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Results
24-Oct-21
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Analysis
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Polycab India
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Sales up 48% but net down 10% hit by 500 bps erosion in OPM
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Net sales (including
other operating income) of Polycab India for the quarter ended Sep 2021 has
increased 48.03% to Rs 3128.83 crore. Operating profit margin has
declined from 14.78% to 9.68%, leading to 3.08% decline in operating profit to
Rs 302.85 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 62.73% to 72.25%. Purchase of
finished goods cost fell from 8.21% to 4.78%. Employee cost
decreased from 4.18% to 3.49%. Other expenses fell from 10.33% to
9.62%. Selling and administration expenses fell from 0.62% to
0.46%. Freight charges rose from 2.20% to 2.27%. Other
direct service cost fell from 1.08% to 1.04%. Other income fell
19.36% to Rs 26.4 crore. PBIDT fell 4.62% to Rs 329.25
crore. Provision for interest fell 22.41% to Rs 8.83
crore. PBDT fell 4.02% to Rs 320.42 crore. Provision for
depreciation rose 17.94% to Rs 53.78 crore. Profit before tax
down 7.49% to Rs 266.64 crore. Share of profit/loss was 19.23% lower
at Rs -0.31 crore. Provision for tax was expense of Rs 65.8 crore,
compared to Rs 66.42 crore. Effective tax rate was 24.71% compared
to 23.06%.Minority interest increased 160% to Rs 2.60 crore. Net
profit attributable to owners of the company decreased 10.26% to Rs 197.93
crore.
Sales of Wires and Cables segment has gone up 43.86% to Rs 2,628.08
crore (accounting for 79.83% of total sales). Sales of FMEG segment
has gone up 40.57% to Rs 342.93 crore (accounting for 10.42% of total
sales). Sales of Others segment rose 33.98% to Rs 95.03 crore
(accounting for 2.89% of total sales). Sales of Copper segment has
gone up 73.54% to Rs 226.20 crore (accounting for 6.87% of total sales). Inter-segment
sales rose Rs 134.17 crore to Rs 147.70 crore.
Profit before interest, tax and other unallocable items (PBIT) has
slumped 8.72% to Rs 270.25 crore. PBIT of Wires and Cables segment
fell 9.29% to Rs 230.51 crore (accounting for 85.30% of total
PBIT). PBIT of FMEG segment fell 12.35% to Rs 17.20 crore
(accounting for 6.37% of total PBIT). PBIT of Others segment rose
57.20% to Rs 15.74 crore (accounting for 5.83% of total PBIT). PBIT
of Copper segment fell 44.84% to Rs 6.79 crore (accounting for 2.51% of total
PBIT).
PBIT margin of Wires and Cables segment fell from 13.91% to
8.77%. PBIT margin of FMEG segment fell from 8.04% to
5.02%. PBIT margin of Others segment rose from 14.12% to
16.57%. PBIT margin of Copper segment fell from 9.44% to
3.00%. Overall PBIT margin fell from 13.03% to 8.21%.
Half-yearly performance
Net sales (including other operating income) of Polycab India has
increased 62.10% to Rs 5009.35 crore. Operating profit margin has
declined from 11.97% to 8.83%, leading to 19.53% rise in operating profit to Rs
442.19 crore. Other income fell 22.12% to Rs 51.69
crore. PBIDT rose 13.19% to Rs 493.88 crore. Provision
for interest fell 24.17% to Rs 20.99 crore. PBDT rose 15.72% to Rs
472.89 crore. Provision for depreciation rose 17.85% to Rs 105.91
crore. Profit before tax grew 15.12% to Rs 366.98
crore. Share of profit/loss was 71.33% lower at Rs -2.45
crore. Provision for tax was debit of Rs 88.74 crore, compared to
credit of Rs 12.05 crore. Effective tax rate was 24.34% compared to
negative 3.68%. Minority interest increased 304.17% to Rs 3.88
crore. Net profit attributable to owners of the company decreased
19.59% to Rs 271.91 crore.
Sales of Wires and Cables segment has gone up 60.44% to Rs 4,255.03
crore (accounting for 81.06% of total sales). Sales of FMEG segment
has gone up 40.09% to Rs 534.81 crore (accounting for 10.19% of total
sales). Sales of Others segment rose 34.18% to Rs 166.79 crore
(accounting for 3.18% of total sales). Sales of Copper segment has
gone up 101.52% to Rs 292.86 crore (accounting for 5.58% of total
sales). Inter-segment sales rose Rs 176.61 crore to Rs 211.69
crore.
Profit before interest, tax and other unallocable items (PBIT) has
jumped 16.62% to Rs 375.31 crore. PBIT of Wires and Cables segment
rose 21.30% to Rs 337.86 crore (accounting for 90.02% of total
PBIT). PBIT of FMEG segment fell 79.58% to Rs 2.87 crore (accounting
for 0.77% of total PBIT). PBIT of Others segment rose 36.01% to Rs
23.37 crore (accounting for 6.23% of total PBIT). PBIT of Copper
segment fell 7.00% to Rs 11.21 crore (accounting for 2.99% of total
PBIT).
PBIT margin of Wires and Cables segment fell from 10.50% to
7.94%. PBIT margin of FMEG segment fell from 3.68% to
0.54%. PBIT margin of Others segment rose from 13.82% to
14.01%. PBIT margin of Copper segment fell from 8.29% to
3.83%. Overall PBIT margin fell from 9.74% to 7.15%.
Management
comment
Commenting
on the performance, Inder T. Jaisinghani, Chairman and Managing Director,
Polycab India Limited, said: “We had a healthy Q2. Robust sales growth was
underpinned by market share gains across categories. Given the strengthening
macroeconomic fundamentals, we see a massive opportunity to spread our wings
across B2B as well as B2C categories by leveraging on our strong brand equity
and increased consumers affinity for our products. Structural reforms focussed
on infrastructure development augurs well for most of our product categories.
We are also in the process of building Polycab of the future. A company with
robust governance practices, top talent, a strong business model, a customer
centric culture and a purpose to serve the communities. We will strive to
continue the path of profitable and sustainable growth and contribute to the
success of all our stakeholders.”Polycab India : Consolidated Results | | Quarter ended | Year to Date | Year ended |
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Particulars | 202109 | 202009 | Var.(%) | 202109 | 202009 | Var.(%) | 202103 | 202003 | Var.(%) |
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Net Sales (including other operating income) | 3,128.83 | 2,113.68 | 48.03 | 5,009.35 | 3,090.28 | 62.10 | 8,926.54 | 8,829.96 | 1.09 | OPM (%) | 9.68 | 14.78 | -510 bps | 8.83 | 11.97 | -314 bps | 13.07 | 12.85 | 22 bps | OP | 302.85 | 312.47 | -3.08 | 442.19 | 369.95 | 19.53 | 1,166.99 | 1,135.04 | 2.81 | Other Inc. | 26.40 | 32.74 | -19.36 | 51.69 | 66.37 | -22.12 | 128.20 | 92.79 | 38.16 | PBIDT | 329.25 | 345.21 | -4.62 | 493.88 | 436.32 | 13.19 | 1,295.19 | 1,227.83 | 5.49 | Interest | 8.83 | 11.38 | -22.41 | 20.99 | 27.68 | -24.17 | 53.15 | 49.54 | 7.29 | PBDT | 320.42 | 333.83 | -4.02 | 472.89 | 408.64 | 15.72 | 1,242.04 | 1,178.29 | 5.41 | Depreciation | 53.78 | 45.6 | 17.94 | 105.91 | 89.87 | 17.85 | 186.57 | 160.89 | 15.96 | PBT | 266.64 | 288.23 | -7.49 | 366.98 | 318.77 | 15.12 | 1055.47 | 1017.4 | 3.74 | Share of Profit/(Loss) from Associates | -0.31 | -0.26 | -19.23 | -2.45 | -1.43 | -71.33 | -0.23 | -7.41 | 96.90 | PBT before EO | 266.33 | 287.97 | -7.51 | 364.53 | 317.34 | 14.87 | 1055.24 | 1009.99 | 4.48 | EO Income | 0 | 0 | - | 0 | 9.72 | - | 9.72 | 0 | - | PBT after EO | 266.33 | 287.97 | -7.51 | 364.53 | 327.06 | 11.46 | 1064.96 | 1009.99 | 5.44 | Taxation | 65.8 | 66.42 | -0.93 | 88.74 | -12.05 | PL | 179.05 | 244.37 | -26.73 | PAT | 200.53 | 221.55 | -9.49 | 275.79 | 339.11 | -18.67 | 885.91 | 765.62 | 15.71 | Minority Interest (MI) | 2.6 | 1 | 160.00 | 3.88 | 0.96 | 304.17 | 3.82 | 6.56 | -41.77 | Net profit | 197.93 | 220.55 | -10.26 | 271.91 | 338.15 | -19.59 | 882.09 | 759.06 | 16.21 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 197.93 | 220.55 | -10.26 | 271.91 | 338.15 | -19.59 | 882.09 | 759.06 | 16.21 | EPS (Rs)* | 13.26 | 14.77 | -10.26 | 18.21 | 21.19 | -14.07 | 58.54 | 50.84 | 15.15 | | * EPS is on current equity of Rs 149.31 crore, Face value of Rs 10, Excluding extraordinary items. | # EPS is not annualised | bps : Basis points | EO : Extraordinary items | Figures in Rs crore | Source: Capitaline Corporate Database |
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Polycab India : Consolidated Segment Results | | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202109 | 202009 | Var.(%) | % of (Total) | 202109 | 202009 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
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Sales | Wires and Cables | 79.83 | 2,628.08 | 1,826.84 | 43.86 | 81.06 | 4,255.03 | 2,652.05 | 60.44 | 80.29 | 7,603.49 | 7,589.84 | 0.18 | FMEG | 10.42 | 342.93 | 243.96 | 40.57 | 10.19 | 534.81 | 381.76 | 40.09 | 10.92 | 1,034.11 | 835.58 | 23.76 | Others | 2.89 | 95.03 | 70.93 | 33.98 | 3.18 | 166.79 | 124.31 | 34.18 | 3.17 | 299.76 | 596.49 | -49.75 | Copper | 6.87 | 226.20 | 130.34 | 73.54 | 5.58 | 292.86 | 145.33 | 101.52 | Total Reported Sales | 100.00 | 3,292.24 | 2,272.08 | 44.90 | 100.00 | 5,249.49 | 3,303.44 | 58.91 | 100.00 | 9,470.35 | 9,021.91 | 4.97 | Less: Inter segment revenues | | 147.70 | 134.17 | 10.08 | | 211.69 | 176.61 | 19.87 | | 466.51 | 144.07 | 223.81 | Net Sales | 100.00 | 3,144.54 | 2,137.91 | 47.09 | 100.00 | 5,037.80 | 3,126.84 | 61.11 | 100.00 | 9,003.84 | 8,877.84 | 1.42 | PBIT | Wires and Cables | 85.30 | 230.51 | 254.12 | -9.29 | 90.02 | 337.86 | 278.53 | 21.30 | 85.31 | 918.73 | 930.89 | -1.31 | FMEG | 6.37 | 17.20 | 19.63 | -12.35 | 0.77 | 2.87 | 14.06 | -79.58 | 5.26 | 56.60 | 16.83 | 236.32 | Others | 5.83 | 15.74 | 10.02 | 57.20 | 6.23 | 23.37 | 17.18 | 36.01 | 4.24 | 45.63 | 90.31 | -49.48 | Copper | 2.51 | 6.79 | 12.30 | -44.84 | 2.99 | 11.21 | 12.05 | -7.00 | Total PBIT | 100.00 | 270.25 | 296.06 | -8.72 | 100.00 | 375.31 | 321.83 | 16.62 | 100.00 | 1,076.93 | 1,038.02 | 3.75 | Less : Interest | | 8.83 | 11.38 | -22.43 | | 20.99 | 27.68 | -24.15 | | 53.15 | 49.54 | 7.30 | Add: Other un-allcoable | | 4.92 | 3.29 | 49.29 | | 10.21 | 32.91 | -68.98 | | 41.18 | 21.50 | 91.52 | PBIT Margin(%) | Wires and Cables | | 8.77 | 13.91 | -513.89 | | 7.94 | 10.50 | -256.20 | | 12.08 | 12.26 | -18.19 | FMEG | | 5.02 | 8.04 | -302.82 | | 0.54 | 3.68 | -314.67 | | 5.47 | 2.01 | 345.90 | Others | | 16.57 | 14.12 | 244.75 | | 14.01 | 13.82 | 18.88 | | 15.22 | 15.14 | 8.14 | Copper | | 3.00 | 9.44 | -643.93 | | 3.83 | 8.29 | -446.63 | | 10.50 | 0.00 | 1,050.31 | PBT | 100.00 | 266.33 | 287.97 | -7.51 | 100.00 | 364.53 | 327.06 | 11.46 | 100.00 | 1,064.97 | 1,009.99 | 5.44 |
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