Polycab India Limited has announced its consolidated financial results for the fourth quarter (Q4) and year ended March 31, 2023. The company reported a 31.68 per cent growth in consolidated profit after tax (PAT) during the quarter ending (QE) March 31, 2023, at Rs 4.28 billion from Rs 3.25 billion during the corresponding period of the previous fiscal. Revenue from operations of the company increased by 8.9 per cent at Rs 43.23 billion during the quarter under review compared to Rs 39.69 billion in the same period of the previous fiscal.
Meanwhile, in FY23, the PAT of the company witnessed 51.7 per cent growth at Rs 12.82 billion compared to Rs 8.45 billion in the previous fiscal. Revenue from operations of the company during the fiscal year grew by 15.6 per cent to Rs 141.07 billion compared to Rs 122.03 billion in the previous fiscal. For FY23, earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew 46 per cent year-on-year (YoY) with margin improvement of approximately 270 bps. Judicious price revisions and a favourable business mix contributed to margin improvement. In Q4 FY23, EBITDA margin improved by around 200 bps YoY to 14.0 per cent. Sequential margin improvement of nearly 40 bps was driven by better operating leverage and strong growth in international business.
Further, wires and cables revenue for FY23 grew by 17 per cent YoY despite healthy base and lower commodity prices on the back of healthy volume growth. For the quarter, revenues grew by 12 per cent YoY with strong traction in international business. The demand environment continues to remain strong, supported by government measures and revival in private capex. During FY23, domestic distribution-driven business grew by 17 per cent YoY on the back of strong volume growth of 21 per cent. The outperformance was primarily on account of benefits realised through the merger of heavy duty cables (HDC) and light duty cables (LDC) verticals last year. Within domestic distribution, cables grew faster than wires during the year. Special purpose cables business gained momentum with sales growing 1.7x over last year. For FY23, revenue from international business grew by 50 per cent YoY. Growth in Q4 FY23 was 125 per cent YoY, contributing to 12.5 per cent of the consolidated revenue during the quarter. The company expanded its global footprint to 70 countries.