CMI Ltd announces Q1 results
CMI Ltd, the leading specialty cables manufacturer, announced its unaudited financial results for the quarter ended 30th June 2016. The revenues are at Rs 7701.02 lakh in Q1 2017 as against Rs 4532.64 lakh in Q1 of 2016, marking an increase of 69.9% on a standalone basis. The revenues have also increased by over 7.32% on a QoQ basis, up from Rs 7175.62 lakh of Q4 2016.
The Profit after Tax (PAT) is at Rs 550.15 lakh in Q1 2017, against Rs 283.87 lakh in Q1 of 2016, marking an increase of 93.8% in profitability. The PAT has also increased by over 3.36% on a QoQ basis, up from Rs 532.28 lakh of Q4 2016. The earning per share (EPS) is Rs 3.86 in the quarter ended 30 June 2016, up from Rs 2.44 in Q1 2016. “The results are in line with our expectations for the current fiscal. The impact of our wholly-owned subsidiary, CMI Energy India Pvt Ltd (formerly General Cable Energy India Pvt Ltd), will start becoming visible from Q2,” said Amit Jain, Chairman and Managing Director and CEO, CMI Ltd.
CMI Ltd had acquired Fortune 500 Company General Cable Corporation (GCC)’s India operations in February 2016. Q1 saw the successful commissioning of the facility of CMI Energy India Pvt Ltd. The company has already started bagging orders and will start generating revenues from Q2 itself.