Polycab India Q3 earnings: Net profit rises to Rs 416 cr, revenue climbs 17%
Polycab India Q3 earnings: Polycab India’s revenue stood at Rs 4340.4 crore in Q3, up 17% against Rs 3715.1 crore in the corresponding period of the preceding fiscal.
- Jan 18, 2024,
- Updated Jan 18, 2024 3:55 PM IST
Polycab India Ltd reported a 15% rise in profit for the quarter ended December 2023. Net profit rose to Rs 416.5 crore in Q3 against a net profit of Rs 361 crore in the December 2022 quarter. Polycab India’s revenue stood at Rs 4340.4 crore in Q3, up 17% against Rs 3715.1 crore in the corresponding period of the preceding fiscal.
Profit before tax climbed 22.36 percent to Rs 546.3 crore in the third quarter of this fiscal over Rs 480.9 crore in the corresponding period in the previous fiscal.
Earnings per share of the wire maker rose to Rs 27.50 in Q3 of this fiscal against Rs 23.91 in the December 2022 quarter.
Revenue for the nine-month period ended December 2023 grew 27% to Rs 12,447.5 crore against Rs 9784 crore in the corresponding period of the previous fiscal.
Profit climbed 46% for the nine month ended December 2023 to Rs 1249.4 crore against Rs 845.3 crore in corresponding period of the previous fiscal.
Earnings per share of the wire maker rose to Rs 82.56 for the nine-month period ended December 2023 against Rs 56.53 for the nine month ended December 2022.
Revenue of wires & cables business in Q3 climbed 18% YoY, on the back of strong volume growth.
On the other hand, FMEG business clocked a de-growth of 15% YoY in Q3 FY24, primarily due to sustained weakness in consumer demand.
Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: “Our robust business momentum continued in the third quarter, leading to highest-ever quarterly revenues in the history of the Company. Nine-monthly revenues and profitability too created newer highs. This outstanding success is a testament to our resilient business model, characterized by robust operational efficiency, a diverse and innovative product portfolio, and the robustness of our extensive distribution network that effectively caters to diverse market segments. With a keen eye on emerging trends, Polycab aims to continue its upward trajectory, creating long-term value for our stakeholders.”
The earnings were announced after market hours on Thursday. Polycab India shares ended flat at Rs 4431 on BSE. The stock has been falling of late due to reports of income tax raids at its offices across India.
On December 22, 2023, the investigation wing of the Income Tax Department carried out searches at nearly 50 location of Polycab India across the country. The stock closed at Rs 5620 on December 21. The Polycab India stock has lost 21% since the reports of I-T raids.
Polycab India Limited (PIL) is India’s largest manufacturer of Wires and Cables and one of the fastest growing FMEG companies with a consolidated turnover of Rs 141 plus bn in FY23. Polycab is at the forefront of providing innovative, safe and energy efficient products to a diverse set of customers via a strong distribution network of 4,300 plus authorized dealers and 205,000 plus retail outlets.
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Polycab India Ltd reported a 15% rise in profit for the quarter ended December 2023. Net profit rose to Rs 416.5 crore in Q3 against a net profit of Rs 361 crore in the December 2022 quarter. Polycab India’s revenue stood at Rs 4340.4 crore in Q3, up 17% against Rs 3715.1 crore in the corresponding period of the preceding fiscal.
Profit before tax climbed 22.36 percent to Rs 546.3 crore in the third quarter of this fiscal over Rs 480.9 crore in the corresponding period in the previous fiscal.
Earnings per share of the wire maker rose to Rs 27.50 in Q3 of this fiscal against Rs 23.91 in the December 2022 quarter.
Revenue for the nine-month period ended December 2023 grew 27% to Rs 12,447.5 crore against Rs 9784 crore in the corresponding period of the previous fiscal.
Profit climbed 46% for the nine month ended December 2023 to Rs 1249.4 crore against Rs 845.3 crore in corresponding period of the previous fiscal.
Earnings per share of the wire maker rose to Rs 82.56 for the nine-month period ended December 2023 against Rs 56.53 for the nine month ended December 2022.
Revenue of wires & cables business in Q3 climbed 18% YoY, on the back of strong volume growth.
On the other hand, FMEG business clocked a de-growth of 15% YoY in Q3 FY24, primarily due to sustained weakness in consumer demand.
Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: “Our robust business momentum continued in the third quarter, leading to highest-ever quarterly revenues in the history of the Company. Nine-monthly revenues and profitability too created newer highs. This outstanding success is a testament to our resilient business model, characterized by robust operational efficiency, a diverse and innovative product portfolio, and the robustness of our extensive distribution network that effectively caters to diverse market segments. With a keen eye on emerging trends, Polycab aims to continue its upward trajectory, creating long-term value for our stakeholders.”
The earnings were announced after market hours on Thursday. Polycab India shares ended flat at Rs 4431 on BSE. The stock has been falling of late due to reports of income tax raids at its offices across India.
On December 22, 2023, the investigation wing of the Income Tax Department carried out searches at nearly 50 location of Polycab India across the country. The stock closed at Rs 5620 on December 21. The Polycab India stock has lost 21% since the reports of I-T raids.
Polycab India Limited (PIL) is India’s largest manufacturer of Wires and Cables and one of the fastest growing FMEG companies with a consolidated turnover of Rs 141 plus bn in FY23. Polycab is at the forefront of providing innovative, safe and energy efficient products to a diverse set of customers via a strong distribution network of 4,300 plus authorized dealers and 205,000 plus retail outlets.
Also read: Hot stocks on January 18: YES Bank, RVNL, Polycab India, IRFC and more
Also read: Stock recommendations by analyst for Jan 18, 2024: Welspun Corp, L&T Fin and Apollo Hospitals
Also read: BNP Paribas is cautious on Indian equity markets, but bullish on these three sectors