Polycab Q1 Results: Net profit rises 82% YoY to Rs 399.2 crore

Polycab India Q1 results: Polycab India on Tuesday (July 18) reported an 81.7 per cent year-on-year (YoY) jump in its consolidated net profit at Rs 399.2 crore for the first quarter of the current fiscal (Q1FY24) against Rs 219.7 crore registered in the corresponding quarter of the previous fiscal. Revenue from operations for the quarter under review stood at Rs 3,889.38 crore, up 42.1 per cent against Rs 2,736.5 crore in the year-ago period. Total income also rose 42 per cent to Rs 3,953.38 crore against Rs 2,780.9 crore in the year-ago period. 

The stock closed at Rs 4,127.90 on the BSE, up nearly 6 per cent.

During the period ended June 30, 2023, the parent company allotted 99,687 equity shares of Rs 10 each to the option grantees upon exercise of options under the Company's Employee Stock Option Scheme 2018. As a result of the allotment, the paid-up equity share capital of the Group has increased from 14,97,65,278 equity shares of Rs 10 each to 14,98,64,965 equity shares of Rs 10 each, the company said in its earnings release. 

In the previous quarter, the electrical goods company reported a 31.68 per cent growth in consolidated profit after tax (PAT) at Rs 428.41 crore compared to the same period of the previous financial year.

Revenue from operations of the company increased by 8.90 per cent at Rs 4,323.68 crore during the March 2023 quarter compared to Rs 3,969.98 crore in the same period of the previous fiscal.

In FY23, the PAT of the company witnessed 51.70 per cent growth at Rs 1,282.25 crore compared to Rs 845.23 crore in the previous fiscal. Revenue from operations of the company in FY23 grew by 15.60 per cent to Rs 14,107.77 crore compared to Rs 12,203.76 crore in the previous financial year, according to a PTI report.

Polycab India's share price

Shares of the company debuted on the bourses on April 16, 2019. Over the past 12 months, the stock has jumped 87.4 per cent, Trendlyne data show. In comparison, the benchmark Nifty50 index has risen around 21 per cent.