Finolex cables reported insignificant rise of 2 percent in Net Profit in its third quarter results. Net Profit stood at Rs. 244.70 mn in Q3 FY14 compared to Rs. 239.80 mn in the corresponding quarter of the previous year. Net Sales rose at a higher rate of 5.39 percent YOY at Rs. 5631 mn against Rs. 5342.80 mn in Q3 FY13. EBDITA grew in double digits at 13 percent YOY at Rs. 477.70 mn as expenses rose by just 6 percent in Q3 FY14 compared to the corresponding quarter of the previous year. Profit before Tax rose by 9.68 percent at Rs. 316.10 mn in Q3 FY14 against Rs. 288.20 mn in Q3 FY13. Finolex Cables, manufacturers electrical and communication cables and is dependent on the performance of infrastructure and real estate sector. Thus Finolex Cables is expected to perform with the upswing in infrastructure investment. Roll out of 4G services will also benefit its communication cables business in the coming quarters. The company has made efforts to reduce debt and its debt equity ratio stands at 0.18 as on 31st March 2013. Thus we recommend 'BUY' for medium to long-term at a target price of Rs 95," says Firstcall Research Report.
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