Polycab India Q4 earnings: Q4 net profit up 31% YoY beat street estimates, Board declares 200% dividend
Large-cap company Polycab India operates in the capital goods industry.
PremiumLarge-cap company Polycab India operates in the capital goods industry. Under the "POLYCAB" brand, Polycab is in the business of producing and marketing wires, cables, and fast-moving electrical goods (FMEG). The business announced its strong Q4 profits, which were above street projections, along with a massive 200% dividend.
“The Board of Directors has recommended a dividend @ 200% i.e. Rs.20/- per equity share of face value of Rs.10/- each for the financial year 2022-23, subject to approval of shareholders at the ensuing Annual General Meeting. The dividend, if approved by the shareholders in the ensuing Annual General Meeting will be paid on or before 30 days from the date of Annual General Meeting. The Book Closure and Record Date for dividend purpose will be intimated in due course," said Polycab India in a stock exchange filing.
The company said its consolidated revenue from operations stood at Rs 4323.68 Cr during Q4FY23 up by 9% YoY from ₹3969.98 Cr during Q4FY22. The company said its consolidated net profit stood at ₹424.75 Cr up by 31% YoY from ₹322.15 Cr recorded during the year-ago quarter. The quarterly net profit of Polycab India beats estimates of Prabhudas Lilladher who expected the net profit to stand at Rs. 397.7 crore.
During the year ended FY23, the company’s revenue from operations reached Rs 14107.77 Cr compared to ₹12203.76 Cr stood in FY22. Polycab India said its net profit for FY23 reached Rs 1269.95 Cr as against Rs 836.52 Cr during FY22.
“During the year ended 31 March 2022, the Company had divested its 100% stake in Ryker Base Private Limited, a wholly-owned subsidiary for a consideration of ₹1,778.92 million and recognised a gain of ₹1,243.25 million which was disclosed as an exceptional items," said Polycab India in a statement.
Commenting on the performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: “FY23 was a remarkable year for the Company, as we surpassed revenues of ₹140 Bn and profitability threshold of ₹10 Bn, to record highest ever revenues and PAT in the history of the Company. With robust demand on the anvil, we are confident of exhibiting continued strong growth in the near-to-mid term as well. Continuing to move forward towards adopting best corporate governance practices, we inducted another Independent Director on our Board today. We have also formulated our ESG Framework and Charter, aligned with International ESG protocols and guidelines, which will enable us to build resilience in the business, transform culture and create long-term value for all our stakeholders"
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