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Results
23-Jan-22
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Analysis
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Polycab India
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Sales up 23% but lower OPM restricted OP growth at 3%
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Consolidated net sales (including other operating income) of Polycab India for
the quarter ended Dec 2021 has increased 22.78% to Rs 3372 crore. Operating
profit margin has declined from 12.74% to 10.73%, leading to 3.37% rise in
operating profit to Rs 361.70 crore. Raw material cost as a % of
total sales (net of stock adjustments) increased from 66.82% to 71.30%.
Purchase of finished goods cost fell from 8.56% to 6.70%.
Employee cost decreased from 3.20% to 2.87%. Other
expenses rose from 8.72% to 9.02%. Selling and administration expenses
fell from 1.35% to 1.22%. Freight charges rose from 1.89% to 2.40%.
Other direct service cost fell from 0.71% to 0.68%. Other
income fell 33.38% to Rs 21.65 crore. PBIDT rose 0.24% to Rs 383.35
crore. Provision for interest rose 19.57% to Rs 7.82
crore. PBDT fell 0.09% to Rs 375.53 crore. Provision for
depreciation rose 13.68% to Rs 51.11 crore. Profit before tax down
1.96% to Rs 324.42 crore. Share of profit/loss was 46.94% lower at
Rs 0.26 crore. Provision for tax was expense of Rs 76.31 crore,
compared to Rs 86.39 crore. Effective tax rate was 23.50% compared
to 26.07%. Minority interest increased 47.32% to Rs 1.65 crore. Net
profit attributable to owners of the company increased 1.16% to Rs 246.72
crore.
Sales of Wires and Cables segment has gone up 24.57% to Rs 2,998.76
crore (accounting for 87.22% of total sales). Sales of FMEG segment
has gone up 11.41% to Rs 340.36 crore (accounting for 9.90% of total
sales). Sales of Others segment rose 24.46% to Rs 98.95 crore
(accounting for 2.88% of total sales). Inter-segment sales rose Rs
23.04 crore to Rs 55.34 crore.
Profit before interest, tax and other unallocable items (PBIT) has
slumped 0.53% to Rs 327.82 crore. PBIT of Wires and Cables segment
rose 2.42% to Rs 308.92 crore (accounting for 94.24% of total
PBIT). PBIT of FMEG segment fell 65.48% to Rs 6.27 crore (accounting
for 1.91% of total PBIT). PBIT of Others segment rose 29.05% to Rs
12.62 crore (accounting for 3.85% of total PBIT).
PBIT margin of Wires and Cables segment fell from 12.53% to
10.30%. PBIT margin of FMEG segment fell from 5.95% to
1.84%. PBIT margin of Others segment rose from 12.30% to
12.76%. Overall PBIT margin fell from 11.80% to 9.54%.
Nine month performance
Consolidated net sales has increased 40.76% to Rs 8233.78
crore. Sales of Wires and Cables segment has gone up 43.38% to Rs
7,253.78 crore (accounting for 86.41% of total sales). Sales of FMEG
segment has gone up 27.34% to Rs 875.17 crore (accounting for 10.43% of total
sales). Sales of Others segment rose 30.39% to Rs 265.74 crore
(accounting for 3.17% of total sales). Inter-segment sales rose Rs
45.37 crore to Rs 123.67 crore.
Profit before interest, tax and other
unallocable items (PBIT) has jumped 8.43% to Rs 689.06 crore. PBIT
of Wires and Cables segment rose 11.74% to Rs 643.92 crore (accounting for
93.45% of total PBIT). PBIT of FMEG segment fell 71.63% to Rs 9.14
crore (accounting for 1.33% of total PBIT). PBIT of Others segment
rose 33.49% to Rs 36.00 crore (accounting for 5.22% of total PBIT).
PBIT margin of Wires and Cables segment
fell from 11.39% to 8.88%. PBIT margin of FMEG segment fell from
4.69% to 1.04%. PBIT margin of Others segment rose from 13.23% to
13.55%. Overall PBIT margin fell from 10.68% to 8.21%.
Operating profit margin has declined from 12.09% to 9.58%, leading to
11.56% rise in operating profit to Rs 788.85 crore. Raw material
cost as a % of total sales (net of stock adjustments) increased from 64.41% to
72.14%. Purchase of finished goods cost fell from 7.91% to 5.83%.
Employee cost decreased from 4.46% to 3.43%. Other
expenses fell from 10.90% to 9.64%. Selling and administration
expenses fell from 0.94% to 0.75%. Freight charges rose from 2.18%
to 2.22%. Other direct service cost fell from 1.24% to 0.92%.
Other income fell 23.97% to Rs 73.1
crore. PBIDT rose 7.31% to Rs 861.95 crore. Provision for
interest fell 23.07% to Rs 22.68 crore.
PBDT rose 8.47% to Rs 839.27
crore. Provision for depreciation rose 16.26% to Rs 151.26
crore.
Profit before tax grew 6.89% to Rs 688.01 crore. Share of
profit/loss was 1,576.92% lower at Rs -2.18 crore. Provision for tax
was expense of Rs 165.94 crore, compared to Rs 72.78
crore. Effective tax rate was 24.20% compared to 11.31%.
Minority interest increased 166.67% to
Rs 5.52 crore. Net profit attributable to owners of the company
decreased 9.55% to Rs 514.37 crore.
Promoters’ stake was 68.15% as of 31
December 2021 ,compared to 68.44% as of 31 December 2020 . | Polycab India : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 3,372.00 | 2,746.34 | 22.78 | 8,233.78 | 5,849.49 | 40.76 | 8,792.23 | 8,829.96 | -0.43 | | OPM (%) | 10.73 | 12.74 | -201 bps | 9.58 | 12.09 | -251 bps | 12.64 | 12.85 | -22 bps | | OP | 361.70 | 349.92 | 3.37 | 788.85 | 707.08 | 11.56 | 1,111.15 | 1,135.04 | -2.10 | | Other Inc. | 21.65 | 32.50 | -33.38 | 73.10 | 96.15 | -23.97 | 119.28 | 92.79 | 28.55 | | PBIDT | 383.35 | 382.42 | 0.24 | 861.95 | 803.23 | 7.31 | 1,230.43 | 1,227.83 | 0.21 | | Interest | 7.82 | 6.54 | 19.57 | 22.68 | 29.48 | -23.07 | 42.69 | 49.54 | -13.83 | | PBDT | 375.53 | 375.88 | -0.09 | 839.27 | 773.75 | 8.47 | 1,187.74 | 1,178.29 | 0.80 | | Depreciation | 51.11 | 44.96 | 13.68 | 151.26 | 130.1 | 16.26 | 176.17 | 160.89 | 9.50 | | PBT | 324.42 | 330.92 | -1.96 | 688.01 | 643.65 | 6.89 | 1011.57 | 1017.4 | -0.57 | | Share of Profit/(Loss) from Associates | 0.26 | 0.49 | -46.94 | -2.18 | -0.13 | -1,576.92 | 0.58 | -7.41 | LP | | PBT before EO | 324.68 | 331.41 | -2.03 | 685.83 | 643.52 | 6.57 | 1012.15 | 1009.99 | 0.21 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 324.68 | 331.41 | -2.03 | 685.83 | 643.52 | 6.57 | 1012.15 | 1009.99 | 0.21 | | Taxation | 76.31 | 86.39 | -11.67 | 165.94 | 72.78 | 128.00 | 170.34 | 244.37 | -30.29 | | PAT | 248.37 | 245.02 | 1.37 | 519.89 | 570.74 | -8.91 | 841.81 | 765.62 | 9.95 | | Minority Interest (MI) | 1.65 | 1.12 | 47.32 | 5.52 | 2.07 | 166.67 | 3.83 | 6.56 | -41.62 | | Net profit | 246.72 | 243.9 | 1.16 | 514.37 | 568.67 | -9.55 | 837.98 | 759.06 | 10.40 | | P/(L) from discontinued operations net of tax | 67.79 | 18.6 | 264.46 | 72.05 | 31.98 | 125.30 | 44.1 | 0 | - | | Net profit after discontinued operations | 314.51 | 262.5 | 19.81 | 586.42 | 600.65 | -2.37 | 882.08 | 759.06 | 16.21 | | EPS (Rs)* | 16.51 | 16.33 | 1.15 | 34.43 | 38.07 | -9.55 | 56.09 | 50.81 | 10.40 | | | * EPS is on current equity of Rs 149.39 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) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
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| Sales | | Wires and Cables | 87.22 | 2,998.76 | 2,407.25 | 24.57 | 86.41 | 7,253.78 | 5,059.31 | 43.38 | 85.05 | 7,591.09 | 7,589.84 | 0.02 | | FMEG | 9.90 | 340.36 | 305.51 | 11.41 | 10.43 | 875.17 | 687.27 | 27.34 | 11.59 | 1,034.11 | 835.58 | 23.76 | | Others | 2.88 | 98.95 | 79.50 | 24.46 | 3.17 | 265.74 | 203.81 | 30.39 | 3.36 | 299.76 | 596.49 | -49.75 | | Total Reported Sales | 100.00 | 3,438.06 | 2,792.26 | 23.13 | 100.00 | 8,394.69 | 5,950.38 | 41.08 | 100.00 | 8,924.96 | 9,021.91 | -1.07 | | Less: Inter segment revenues | | 55.34 | 23.04 | 140.17 | | 123.67 | 45.37 | 172.55 | | 65.86 | 144.07 | -54.29 | | Net Sales | 100.00 | 3,382.72 | 2,769.22 | 22.15 | 100.00 | 8,271.02 | 5,905.00 | 40.07 | 100.00 | 8,859.10 | 8,877.84 | -0.21 | | PBIT | | Wires and Cables | 94.24 | 308.92 | 301.62 | 2.42 | 93.45 | 643.92 | 576.28 | 11.74 | 89.87 | 906.86 | 930.89 | -2.58 | | FMEG | 1.91 | 6.27 | 18.16 | -65.48 | 1.33 | 9.14 | 32.23 | -71.63 | 5.61 | 56.60 | 16.83 | 236.32 | | Others | 3.85 | 12.62 | 9.78 | 29.05 | 5.22 | 36.00 | 26.97 | 33.49 | 4.52 | 45.63 | 90.31 | -49.48 | | Total PBIT | 100.00 | 327.82 | 329.56 | -0.53 | 100.00 | 689.06 | 635.48 | 8.43 | 100.00 | 1,009.08 | 1,038.02 | -2.79 | | Less : Interest | | 7.82 | 6.54 | 19.59 | | 22.68 | 29.48 | -23.09 | | 42.69 | 49.54 | -13.82 | | Add: Other un-allcoable | | 4.42 | 7.90 | -44.09 | | 21.64 | 37.67 | -42.56 | | 45.19 | 21.50 | 110.14 | | PBIT Margin(%) | | Wires and Cables | | 10.30 | 12.53 | -222.78 | | 8.88 | 11.39 | -251.36 | | 11.95 | 12.26 | -31.86 | | FMEG | | 1.84 | 5.95 | -410.30 | | 1.04 | 4.69 | -364.45 | | 5.47 | 2.01 | 345.90 | | Others | | 12.76 | 12.30 | 45.45 | | 13.55 | 13.23 | 31.47 | | 15.22 | 15.14 | 8.14 | | PBT | 100.00 | 324.42 | 330.92 | -1.97 | 100.00 | 688.02 | 643.66 | 6.89 | 100.00 | 1,011.58 | 1,009.99 | 0.16 |
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