Polycab India Limited (PIL), one of the leading companies engaged in business of manufacturing and selling wires, cables and fast moving electrical goods (FMEG) has announced its financial results for the quarter ended June 30, 2021.
Polycab’s Consolidated Financials of Q1 FY22 v/s Q1 FY21
Although Polycab’s revenue grew sharply by 93% to Rs. 1,880.5 crore in Q1 FY 22 as compared to Rs. 976.6 crore in the same quarter last year, it performed poorly with a 36% decline in profit after tax (PAT) which stood at Rs. 75.3 crore for Q1 FY22 compared to Rs. 117.6 crore for Q1 FY21. The PAT is also particularly low if compared to Polycab’s historical performance over previous 3 years.
Segment-Wise Financial Results of Polycab
Wires and Cables Business: revenue doubled to Rs 1,586.20 crore in Q1 FY22 from Rs 793.50 crore in Q1 FY21, it grew 100%.
Fast Moving Electrical Goods (FMEG) Business grew 39% to Rs 191.90 crore in Q1 FY22 from Rs 137.80 crore in Q1 FY21.
Other Business Segment, which largely comprises of EPC business witnessed a growth of 19% to Rs. 57.5 crore in Q1 FY22 from Rs. 48.1 in Q1 FY21.
Commenting on the performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: “First quarter performance has been encouraging. Despite challenges posed by lockdowns in many states, we were able to record much better business compared to last year. We remain diligent in managing costs and navigating the volatile demand environment. More importantly, we are progressing well on our strategic agenda and achieving new milestones which will drive transformation over mid to long term”, as mentioned in Polycab’s press release dated 21st July 2021.
About Polycab India Limited: Polycab is a well-known manufacturer of wires and cables and a leading manufactures of FMEGs. PIL is a leading electricals brand with approx Rs 8,900 Cr in revenue in FY 2021. Polycab has a strong a Pan-India distribution network of over 4,100+ authorized dealers and distributors who in turn cater to over 165,000+ retail outlets. Polycab has 23 manufacturing facilities located across the states of Gujarat, Maharashtra, Uttarakhand, and District of Daman.