|
Polycab
India consolidated net sales increased 47.51% to Rs 2736.56 crore in Q1FY23
compared to Q1FY22. Sales of Wires and
Cables segment has gone up 47.87% to Rs 2,405.70 crore (accounting for 85.50%
of total sales). Sales of FMEG segment
has gone up 60.60% to Rs 308.15 crore (accounting for 10.95% of total
sales). Sales of Others segment rose
39.17% to Rs 99.87 crore (accounting for 3.55% of total sales). Inter-segment sales rose Rs 24.75 crore to Rs
99.87 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 196.17% to
Rs 296.20 crore. PBIT of Wires and
Cables segment rose 159.83% to Rs 277.27 crore (accounting for 93.61% of total
PBIT). PBIT of FMEG reported profit of
Rs 6.44 crore compared to loss of Rs 14.33 crore. PBIT of Others segment rose 63.66% to Rs
12.48 crore (accounting for 4.21% of total PBIT).
PBIT
margin of Wires and Cables segment rose from 6.56% to 11.53%. PBIT margin of FMEG segment rose from
negative 7.47% to 2.09%. PBIT margin of
Others segment rose from 10.63% to 12.50%.
Overall PBIT margin rose from 5.29% to 10.53%.
Operating
profit margin has jumped from 7.23% to 11.37%, leading to 131.80% rise in
operating profit to Rs 311.10 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
74.26% to 70.75%. Purchase of finished
goods cost fell from 5.54% to 5.14%.
Employee cost decreased from 4.12% to 3.73%. Other expenses fell from 10.18% to
9.83%. Selling and administration
expenses rose from 0.34% to 0.66%.
Freight charges rose from 1.76% to 1.88%. Other direct service cost fell from 1.07% to
0.92%.
Other
income rose 85.02% to Rs 44.35 crore.
PBIDT rose 124.71% to Rs 355.45 crore.
Provision for interest fell 13.72% to Rs 8.43 crore.
PBDT
rose 133.83% to Rs 347.02 crore.
Provision for depreciation rose 3.47% to Rs 50.99 crore.
Profit
before tax grew 198.63% to Rs 296.03 crore.
Share of profit/loss was 40.19% higher at Rs -1.28 crore. Provision for tax was expense of Rs 72.2
crore, compared to Rs 22.94 crore.
Effective tax rate was 24.50% compared to 23.65%.
Minority
interest increased 117.97% to Rs 2.79 crore.
Net profit attributable to owners of the company increased 201.99% to Rs
219.76 crore.
Promoters’
stake was 67.99% as of 30 June 2022 compared to 68.40% as of 30 June 2021.
Commenting on the
performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab
India Limited, 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. We will strive to continue the path of
profitable and sustainable growth and contribute to the success of all our
stakeholders.”
Full year results
analysis
Net
sales 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 2249
|
Polycab India :
Consolidated Results
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|
Particulars
|
2206 (03)
|
2106 (03)
|
Var.(%)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
|
Net Sales
|
2,736.56
|
1,855.23
|
48
|
12,203.76
|
8,792.23
|
39
|
|
OPM (%)
|
11.4
|
7.2
|
|
10.4
|
12.6
|
|
|
OP
|
311.1
|
134.21
|
132
|
1,265.22
|
1,111.15
|
14
|
|
Other Inc.
|
44.35
|
23.97
|
85
|
89.92
|
119.28
|
-25
|
|
PBIDT
|
355.45
|
158.18
|
125
|
1355.14
|
1230.43
|
10
|
|
Interest
|
8.43
|
9.77
|
-14
|
35.19
|
42.69
|
-18
|
|
PBDT
|
347.02
|
148.41
|
134
|
1319.95
|
1187.74
|
11
|
|
Depreciation
|
50.99
|
49.28
|
3
|
201.52
|
176.17
|
14
|
|
PBT
|
296.03
|
99.13
|
199
|
1118.43
|
1011.57
|
11
|
|
Share of Profit/(Loss)
from Associates
|
-1.28
|
-2.14
|
-40
|
-2.56
|
0.58
|
LP
|
|
PBT before EO
|
294.75
|
96.99
|
204
|
1115.87
|
1012.15
|
10
|
|
EO Income
|
0
|
0
|
|
0
|
0
|
|
|
PBT after EO
|
294.75
|
96.99
|
204
|
1115.87
|
1012.15
|
10
|
|
Taxation
|
72.2
|
22.94
|
215
|
270.63
|
170.34
|
59
|
|
PAT
|
222.55
|
74.05
|
201
|
845.24
|
841.81
|
0
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Minority Interest (MI)
|
2.79
|
1.28
|
118
|
8.71
|
3.83
|
127
|
|
Net profit
|
219.76
|
72.77
|
202
|
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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|
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% of (Total)
|
2206 (03)
|
2106 (03)
|
Var.(%)
|
% of (Total)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
|
Sales
|
|
Wires and Cables
|
86
|
2,405.70
|
1,626.95
|
48
|
87
|
10,793.81
|
7,591.09
|
42
|
|
FMEG
|
11
|
308.15
|
191.88
|
61
|
10
|
1,254.38
|
1,034.11
|
21
|
|
Others
|
4
|
99.87
|
71.76
|
39
|
3
|
370.18
|
299.76
|
23
|
|
Total Reported Sales
|
100
|
2,813.72
|
1,890.59
|
49
|
100
|
12,418.37
|
8,924.96
|
39
|
|
Less: Inter segment revenues
|
|
99.87
|
24.75
|
304
|
|
174.38
|
65.86
|
165
|
|
Net Sales
|
|
2,713.85
|
1,865.84
|
45
|
|
12,243.99
|
8,859.10
|
38
|
|
PBIT
|
|
Wires and Cables
|
94
|
277.27
|
106.71
|
160
|
94
|
1,054.48
|
906.86
|
16
|
|
FMEG
|
2
|
6.44
|
-14.33
|
LP
|
2
|
19.62
|
56.6
|
-65
|
|
Others
|
4
|
12.48
|
7.63
|
64
|
4
|
49.9
|
45.63
|
9
|
|
Total PBIT
|
100
|
296.2
|
100.01
|
196
|
100
|
1,124.00
|
1,009.08
|
11
|
|
Less : Interest
|
|
8.43
|
9.77
|
-14
|
|
35.19
|
42.69
|
-18
|
|
Add: Other un-allcoable
|
|
6.98
|
6.74
|
4
|
|
27.05
|
45.19
|
-40
|
|
PBT
|
|
294.74
|
96.98
|
204
|
|
1,115.86
|
1,011.58
|
10
|
|