Polycab Announces Q3 FY22 Results, Revenue Rises 23%, PAT Remains Flat YoY
Polycab India Limited [BSE: 542652, NSE: POLYCAB], a leading manufacturer of wires and cables, and fast moving electrical goods (FMEG) has announced its financial results for the quarter ended December 31, 2021.
Polycab India’s Financial Figures of Q3 FY22 v/s Q3 FY21
Polycab’s revenue has risen by 23 % to Rs. 3,372 crore in Q3 FY 22 as compared to Rs. 2,746.3 crore in the Q3, previous year.
The Profit After Tax (PAT) of Polycab has increased just by 1% to Rs. 248.4 crore in Q3 FY22, up from Rs. 245 crore which was in the corresponding quarter last year.
Revenue growth of 23% YoY is due to healthy growth across categories, though increase in raw material prices also pushed revenue.
Polycab’s Financial Figures of Q3 FY22 v/s Q2 FY22
Polycab’s revenue grew up by 12% to Rs. 3,372 crore in Q3 FY 22, up from Rs. 3,006.6 crore in Q2 FY 22. PAT of Polycab increased by 26% to Rs. 248.4 crore in Q3 FY22 as compared to Rs. 197.8 crore from Q2 FY22.
Segment Wise Financial Results of Polycab India Limited
Wires and Cables Business revenue has gone up by 24% to Rs 2,967.9 crore in Q3 FY22 from Rs 2,402.3 crore in the same period of last year.
Though raw material price increase has also played its part, the wires and cables segment experienced an overall demand environment. Domestic distribution driven business continued to remain healthy for Polycab.
Fast Moving Electrical Goods (FMEG) Business grew 11% to Rs 340.4 crore in Q3 FY22 from Rs 305.5 crore in Q3 FY21.
In FMEG segment “October saw a robust momentum however December was impacted by weaker trade and consumer sentiments arising out of third wave” as mentioned in Polycab’s Q3 FY 2022 earnings presentation. Fans business was subdued where as lights, pumps and conduit pipes business continued healthy growth momentum .
Other Business Segment, which largely comprises EPC business witnessed a growth of 21% to Rs. 74.5 crore in Q3 FY22 from Rs. 61.4 crore in Q3 FY21.
Commenting on the performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said “We saw the momentum continue in 3Q despite a challenging business environment. We have revitalized our demand generation capabilities and Go-To-Market strategy with greater emphasis on Emerging India clusters and new age channels. We have also commenced work on developing a robust ESG (environmental, social and governance) framework that will align us to the best of global standards and serve as guiding principles for sustainable business practices”.
For mid-to-long-term growth, Polycab stated that initiatives like distribution network improvement, portfolio expansion and brand building exercises are working well.
About Polycab India Limited: Polycab India is a well-known wire and cable manufacturer and a leading manufacturer of FMEGs. PIL is a leading electrical brand with over Rs 89 billion revenue. PIL has a strong Pan-India distribution network of over 4,100+ authorized dealers and distributors who in turn cater to over 165,000+ retail outlets. PIL has 4 regional offices, 16 local offices across India and over 50 warehouses located across the nation. Polycab has 23 manufacturing facilities located across the states of Gujarat, Maharashtra, Uttarakhand, and District of Daman.