Polycab India rises 6% after Q1FY24 net profit beats estimates

The firm reported net profit of Rs 402.81 crore in the June quarter against Rs 222.55 crore a year ago. Despite facing lower commodity prices, the company’s revenue for the quarter surged by 42 percent year-on-year.

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Shares of Polycab India Ltd jumped near 6 percent on July 18 after the company reported a 81-percent jump in its June quarter net profit that beat analysts’ estimates. At 2.35pm, the stock was trading at Rs 4,126 a share on BSE, up 5.5 percent from its previous close.

The firm reported a net profit of Rs 402.81 crore in June quarter against Rs 222.55 crore a year ago. Despite facing lower commodity prices, the company’s revenue for the quarter surged by 42 percent year-on-year to Rs 3,889.38 crore, up from Rs 2,736.56 crore. This remarkable increase was primarily driven by robust volume growth in the wires and cables business.

According to Bloomberg, the firm expected to report a net profit of Rs 270 crore while net sales estimated at Rs 3139 crore in the quarter.

The company’s EBITDA margin improved 280 basis points (bps) year-on-year to 14.1 percent. This progress was primarily driven by prudent price revisions, enhanced operating leverage, and a favorable business mix.

Volume growth

The firm said its wires and cables business witnessed an impressive 46 percent year-on-year revenue growth, reaching Rs 3,487.4 crore. This increase was attributed to strong volume growth both in domestic and international markets. The domestic distribution-driven business maintained its robust growth momentum, and the institutional business experienced remarkable growth acceleration. Geographically, the growth was widespread, with the North region contributing the highest growth rate to the overall performance of the business, the firm said in a release.

The revenue from the international business surged 88 percent year-on-year. It accounted for 8.9 percent of the consolidated revenue. The company’s global reach expanded to encompass a presence in 72 countries, further strengthening its position in the international market.

The Fast-Moving Electrical Goods (FMEG) business saw muted performance during the quarter due to weak consumer sentiment, which affected sales. The segment saw 3 percent year-on-year and sequential growth, benefiting from channel realignment efforts that started to show results. The Fans business displayed healthy sequential growth.

The Switches business continued its impressive growth trajectory, with sales soaring by 3.8 times compared to the same quarter last year, albeit from a lower base. However, the lights and luminaries’ business saw a slight decline in sales on a sequential basis, primarily due to ongoing pricing corrections in the LED segment, the firm added.