Finolex Cables hits 52-week high on strong Q3 show, Jefferies sees more upside

The company stands to gain from developments in the infrastructure housing sector, Smart city projects, Metros & Telecommunication sector (5G)

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Finolex Cables has been on a winning streak for the past six days on the back of its strong Q3 results. The stock touched a 52-week high of Rs 633.85 on the NSE on February 15, making a 4 percent increase from the previous close, while it gained almost 17 percent in these six days.

The third-quarter scorecard shows an impressive 18 percent on-year spike in revenue at Rs 1,150 crore, thanks to price hikes. Its net profit has also surged to Rs 135 crore, up 42 percent YoY, while its operating revenue stood at Rs 174 crore, a massive 37 percent on-year jump.

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The company has recorded 24 percent increase in wire volumes. Its operating margins expanded by 110 basis points to 12.3 percent over the last year on the back of lower volatility in copper prices. One basis point is one-hundredth of a percentage point.

This news has kept analysts upbeat. With planned capital expenditure of Rs 10 lakh crore, an increase of 33 percent YoY, more investors will likely flock to the real estate sector, benefiting Finolex Cables.

The company stands to gain from developments in the infrastructure housing sector, smart city projects, metros and telecommunications (5G).

Jefferies has stated that the stock is undervalued, given its potential. It has awarded a ‘buy’ rating and a target price of Rs 710, indicating a 16 percent upside to the previous close. “Present valuation at 15x PE on FY24 is at a steep discount to diversified peers (Havells, Crompton) as well as electrical peer Polycab,” it said.

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