Sharekhan's research report on Finolex Cables
In Q4FY2019, Finolex Cables Limited (FCL)’s net earnings were affected by muted growth in electrical cables segment and a higher effective tax rate. Operating margins improved on the back of lower employee costs and other expenses. We believe slow order finalisation in communication cables segment and delay in scale-up of consumer durable business would continue to limit revenue growth during FY2020-FY2021.
Outlook
We reiterate our Hold rating with a revised PT of Rs. 515, on account of slower finalization of orders in communication cables segment and delay in scaling up of the consumer durable business.
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