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Results
24-Jul-21
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Analysis
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Polycab India
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Net down 37% on lower EO income and higher tax
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Consolidated net sales (including other operating income) of Polycab India has increased 93% to Rs 1880.52 crore. Operating profit margin has jumped from 5.9% to 7.4%, leading to 142% rise in operating profit to Rs 139.35 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 60.32% to 74.45%. Purchase of finished goods cost rose from 4.99% to 5.45%. Employee cost decreased from 9.55% to 4.14%. Other expenses fell from 18.37% to 9.93%. Selling and administration expenses fell from 0.37% to 0.34%. Freight charges fell from 3.11% to 1.73%. Other direct service cost fell from 3.30% to 1.06%. Other income fell 25% to Rs 25.29 crore. Provision for interest fell 25% to Rs 12.16 crore. Provision for depreciation rose 18% to Rs 52.13 crore. Profit before tax grew 229% to Rs 100.35 crore. EO was nil compared to an income of RS 9.72 crore in the corresponding previous period. On inflated base, PBT after EO was up 149% to Rs 100.34 crore. Provision for tax was debit of Rs 22.94 crore, compared to credit of Rs 78.47 crore. Thus the PAT was down 35% to RS 77.40 crore. Share of profit/loss was 83% higher at Rs -2.14 crore. Net profit attributable to owners of the company decreased 37% to Rs 73.99 crore.
Sales of Wires and Cables segment has gone up 97.16% to Rs 1,626.95 crore (accounting for 83.12% of total sales). Sales of FMEG segment has gone up 39.25% to Rs 191.88 crore (accounting for 9.80% of total sales). Sales of Others segment rose 34.44% to Rs 71.76 crore (accounting for 3.67% of total sales). Sales of Copper segment has gone up 344.86% to Rs 66.66 crore (accounting for 3.41% of total sales). Inter-segment sales rose Rs 42.43 crore to Rs 63.99 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 307.78% to Rs 105.07 crore. PBIT of Wires and Cables segment rose 339.77% to Rs 107.35 crore (accounting for 102.17% of total PBIT). PBIT of FMEG segment rose 157.64% to Rs -14.33 crore (accounting for -13.64% of total PBIT). PBIT of Others segment rose 6.40% to Rs 7.63 crore (accounting for 7.26% of total PBIT). PBIT of Copper reported profit of Rs 4.42 crore compared to loss of Rs 0.25 crore.
PBIT margin of Wires and Cables segment rose from 2.96% to 6.60%. PBIT margin of FMEG segment fell from negative 4.04% to negative 7.47%. PBIT margin of others segment fell from 13.43% to 10.63%. PBIT margin of Copper segment rose from negative 1.68% to 6.63%. Overall PBIT margin rose from 2.50% to 5.37%.
Management comment
Commenting on the performance, Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: “First quarter performance has been encouraging. Despite challenges posed by lockdowns in many states, we were able to record much better business compared to last year. We remain diligent in managing costs and navigating the volatile demand environment. More importantly, we are progressing well on our strategic agenda and achieving new milestones which will drive transformation over mid to long term. We continue to serve the communities and fulfil our purpose in meaningful ways.”
Other developments
Promoters' stake was 68.40% as of 30 June 2021, compared to 68.55% as of 30 June 2020.
Polycab India: Consolidated Results
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2106 (3)
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2006 (3)
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Var. (%)
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2103 (12)
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Sales
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1880.52
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976.60
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93
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8926.54
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OPM (%)
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7.4
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5.9
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13.1
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OP
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139.34
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57.48
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142
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1167.00
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Other inc.
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25.29
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33.63
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-25
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128.20
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PBIDT
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164.64
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91.11
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81
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1295.20
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Interest
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12.16
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16.30
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-25
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53.15
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PBDT
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152.47
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74.81
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104
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1242.05
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Dep.
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52.13
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44.27
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18
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186.57
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PBT before EO
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100.34
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30.54
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229
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1055.48
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EO Income
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0.00
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9.72
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9.72
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PBT after EO
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100.34
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40.26
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149
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1065.20
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Taxation
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22.94
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-78.47
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-129
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179.05
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PAT
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77.40
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118.72
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-35
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886.14
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Share of Profit/(Loss) from Associates
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-2.14
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-1.17
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83
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-0.23
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Net profit
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75.26
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117.56
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-36
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885.91
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Minority Interest
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1.28
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-0.05
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PL
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3.82
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Net profit
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73.99
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117.60
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-37
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882.09
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EPS (Rs)*
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#
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#
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58.6
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* EPS is on current equity of Rs 149.16 crore, Face value of Rs 10
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# EPS is not annualised due to seasonality of business
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Polycab India : Consolidated Segment Results |
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Quarter ended |
Year ended |
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% of (Total) |
202106 |
202006 |
Var.(%) |
% of (Total) |
202103 |
202003 |
Var.(%) |
Sales |
Wires and Cables |
83.12 |
1,626.95 |
825.21 |
97.16 |
80.29 |
7,603.49 |
7,589.84 |
0.18 |
FMEG |
9.80 |
191.88 |
137.80 |
39.25 |
10.92 |
1,034.11 |
835.58 |
23.76 |
Others |
3.67 |
71.76 |
53.37 |
34.44 |
3.17 |
299.76 |
596.49 |
-49.75 |
Copper |
3.41 |
66.66 |
14.99 |
344.86 |
Total Reported Sales |
100.00 |
1,957.25 |
1,031.37 |
89.77 |
100.00 |
9,470.35 |
9,021.91 |
4.97 |
Less: Inter segment revenues |
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63.99 |
42.43 |
50.80 |
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466.51 |
144.07 |
223.81 |
Net Sales |
100.00 |
1,893.26 |
988.93 |
91.44 |
100.00 |
9,003.84 |
8,877.84 |
1.42 |
PBIT |
Wires and Cables |
102.17 |
107.35 |
24.41 |
339.77 |
85.31 |
918.73 |
930.89 |
-1.31 |
FMEG |
-13.64 |
-14.33 |
-5.56 |
157.64 |
5.26 |
56.60 |
16.83 |
236.32 |
Others |
7.26 |
7.63 |
7.17 |
6.40 |
4.24 |
45.63 |
90.31 |
-49.48 |
Copper |
4.21 |
4.42 |
-0.25 |
LP |
Total PBIT |
100.00 |
105.07 |
25.77 |
307.78 |
100.00 |
1,076.93 |
1,038.02 |
3.75 |
Less : Interest |
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12.16 |
16.30 |
-25.36 |
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53.15 |
49.54 |
7.30 |
Add: Other un-allcoable |
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5.29 |
29.62 |
-82.13 |
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41.18 |
21.50 |
91.52 |
PBIT Margin(%) |
Wires and Cables |
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6.60 |
2.96 |
364.01 |
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12.08 |
12.26 |
-18.19 |
FMEG |
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-7.47 |
-4.04 |
-343.18 |
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5.47 |
2.01 |
345.90 |
Others |
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10.63 |
13.43 |
-280.14 |
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15.22 |
15.14 |
8.14 |
Copper |
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6.63 |
-1.68 |
830.85 |
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10.50 |
0.00 |
1,050.31 |
PBT |
100.00 |
98.20 |
39.09 |
151.23 |
100.00 |
1,064.97 |
1,009.99 |
5.44 | |
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