Polycab India Ltd., the wires and cables company, reported its September quarter results on Thursday, October 15, which were ahead of expectations across parameters.
The company’s net profit stood at ₹977 crore at the end of the September quarter, a growth of 42.6% from the same quarter last year, and ahead of the CNBC-TV18 poll expectation of ₹821 crore.
Revenue for the period grew by nearly 53% on a year-on-year basis to ₹9,899 crore. The topline figure was also higher than the CNBC-TV18 poll expectation of ₹8,889 crore. The company attributed the topline growth to robust execution across both wires & cables, and the FMCG business.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at ₹1,423 crore, higher than the ₹1,221 crore projected in the CNBC-TV18 poll. That’s a growth of 39.4% from the year-ago quarter.
EBITDA margin narrowed by 150 basis points from the same quarter last year to 14.37% from 15.8% last year. However, the margin contraction was less than what the street had feared as the CNBC-TV18 poll had pegged the figure to be 13.7%.
Shares of Polycab India are looking to recover from the lows of the day, currently trading 0.4% higher at ₹8,372. The stock is currently under Stage 0 of the IRP resolution mechanism, which requires a 100% upfront margin to be traded. There are also concerns surrounding the stock’s potential exclusion from the MSCI indices leading to outflows, as a result of the recent developments.
This is breaking news and will be updated with more.
