Dynamic Cables Limited (DCL), a Jaipur based power cable manufacturer announced its result for Q2FY23. Company reported a sale of Rs 173.4 crs, a healthy growth of 30% yoy. In the quarter gone by Company received major breakthrough in its MVCC product and upgradation in RDSO vendor category which will play important role in driving growth of the company. The profits of the company were flat sequentially at Rs.7.2 crs despite a challenging environment due to high volatility in key raw material prices and step-up investment in product development. The management has guided bottoming of operating margins and improvement in profitability going forward.
Company also announced appointment of industry veteran Mr. Bharat Moossaddee as an Independent Director. He is Chartered Accountant, MBA from IIM Ahmedabad and has done Leadership Program from Thunderbird University, USA. He has a well-rounded experience of 35+ years in Business Strategy, Consulting, Corporate Law, Finance, General Management, Investment Banking, Legal, Management, Portfolio /Asset Management, Taxation, Venture Capital. He worked with Mahindra group for 9 years till 2021 handling CFO & CIO/Digital role and also running several start-ups of Mahindra group from incubation, fund raising and taking them up to stable state operations. Prior to that, he worked with CK Birla, General Motors, Hindustan Zinc, Shell India and Sun Gumberg at various senior positions during his career. During his illustrious career, he served on the Board of 25+ companies and also held position in Audit, CSR, NRC Committees of various companies.
Ashish Mangal, Managing Director, Dynamic Cables said, "We welcome Mr. Bharat Moossaddee a seasoned professional on our board as an Independent Director and I am confident that his rich experience, knowledge and proficiency will prove to be an invaluable asset to the Company as it embarks upon the next phase of sustainable profitable growth."
Dynamic Cables Ltd. is manufacturer of power infra cables that includes LT, HT, EHVC, Power control & instrumentation cables, flexible & industrial cables, solar cables and railway signaling cables. It supplies cables to Government Discoms, Private Distribution companies, Private EPC contractors, industrial and Export clients. Company has 3 manufacturing plants are situated at Jaipur and Reengus. Business operations are managed through corporate office in Jaipur and 5 regional sales offices across India.
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( With inputs from ANI )
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