Q2FY23 Quarterly Result Announced for Polycab India Ltd.
Electronic Equipment Manufacturing company Polycab India announced Q2FY23 results: (Q2 FY23) Revenue grew 11% YoY to Rs 33,324 million in spite of high base, declining commodity prices and burgeoning inflation on the back of healthy volume growth in Cables and Wires business Wires and cables business revenue grew 13% on YoY basis to Rs 29,259 million. Domestic distribution driven business continued to see strong momentum. Institutional business too saw healthy growth Exports business exhibited strong growth of 75% YoY on a healthy base, contributing 13% to consolidated revenue in Q2 FY23 FMEG business de-grew 12% YoY to Rs 3,032 million Switch business recovered from the lows of Q1FY23, posting 123% QoQ growth PAT grew by 37% YoY to Rs 2,705 million from Rs 1,978 million in Q2FY22. PAT margin stood at 8.1% for the quarter As of 30th September 2022, net cash position improved to Rs 16.7 billion against Rs 8.7 billion net cash during the same period last year The Company merged Fans vertical with Lights & Luminaries vertical and Retail Wires vertical with Switches & Switchgears vertical. (H1 FY23) Revenue grew 25% YoY to Rs 60,689 million from Rs 48,618 million in H1FY22 Wires and cables business revenue grew 26% on YoY basis to Rs 53,144 million from Rs 42,164 million in H1FY22 with healthy growth across both distribution and institutional business FMEG business grew 14% YoY to Rs 6,084 million from Rs 5,348 million in H1FY22 EBITDA grew 73% YoY to Rs 7,367 million from RS 4,247 million in H1FY22. Margins improved by 340 bps to 12.1%. Strong growth in exports and judicious price revisions contributed to margin improvement Reported PAT increased by 82% YoY to Rs 4,930 million from Rs 2,715 million in H1FY22. PAT margin improved by 254 bps to 8.1% Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: “We continued with our strong business performance in Q2, posting highest ever 2nd quarter revenue in the history of the Company. Combined with the stand-out performance of Q1, our top-line for first half of the year grew by 25% YoY. Margin expansion was supported by strong growth in exports and judicious price revisions. We are also progressing well on our long-term strategic agenda of focusing on sustainable value creation across B2B and B2C businesses through Project LEAP. Strong domestic economy with structural reforms focused on infrastructure development augurs well for most of our product categories. We remain committed to achieving Rs 200 Bn sales by FY 2026 and make Polycab a future ready organization” Result PDF18-10-2022
