Polycab India Released FY2024 Earnings: Revenue Soars 27%

On May 10, 2024, Polycab India Limited (PIL), one of the leading wire and cable manufacturers, released its financial results for the quarter and year ended March 31, 2024 (FY 2024).

Quarterly Performance

• During Q4 FY2024, the company witnessed a 29% YoY revenue growth, which was fueled by strong volume growth in the wires and cables (W&C) business. The company’s W&C business posted a growth of 22% in revenue on the back of strong volume growth.
• The volume growth was backed by robust public and private capital expenditure, an uptick in real estate and the effective execution of various internal strategic initiatives.
• Polycab’s EBITDA margin improved by 50 bps to 13.6% due to better operating leverage and lower A&P spending.

Yearly Performance

• The W&C business’s sales increased by 27% year over year to ₹ 1,58,922 million in FY24 from ₹1,25,369 million in FY23, thanks to robust growth in both the distribution and institutional sectors. The company solidified its position as the top W&C manufacturer in India by gaining a sizable market share in the domestic W&C business.
• The company’s International business contributed with revenue of 8.0% to the consolidated revenue and the business expanded its global footprint to 79 countries.
• The FMEG business saw slight YoY growth, rising from ₹ 12,512 Mn in FY23 to ₹ 12,828 Mn in FY24. The segments for switches, switchgear, conduits, pipelines, and fittings all experienced significant increases in 2018.

“The year gone by has been truly exceptional for our Company, marked by remarkable achievements fuelled by robust demand momentum. This resulted in the Company achieving its highest-ever revenues and profitability in its history. This outstanding performance is a direct result of our steadfast focus over the years on key areas such as expanding our distribution network, enhancing manufacturing capabilities, and striving for operational and organisational excellence,” said Mr Inder T. Jaisinghani, Chairman and Managing Director of Polycab India Limited.

He further added, “As the country experiences an infrastructure upcycle, Polycab remains committed to its role in nation-building. We are dedicated to leveraging our expertise and resources to contribute to the development of vital infrastructure projects. Our commitment extends to product innovation, ensuring that we deliver superior-quality solutions across diverse sectors and meeting the evolving needs of our customers.”

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.