|
The company said that it witnessed growth in the revenue in spite of high base and lower commodity prices on the back of healthy volume growth in Cables business.
Consolidated profit before tax stood at Rs 573.06 crore in the quarter ended 31 March 2023, registering a growth of 33.26% from Rs 430.02 crore posted in Q4 FY22.
EBITDA grew 27% YoY to Rs 603.2 crore in Q4 FY23. EBITDA margin improved 200 bps YoY to 14%, driven by better operating leverage and strong growth in international business.
Wires and Cables business revenue grew 12% YoY basis to Rs 3,934.7 crore with strong traction in international business. The international business grew 125% YoY, contributing to 12.5% of the consolidated revenue in Q4 FY23. The company expanded its global footprint to 70 countries. Segmental margins improved by 300 bps YoY led by judicious price revisions and strong growth in international business.
FMEG business de-grew by 20% YoY. Fans business, which accounts for more than one third of FMEG business, was subdued during the quarter due to heavy channel inventory stocking done ahead of the transition to the new BEE norms. The switches business continued its healthy sales momentum during the quarter, benefiting from the in-house manufacturing, growing 1.5x YoY and 1.9x QoQ.
On full year basis, the wire maker reported a 51.7% jump in consolidated net profit to Rs 1,282.25 crore on a 15.6% increase in net sales to Rs 14,107.78 in the FY23 over FY22.
As of 31 March 2023, net cash position improved to Rs 1,890 crore against Rs 1,100 crore net cash during the same period last year.
Inder T. Jaisinghani, chairman and managing director, Polycab India, said, “FY23 was a remarkable year for the Company, as we surpassed revenues of ₹ 140 Bn and profitability threshold of ₹ 10 Bn, to record highest ever revenues and PAT in the history of the Company. With robust demand on the anvil, we are confident of exhibiting continued strong growth in the near-to-mid term as well.”
Further, the board recommended a dividend of Rs 20 per equity share for the financial year 2022-23, subject to approval of shareholders.
Polycab India is the largest manufacturer of Wires and Cables in India and fast growing player in the Fast Moving Electrical Goods (FMEG) space. The Group is also in the business of Engineering, Procurement and Construction (EPC) projects.
|