Polycab India shares rise 5% as Q1 profit zooms three-fold

Shares of Polycab India gained nearly 5 per cent today after the firm reported a 48 per cent YoY rise in sales with broad-based growth across segments and markets. The company's net profit zoomed three-fold to Rs 222.5 crore in the June quarter.

Polycab India stock gained 4.71 per cent intra day to Rs 2,255.35 against the previous close of Rs 2,154 on BSE.

Polycab India shares are trading higher than 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages.

In a year, the stock has gained 15 per cent but fallen 8.26 per cent in 2022. Total 0.81 lakh shares of the firm changed hands amounting to a turnover of Rs 17.96 crore on BSE.

Market cap of the firm rose to Rs 33,601 crore. The stock hit a 52-week high of Rs 2,820.05 on April 22, 2022 and a 52-week low of Rs 1,761 on July 29, 2021.

The leading manufacturer of wires and cables in India reported a 201.85 percent rise in net profit to Rs 222.5 crore in Q1 against Rs 73.71 crore profit for the quarter ended June 2021.

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Operating profit excluding other income zoomed 123.27 per cent to Rs 311.10 crore in the June 2022 quarter against Rs 139.34 crore for the quarter ended June 2021.

The board of directors proposed a final dividend of Rs 13.00 per equity share and it was approved by shareholders at annual general meeting held on June 29, 2022. Accordingly, the parent company paid final dividend of Rs 209.44 crore during the quarter.

Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said, "We have started the fiscal year 2023 on a solid footing, with top-line growth of 48 per cent fuelled by a 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."

Polycab India Limited is the country's largest manufacturer of wires and cables and one of the fastest growing FMEG companies with a consolidated turnover of Rs 122 billion in FY22. The company's business operations span across India through 23 manufacturing facilities, 15 plus offices and 25 plus warehouses.