Q3 Results: Paramount Cables' net profit grows 54% to Rs 22 crore

Wires manufacturer Paramount Cables, with a market cap of Rs 2,968 crore, has reported a 54 per cent rise in its consolidated net profit at Rs 22.03 crore in the December quarter of the current fiscal, boosted by higher income.

It had posted a net profit of Rs 14.32 crore during the October-December quarter in the preceding financial year, the company said in an exchange filing on Saturday. The company's total income rose to Rs 285.83 crore, up 29 per cent from Rs 221.99 crore in the year-ago period.

The expenses of the company - which manufactures multi-core cables, low and high-voltage cables, besides extra-high-voltage cables for industrial applications - stood at Rs 263.77 crore as against Rs 207.68 crore year on year (YoY). The consolidated results include two reportable segments i.e. wires and cables and Pipes.

Meanwhile, the board of directors of the company has approved to issue of 2,21,24,980 equity shares having a face value of Rs 2 per equity share on a preferential basis to non-promoter persons and entities at a price of Rs 66.50 per equity share.

Earlier on Friday, the shares of the country surged around 4.95 per cent to touch the intraday high of Rs 108.05. The counter had opened at Rs 104.80. 

The 52-week high of the scrip is Rs 116.70 and the 52-week low is Rs 28. 
 

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