Finolex Cables today reported a 68% increase in net profit at Rs 22.56 crore for the first quarter ended June 30, 2006 when compared with Rs 13.42 crore in Q1FY06.According to a release issued to the BSE today, total income increased to Rs 225.29 crore from Rs 157.14 crore in Q1FY06.Deepak Chhabria, managing director of the company, said: "For the last few quarters, we have witnessed a consistently strong demand for cables inspite of high copper and other raw material prices. The cable and wire industry is performing well." Referring to the decision to establish a manufacturing base in Northern India, Chhabria said: "We intend to remain close to the fast growing Northern and Eastern Indian markets. People are demanding high quality and safe products like our cables. To service them better, we have decided to set up a manufacturing facility near Roorkee in Uttaranchal. The investment should substantially benefit the company."
