Polycab Q1 results: Net income declines 36% to Rs 75 crore

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MUMBAI: Wires and cables manufacturer on Wednesday reported a 36 per cent decline in net income to Rs 75.3 crore for the first quarter ended June 30.

On a low base, revenue grew by 93 per cent to Rs 1,880.5 crore despite the challenging business environment arising out of the lockdowns, Polycab India Chairman and Managing Director Inder T Jaisinghani said.

Pre-tax profit in the June quarter jumped 151 per cent to Rs 98.2 crore, from Rs 39.1 crore in the year-ago period, reflecting improved profitability.

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However, its net income declined 36 per cent to Rs 75.3 crore compared to Rs 117.6 crore on account of one-off gains in the previous period, he said, without describing what the gain was.

Net margin stood at 4 per cent during the quarter.

The company’s net cash position in the first quarter stood at Rs 671.6 crore, up three times from the same period last year.

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Revenue from the wires and cables business doubled to Rs 1,586.2 crore from Rs 793.5 crore in Q1 of FY21. In the domestic business, cables outperformed wires partly due to low base, Jaisinghani said, adding exports contribution to overall revenue rose to 6 per cent from 4.5 per cent a year ago.

The new FMCG business grew 39 per cent to Rs 191.9 crore against Rs 137.8 crore despite the closure of retail shops across many large states.

Despite challenges posed by the lockdowns in many states, the business was better compared to the last year. We remain diligent in managing costs and navigating the volatile demand environment, Jaisinghani said.

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More importantly, we are progressing well on our strategic agenda of achieving new milestones, which will drive transformation over the mid to long-term, he added.

Polycab owns 23 manufacturing facilities located across Gujarat, Maharashtra, Uttarakhand, and Daman.

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