compared with the previous quarter, Finolex Cables’ revenue increased by 6.6%, but its profit dropped significantly by 51.67%. This has raised concerns about the company’s profitability amid rising operating costs.

The company’s selling, general and administrative expenses increased by 3.87% month-on-month and 11.41% year-on-year, indicating that the company is facing rising costs, which may affect its profits.

Operating income also took a hit, falling 18.93% month-on-month and 30.41% year-on-year, highlighting the ongoing challenge of maintaining operational efficiency.

Second quarter earnings per share (EPS) was $7.71, a year-on-year decrease of 23.51%, indicating that shareholders may need to adjust their expectations in the future.

In terms of stock performance, Finolex Cables has returned -5.22% over the past week, although the company has returned 11.89% over the past six months and has returned 7.01% year-to-date.

As of now, the company’s market capitalization is $17,497.03 Cr, 52-week high and low recorded $1,700 and $831.25, indicating that there is some volatility in its stock price.

Of the six analysts covering the company as of November 13, 2024, one has a hold rating, two have a buy rating, and three have a strong buy rating, reflecting despite current profit concerns , but the outlook is generally optimistic.

As of November 13, 2024, the consensus recommendation is “Strong Buy,” indicating that analysts believe the company’s shares may provide good investment opportunities in the future.

Finolex Cable Financials