Polycab India Q1 net profit surges three-fold to Rs 222 cr

Wire and cable manufacturer Polycab India on Tuesday reported a surge of 201.91 per cent in its profit after tax to Rs 222.54 crore during the first quarter of FY23.

In the corresponding quarter of FY22, the company’s PAT (Profit After Tax) stood at Rs 73.71 crore, Polycab India said in a statement.

Revenue from operations of the company during the quarter under review went up by 47.5 per cent to Rs 2,736.6 crore compared to Rs 1,855.2 crore in the corresponding quarter of the previous fiscal.

“We have started the fiscal year 2023 on solid footing, fuelled by strong performance across B2B (Business to Business) and B2C (Business to Consumers) categories. Furthermore, we recorded the highest first quarter top-line in the history of the company, which underlines our strategy to be agile, focus on robust execution and consistently deliver the best quality of products to our customers,” Polycab India chairman and managing director Inder T Jaisinghani said.

Profitability was supported by better operating leverage and various strategic initiatives implemented over the past few quarters, he noted.

“We will strive to continue the path of profitable and sustainable growth and contribute to the success of all our stakeholders,” he added.

Shares of the company on Tuesday were trading at Rs 2,242, up 4.09 per cent on BSE. PTI