Profit before tax in fourth quarter of FY24 was at Rs 725.26 crore, up 26.56% from Rs 573.06 crore reported in Q4 FY23.

EBITDA grew 26% YoY to Rs 761.5 crore in the quarter ended 31 March 2024. EBITDA margin came in at 13.6% in Q4 FY24 as compared to 14% posted in Q4 FY23. Sequentially, margin improved by 50bps, on account of better operating leverage and lower A&P spends.

Wires & cables business revenue for the quarter grew by 22% YoY, on the back of strong volume growth, supported by robust public and private capital expenditure, uptick in real estate and effective execution of various internal strategic initiatives. Domestically, the distribution business continued with its robust growth momentum, while the institutional business registered accelerated traction.

Revenue from international operations rebounded during the quarter with a 60% sequential growth, contributing 7.7% to the consolidated company revenue. EBIT margins for the quarter stood at 15.1%, a 110 bps improvement on a sequential basis.

FMEG business registered a growth of 17% YoY, as the Company capitalized well on a seasonally strong demand quarter. The fans segment exhibited impressive growth, as the new range of BLDC and premium fans received an encouraging response from the market. The Switches & Switchgears segments continued their strong growth momentum during the quarter, while the Lights segment registered sequential growth. A one-time impact from impairment of investment in joint-venture Techno Electromech and provisioning on aged inventory, coupled with the lack of economies of scale resulted in accelerated decline in the bottom-line. Progress on improving execution of the strategic roadmap is proceeding well. Fast Moving Electrical Goods (FMEG) business registered a growth of 17% YoY in Q4, as the company capitalized well on a seasonally strong demand quarter. The fans segment exhibited impressive growth, as the new range of BLDC and premium fans received an encouraging response from the market.

The Switches & Switchgears segments continued their strong growth momentum during the quarter, while the Lights segment registered sequential growth. A one-time impact from impairment of investment in joint-venture Techno Electromech and provisioning on aged inventory, coupled with the lack of economies of scale resulted in accelerated decline in the bottom-line. Progress on improving execution of the strategic roadmap is proceeding well.

As of 31 March 2024, net cash position improved to Rs 2,140 crore against Rs 1,840 crore in the previous quarter.

On full year basis, the company’s consolidated net profit climbed 40.51% to Rs 1,802.92 crore on 27.87% rise in revenue to Rs 18,039.45 crore in FY24 over FY23.

Inder T. Jaisinghani, chairman and managing director of Polycab India, said, “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 organizational excellence.

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.”

Polycab India is the largest manufacturer of Wires and Cables in India and fast growing player in the Fast Moving Electrical Goods (FMEG) space. The Group is also in the business of Engineering, Procurement and Construction (EPC) projects.