|
Polycab
India consolidated net sales increased 10.18% to Rs 3715.18 crore in Q3FY23
compared to Q3FY22. Sales of Wires and
Cables segment has gone up 11.44% to Rs 3,341.79 crore (accounting for 87.72%
of total sales). Sales of FMEG segment
has gone up 0.49% to Rs 342.01 crore (accounting for 8.98% of total
sales). Sales of Others segment rose
27.35% to Rs 126.01 crore (accounting for 3.31% of total sales). Inter-segment sales rose Rs 55.34 crore to Rs
82.67 crore. The company also registered
highest ever quarterly production volume in Q3FY23
Profit
before interest, tax and other unallocable items (PBIT) have jumped 44.01% to
Rs 472.11 crore. PBIT of Wires and
Cables segment rose 48.68% to Rs 459.31 crore (accounting for 97.29% of total
PBIT). PBIT of FMEG reported loss of Rs
2.39 crore compared to profit of Rs 6.27 crore.
PBIT of Others segment rose 20.30% to Rs 15.19 crore (accounting for
3.22% of total PBIT).
PBIT
margin of Wires and Cables segment rose from 10.30% to 13.74%. PBIT margin of FMEG segment fell from 1.84%
to 0.70%. PBIT margin of Others segment
fell from 12.76% to 12.05%. Overall PBIT
margin rose from 9.54% to 12.39%.
Operating
profit margin has jumped from 10.73% to 13.56%, leading to 39.30% rise in
operating profit to Rs 503.84 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
71.30% to 70.41%. Purchase of finished
goods cost fell from 6.70% to 2.70%.
Employee cost increased from 2.87% to 3.05%. Other expenses rose from 9.02% to
10.26%. Selling and administration
expenses rose from 1.22% to 1.71%.
Freight charges fell from 2.40% to 2.21%. Other direct service cost rose from 0.68% to
1.16%.
Other
income rose 83.28% to Rs 39.68 crore.
PBIDT rose 41.78% to Rs 543.52 crore.
Provision for interest rose 18.41% to Rs 9.26 crore.
PBDT
rose 42.27% to Rs 534.26 crore.
Provision for depreciation rose 2.62% to Rs 52.45 crore.
Profit
before tax grew 48.51% to Rs 481.81 crore.
Provision for tax was expense of Rs 120.16 crore, compared to Rs 76.31
crore. Effective tax rate was 24.98%
compared to 23.50%.
Minority
interest increased 93.33% to Rs 3.19 crore.
Net profit attributable to owners of the company increased 44.96% to Rs
357.65 crore.
Promoters’
stake was 67.97% as of 31 December 2022 ,compared to 68.15% as of 31 December
2021.
Commenting on the
performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab
India Limited, said: “We
continued our strong quarterly performance, registering highest ever 3rd
quarterly revenues in Q3FY23. Moreover, we achieved the highest ever quarterly
PAT as well as the highest ever nine-months revenues and PAT in the history of
the Company. Our excellent performance demonstrates the strength of our
executional capabilities effectively leveraging our strong market position,
robust distribution network and favourable market conditions. Being committed
to the highest standards of corporate governance, we have strengthened our
Board today through the induction of 2 more Directors. The new Board is more
diverse, with 20% representation of women directors, in-line with globally
followed best-in-class corporate governance practices”
For year-to-date
(YTD) results analysis
Net
sales of Polycab India has increased 18.83% to Rs 9784.1 crore. Sales of Wires and Cables segment has gone up
19.93% to Rs 8,699.21 crore (accounting for 87.12% of total sales). Sales of FMEG segment has gone up 9.18% to Rs
955.52 crore (accounting for 9.57% of total sales). Sales of Others segment rose 24.53% to Rs
330.93 crore (accounting for 3.31% of total sales). Inter-segment sales rose Rs 123.67 crore to
Rs 178.09 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 63.66% to Rs
1,127.74 crore. PBIT of Wires and Cables
segment rose 68.16% to Rs 1,082.84 crore (accounting for 96.02% of total
PBIT). PBIT of FMEG segment fell 85.05%
to Rs 1.37 crore (accounting for 0.12% of total PBIT). PBIT of Others segment rose 20.93% to Rs 43.53
crore (accounting for 3.86% of total PBIT).
PBIT
margin of Wires and Cables segment rose from 8.88% to 12.45%. PBIT margin of FMEG segment fell from 1.04%
to 0.14%. PBIT margin of Others segment
fell from 13.55% to 13.15%. Overall PBIT
margin rose from 8.21% to 11.29%.
Operating
profit margin has jumped from 9.58% to 12.70%, leading to 57.52% rise in
operating profit to Rs 1,242.58 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 72.14% to 69.53%. Purchase
of finished goods cost fell from 5.83% to 4.07%. Other expenses rose from 9.64% to
10.38%. Selling and administration
expenses rose from 0.75% to 1.01%. Freight charges rose from 2.22% to 2.30%. Other direct service cost rose from 0.92% to
0.97%.
Other
income rose 11.92% to Rs 81.81 crore.
PBIDT rose 53.65% to Rs 1324.39 crore.
Provision for interest rose 39.33% to Rs 31.6 crore.
PBDT
rose 54.04% to Rs 1292.79 crore.
Provision for depreciation rose 2.94% to Rs 155.7 crore.
Profit
before tax grew 65.27% to Rs 1,137.09 crore.
Share of profit/loss was 32.57% lower at Rs -2.89 crore. Provision for tax was expense of Rs 280.36
crore, compared to Rs 165.94 crore.
Effective tax rate was 24.72% compared to 24.20%.
Minority
interest increased 56.52% to Rs 8.64 crore.
Net profit attributable to owners of the company increased 64.32% to Rs
845.20 crore.
Promoters’
stake was 67.97% as of 31 December 2022 ,compared to 68.15% as of 31 December
2021.
The
scrip is trading at Rs 2829
|
Polycab India :
Consolidated Results
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|
Particulars
|
2212 (03)
|
2112 (03)
|
Var. (%)
|
2212 (09)
|
2112 (09)
|
Var. (%)
|
2203 (12)
|
2103 (12)
|
Var. (%)
|
|
Net Sales
|
3,715.18
|
3,372.00
|
10
|
9,784.10
|
8,233.78
|
19
|
12,203.76
|
8,792.23
|
39
|
|
OPM (%)
|
13.6
|
10.7
|
|
12.7
|
9.6
|
|
10.4
|
12.6
|
|
|
OP
|
503.84
|
361.7
|
39
|
1242.58
|
788.85
|
58
|
1,265.22
|
1,111.15
|
14
|
|
Other Inc.
|
39.68
|
21.65
|
PL
|
81.81
|
73.1
|
12
|
89.92
|
119.28
|
-25
|
|
PBIDT
|
543.52
|
383.35
|
42
|
1324.39
|
861.95
|
54
|
1355.14
|
1230.43
|
10
|
|
Interest
|
9.26
|
7.82
|
18
|
31.6
|
22.68
|
39
|
35.19
|
42.69
|
-18
|
|
PBDT
|
534.26
|
375.53
|
42
|
1292.79
|
839.27
|
54
|
1319.95
|
1187.74
|
11
|
|
Depreciation
|
52.45
|
51.11
|
3
|
155.7
|
151.26
|
3
|
201.52
|
176.17
|
14
|
|
PBT
|
481.81
|
324.42
|
49
|
1137.09
|
688.01
|
65
|
1118.43
|
1011.57
|
11
|
|
Share of Profit/(Loss)
from Associates
|
-0.81
|
0.26
|
PL
|
-2.89
|
-2.18
|
33
|
-2.56
|
0.58
|
LP
|
|
PBT before EO
|
481
|
324.68
|
48
|
1134.2
|
685.83
|
65
|
1115.87
|
1012.15
|
10
|
|
EO Income
|
0
|
0
|
|
0
|
0
|
|
0
|
0
|
|
|
PBT after EO
|
481
|
324.68
|
48
|
1134.2
|
685.83
|
65
|
1115.87
|
1012.15
|
10
|
|
Taxation
|
120.16
|
76.31
|
57
|
280.36
|
165.94
|
69
|
270.63
|
170.34
|
59
|
|
PAT
|
360.84
|
248.37
|
45
|
853.84
|
519.89
|
64
|
845.24
|
841.81
|
0
|
|
Minority Interest (MI)
|
3.19
|
1.65
|
93
|
8.64
|
5.52
|
57
|
8.71
|
3.83
|
127
|
|
Net profit
|
357.65
|
246.72
|
45
|
845.2
|
514.37
|
64
|
836.53
|
837.98
|
0
|
|
EPS (Rs)*
|
#
|
#
|
|
#
|
#
|
|
55.9
|
56.0
|
|
|
* EPS is on current
equity of Rs 149.66 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
|
|
|
% of (Total)
|
2212 (03)
|
2112 (03)
|
Var.(%)
|
% of (Total)
|
2212 (09)
|
2112 (09)
|
Var.(%)
|
% of (Total)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
|
Sales
|
|
Wires and Cables
|
88
|
3,341.79
|
2,998.76
|
11
|
87
|
8,699.21
|
7,253.78
|
20
|
87
|
10,793.81
|
7,591.09
|
42
|
|
FMEG
|
9
|
342.01
|
340.36
|
0
|
10
|
955.52
|
875.17
|
9
|
10
|
1,254.38
|
1,034.11
|
21
|
|
Others
|
3
|
126.01
|
98.95
|
27
|
3
|
330.93
|
265.74
|
25
|
3
|
370.18
|
299.76
|
23
|
|
Total Reported Sales
|
100
|
3,809.81
|
3,438.07
|
11
|
100
|
9,985.66
|
8,394.69
|
19
|
100
|
12,418.37
|
8,924.96
|
39
|
|
Less: Inter segment revenues
|
|
82.67
|
55.34
|
49
|
|
178.09
|
123.67
|
44
|
|
174.38
|
65.86
|
165
|
|
Net Sales
|
|
3,727.14
|
3,382.73
|
10
|
|
9,807.57
|
8,271.02
|
19
|
|
12,243.99
|
8,859.10
|
38
|
|
PBIT
|
|
Wires and Cables
|
97
|
459.31
|
308.92
|
49
|
96
|
1082.84
|
643.92
|
68
|
94
|
1,054.48
|
906.86
|
16
|
|
FMEG
|
-1
|
-2.39
|
6.27
|
LP
|
0
|
1.37
|
9.14
|
-85
|
2
|
19.62
|
56.6
|
-65
|
|
Others
|
3
|
15.19
|
12.62
|
20
|
4
|
43.53
|
36
|
21
|
4
|
49.9
|
45.63
|
9
|
|
Total PBIT
|
100
|
472.11
|
327.81
|
44
|
100
|
1,127.74
|
689.06
|
64
|
100
|
1,124.00
|
1,009.08
|
11
|
|
Less : Interest
|
|
9.26
|
7.82
|
18
|
|
31.6
|
22.68
|
39
|
|
35.19
|
42.69
|
-18
|
|
Add: Other un-allcoable
|
|
18.15
|
4.68
|
288
|
|
38.05
|
19.46
|
96
|
|
27.05
|
45.19
|
-40
|
|
PBT
|
|
481.00
|
324.67
|
48
|
|
1,134.19
|
685.84
|
65
|
|
1,115.86
|
1,011.58
|
10
|
|