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Polycab India’s Q2 Profit Up 26.57% YoY, Clocks Highest Q2 Revenue

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Polycab India Limited [NSE: POLYCAB, BOM: 542652], a major Indian manufacturer of wires and cables has announced its financial results for Q2 of FY-24.

Polycab India’s Standalone Financials for Q2 FY-24

Polycab India reported a standalone revenue of Rs. 4,256.13 crore from its operations for the quarter ended 30th September 2023.

Standalone Profit After Tax (PAT) of the company was Rs. 449.75 crore for Q2 of FY-24.

Earnings Per Share (EPS) of the company stood at Rs. 29.99 for the second quarter of FY-24.

Consolidated Quarterly Financial Numbers of Polycab India

YoY Comparison of Polycab India’s Financial Results: Q2 FY-24 vs. Q2 FY-23

Polycab India reported Rs. 4,217.69 crore as its consolidated revenue from operations for Q2 of FY-24. This is a 26.57% Year-over-Year (YoY) increase from Rs. 3,332.35 crore revenue clocked by the company during Q2 of FY-23.

Comparison of Polycab’s Financials: Q2 FY23 vs Q2 FY24 vs Q1 FY24

Consolidated PAT of the company increased by 47.97% on a YoY basis to Rs. 429.76 crore in second quarter of FY-24 from Rs. 270.62 crore reported for Q2 of FY-23.

EPS of the company during Q2 of FY-24 stood at Rs. 28.38 against Rs. 17.91 during Q2 of FY-23.

QoQ Comparison of Polycab’s Financials: Q2 FY-24 vs. Q1 FY-24

On a Quarter-over-Quarter (QoQ) basis, the company recorded a massive decrease of 47.97% in its revenue from operations which stood at Rs. 8,107.07 crore in Q1 of FY-24.

Polycab India’s PAT slumped by 48.40% from Rs. 832.92 crore clocked during the first quarter of 2023-24 financial year.

Polycab India’s Segment-Wise Revenue

Polycab’s Segment-wise Revenue: Q2 FY23 vs Q2 FY24

Wires and Cables: Revenue from this segment forms the largest share of Polycab India’s total revenue. On a YoY basis Q2 revenue from this segment saw a 28.90% rise, to Rs. 3,804.7 crore in FY-24 from Rs. 2,951.72 crore earned during Q2 of FY-23.

Fast Moving Electrical Goods (FMEG): Polycab India’s FMEG segment contributed Rs. 329.96 crore to the company’s Q2 revenue in FY-24 against Rs. 305.35 crore during Q2 of the previous financial year. This reflects an increase of 8.06% in revenue from this segment.

Other: Polycab’s ‘other’ segment consists of its EPC business.

This segment saw the highest YoY increase in Q2 revenue to Rs. 201.50 crore in FY-24 from Rs. 105.05 crore in FY-23. This reflects a YoY 91.81% increase in Q2 revenue from this segment.

Polycab’s Insights on its Financial Performance

During the company’s earnings call on its Q2 FY-24 financial performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director of Polycab India Ltd., said that the company has leveraged a strong demand environment to build strong growth momentum during Q2 FY-24. Owing to these factors Polycab reported the highest-ever Q2 revenue and the highest-ever quarterly profits during the quarter ended 30th September 2023.

About Polycab India Ltd.: 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, flexible/single multi-core 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.