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Polycab India FY-24 Financials: Revenue Grows 28% YoY, PAT Jumps 40% YoY

Polycab India Limited Logo

Polycab India Ltd. (PIL) [NSE: POLYCAB, BOM: 542652], a major Indian manufacturer of wires and cables, has announced its financial results for Q4 of FY-24 and the entire FY-24.

“Highest-Ever Revenues and Profitability in its History”-Polycab CMD

Commenting on the company’s financial performance during FY-24, Mr. Inder T. Jaisinghani, CMD of Polycab India Ltd., said “The year gone by has been truly exceptional for our company, marked by remarkable achievements fuelled by robust demand momentum. This resulted in the company achieving its highest-ever revenues and profitability in its history”.

Polycab India’s Standalone Financial Results for Q4 of FY-24 and FY-24

Polycab India reported a standalone revenue of Rs. 5,432.70 crore from operations during Q4 FY-24 and a Profit After Tax (PAT) of Rs. 458.14 crore during the last quarter of FY24. Further, the company’s Earnings Per Share (EPS) during Q4 of FY-24 stood at Rs. 30.51.

During entire FY-24, the company’s revenue from operations was Rs. 18,050.85 crore and PAT was Rs. 1,769.67 crore. Polycab India’s EPS were Rs. 117.97 during entire FY-24.

Polycab India’s Consolidated Financials for Q4 of FY-24 and FY-24

YoY Comparison of Polycab’s Numbers: Q4 FY-24 vs. Q4 FY-23 & FY-24 vs. FY-23

Polycab’s Revenue YoY Comparison: Q4 FY23 vs. Q4 FY24 & FY23 vs. FY24

Polycab India reported a consolidated revenue of Rs. 5,591.90 crore during Q4 of FY-24, exhibiting an increase of 29.33% YoY from its revenue of Rs. 4,323.68 crore recorded for Q4 of FY-23. PAT during Q4 of FY-24 jumped to Rs. 553.48 crore from Rs. 428.70 crore which was logged as profit for Q4 of FY-23. Therefore, PAT of the company exhibited an increase of 29.11% from Q4 of FY-23 to Q4 of FY-24.

Polycab’s’ PAT YoY Comparison: Q4 FY23 vs. Q4 FY24 & FY23 vs. FY24

Considering the full financial year, in FY-24, Polycab’s revenue surged by 27.87% to Rs. 18,039.44 crore from Rs. 14,107.78 crore which was reported for FY-23. Further, the company’s FY-24 PAT of Rs. 1,802.92 crore was 40.51% higher than its FY-23 PAT of Rs. 1,283.09 crore.

Moreover, the company’s Q4 FY-24 EPS stood at Rs. 36.37, and for the entire financial year 2023-24 Polycab India’s EPS were reported as Rs. 118.93.

Polycab’s Revenue Comparison: Q3 FY24 vs. Q4 FY24
Polycab’s PAT Comparison: Q3 FY24 vs. Q4 FY24

QoQ Comparison of Polycab India’s Financials: Q4 FY-24 vs. Q3 FY-24

On a Quarter-over-Quarter (QoQ) basis, Polycab India’s revenue from operations saw a healthy increase of 28.83% from Rs. 4,340.47 crore reported in Q3 of FY-24. Further, the company’s PAT jumped by 32.89% from Rs. 416.51 crore clocked during Q3 of financial year 2023-24.

Polycab’s Q4 FY-24 & FY-24 Segment-Wise Revenue

Rs. in Cr.

YoY Comparison of Polycab’s’ Segment-Wise Revenue: Q4 FY23 vs Q4 FY24 & FY23 vs FY24

Wires and Cables: Being primarily a wire and cable manufacturer, this segment accounts for a major chunk of Polycab’s revenue. During entire FY-24, this segment accounted for 87.03% of the company’s gross revenue*.

*Gross revenue of a company represents the total of segmental revenues before subtracting inter-segmental revenue.

Polycab India’s Wires and Cables business brought in Rs. 4,864.67 crore as revenue during Q4 of FY-24, which reflects a remarkable increase of 19.28% from the Rs. 4,078.29 crore revenue from this segment clocked by the company in Q4 of FY-23.

The company stated in its press release dated 10th May 2024 that the growth in Wires and Cables business during Q4 of FY-24 was driven by “public and private capital expenditure, uptick in real estate and effective execution of various internal strategic initiatives”.

For the entire year, Polycab’s revenue from Wires and Cables business stood at Rs. 16,107.25 crore during FY-24, exhibiting a growth of 26.06% as compared to the Rs. 12,777.50 crore revenue from this segment during FY-23.

Fast Manufacturing Electrical Goods (FMEG): During Q4 of FY-24, the company reported Rs. 358.14 crore as its revenue from this segment. This is 17.34% higher than the company’s FMEG revenue for Q4 of FY-23, which stood at Rs. 305.22 crore.

For the entire 2023-24 fiscal Polycab’s revenue from this segment was Rs. 1,298.82 crore, reflecting a marginal YoY growth of 3.02%. In FY-23, the company’s revenue from FMEG segment was Rs. 1,260.74 crore.

Other: This segment mostly consists of Polycab’s EPC portfolio. The company’s revenue from this segment stood at Rs. 502.23 crore in Q4 of FY-24 which is 3.75 times the company’s Q4 FY-23 revenue of Rs. 133.78 crore.

During the entire fiscal year 2023-24, Polycab India’s revenue from its ‘Other’ segment increased to Rs. 1,100.81 crore which is 2.37 times of the company’s Rs. 464.71 crore revenue from this segment in FY-23.

‘Sunrise Industries’, Energy Transition & Infra. Sector Driving Demand for Wires and Cables

Polycab India’s corporate presentation for Q4 of FY-24 and FY-24 financial results mentioned demand drivers for the Indian cable and wire industry. As per the presentation, demand for cables and wires is rising in ‘sunrise industries’ which include data centers, Electric Vehicle (EV), railways, metro and others. The presentation further mentioned that energy transition is also driving growth in the power transmission sector, thereby increasing cable and wire demand. Polycab also mentions the Government’s push for development in infrastructure sector as another demand driver.

Polycab India’s Stock Gains Over 6% After Announcement of Results

On the day of announcement of results, Polycab India’s share price recorded a 6.07% jump from the previous trading day. Further, volume of share trades peaked at 35,92,000 trades on the day Polycab announced its Q4 FY-24 financials which is 12.22 times the number of trades on the previous trading day, which stood at 2,94,000.

About Polycab India Limited: Polycab India Limited was established in 1996. The company’s wire and cable portfolio includes power cables, control cables, instrumentation cables, solar cables, building wires, flexible cables, communication cables, and others including welding cables, submersible flat and round cables, rubber cables, overhead conductors, railway signaling cables, specialty cables and green wires.