|
Consolidated
net sales of Polycab India have increased 10.84% to Rs 3332.36 crore in Q2FY23
compared to Q2FY22. Sales of Wires and
Cables segment has gone up 12.31% to Rs 2,951.72 crore (accounting for 87.79%
of total sales). Sales of FMEG segment
has gone down 10.96% to Rs 305.36 crore (accounting for 9.08% of total
sales). Sales of Others segment rose
10.55% to Rs 105.06 crore (accounting for 3.12% of total sales). Inter-segment sales rose Rs 43.58 crore to Rs
50.45 crore.
Operating
profit margin has jumped from 9.74% to 12.83%, leading to 45.97% rise in
operating profit to Rs 427.66 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
71.53% to 67.39%. Purchase of finished
goods cost fell from 4.99% to 4.65%.
Employee cost increased from 3.57% to 3.59%. Other expenses rose from 9.96% to
11.01%. Selling and administration
expenses rose from 0.48% to 0.52%.
Freight charges rose from 2.34% to 2.79%. Other direct service cost fell from 1.09% to
0.78%.
Profit
before interest, tax and other unallocable items (PBIT) have jumped 37.59% to
Rs 359.43 crore. PBIT of Wires and
Cables segment rose 51.68% to Rs 346.25 crore (accounting for 96.33% of total
PBIT). PBIT of FMEG reported loss of Rs
2.68 crore compared to profit of Rs 17.20 crore. PBIT of Others segment rose 0.72% to Rs 15.86
crore (accounting for 4.41% of total PBIT).
PBIT
margin of Wires and Cables segment rose from 8.69% to 11.73%. PBIT margin of FMEG segment fell from 5.02%
to 0.88%. PBIT margin of Others segment
fell from 16.57% to 15.09%. Overall PBIT
margin rose from 8.52% to 10.69%.
PBIDT
rose 32.76% to Rs 425.44 crore.
Provision for interest rose 173.08% to Rs 13.9 crore. PBDT rose 30.50% to Rs 411.54 crore. Provision for depreciation rose 2.75% to Rs
52.27 crore.
Profit
before tax grew 35.84% to Rs 359.27 crore.
Share of profit/loss was 161.29% lower at Rs -0.81 crore. Provision for tax was expense of Rs 88 crore,
compared to Rs 66.37 crore. Effective
tax rate was 24.55% compared to 25.12%.
Minority
interest increased 2.31% to Rs 2.66 crore.
Net profit attributable to owners of the company increased 37.19% to Rs
267.80 crore.
Equity
capital increased from Rs 149.26 crore as of 30 September 2021 to Rs 149.65
crore as of 30 September 2022. Per share
face Value remained same at Rs 10.00.
Promoters’
stake was 67.99% as of 30 September 2022 compared to 68.36% as of 30 September
2021.
Commenting on the
performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab
India Limited, said: “We
continued with our strong business performance in Q2, posting highest ever 2nd
quarter revenue in the history of the Company. Combined with the stand-out
performance of Q1, our top-line for first half of the year grew by 25% YoY.
Margin expansion was supported by strong growth in exports and judicious price
revisions. We are also progressing well on our long-term strategic agenda of
focusing on sustainable value creation across B2B and B2C businesses through
Project LEAP. Strong domestic economy with structural reforms focused on
infrastructure development augurs well for most of our product categories. We
remain committed to achieving Rs 200 billion sales by FY 2026 and make Polycab
a future ready organization”.
For year-to-date
(YTD) results analysis
Net
sales of Polycab India have increased 21.15% to Rs 6068.92 crore. Sales of Wires and Cables segment has gone up
25.91% to Rs 5,357.42 crore (accounting for 86.75% of total sales). Sales of FMEG segment has gone up 14.72% to
Rs 613.51 crore (accounting for 9.93% of total sales). Sales of Others segment rose 22.86% to Rs
204.92 crore (accounting for 3.32% of total sales). Inter-segment sales rose Rs 68.33 crore to Rs
95.42 crore.
Operating
profit margin has jumped from 8.83% to 12.17%, leading to 67.06% rise in
operating profit to Rs 738.74 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
73.20% to 69.00%. Purchase of finished goods cost fell from 5.07% to
4.89%. Employee cost decreased from
3.77% to 3.66%. Other expenses rose
from 9.75% to 10.45%. Selling and
administration expenses rose from 0.41% to 0.59%. Freight charges rose from
2.04% to 2.35%. Other direct service
cost fell from 1.05% to 0.85%.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 81.49% to Rs
655.63 crore. PBIT of Wires and Cables
segment rose 86.13% to Rs 623.52 crore (accounting for 95.10% of total
PBIT). PBIT of FMEG segment rose 30.92%
to Rs 3.76 crore (accounting for 0.57% of total PBIT). PBIT of Others segment rose 21.27% to Rs
28.34 crore (accounting for 4.32% of total PBIT).
PBIT
margin of Wires and Cables segment rose from 7.87% to 11.64%. PBIT margin of FMEG segment rose from 0.54%
to 0.61%. PBIT margin of Others segment
fell from 14.01% to 13.83%. Overall PBIT
margin rose from 7.29% to 10.62%.
Other
income fell 18.49% to Rs 42.13 crore.
PBIDT rose 58.11% to Rs 780.87 crore.
Provision for interest rose 6.43% to Rs 22.34 crore.
PBDT
rose 60.40% to Rs 758.53 crore.
Provision for depreciation fell 2.51% to Rs 103.25 crore.
Profit
before tax grew 78.56% to Rs 655.28 crore.
Share of profit/loss was 14.69% higher at Rs -2.09 crore. Provision for tax was expense of Rs 160.19
crore, compared to Rs 88.74 crore.
Effective tax rate was 24.52% compared to 24.34%.
Minority
interest increased 40.46% to Rs 5.45 crore.
Net profit attributable to owners of the company increased 79.31% to Rs
487.55 crore.
Equity
capital increased from Rs 149.26 crore as of 30 September 2021 to Rs 149.65
crore as of 30 September 2022. Per share
face Value remained same at Rs 10.00.
Promoters’
stake was 67.99% as of 30 September 2022 ,compared to 68.36% as of 30 September
2021.
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 2751
|
Polycab India :
Consolidated Results
|
|
Particulars
|
2209 (03)
|
2109 (03)
|
Var.(%)
|
2209 (06)
|
2109 (06)
|
Var.(%)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
|
Net Sales
|
3,332.36
|
3,006.56
|
11
|
6,068.92
|
5,009.35
|
21
|
12,203.76
|
8,792.23
|
39
|
|
OPM (%)
|
12.8
|
9.7
|
|
12.2
|
8.8
|
|
10.4
|
12.6
|
|
|
OP
|
427.66
|
292.97
|
46
|
738.74
|
442.19
|
67
|
1,265.22
|
1,111.15
|
14
|
|
Other Inc.
|
-2.22
|
27.48
|
PL
|
42.13
|
51.69
|
-18
|
89.92
|
119.28
|
-25
|
|
PBIDT
|
425.44
|
320.45
|
33
|
780.87
|
493.88
|
58
|
1355.14
|
1230.43
|
10
|
|
Interest
|
13.9
|
5.09
|
173
|
22.34
|
20.99
|
6
|
35.19
|
42.69
|
-18
|
|
PBDT
|
411.54
|
315.36
|
30
|
758.53
|
472.89
|
60
|
1319.95
|
1187.74
|
11
|
|
Depreciation
|
52.27
|
50.87
|
3
|
103.25
|
105.91
|
-3
|
201.52
|
176.17
|
14
|
|
PBT
|
359.27
|
264.49
|
36
|
655.28
|
366.98
|
79
|
1118.43
|
1011.57
|
11
|
|
Share of Profit/(Loss)
from Associates
|
-0.81
|
-0.31
|
161
|
-2.09
|
-2.45
|
-15
|
-2.56
|
0.58
|
LP
|
|
PBT before EO
|
358.46
|
264.18
|
36
|
653.19
|
364.53
|
79
|
1115.87
|
1012.15
|
10
|
|
EO Income
|
0
|
0
|
|
0
|
0
|
|
0
|
0
|
|
|
PBT after EO
|
358.46
|
264.18
|
36
|
653.19
|
364.53
|
79
|
1115.87
|
1012.15
|
10
|
|
Taxation
|
88
|
66.37
|
33
|
160.19
|
88.74
|
81
|
270.63
|
170.34
|
59
|
|
PAT
|
270.46
|
197.81
|
37
|
493
|
275.79
|
79
|
845.24
|
841.81
|
0
|
|
Minority Interest (MI)
|
2.66
|
2.6
|
2
|
5.45
|
3.88
|
40
|
8.71
|
3.83
|
127
|
|
Net profit
|
267.8
|
195.21
|
37
|
487.55
|
271.91
|
79
|
836.53
|
837.98
|
0
|
|
EPS (Rs)*
|
#
|
#
|
|
#
|
#
|
|
56.0
|
56.1
|
|
|
* EPS is on current
equity of Rs 149.66 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
|
|
Polycab India : Consolidated Segment Results
|
|
|
% of (Total)
|
2209 (03)
|
2109 (03)
|
Var.(%)
|
% of (Total)
|
2209 (06)
|
2109 (06)
|
Var.(%)
|
% of (Total)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
|
Sales
|
|
Wires and Cables
|
88
|
2,951.72
|
2,628.08
|
12
|
87
|
5,357.42
|
4,255.03
|
26
|
87
|
10,793.81
|
7,591.09
|
42
|
|
FMEG
|
9
|
305.36
|
342.93
|
-11
|
10
|
613.51
|
534.81
|
15
|
10
|
1,254.38
|
1,034.11
|
21
|
|
Others
|
3
|
105.06
|
95.03
|
11
|
3
|
204.92
|
166.79
|
23
|
3
|
370.18
|
299.76
|
23
|
|
Total Reported Sales
|
100
|
3,362.14
|
3,066.04
|
10
|
100
|
6,175.85
|
4,956.63
|
25
|
100
|
12,418.37
|
8,924.96
|
39
|
|
Less: Inter segment revenues
|
|
50.45
|
43.58
|
16
|
|
95.42
|
68.33
|
40
|
|
174.38
|
65.86
|
165
|
|
Net Sales
|
|
3,311.69
|
3,022.46
|
10
|
|
6,080.43
|
4,888.30
|
24
|
|
12,243.99
|
8,859.10
|
38
|
|
PBIT
|
|
Wires and Cables
|
96
|
346.25
|
228.28
|
52
|
95
|
623.52
|
334.99
|
86
|
94
|
1,054.48
|
906.86
|
16
|
|
FMEG
|
-1
|
-2.68
|
17.2
|
LP
|
1
|
3.76
|
2.87
|
31
|
2
|
19.62
|
56.6
|
-65
|
|
Others
|
4
|
15.86
|
15.74
|
1
|
4
|
28.34
|
23.37
|
21
|
4
|
49.9
|
45.63
|
9
|
|
Total PBIT
|
100
|
359.43
|
261.22
|
38
|
100
|
655.62
|
361.23
|
81
|
100
|
1,124.00
|
1,009.08
|
11
|
|
Less : Interest
|
|
13.9
|
5.09
|
173
|
|
22.34
|
14.86
|
50
|
|
35.19
|
42.69
|
-18
|
|
Add: Other un-allcoable
|
|
12.93
|
8.34
|
55
|
|
19.9
|
14.78
|
35
|
|
27.05
|
45.19
|
-40
|
|
PBT
|
|
358.46
|
264.47
|
36
|
|
653.18
|
361.15
|
81
|
|
1,115.86
|
1,011.58
|
10
|
|