CMI Lmited leading cable manufacturer announces Q2 results for 2017-18
Net Profit achieved Rs 614.36 lakhs in Q2 of 2017-18, up from Rs 300.86 lakhs in Q2 of 2016-17.
Mumbai: CMI is a listed, specialty cables company (NSE Symbol: CMICABLES, BSE Scrip Code: 517330,). CMI closed the year 2016-17 with revenues of Rs. 346 Crore.
CMI focus is currently on new product development with the emphasis on latest technologies at its facilities. CMI’s original facility is located at Faridabad in Haryana. CMI began the Commercial Production at its new facility at Baddi, Himachal Pradesh in April 2016, which was a part of its acquisition of General Cable Energy Private Limited from fortune 500 Company, General Cable Corporation. It is India’s first green factory in the segment.
CMI is now manufacturing wide variety of cables including Railway Quad cables, Signaling cables, Ballise cable for Train protection & warning system, Fire survival cables, LSZH / FRLS sheathed cables, Control & instrumentation cables, Cables with TPU sheath, PTFE cables, Special cables for multi object tracking radar, Fire alarm & communication cables, PIJF telecom cables, EPR/CSP/PCP insulated & sheathed Rubber cables, Linear Heat sensing cables, etc.
On a consolidated basis, the total income stood at Rs 13,494.60 lakhs in Q2 of 2017-18, up from Rs 10,371.21 lakhs in Q2 of 2016-17. The Net Profit achieved Rs 614.36 lakhs (Rs 6.14 crere) in Q2 of 2017-18, up from Rs 300.86 lakhs (Rs 3.01 crore) in Q2 of 2016-17. EPS in Q2 2017-18 is at Rs 4.07, up from Rs 2.12 in Q2 of 2016-17.
On a consolidated basis, the total income for the half year ended 30.09.2017 stood at Rs 28,067.56 lakhs (Rs 280.68 crore ), as against Rs 19,100.67 lakhs (Rs 191.01 crore) for the half year ended 30.09.2016. The net profit during the half year period also rose to Rs 1,217.52 lakhs (Rs 12.18 crore) in 2017-18 as against Rs 451.96 lakhs (Rs.4.52 crore) in the 1st half of 2016-17. The EPS for the six months period in 2017-18 stood at 8.10 as against 3.19 in the half year in 2016-17.
On a standalone basis, the total income stood at Rs 9,096.09 lakhs (Rs 90.96 crore) in Q2 of 2017-18, slightly lower than Rs 9,301.00 lakhs (Rs 93.01 crore) in Q2 of 2016-17. The Net Profit achieved Rs 539.79 lakhs (Rs 5.40 crore) in Q2 of 2017-18, down from Rs 632.18 lakhs (Rs 6.32 crore) in Q2 of 2016-17. EPS in Q2 2017-18 is at Rs 3.58, slightly lower than Rs 4.37 in Q2 of 2016-17. The marginal dip in revenue is basically because of the new accounting standards having kicked in post GST and is not reflective of any dip in orders / pipeline.
Commenting on the quarterly results Mr. Amit Jain, CMD, CMI Ltd said “The results are in line with our expectations and despite the effects of GST, we have reported robust sales. We are seeing an uptick in Infrastructure spending and our order book remains healthy. We are bullish on the remaining two quarters and expect to close the year with a 30% year on year growth on a consolidated basis.”