|
Polycab
India consolidated net sales increased 34.91% to Rs 3969.98 crore in Q4FY22
compared to Q4FY21. Sales of Wires and
Cables segment has gone up 39.82% to Rs 3,540.02 crore (accounting for 87.98%
of total sales). Sales of FMEG segment
has gone up 9.33% to Rs 379.22 crore (accounting for 9.42% of total
sales). Sales of Others segment rose
8.85% to Rs 104.45 crore (accounting for 2.60% of total sales). Inter-segment sales rose Rs 20.48 crore to Rs
50.71 crore.
Operating
profit margin has declined from 13.73% to 12%, leading to 17.90% rise in
operating profit to Rs 476.34 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
67.20% to 73.29%. Purchase of finished
goods cost fell from 6.16% to 3.34%.
Employee cost decreased from 3.27% to 2.69%. Other expenses fell from 9.82% to
8.46%. Selling and administration
expenses fell from 0.48% to 0.43%.
Freight charges fell from 2.36% to 2.03%. Other direct service cost fell from 1.25% to
0.79%.
EBITDA
margin continued to improve sequentially by 125bps to 12.0% led by price hikes
and better operating leverage, partly offset by persistent input cost
pressures.
Other
income fell 27.31% to Rs 16.82 crore.
PBIDT rose 15.45% to Rs 493.16 crore.
Provision for interest fell 5.15% to Rs 12.52 crore.
PBDT
rose 16.11% to Rs 480.64 crore.
Provision for depreciation rose 9.12% to Rs 50.26 crore. Profit before interest, tax and other
unallocable items (PBIT) has jumped 16.42% to Rs 434.94 crore. PBIT of Wires and Cables segment rose 24.20%
to Rs 410.56 crore (accounting for 94.39% of total PBIT). PBIT of FMEG segment fell 56.99% to Rs 10.48 crore
(accounting for 2.41% of total PBIT).
PBIT of Others segment fell 25.50% to Rs 13.90 crore (accounting for
3.20% of total PBIT).
PBIT
margin of Wires and Cables segment fell from 13.06% to 11.60%. PBIT margin of FMEG segment fell from 7.03%
to 2.76%. PBIT margin of Others segment
fell from 19.45% to 13.31%. Overall PBIT
margin fell from 12.56% to 10.81%.
Profit
before tax grew 16.98% to Rs 430.38 crore.
Provision for tax was expense of Rs 104.68 crore, compared to Rs 97.56
crore. Effective tax rate was 24.34%
compared to 26.47%.
Minority
interest increased 80.68% to Rs 3.18 crore.
Net profit attributable to owners of the company increased 19.62% to Rs
322.15 crore.
Equity
capital increased from Rs 149.12 crore as of 31 March 2021 to Rs 149.44 crore
as of 31 March 2022. Per share face
Value remained same at Rs 10.00.
Promoters’
stake was 68.08% as of 31 March 2022 compared to 68.42% as of 31 March 2021.
Commenting on the
performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab
India Limited, said:
“Our strong performance in fiscal year 2022 was underpinned by the
extraordinary efforts of our team to achieve new milestones even in one of the
most uncertain environments. We delivered accelerated business growth, record
free cash flow, healthy returns on capital and market-leading shareholder
returns. We will champion our renewed purpose of innovating for a brighter
living. Our “i-POWER” values will guide our thoughts and actions which will
help us create long term sustainable value for all stakeholders and enrich the
lives of everyone connected with Polycab.”
Full year results
analysis
Net
sales (including other operating income) of Polycab India has increased 38.80%
to Rs 12203.76 crore. Sales of Wires and
Cables segment has gone up 42.19% to Rs 10,793.81 crore (accounting for 86.92%
of total sales). Sales of FMEG segment
has gone up 21.30% to Rs 1,254.38 crore (accounting for 10.10% of total
sales). Sales of Others segment rose
23.49% to Rs 370.18 crore (accounting for 2.98% of total sales). Inter-segment sales rose Rs 65.86 crore to Rs
174.38 crore.
Operating
profit margin has declined from 12.64% to 10.37%, leading to 13.87% rise in
operating profit to Rs 1,265.22 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 65.37% to 72.49%.
Purchase of finished goods cost fell from 7.31% to 5.06%. Employee cost decreased from 4.05% to
3.20%. Other expenses fell from 10.53% to 9.28%. Selling and administration expenses fell
from 0.78% to 0.65%. Freight charges
fell from 2.24% to 2.16%. Other direct
service cost fell from 1.24% to 0.88%.
Other
income fell 24.61% to Rs 89.92 crore. PBIDT
rose 10.14% to Rs 1355.14 crore.
Provision for interest fell 17.57% to Rs 35.19 crore. Loan funds declined from Rs 259.87 crore as
of 31 March 2021 to Rs 93.67 crore as of 31 March 2022. Inventories rose to Rs 2,199.65 crore as of
31 March 2022 from Rs 1,987.91 crore as of 31 March 2021. Sundry debtors were lower at Rs 1,296.39
crore as of 31 March 2022 compared to Rs 1,435.77 crore as of 31 March
2021. Cash and bank balance declined
from Rs 531.32 crore as of 31 March 2021 to Rs 407.12 crore as of 31 March
2022. Investments rose to Rs 773.31
crore as of 31 March 2022 from Rs 634.95 crore as of 31 March 2021 .
PBDT
rose 11.13% to Rs 1319.95 crore.
Provision for depreciation rose 14.39% to Rs 201.52 crore. Fixed assets increased to Rs 2,045.95 crore
as of 31 March 2022 from Rs 1,966.39 crore as of 31 March 2021. Intangible assets increased from Rs 2.26
crore to Rs 4.62 crore. Profit
before interest, tax and other unallocable items (PBIT) has jumped 11.39% to Rs
1,124.00 crore. PBIT of Wires and Cables
segment rose 16.28% to Rs 1,054.48 crore (accounting for 93.81% of total
PBIT). PBIT of FMEG segment fell 65.33%
to Rs 19.62 crore (accounting for 1.75% of total PBIT). PBIT of Others segment rose 9.37% to Rs 49.90
crore (accounting for 4.44% of total PBIT).
PBIT
margin of Wires and Cables segment fell from 11.95% to 9.77%. PBIT margin of FMEG segment fell from 5.47%
to 1.56%. PBIT margin of Others segment
fell from 15.22% to 13.48%. Overall PBIT
margin fell from 11.31% to 9.05%.
Profit
before tax grew 10.56% to Rs 1,118.43 crore.
Provision for tax was expense of Rs 270.63 crore, compared to Rs 170.34
crore. Effective tax rate was 24.25%
compared to 16.83%.
Minority
interest increased 127.42% to Rs 8.71 crore.
Net profit attributable to owners of the company decreased 0.17% to Rs
836.53 crore.
Equity
capital increased from Rs 149.12 crore as of 31 March 2021 to Rs 149.44 crore
as of 31 March 2022. Per share face
Value remained same at Rs 10.00.
Promoters’
stake was 68.08% as of 31 March 2022 ,compared to 68.42% as of 31 March 2021
.
Cash
flow from operating activities decreased to Rs 511.61 crore for year ended
March 2022 from Rs 1,252.42 crore for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 526.69 crore, compared to Rs
193.49 crore during the year ended March 2021.
The
scrip is trading at Rs 2394
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Polycab India :
Consolidated Results
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|
Particulars
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2203 (03)
|
2103 (03)
|
Var.(%)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
|
Net Sales
|
3,969.68
|
2,942.74
|
35
|
12,203.76
|
8,792.23
|
39
|
|
OPM (%)
|
12.0
|
13.7
|
|
10.4
|
12.6
|
|
|
OP
|
476.34
|
404.03
|
18
|
1,265.22
|
1,111.15
|
14
|
|
Other Inc.
|
16.82
|
23.14
|
-27
|
89.92
|
119.28
|
-25
|
|
PBIDT
|
493.16
|
427.17
|
15
|
1355.14
|
1230.43
|
10
|
|
Interest
|
12.52
|
13.2
|
-5
|
35.19
|
42.69
|
-18
|
|
PBDT
|
480.64
|
413.97
|
16
|
1319.95
|
1187.74
|
11
|
|
Depreciation
|
50.26
|
46.06
|
9
|
201.52
|
176.17
|
14
|
|
PBT
|
430.38
|
367.91
|
17
|
1118.43
|
1011.57
|
11
|
|
Share of Profit/(Loss)
from Associates
|
-0.37
|
0.71
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PL
|
-2.56
|
0.58
|
LP
|
|
PBT before EO
|
430.01
|
368.62
|
17
|
1115.87
|
1012.15
|
10
|
|
EO Income
|
0
|
0
|
|
0
|
0
|
|
|
PBT after EO
|
430.01
|
368.62
|
17
|
1115.87
|
1012.15
|
10
|
|
Taxation
|
104.68
|
97.56
|
7
|
270.63
|
170.34
|
59
|
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PAT
|
325.33
|
271.06
|
20
|
845.24
|
841.81
|
0
|
|
Minority Interest (MI)
|
3.18
|
1.76
|
81
|
8.71
|
3.83
|
127
|
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Net profit
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322.15
|
269.3
|
20
|
836.53
|
837.98
|
0
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EPS (Rs)*
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#
|
#
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|
56.0
|
56.1
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|
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* EPS is on current
equity of Rs 149.39 crore, Face value of Rs 10, Excluding extraordinary
items.
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# EPS is not
annualised
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bps : Basis points
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EO : Extraordinary
items
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Figures in Rs crore
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Source: Capitaline
Corporate Database
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Polycab India : Consolidated Segment Results
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% of (Total)
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2203 (03)
|
2103 (03)
|
Var.(%)
|
% of (Total)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
|
Sales
|
|
Wires and Cables
|
88
|
3,540.02
|
2,531.79
|
40
|
87
|
10,793.81
|
7,591.09
|
42
|
|
FMEG
|
9
|
379.22
|
346.84
|
9
|
10
|
1,254.38
|
1,034.11
|
21
|
|
Others
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3
|
104.45
|
95.95
|
9
|
3
|
370.18
|
299.76
|
23
|
|
Copper
|
0
|
0
|
0
|
-
|
|
|
|
|
|
Total Reported Sales
|
100
|
4,023.69
|
2,974.58
|
35
|
100
|
12,418.37
|
8,924.96
|
39
|
|
Less: Inter segment revenues
|
|
50.71
|
20.48
|
148
|
|
174.38
|
65.86
|
165
|
|
Net Sales
|
|
3,972.98
|
2,954.10
|
34
|
|
12,243.99
|
8,859.10
|
38
|
|
PBIT
|
|
Wires and Cables
|
94
|
410.56
|
330.57
|
24
|
94
|
1,054.48
|
906.86
|
16
|
|
FMEG
|
2
|
10.48
|
24.37
|
-57
|
2
|
19.62
|
56.6
|
-65
|
|
Others
|
3
|
13.9
|
18.66
|
-26
|
4
|
49.9
|
45.63
|
9
|
|
Copper
|
0
|
0
|
0
|
-
|
|
|
|
|
|
Total PBIT
|
100
|
434.94
|
373.6
|
16
|
100
|
1,124.00
|
1,009.08
|
11
|
|
Less : Interest
|
|
12.52
|
13.2
|
-5
|
|
35.19
|
42.69
|
-18
|
|
Add: Other un-allcoable
|
|
7.97
|
7.52
|
6
|
|
29.6
|
45.19
|
-34
|
|
PBT
|
|
430.39
|
367.92
|
17
|
|
1,118.41
|
1,011.58
|
11
|
|