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Buy Finolex Cables: target of Rs 623: Sharekhan

Sharekhan is bullish on Finolex Cables has recommended buy rating on the stock with a target price of Rs 623 in its research report dated July 05, 2021.

July 06, 2021 / 11:19 AM IST
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Sharekhan's research report on Finolex Cables

FNXC reported a strong quarter, driven by strong revenue growth along with stable y-o-y operating profit margins. Its standalone revenue grew by 41% y-o-y to Rs. 921.4 crore (better than estimates), led by higher volume growth across product categories. We expect strong performance in FY2022 as the cables segment saw infrastructure investments; the communication cables segment has already seen good tendering in Q1FY2022 and scaling up of its FMEG business with improving demand and strong dealer network. The company’s healthy operating cash flow generation, tight working capital management (policy of advance payments from dealers), and limited capex are expected to further build upon its cash reserves.


We retain our Buy rating on Finolex Cables Limited (FNXC) with a revised PT of Rs. 623, considering improvement in distribution efforts, which has led to pick up in volumes.

For all recommendations report, click here

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Broker Research
first published: Jul 6, 2021 11:19 am

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