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Business News/ Markets / Stock Markets/  At record high! Finolex Cables stock jumps 25% in 2 sessions on strong Q4 results
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At record high! Finolex Cables stock jumps 25% in 2 sessions on strong Q4 results

Shares of Finolex Cables surged over 25 percent in 2 sessions after it posted better-than-expected results for the March quarter. The stock jumped as much as 11.7 percent in intra-day deals on Monday to its record high of ₹1,433.

Shares of Finolex Cables surged over 25 percent in 2 sessions.Premium
Shares of Finolex Cables surged over 25 percent in 2 sessions.

Shares of Finolex Cables surged over 25 percent in 2 sessions after the company posted better-than-expected results for the quarter ended March 2024 (Q4FY24).

The stock jumped as much as 11.7 percent in intra-day deals on Monday to its record high of 1,433. This is the second consecutive session in which the stock hit a new high. On Friday, as well, the stock soared 19.1 percent in intra-day deals to its all-time high of 1,363.30. It ended the previous session 12.11 percent higher at 1,282.60.

The firm reported a 6.3 percent year-on-year increase in its consolidated net profit for the fourth quarter of FY24, reaching 186.1 crore compared to 175 crore in the same period last year. Sequentially, profit surged over 23 percent from 151 crore in the previous quarter. Revenue from operations rose by 18.3 percent, reaching 1,450.69 crore in Q4FY24, up from 1,226.14 crore in the corresponding period of the previous fiscal year.

Read here: Astra Microwave stock spikes over 14% to record high on strong Q4 earnings

At the operating level, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose 11.2 percent to 162 crore in the quarter under review from 145.7 crore in the year-ago period. The firm's EBITDA margin for the reporting quarter was 11.6 percent, slightly down from 11.9 percent last year.

Meanwhile, the board has also recommended a dividend of 8 per fully paid equity share of 2 each (400 percent) for the financial year ending March 31, 2024, subject to shareholder approval at the upcoming annual general meeting.

Read here: Stocks to buy: These 10 stocks may rise 8-16% in next 3-4 weeks, say analysts

For the financial year 2023-24 (FY24), the company's net profit increased by 14 percent to 571.60 crore from 501.74 crore in FY23. Total income from operations also rose by 12 percent to 5,232.44 crore from 4,679.24 crore in FY23.

Following today's rally, the scrip has now soared 85.5 percent from its 52-week low of 772.30, hit on June 6, 2023. The stock has advanced over 52 percent in the last 1 year and 34 percent in 2024 YTD.

Read here: Bayer Crop falls post weak Q4 results, Elara cuts target; Time to buy or sell?

Just in May, the stock has advanced around 32 percent, extending gains for the third straight month. It added 5.2 percent in April and 8.7 percent in March. However, the stock fell 15.6 percent in February but was positive, up 2 percent, in January, the first month of the current calendar year.

In the long term as well, the stock has given multibagger returns to its investors, skyrocketing around 215 percent in the last 5 years and 225 percent in the last 3 years.

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Published: 27 May 2024, 12:57 PM IST
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