Polycab India Ltd.'s third-quarter profit increased in line with analysts' estimates.
The company's net profit rose 15.4% year-on-year to Rs 416.4 crore in the quarter ended December 2023, according to an exchange filing. Analysts polled by Bloomberg estimated a net profit of Rs 417.7 crore for the quarter.
The cables and wires maker posted year-on-year volume-led revenue growth of 18%. The market for electrical goods experienced a 15% decline as compared with the previous year, primarily due to larger sales volume in the prior year resulting from stock liquidation efforts.
Polycab India Consolidated Earnings (YoY)
Revenue up 16.83%% at Rs 4,340 crore (Bloomberg estimate: Rs 4,376.8 crore).
Ebitda up 13.01%% at Rs 569.5 crore (Bloomberg estimate: Rs 606.1 crore).
Margin at 13.12% (Bloomberg estimate: 13.8%).
Net profit up 15.4% to Rs 416.4 crore (Bloomberg estimate: Rs 417.7 crore).
The IT Department had earlier alleged unaccounted cash sales and non-genuine expenses by Polycab India.
The management said that there has been no material adverse impact on financial position that needs to be disclosed. No material adjustments are required to be made to financial results in this regard, it said.
Polycab India shares closed 0.22% higher after the results were announced, as compared with a 0.51% decline in the Nifty 50.
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