Shares of Finolex Cables hit their record high in early deals today after the firm reported a 6.3% rise in Q4 profit. Net profit climbed to Rs 186.1 crore in the last quarter against Rs 175 crore in the fourth quarter of FY23. Revenue climbed to Rs 1401 crore, up 14.4% in Q4 against Rs 1224.3 crore in the corresponding quarter of the previous fiscal.
EBITDA climbed 11.2% to Rs 162 crore in Q4 against Rs 145.7 crore in Q4 of FY23. EBITDA margin rose to 11.6% in the Q4 against 11.9% in the corresponding period in FY23. EBITDA is earnings before interest, tax, depreciation, and amortisation.
The board of the wiremaker recommended a dividend of Rs 8 per equity share of Rs 2 each fully paid up (400%) for the financial year ended March 31, 2024, subject to the approval of shareholders at the ensuing annual general meeting of the company.
Finolex Cables stock opened higher at Rs 1165 on BSE. It rose 18.97% to a record high of Rs 1361.95. Market cap of the multibagger stock stood at Rs 20,398 crore on BSE.
The cable stock was the top gainer on BSE today. Total 2.95 lakh shares of the firm changed hands amounting to a turnover of Rs 37.99 lakh in Friday’s session.
The stock has delivered multibagger 266% returns in the last two years. The stock has gained 232% in three years and zoomed 197% in five years.
In terms of technicals, the relative strength index (RSI) of Finolex Cables stands at 70.8, signaling it's trading in the overbought zone. Finolex Cables shares are trading higher than the 20 day, 50 day, 100 day, 200 day but lower than the 5 day and 10 day moving averages.
The stock fell to its 52-week low of Rs 772.30 on June 6 , 2023 and a 52-week high of Rs 1361.95 on May 24, 2024.
Shares of Finolex Cables ended at Rs 1,144.75 on Thursday, losing Rs 15.35, or 1.32% on BSE.
Finolex Cables is principally engaged in the manufacturing of electricals cables, communication cables & other electrical appliances.