Revenue from operations increased by 48% YoY to Rs 2,736.6 crore during the quarter.

EBITDA zoomed 135% to Rs 309.8 crore in Q1 FY23 from Rs 132.1 crore in Q1 FY22. EBITDA margin was 11.3% in Q1 FY22 as against 7.1% in Q1 FY23, led by calibrated price hikes and better operating leverage.

Polycab said that the Wires & Cables business saw a strong growth of 48% YoY. While domestic distribution driven business sustained its strong growth momentum, institutional business improved its performance compared to same quarter last year. Export contributed 6.7% to consolidated revenue & posted healthy revenue growth of 62% YoY.

FMEG business grew by 59% YoY to Rs 305.2 crore. Lighting, switchgears and pump continued their strong growth momentum, while fans, conduit pipes and solar business posted healthy growth. However, switches saw a decline due to supply challenges.

"We remain committed to achieving Rs 200 Bn sales by FY 2026 and make Polycab a future ready organization,” the company said in a statement.

The company reported a pre-tax profit of Rs 294.7 crore in Q1 FY23, which is significantly higher as compared with Rs 97 crore in Q1 FY23.

Inder T. Jaisinghani, chairman and managing director, Polycab India, said: “We have started the fiscal year 2023 on solid footing, with top line growth of 48% fuelled by strong performance across B2B and B2C categories.

Furthermore, we recorded the highest 1st quarter top-line in the history of the company which underlines our strategy to be agile, focus on robust execution and consistently deliver the best quality of products to our customers. Profitability was supported by better operating leverage and various strategic initiatives implemented over the past few quarters.”

Polycab India is the largest manufacturer of wires and cables in India and fast growing player in the Fast Moving Electrical Goods (FMEG) space. The group is also in the business of engineering, procurement and construction (EPC) projects.