Shilpi Cable Technologies rallies as Q1 net profit jumps 55%

NEW DELHI: Shares of Shilpi Cable Technologies rallied 16.51 per cent in trade on Tuesday, a day after the company reported a 55 per cent jump in standalone net profit to Rs 13.88 crore for the first quarter ended June 30.

The stock hit a day's high of Rs 63.50 on the BSE.

It had posted a profit of Rs 8.92 crore in the corresponding period of last year.

EBITDA for the quarter was up by 51% to Rs 38.57 crore as against Rs 25.60 crore reported in the corresponding period of last year.

Revenues stood at Rs 427.08 crore as against Rs 295.44 crore.

The company's 26 per cent revenue came from telecom segment, 20 per cent from automotive, 10 per cent from the consumer durables/assemblies, 12 per cent from energy cables and the remainder 32 per cent from copper wire conductor business, the company said in a statement.

It also plans to enter into B2C segment in an aggressive way in the current year by adding new products under the brand "SAFE".

Commenting on the results, Manish Goel, Managing Director, Shilpi Cable Technlogies Ltd, said, "We have posted strong numbers this quarter and our business continues to grow in line with our expectations. Expansion in different verticals has helped us to continue the momentum of our growth."

"We endeavour to be a billion dollar company by 2020. For this along with B2B business, we have also started servicing B2C segment by manufacturing wires and cables which can be used in local household business, thereby expanding our customer base," he added.