Net profit drops 66% to Rs 166 Crore
The results fell after the close of market hours. Shares of Finolex Industries Ltd ended at Rs 190.80, up Rs 0.55, or 0.29% on BSE.
Finolex Cables Ltd, which leads the power and communication cable segments, reported a 66.4% year-on-year (YoY) drop in net profit to Rs 166.5 crore for the fourth quarter on Monday which ended on March 31, 2023.
In the corresponding quarter of last year, the company recorded a net profit of Rs 495 crore, Finolex Industries said in a regulatory filing.
During the March quarter, total revenue amounted to Rs 1,141.1 crore during the period under review, down by 28.4% from Rs 1,594.6 crore during the corresponding period of the year. ‘Previous exercice.
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