Polycab India Limited has announced its consolidated results for the fourth quarter and full year ended March 31, 2021.

The company’s revenue grew 43 per cent year-on-year (YoY) to Rs 30.3 billion, with healthy underlying growth across segments and rising share of B2C business. Further, profit after tax (PAT) grew 32 per cent YoY to Rs  2.83 billion in Q4FY21 from Rs 2.15 billion in Q4FY20. PAT margin stood at 9.3 per cent in Q4FY21. Meanwhile, PBT grew 36 per cent YoY to Rs 3.83 billion in Q4FY21 from Rs 2.83 billion in Q4FY20 reflecting improved profitability.

Further, the Wires and cables business grew 35 per cent YoY to Rs 24.87 billion in Q4FY21 from Rs 18.43 billion in Q4FY20 led by healthy pickup in infra and industrial project activities, improving consumer sentiment, and higher sales realisation. Business performance was broadly consistent across distribution channel as well as institutional business. Institutional business saw a decent sequential recovery. Housing wires sustained strong momentum. FMEG business grew 89 per cent YoY to Rs 3.46 billion in Q4FY21 from Rs 1.83 billion in Q4FY20 on the back of healthy consumer demand, distribution and strong execution. Growth was strong across categories and regions. Market share gains were prominent across the board. Segment EBIT margin at 7 per cent in Q4 improved further by over 100bps vs Q3. As of 31 March 2021, net cash position stood at Rs 9.05 billion . ROCE stood at 31.9 per cent in Q4FY21.

Highlights on consolidated performance for the full year ended March 31, 2021

Polycab’s revenue grew 1 per cent YoY to Rs 89.26 billion led by strong performance in second half of the year offsetting severe impact of COVID-19 outbreak. Sales contribution from B2C product portfolio, on a standalone basis, grew from 32.6 per cent in FY20 to 40.2 per cent in FY21. Meanwhile, company’s PAT was up 16 per cent YoY at Rs 8.85 billion in FY21 from Rs 7.65 billion in FY20. PAT margin at 9.9 per cent in FY21, was up 125bps YoY partly reflecting few one off gains.Further, PBT grew 5 per cent YoY to Rs 10.65 billion in FY21 from Rs 10.10 billion in FY20 offsetting adverse operating leverage.

Meanwhile, wires and cables business declined 3 per cent YoY to Rs 72.92 billion in FY21 from Rs 75.19 billion in FY20 hurt by pandemic and lockdowns in first half of FY21 and a higher exports base of FY20. Further, FMEG business grew 24 per cent YoY to Rs 10.34 billion in FY21 from Rs 8.35 billion in FY20, despite challenges, showcasing strong consumer traction. FY21 margin at 5.5 per cent was higher by about 350bps YoY.

Commenting on the performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said, “FY21 has been an extraordinary year marked by disruption, resilience, compassion, and transformation. Our endeavour to ensure safety of Polycabians and help the society at large remains untethered. Concurrently, we also ensured uninterrupted operations through agility and technology which helped us leverage the favourable market trends and report robust business performance in the fourth quarter. We are excited to commence on a journey towards our five-year vision which will shift orbits of our brand positioning, operations, and business growth along with strong emphasis on governance and sustainability. Considering our ongoing transformation initiatives, I believe we are well placed to take a leap and create long term value for everyone connected to Polycab“