Polycab India Limited has announced its consolidated results for the first quarter ended (QE) June 30, 2021.
Company’s revenue grew 93 per cent YoY to Rs 18,805 million. Meanwhile, PBT grew 151 per cent YoY to Rs 982 million in Q1FY22 from Rs 391 million in Q1FY21 reflecting improved profitability. PAT declined 36per cent YoY to Rs 753 million in Q1FY22 from Rs 1,176 million in Q1FY21 on account one off gains in base quarter. PAT margin stood at 4.0per cent in Q1FY22.
Further, wires and cables business doubled on YoY basis to Rs 15,862 million in Q1FY22 from Rs 7,935 million in Q1FY21. In Domestic business, Cables outperformed Wires in Q1 partly on account of relatively favourable base. Distribution as well as Institutional business was >2x of last year. Exports contribution to overall revenue stood at 6per cent in Q1FY22 vs 4.5per cent in Q4FY21. Further, FMEG business grew 39per cent YoY to Rs 1,919 million in Q1FY22 from Rs 1,378 million in Q1FY21 despite closure of retail shops across many large states. Distribution expansion continued with greater thrust on digital marketing campaigns. Innovation driven product development remains a key focus area. As of 30 June 2021, net cash position at Rs 6,716 million was 3.3x of same period last year.
Commenting on the performance, Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said, “First quarter performance has been encouraging. Despite challenges posed by lockdowns in many states, we were able to record much better business compared to last year. We remain diligent in managing costs and navigating the volatile demand environment. More importantly, we are progressing well on our strategic agenda and achieving new milestones which will drive transformation over mid to long term. We continue to serve the communities and fulfil our purpose in meaningful ways.”
