Polycab India hits 52-week high as profit rises 81% yoy in Q1FY24

Polycab India Limited has announced its consolidated results for the first quarter ended June 30, 2023.

Key Highlights (Q1 FY24) 

• Revenue grew 42% YoY to Rs 3889.4 crore in spite of lower commodity prices on the back of strong volume growth in wires and cables business.
• Wires and Cables business revenue grew 46% YoY basis to Rs 3487.4 crore on the back of strong volume growth both domestically and internationally. Domestic distribution driven business sustained its strong growth momentum, while institutional business exhibited remarkable growth acceleration. Geographically, growth was broad based, with highest growth coming from North region. Cables growth continued to outperform wires growth. Segmental margins improved by ~330 bps YoY led by judicious price revisions, better operating leverage and strong growth in international business 
• Revenue from international business grew by 88% YoY, contributing to 8.9% of the consolidated revenue. The Company expanded its global footprint to 72 countries
• EBITDA margin improved by ~280 bps YoY to 14.1% driven by judicious price revisions, better operating leverage and favourable business mix 
• PAT grew by 81% YoY to Rs 402.8 crore, registering highest ever first quarterly profits in the history of the Company. PAT margin stood at 10.4% for the quarter.

Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said, “We have commenced the financial year exceptionally well, registering our best-ever first quarterly revenues and profitability. Our outstanding quarterly performance serves as a testament to the robustness of our business model."

During morning trading session, shares of Polycab India were trading at Rs 4282.55 per share higher by 3.75%, after hitting 52-week high of Rs 4,324.85 per share today on the BSE.

Source: Media Reports