Polycab India’s net profit rises by 58.81% in Q2 FY24, Real Estate News, ET RealEstate

October 18, 2023

NEW DELHI: Polycab India has reported a growth of 58.81 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 429.76 crore as against Rs 270.62 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 4,253.01 crore, an increase of 27.71 per cent from Rs 3,330.14 crore it reported in the similar quarter last year.

Inder T. Jaisinghani, chairman and managing director of the company said, “We continued our strong business performance in Q2, enabling the half yearly revenue and profitability to be the highest ever in the company’s history.”

The board of directors of the parent company had approved the scheme of amalgamation between Polycab India and Silvan Innovation Laboratories, a wholly owned subsidiary of the company. The Ahmedabad Bench of the National Company Law Tribunal (NCLT), through its order dated August 8, 2023 has approved the scheme.

During the six months period ended September 30, 2023, the company has allotted 2,41,587 equity shares of 10 each to the option grantees upon exercise of options under the company’s Employee Stock Option Scheme 2018. As a result of allotment, the paid-up equity share capital of the company has increased from 14,97,65,278 equity share of 10 each to 15,00,06,865 equity share of 10 each.

Wires & Cables business revenue for Q2 FY24 grew by 28% year-on-year, on the back of strong volume growth. “Continued strong demand supported by government capex and robust real-estate off-take enabled sustenance of growth momentum,” it said in a media release. Revenue from international business contributed 9.3% of the consolidated revenue for the quarter. The company expanded its global footprint to 76 countries.

“Switchgears and Conduit Pipes & Fittings businesses showed remarkable growth during the quarter, both year-on-year and quarter-on-quarter basis. Switches business too exhibited excellent growth, with sales growing ~2x year-on-year, on a strong base. Luminaires business had a strong quarter, benefiting from the set-up of its separate GTM vertical, under Project LEAP,” the company said in a media release.

  • Published On Oct 18, 2023 at 04:30 PM IST

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