Polycab shares gain 2% on the back of 16% surge in Q3 net profit

The company’s flagship wires and cable business also recorded a 18 percent on year jump in revenue on the back of strong volume growth.

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Shares of Polycab India rose 2 percent in the opening trade on January 19, a day after the company shared its Q3 earnings.

The company’s net profit for the period surged nearly 16 percent on-year to Rs 416.50 crore. Polycab also recorded its highest ever quarterly revenue at Rs 4,340 crore in Q3 as it grew 17 percent over the last year.

The company attributed the increase in topline to strong volume growth in wires and cables business.

Its operating margin moderated slightly to 13.1 percent in October-December as against 13.6 percent a year ago, largely due to higher advertising and promotional spends.

At 9.22am, shares of Polycab India were trading at Rs 4,448 on the NSE.

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The company’s flagship wires and cable business recorded a 18 percent on year jump in revenue on the back of strong volume growth. Demand momentum also continued to be strong aided by government and private capital expenditure.

“Domestically, while both distribution and institutional businesses showed strong performance, institutional business growth outpaced distribution business growth,” the company said in an exchange filing.

On the other hand, revenue from the international business contributed 6.2 percent of the consolidated revenue for the quarter and the company expects strong performance in the segment to continue in Q4 and beyond.

Also read | Polycab India Q3 results: Net profit up 15% to Rs 416 crore

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