Sales for the period though stood higher by 24% to Rs 2507.31 crore, a 220 bps contraction in operating profit margin (OPM) to 13.5% has restricted the growth at operating profit at 7% to Rs 339.11 crore. With other income stand lower by 99% to RS 0.35 crore, the PBIDT was down by 1% to Rs 339.46 crore. But gained by lower interest (down 50% to Rs 8.58 crore) the PBT was up by 1% to Rs 290.20 crore despite depreciation stood higher by 14% to Rs 40.68 crore. Taxation was down by 29% to Rs 68.57 crore and thus the PAT was up by 16% to Rs 221.63 crore. After accounting for share of loss from associate of Rs 0.23 crore (down from a profit of Rs 1.88 crore) and higher minority interest (up 810% to Rs 2.62 crore) the net profit was eventually up by 13% to Rs 218.78 crore. But for lower OPM, lower OI, higher depreciation, higher share of loss from associate and higher MI, the growth at bottom-line would have been much higher than reported.

• Upside in sales was largely due to strong double digit growth in all business of the company. Segment revenue of wires & Cables (W&C) was up by steady 18% to Rs 2169.64 crore (or 86% of sales). The segment revenue of FMEG and others was up by 34% (to Rs 216.60 crore or 9% of sales) and 69% (to Rs 151.01 crore or 6% of sales).

• EBIT was down by 3% to Rs 293.57 crore with weak performance from core W&C business. The core W&C business registered 15% fall in segment profit to Rs 258.32 crore largely as its segment margin eroded by sharp 480 bps to 11.9%. On the other hand the FMEG business turned in a profit of Rs 1.40 crore against a loss of Rs 4.97 crore in corresponding previous period. The segment profit of others zoomed up by 1059% to Rs 33.85 crore.

Nine month performance

Sales for the period was up by 21% to Rs 6700.57 crore. With OPM contract by 30 bps to 12.5%, facilitated largely by higher sales, the operating profit was up by 18% to Rs 834.45 crore. The PBT was up by 32% to Rs 728.47 crore gained largely by higher other income and lower interest (as % of sales) and lower depreciaton (as % of sales). The taxation was down by 7% to Rs 176.38 crore and thus the growth at PAT was 51% to Rs 552.10 crore. Eventually the net profit after MI was up by 52% to Rs 545.12 crore gained largely by lower share of loss from associate.

Commenting on the financial performance, Inder Jaisinghani, Chairman and Managing Director, Polycab India, said: "We have delivered yet another quarter of resilient growth. Our top line growth remains strong across segments helped by our robust pan India distribution network coupled with exports while profitability improved sequentially on the back of enhanced and evolving product mix and various strategic initiatives which we have implemented over the past few years. As we enter the new decade we will continue to build on our current strengths while acquiring new ones to stay competitive and drive profitable growth"