Polycab India reports 23% YoY rise in Revenue, 3% YoY growth in EBIDTA; stock sheds over 5%

21 Jan 2022 , 02:50 PM

Polycab India Ltd., the country’s largest manufacturer of Wires and Cables, announced its quarter 3 results for the financial year 2021-22 in its press release on Friday and reported a year over year growth of 23% in its revenue. The company’s growth momentum continues for this quarter, considering the jump in numbers for Q3 FY’22.

The company reported a revenue of Rs 3372 crore for Q3 FY’22 against Rs 2746.34 crore for Q3 FY’21, showing growth of 23% YoY.

Polycab announced an improvement in its EBITDA of 3% at Rs 362 crores. While its PAT increased by 1% at Rs 248.40 crore for the quarter ending December 2021, against Rs 245 crore for the quarter ending December 2020.

Its revenue for the 9M period ending December 31 2021 stood at Rs 8233.80 crore against Rs 5849.50 crore for the previous corresponding 9M period, reflecting a growth of 41%, YoY. While EBITDA for the 9M period ending 31 December 2021 was Rs 786.70 crore showing growth of 11% YoY since its last quarter.

Despite the challenging environment company’s growth momentum continued and we recorded the highest quarterly top-line in the history for yet another quarter which reflects on the company’s ability to be agile, focus on delivering the best quality of products, and strong execution.

The company has revitalized its demand generation capabilities and Go-To-Market strategy by putting great emphasis on Emerging India clusters and new age channels. We have also initiated our work on developing a robust ESG framework that will align the company to best global standards and serve as guiding principles for sustainable business practices,” said Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, commenting on the company’s performance.

The company’s wires and cables business grew by 24% on a YoY basis to Rs 2967.90 crore for Q3 FY’22 from Rs 2,402.30 crore for Q3 FY’21.

The company’s domestic business continued to register growth and remained healthy, while its Institutional business bounced back due to improved private investments across industries. Its profitability continued to elevate on a sequential basis due to better operating leverage and calibrated price hikes.

Its FMEG business registered a growth of 11% year over year, amidst the challenges faced by the global markets. In October, the company witnessed growth, however, December marked lower trade as consumer sentiments on the third wave rolled out. On an overall basis, growth neared 57%. 

Polycab India Ltd is currently trading at Rs2,531.40 down by Rs150.6 or 5.62% from its previous closing of Rs2,682 on the BSE. The scrip opened at Rs2,674.65 and has touched a intraday high and low of Rs2,697 and Rs2,487.80 respectively.