New Delhi, Aug 1 (PTI) Dynamic Cables Ltd has posted a 59 per cent rise in net profit at Rs 11.38 crore during the April-June quarter on account of higher income.

The company had clocked a net profit of Rs 7.17 crore during the corresponding period of the preceding 2022-23 fiscal, the company said in a regulatory filing on Monday.

Also Read | Bank Holidays in August 2023: Banks To Remain Closed for 14 Days Next Month; Check Complete Dates of Bank Holidays.

The company's total income also rose to Rs 182.14 crore in the quarter under review, from Rs 158.51 crore in the year-ago quarter, a rise of 16 per cent.

In a separate statement, company's Managing Director Ashish Mangal said, "We have reported strong numbers in the first quarter of FY24. The growth was driven by healthy demand for our products across domestic and export markets.

Also Read | ITR Filing Last Date Today: What If You Miss Deadline? Can You File Income Tax Return After July 31? Know Options After Missing Deadline, Late Fees, Jail Punishment and Other Consequences.

"We foresee a healthy business environment and long-term demand growth for power cables driven by multiple macro tailwinds."

During the April-June period, the Earnings before interest, taxes, depreciation, and amortization (EBITDA) margin was at 11.3 per cent, as compared to 9 per cent in the same quarter of the previous year, the company said.

As on June 30, the company's order book was at Rs 394 crore.

Dynamic Cables Ltd has three manufacturing units in Rajasthan, where it manufactures power infra cables that includes LT, HT, EHVC, power control and instrumentation cables, flexible and industrial cables, solar cables and railway signalling cables.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)