Finolex Cables today reported a 4.9 per cent decline in its net profit at Rs 99.6 crore for the quarter ended September 30.
The company had posted a net profit at Rs 104.8 crore during the same period of the previous fiscal, Finolex cables said in a regulatory filing.
Total income during the quarter under review stood at Rs 742.6 crore as against Rs 669.4 crore in the year-ago period.
Post GST, revenue growth was negatively impacted in the quarter in electrical wires, fans, water heaters, switches and switchgears due to high tax rate of 28 per cent and implementation of RERA which had negative impact on the real estate sector, the company said.
The company's stock closed 1.07 per cent up at Rs 621.20 apiece on BSE.
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