 "Q2 earnings, Q2")
RR Kabel reported a 33 per cent drop in second-quarter profit on Thursday, hurt by a sharp uptick in copper prices and weakness in demand for electrical goods.
The company's consolidated profit fell to Rs 49.53 crore ($5.9 million) for the three months ended Sept. 30 from Rs 74.1 crore a year earlier.
Revenue jumped 12.5 per cent to Rs 1,810 crore, while expenses grew to Rs 1,757 crore from Rs 1,520 crore, as raw material cost rose around 7 per cent.
KEY CONTEXT
Cable and wire companies are experiencing strong demand, particularly from real estate and infrastructure projects. This growth is being further aided by government's push to boost economy and affordable housing.
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However, higher prices of key raw materials such as copper have hurt the earnings of consumer goods makers. Copper prices, which hit a record high earlier this year, have risen more than 10 per cent in 2024.
RR Kabel had also reported a drop in first-quarter profit as expenses jumped.
Analysts also said that demand for fast-moving electrical goods like fans and coolers were subdued due to inflationary pressures, and as demand runs dry post-summer.
Earlier this month, peers Polycab and Havells India reported second-quarter profit below expectations, hurt by high expenses.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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