Polycab India Consol Net Profit Marginally down at Rs 401.6 Cr

Wires and cables maker Polycab India on Thursday, July 18, reported a marginal decline in its consolidated net profit to Rs 401.62 crore in the June 2024 quarter, impacted by higher expenses.

Key Takeaways from Polycab India Financial Performance

• Polycab India on Thursday, reported a marginal decline in its consolidated net profit to Rs 401.62 crore in the June 2024 quarter.
• The consolidated revenue from operations stood at Rs 4,698 crore in the first quarter as against Rs 3,889.38 crore in the year-ago period.

Polycab India reported a consolidated net profit of Rs 403.16 crore for the same time previous fiscal year.

The consolidated income from operations was Rs 4,698 crore in the first quarter, up from Rs 3,889.38 crore the previous year, the company said.

Earnings Before Interest, Tax, Depreciation, and Amortization grew by 6.4% from the previous year to Rs 583.3 crore.

The EBITDA margin for the quarter fell 170 basis points to 12.4% from 14.1% last year. 

Within the business categories, Earnings Before Interest and Taxes (EBIT) fell 5% from the previous year to RS 497 crore, while margins fell to 12.6% from 15%.

Revenue for the FMEG business climbed to Rs 385 crore from Rs 314 crore last year, while other revenue increased to Rs 519 crore from Rs 152 crore in the previous quarter.

Polycab also discussed the Income Tax raids that were done on the company's facilities, which led to a significant drop in the stock price. However, the stock has recovered all losses and reached new highs.

‘As on the date of issuance of these financial results, the company has not received any written communication from the department regarding the outcome of the search, therefore, the consequent impact on the financial results, if any, is not ascertainable,’ the company's statement said.

About Polycab India Limited

Established in 1996, Polycab manufactures and sells wires and cables, as well as fast moving electrical products 'FMEG' under the 'POLYCAB' brand. Apart from wires and cables, the company produces and distributes FMEG goods such as electric fans, LED lights and luminaires, switches and switchgear, solar products, conduits, and accessories.

The company manufactures and sells a wide range of wires and cables, including power cables, control cables, instrumentation cables, solar cables, building wires, flexible cables, flexible/single multi-core cables, communication cables, welding cables, submersible flat and round cables, rubber cables, overhead conductors, railway signaling cables, specialty cables, and green wires. 

Polycab entered the engineering, procurement, and construction 'EPC' industry in 2009, which encompasses the design, engineering, supply, execution, and commissioning of electricity distribution and rural electrification projects. In 2014, we expanded into the FMEG category, with our main FMEG goods being switches and switchgear, as well as conduits and accessories. 

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