Polycab India net profit rises 15% to Rs 416 cr in Q3

New Delhi: Cables and wires maker Polycab India Ltd on Thursday reported a 15.35 per cent increase in consolidated net profit to Rs 416.51 crore for the December quarter.

The company had logged a net profit of Rs 361.06 crore during the October-December period a year ago, the company said in a regulatory filing.

Its revenue from operations rose 16.83 per cent to Rs 4,340.47 crore in the third quarter of the current fiscal, up from Rs 3,715.18 crore in the year-ago period.

The growth in revenue was "on the back of strong volume growth in wires and cables business," said Polycab in an earning presentation.

Moreover, "for Q3FY24, the company registered the highest-ever third quarterly PAT of Rs 416.5 crore, a growth of 15 per cent year-on-year, with PAT margin at 9.6 per cent," it added.

Polycab India's total expenses were up 18.08 per cent to Rs 3,865.06 crore in the December quarter.

Its total income, including revenue from other sources, was Rs 4,411.45 crore during the quarter under review, up 17.48 per cent.

Polycab India's revenue from wires and cables segment rose 16.82 per cent to Rs 3,904.10 crore in the December quarter.

However, its revenue from the Fast-Moving Electric Goods (FMEG) was down 13.4 per cent to Rs 296.17 crore. The de-growth is "primarily attributed to sustained weakness in consumer demand", the company said.

Its other segment, which largely comprises EPC (Engineering, Procurement and Construction) business, was up almost twofold to Rs 247.50 crore.

Polycab India further said the Income Tax authorities conducted a search last month at some of its premises, plants and residences of a few of the employees of the company.

The company extended full cooperation to the officials during the search and provided the required details, clarifications, and documents, it said.

"As on the date of issuance of these financial results, the company has not received any written communication from the department regarding the outcome of the search. Therefore, the consequent impact on the financial results, if any, is not ascertainable," it said.

Shares of Polycab India Ltd on Thursday settled at Rs 4,431, down 0.20 per cent from the previous close.