Finolex Cables Posts 38% Rise in Q1 Profit

New Delhi: Finolex Cables on Monday reported a 38.46 per cent rise in net profit at Rs 48.02 crore for the quarter ended June 2015.

The company had registered a net profit of Rs 34.68 crore for the corresponding period a year ago, it said in a filing to the BSE.

Net sales rose 3.10 per cent to Rs 584.91 crore in the quarter ended June 2015, as against Rs 567.31 crore in the year-ago period, it said.

Meanwhile, Finolex Cables said in a separate filing that it plans to enter into the fan business by setting up a new facility and to expand its product facilities with an investment of Rs 125 crore.

"The Board of Directors have considered and approved the company's plans to enter into the fan business by setting up a new facility during the year with a capacity to manufacture about 2,00,000 fans per month," Finolex Cables said.

The company's board also approved making "additional investment in production facilities at Urse in Pune to expand its cable range".

"Both the above investments would primarily be from internal accruals and would require an investment of about Rs 125 crore."

Shares in Finolex Cables, on Monday ended over 1 per cent higher at Rs 263.30 apiece on the BSE.