• Sales of Wires and Cables segment has gone up 28.90% to Rs 3,804.70 crore (accounting for 87.74% of total sales) driven by strong volume growth.  Sales of FMEG segment has gone up 8.06% to Rs 329.97 crore (accounting for 7.61% of total sales).  FMEG business exhibited marginal growth of 8% YoY in Q2FY24, despite the larger businesses of Fans and Lights showing de-growth due to continued weakness in consumer demand. Sales of Others segment rose 91.81% to Rs 201.51 crore (accounting for 4.65% of total sales).  Inter-segment sales rose Rs 50.45 crore to Rs 107.38 crore.  
• Profit before interest, tax and other unallocable items (PBIT) has jumped 58.91% to Rs 571.16 crore.  PBIT of Wires and Cables segment rose 60.20% to Rs 554.69 crore (accounting for 97.12% of total PBIT).  PBIT of FMEG segment fell 124.35% to Rs -6.02 crore (accounting for -1.05% of total PBIT).  PBIT of Others segment rose 41.80% to Rs 22.49 crore (accounting for 3.94% of total PBIT).  
• PBIT margin of Wires and Cables segment rose from 11.73% to 14.58%.  PBIT margin of FMEG segment fell from negative 0.88% to negative 1.82%.  PBIT margin of Others segment fell from 15.09% to 11.16%.  Overall PBIT margin rose from 10.69% to 13.17%.  
• FMEG: Switchgears and Conduit Pipes & Fittings businesses showed remarkable growth during the quarter, both on YoY and QoQ basis. Switches business too exhibited excellent growth, with sales growing ~2x YoY, on a strong base. Luminaires business had a strong quarter, benefitting from the set-up of its separate GTM vertical, under Project LEAP. Geographically, both West and South regions showed yearly as well as sequential growth during the quarter, while the North region showed sequential growth. Improvement in mix towards higher margin products contained bottom-line de-growth despite higher A&P spends during the quarter.
• W&C : Continued strong demand supported by government capex and robust real-estate off-take enabled sustenance of growth momentum. Domestically, both distribution driven business and institutional business exhibited strong performance. Geographically, growth was broad based, with highest growth coming from North region. Cables growth continued to outperform wires growth. Revenue from international business contributed 9.3% of the consolidated revenue for the quarter. The Company expanded its global footprint to 76 countries.

Half-yearly performance

Net sales (including other operating income) of Polycab India has increased 33.58% to Rs 8107.08 crore.  Operating profit margin has jumped from 12.17% to 14.28%, leading to 56.68% rise in operating profit to Rs 1,157.48 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 69.00% to 70.44%.   Purchase of finished goods cost fell from 4.89% to 3.54%.   Employee cost decreased from 3.66% to 3.37%.   Other expenses fell from 10.45% to 9.23%.   Selling and administration expenses rose from 0.59% to 0.82%.   Freight charges fell from 2.35% to 1.92%.   Other direct service cost fell from 0.85% to 0.80%.   Other income rose 135.75% to Rs 99.32 crore.  PBIDT rose 60.95% to Rs 1256.8 crore.  Provision for interest rose 131.47% to Rs 51.71 crore.   PBDT rose 58.87% to Rs 1205.09 crore.  Provision for depreciation rose 13.74% to Rs 117.44 crore.  Profit before tax grew 65.98% to Rs 1,087.65 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 254.72 crore, compared to Rs 159.88 crore.  Effective tax rate was 23.42% compared to 24.48%. Minority interest increased 42.02% to Rs 7.74 crore.  Net profit attributable to owners of the company increased 69.14% to Rs 825.19 crore.  

• Sales of Wires and Cables segment has gone up 36.98% to Rs 7,338.48 crore (accounting for 88.02% of total sales).  Sales of FMEG segment has gone up 5.05% to Rs 644.51 crore (accounting for 7.73% of total sales).  Sales of Others segment rose 72.91% to Rs 354.34 crore (accounting for 4.25% of total sales).  Inter-segment sales rose Rs 95.42 crore to Rs 185.49 crore.  
• Profit before interest, tax and other unallocable items (PBIT) has jumped 68.71% to Rs 1,106.08 crore.  PBIT of Wires and Cables segment rose 72.72% to Rs 1,076.95 crore (accounting for 97.37% of total PBIT).  PBIT of FMEG reported loss of Rs 11.69 crore compared to profit of Rs 3.76 crore.  PBIT of Others segment rose 44.03% to Rs 40.82 crore (accounting for 3.69% of total PBIT).  
• PBIT margin of Wires and Cables segment rose from 11.64% to 14.68%.  PBIT margin of FMEG segment fell from 0.61% to 1.81%.  PBIT margin of Others segment fell from 13.83% to 11.52%.  Overall PBIT margin rose from 10.62% to 13.27%.