Consolidated net sales (including other operating income) of Polycab India for the quarter ended Jun 2023 has increased 42.13% to Rs 3889.38 crore. Operating profit margin has jumped from 11.37% to 14.10%, leading to 76.33% rise in operating profit to Rs 548.55 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 70.75% to 69.80%. Purchase of finished goods cost fell from 5.14% to 3.98%. Employee cost decreased from 3.73% to 3.34%. Other expenses fell from 9.83% to 9.32%. Selling and administration expenses fell from 0.66% to 0.65%. Freight charges rose from 1.88% to 1.96%. Other direct service cost fell from 0.92% to 0.71%. Other income rose 44.31% to Rs 64 crore. PBIDT rose 72.33% to Rs 612.55 crore. Provision for interest rose 195.61% to Rs 24.92 crore. PBDT rose 69.34% to Rs 587.63 crore. Provision for depreciation rose 12.06% to Rs 57.14 crore. Profit before tax grew 79.20% to Rs 530.49 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 127.68 crore, compared to Rs 72.2 crore. Effective tax rate was 24.07% compared to 24.50%. Minority interest increased 26.88% to Rs 3.54 crore. Net profit attributable to owners of the company increased 81.68% to Rs 399.27 crore.
- Sales of Wires and Cables segment has gone up 46.89% to Rs 3,533.78 crore (accounting for 88.32% of total sales). Sales of FMEG segment has gone up 2.07% to Rs 314.54 crore (accounting for 7.86% of total sales). Sales of Others segment rose 53.04% to Rs 152.84 crore (accounting for 3.82% of total sales). Inter-segment sales rose Rs 44.97 crore to Rs 78.12 crore.
- Profit before interest, tax and other unallocable items (PBIT) has jumped 80.60% to Rs 534.93 crore. PBIT of Wires and Cables segment rose 88.36% to Rs 522.26 crore (accounting for 97.63% of total PBIT). PBIT of FMEG reported loss of Rs 5.67 crore compared to profit of Rs 6.44 crore. PBIT of Others segment rose 46.87% to Rs 18.34 crore (accounting for 3.43% of total PBIT).
- PBIT margin of Wires and Cables segment rose from 11.53% to 14.78%. PBIT margin of FMEG segment fell from 2.09% to 1.80%. PBIT margin of Others segment fell from 12.50% to 12.00%. Overall PBIT margin rose from 10.53% to 13.37%.
Management Comments :Commenting on the performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: “We have commenced the financial year exceptionally well, registering our best-ever first quarterly revenues and profitability. The government`s strategic focus on infrastructure development and structural reforms, improving private capex and continued momentum in real estate has further fuelled our success, yielding us favourable results. The improved growth momentum is also a result of a combination of strategic initiatives implemented through Project LEAP, along with our unwavering dedication to customer-centricity, a diverse array of high quality products, and a robust distribution network. Our outstanding quarterly performance serves as a testament to the robustness of our business model.” Promoters’ stake was 66.20% as of 30 June 2023 ,compared to 67.99% as of 30 June 2022 .
Polycab India : Consolidated Results | | Quarter ended | Year ended |
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Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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Net Sales (including other operating income) | 3,889.38 | 2,736.56 | 42.13 | 14,107.78 | 12,203.76 | 15.60 | OPM (%) | 14.10 | 11.37 | 274 bps | 13.13 | 10.37 | 276 bps | OP | 548.55 | 311.10 | 76.33 | 1,852.10 | 1,265.22 | 46.39 | Other Inc. | 64.00 | 44.35 | 44.31 | 133.33 | 89.92 | 48.28 | PBIDT | 612.55 | 355.45 | 72.33 | 1,985.43 | 1,355.14 | 46.51 | Interest | 24.92 | 8.43 | 195.61 | 59.76 | 35.19 | 69.82 | PBDT | 587.63 | 347.02 | 69.34 | 1,925.67 | 1,319.95 | 45.89 | Depreciation | 57.14 | 50.99 | 12.06 | 209.16 | 201.52 | 3.79 | PBT | 530.49 | 296.03 | 79.20 | 1716.51 | 1118.43 | 53.47 | Share of Profit/(Loss) from Associates | 0 | -1.28 | - | -9.26 | -2.56 | -261.72 | PBT before EO | 530.49 | 294.75 | 79.98 | 1707.25 | 1115.87 | 53.00 | EO Income | 0 | 0 | - | 0 | 0 | - | PBT after EO | 530.49 | 294.75 | 79.98 | 1707.25 | 1115.87 | 53.00 | Taxation | 127.68 | 72.2 | 76.84 | 425 | 270.63 | 57.04 | PAT | 402.81 | 222.55 | 81.00 | 1282.25 | 845.24 | 51.70 | Minority Interest (MI) | 3.54 | 2.79 | 26.88 | 12.3 | 8.71 | 41.22 | Net profit | 399.27 | 219.76 | 81.68 | 1269.95 | 836.53 | 51.81 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 72.05 | - | Net profit after discontinued operations | 399.27 | 219.76 | 81.68 | 1269.95 | 908.58 | 39.77 | EPS (Rs)* | 26.64 | 14.66 | 81.68 | 84.74 | 55.82 | 51.81 | | * EPS is on current equity of Rs 149.86 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 ended |
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| % of (Total) | 202306 | 202206 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
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Sales | Wires and Cables | 88.32 | 3,533.78 | 2,405.70 | 46.89 | 88.10 | 12,777.50 | 10,793.81 | 18.38 | FMEG | 7.86 | 314.54 | 308.15 | 2.07 | 8.69 | 1,260.74 | 1,254.38 | 0.51 | Others | 3.82 | 152.84 | 99.87 | 53.04 | 3.20 | 464.71 | 370.18 | 25.54 | Copper | 0.00 | 0.00 | 0.00 | - | Total Reported Sales | 100.00 | 4,001.15 | 2,813.72 | 42.20 | 100.00 | 14,502.95 | 12,418.37 | 16.79 | Less: Inter segment revenues | | 78.12 | 44.97 | 73.73 | | 356.47 | 174.38 | 104.42 | Net Sales | 100.00 | 3,923.04 | 2,768.76 | 41.69 | 100.00 | 14,146.48 | 12,243.99 | 15.54 | PBIT | Wires and Cables | 97.63 | 522.26 | 277.27 | 88.36 | 97.32 | 1,672.43 | 1,054.48 | 58.60 | FMEG | -1.06 | -5.67 | 6.44 | PL | -0.33 | -5.61 | 19.62 | PL | Others | 3.43 | 18.34 | 12.48 | 46.87 | 3.01 | 51.71 | 49.90 | 3.63 | Copper | 0.00 | 0.00 | 0.00 | - | Total PBIT | 100.00 | 534.93 | 296.20 | 80.60 | 100.00 | 1,718.54 | 1,124.00 | 52.89 | Less : Interest | | 24.92 | 8.43 | 195.56 | | 59.76 | 35.19 | 69.81 | Add: Other un-allcoable | | 20.49 | 6.98 | 193.75 | | 48.48 | 27.05 | 79.23 | PBIT Margin(%) | Wires and Cables | | 14.78 | 11.53 | 325.34 | | 13.09 | 9.77 | 331.96 | FMEG | | -1.80 | 2.09 | -389.32 | | -0.44 | 1.56 | -200.89 | Others | | 12.00 | 12.50 | -50.42 | | 11.13 | 13.48 | -235.22 | Copper | | 0.00 | 0.00 | 0.00 | PBT | 100.00 | 530.49 | 294.74 | 79.98 | 100.00 | 1,707.26 | 1,115.86 | 53.00 |
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