Polycab India Q1FY23 Results: PAT fall 31.79% to ₹219.75 Cr QOQ, but grew 197.03%, income up 47.98% to ₹2,780 Cr YoY

FMEG business grew by 59% YoY to ₹3,052 mn. Lighting, switchgears and pump continued their strong growth momentum, while Fans, Conduit Pipes and Solar business posted healthy growth. However, switches saw a decline due to supply challenges.

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In 1964 Late Thakurdas Jaisinghani had established Sind Electric Stores’ which dealt in various electrical products including fans lighting switches and wires. Polycab India is engaged in the business of manufacturing and selling wires and cables and fast moving electrical goods ‘FMEG’ under the ‘POLYCAB’ brand. Apart from wires and cables, we manufacture and sell FMEG products such as electric fans, LED lighting and luminaires, switches and switchgear, solar products and conduits & accessories.

The company has posted its Q1FY23 financial results today, the details are as below :

(I) Unaudited Consolidated Financial Results for Quarter Ended (QOQ comparison):

The company has reported, a consolidated Total Income of ₹2,780.90 crore in the quarter ended on June 30, 2022 as against ₹3,986.80 crore in the last quarter ended on Mar 31, 2022, decreased by 30.24%.

The company has posted a consolidated Net Profit of ₹219.75 crore in the quarter ended on March 31, 2022 as against ₹322.15 crore in the previous quarter ended on June 30, 2022. The PAT surges down by 31.79%.

The status of the EPS of the company stood at ₹14.65 as on March 31, 2022 compared to the previous quarter ended on June, 2022 which was ₹21.48, down by 31.80%.

₹*June 30, 2022 (Q1FY23)Mar 31, 2022 (Q4FY22)
Total Income2,780.903,986.80
Total Expenses2484.883556.41
PBT /(Loss)294.74430.02
Total Tax /(credit)721.19104.68
PAT /(Loss) [to the owners]219.75322.15
*figures are in Crores

(II) Unaudited Consolidated Financial Results for Quarter Ended (YoY comparison):

The company has reported, a consolidated Total Income of ₹2,780.90 crore in the financial year ended on June 30, 2022 as against ₹1,879.19 crore for the same quarter ended on last year June 30, 2021 that increased by 47.98%.

The company has posted a consolidated Net Profit of ₹219.75 crore in the financial year ended on June 30, 2022 as against ₹73.98 crore for the same quarter ended on last year June 30, 2021. The PAT surges up by 197.03%.

The status of the EPS of the company stood at ₹14.65 as on June 30, 2022 compared to the quarter ended on last year June 30, 2021 which was ₹4.94, up by 196.55%.

₹*June 30, 2022 (Q1FY23)June 30, 2021 (Q1FY22)
Total Income2,780.901,879.19
Total Expenses2484.881780.07
PBT /(Loss)294.7496.98
Total Tax /(credit)72.1923.26
PAT /(Loss) [to the owners]219.7573.98
*figures are in Crores
Polycab India q1fy23 results – Market Times

(III) Key Highlights about the Performance :

  • Q1FY23 EBITDA at ₹3,098 mn; up by 135% YoY
  • Wires & Cables business saw a strong growth of 48% YoY. While domestic distribution driven business sustained its strong growth momentum, institutional business improved its performance compared to same quarter last year. Export contributed 6.7% to consolidated revenue & posted healthy revenue growth of 62% YoY.
  • Distribution expansion continued with greater thrust on digital marketing campaigns. Innovation driven product development remains a key focus area.
  • FMEG business grew by 59% YoY to ₹3,052 mn. Lighting, switchgears and pump continued their strong growth momentum, while Fans, Conduit Pipes and Solar business posted healthy growth. However, switches saw a decline due to supply challenges.
  • The company made significant progress in its flagship transformation program – Project Leap. Several initiatives were undertaken including set up right organization enablers, improve Customer centricity, augment Go -To – Market and re-energize Product portfolio.
  • it remains committed to achieving ₹200 bn sales by FY 2026 and make Polycab a future ready organization.
Market Times – market news

Shares of Polycab India Limited was last trading in BSE at ₹2154.00 as compared to the previous close of ₹2154.70. The total number of shares traded during the day was 11181 in over 2345 trades.

The stock last hit in BSE,

  • Intraday High of ₹ 2259.00
  • Intraday low of ₹ 2132.00