Capitaline

Sales of Wires and Cables segment has gone up 19.28% to Rs 4,864.67 crore (accounting for 84.97% of total sales). Sales of FMEG segment has gone up 17.34% to Rs 358.14 crore (accounting for 6.26% of total sales). Sales of Others segment rose 275.42% to Rs 502.23 crore (accounting for 8.77% of total sales). Inter-segment sales came down from Rs 178.37 crore to Rs 112.07 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 24.40% to Rs 734.96 crore. PBIT of Wires and Cables segment rose 24.88% to Rs 736.29 crore (accounting for 100.18% of total PBIT). PBIT of FMEG segment fell 558.43% to Rs -45.91 crore (accounting for -6.25% of total PBIT). One-time impact from impairment of investment in joint-venture Techno Electromech and provisioning on aged inventory, coupled with the lack of economies of scale resulted in accelerated decline in the bottom-line of FMEG business. PBIT of Others segment rose 444.97% to Rs 44.57 crore (accounting for 6.06% of total PBIT).
PBIT margin of Wires and Cables segment rose from 14.46% to 15.14%. PBIT margin of FMEG segment fell from negative 2.28% to negative 12.82%. PBIT margin of Others segment rose from 6.11% to 8.87%. Overall PBIT margin fell from 13.08% to 12.84%.

Full year results analysis.

Net sales (including other operating income) of Polycab India has increased 27.87% to Rs 18039.44 crore. Sales of Wires and Cables segment has gone up 26.06% to Rs 16,107.25 crore (accounting for 87.03% of total sales). Sales of FMEG segment has gone up 3.02% to Rs 1,298.82 crore (accounting for 7.02% of total sales). Sales of Others segment rose 136.88% to Rs 1,100.81 crore (accounting for 5.95% of total sales). Inter-segment sales rose Rs 356.47 crore to Rs 367.67 crore.

Profit before interest, tax and other unallocable items (PBIT) has jumped 39.15% to Rs 2,391.28 crore. PBIT of Wires and Cables segment rose 41.15% to Rs 2,360.66 crore (accounting for 98.72% of total PBIT). PBIT of FMEG segment fell 1,580.55% to Rs -94.20 crore (accounting for -3.94% of total PBIT). PBIT of Others segment rose 141.38% to Rs 124.82 crore (accounting for 5.22% of total PBIT).

PBIT margin of Wires and Cables segment rose from 13.09% to 14.66%. PBIT margin of FMEG segment fell from negative 0.44% to negative 7.25%. PBIT margin of Others segment rose from 11.13% to 11.34%. Overall PBIT margin rose from 11.85% to 12.92%.

Operating profit margin has jumped from 13.13% to 13.81%, leading to 34.54% rise in operating profit to Rs 2,491.80 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 69.43% to 68.59%. Purchase of finished goods cost fell from 4.05% to 3.07%. Employee cost increased from 3.25% to 3.30%. Other expenses rose from 10.11% to 11.55%. Selling and administration expenses rose from 0.88% to 1.08%. Freight charges fell from 2.24% to 1.89%. Other direct service cost rose from 0.96% to 2.57%.

Other income rose 65.66% to Rs 220.88 crore. PBIDT rose 36.63% to Rs 2712.68 crore. Provision for interest rose 81.29% to Rs 108.34 crore. Loan funds rose to Rs 161.09 crore as of 31 March 2024 from Rs 109.35 crore as of 31 March 2023. Inventories rose to Rs 3,675.11 crore as of 31 March 2024 from Rs 2,951.38 crore as of 31 March 2023. Sundry debtors were higher at Rs 2,047.12 crore as of 31 March 2024 compared to Rs 1,246.60 crore as of 31 March 2023. Cash and bank balance declined from Rs 695.24 crore as of 31 March 2023 to Rs 402.36 crore as of 31 March 2024. Investments rose to Rs 1,822.42 crore as of 31 March 2024 from Rs 1,350.50 crore as of 31 March 2023 .

PBDT rose 35.24% to Rs 2604.34 crore. Provision for depreciation rose 17.15% to Rs 245.04 crore. Fixed assets increased to Rs 2,911.34 crore as of 31 March 2024 from Rs 2,313.09 crore as of 31 March 2023. Intangible assets stood at Rs 4.62 crore.

Profit before tax grew 37.45% to Rs 2,359.30 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 556.38 crore, compared to Rs 424.17 crore. Effective tax rate was 23.58% compared to 24.85%.

Minority interest increased 53.41% to Rs 18.87 crore. Net profit attributable to owners of the company increased 40.39% to Rs 1,784.05 crore.

Equity capital increased from Rs 149.77 crore as of 31 March 2023 to Rs 150.24 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 65.24% as of 31 March 2024 ,compared to 66.20% as of 31 March 2023 .

Cash flow from operating activities decreased to Rs 1,296.24 crore for year ended March 2024 from Rs 1,427.52 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 858.52 crore, compared to Rs 479.45 crore during the year ended March 2023.

Quarter ended

Year ended

Particulars

202403

202303

Var.(%)

202403

202303

Var.(%)

Net Sales (including other operating income)

5,591.90

4,323.68

29.33

18,039.44

14,107.78

27.87

OPM (%)

13.62

14.10

-48 bps

13.81

13.13

68 bps

761.53

609.53

24.94

2,491.80

1,852.10

34.54

Other Inc.

53.84

51.52

4.50

220.88

133.33

65.66

PBIDT

815.37

661.05

23.34

2,712.68

1,985.43

36.63

Interest

24.40

28.16

-13.35

108.34

59.76

81.29

PBDT

790.97

632.89

24.98

2,604.34

1,925.67

35.24

Depreciation

65.72

53.46

22.93

245.04

209.16

17.15

PBT

725.25

579.43

25.17

2359.3

1716.51

37.45

Share of Profit/(Loss) from Associates

-6.37

-9.26

PBT before EO

725.25

573.06

26.56

2359.3

1707.25

38.19

EO Income

PBT after EO

725.25

573.06

26.56

2359.3

1707.25

38.19

Taxation

171.78

144.36

18.99

556.38

424.17

31.17

PAT

553.47

428.7

29.10

1802.92

1283.08

40.52

Minority Interest (MI)

7.47

3.67

103.54

18.87

12.3

53.41

Net profit

546

425.03

28.46

1784.05

1270.78

40.39

P/(L) from discontinued operations net of tax

Net profit after discontinued operations

546

425.03

28.46

1784.05

1270.78

40.39

EPS (Rs)*

36.34

28.29

28.46

118.74

84.58

40.39

* EPS is on current equity of Rs 150.25 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

Quarter ended

Year ended

% of (Total)

202403

202303

Var.(%)

% of (Total)

202403

202303

Var.(%)

Sales

Wires and Cables

84.97

4,864.67

4,078.29

19.28

87.03

16,107.25

12,777.50

26.06

FMEG

6.26

358.14

305.22

17.34

7.02

1,298.82

1,260.74

3.02

Others

8.77

502.23

133.78

275.42

5.95

1,100.81

464.71

136.88

Copper

0.00

Total Reported Sales

100.00

5,725.04

4,517.28

26.74

100.00

18,506.88

14,502.95

27.61

Less: Inter segment revenues

112.07

178.37

-37.17

367.67

356.47

3.14

Net Sales

100.00

5,612.97

4,338.91

29.36

100.00

18,139.21

14,146.48

28.22

PBIT

Wires and Cables

100.18

736.29

589.59

24.88

98.72

2,360.66

1,672.43

41.15

FMEG

-6.25

-45.91

-6.97

-558.43

-3.94

-94.20

-5.61

-1,580.55

Others

6.06

44.57

8.18

444.97

5.22

124.82

51.71

141.38

Copper

0.00

Total PBIT

100.00

734.96

590.80

24.40

100.00

2,391.28

1,718.54

39.15

Less : Interest

24.40

28.16

-13.35

108.34

59.76

81.30

Add: Other un-allcoable

14.70

10.43

41.02

76.36

48.48

57.51

PBIT Margin(%)

Wires and Cables

15.14

14.46

67.87

14.66

13.09

156.70

FMEG

-12.82

-2.28

-1,053.37

-7.25

-0.44

-680.78

Others

8.87

6.11

276.11

11.34

11.13

21.15

Copper

0.00

PBT

100.00

725.26

573.06

26.56

100.00

2,359.30

1,707.26

38.19