Polycab Shares Hit Record High After Profit Jumps 29% In Q4
The company's consolidated net profit rose to Rs 553 crore in fourth quarter ended March 2024 from Rs 429 crore a year ago, according to an exchange filing.
![<div class="paragraphs"><p>Cables and wires manufactured by Polycab India Ltd. (Source: Company website)</p></div>](https://media.assettype.com/bloombergquint%2F2021-05%2F05dc74a0-cc70-4366-a42e-270493c42a86%2FCables_and_wires_manufactured_by_Polycab_India_Ltd___Source_Company_website_.png?rect=0%2C0%2C566%2C318&auto=format%2Ccompress&w=200)
Shares of Polycab Ltd. surged to record high on Friday after the company's profit jumped 29% during the January-March period.
The company's consolidated net profit rose to Rs 553 crore in fourth quarter ended March 2024 from Rs 429 crore a year ago, according to an exchange filing.
Polycab Q4 Results Highlights (Consolidated, YoY)
Revenue rose 29% to Rs 5,592 crore.
Ebitda rose 25% to Rs 762 crore.
Margin at 13.6% versus 14.1%
Net profit rose 29% to Rs Rs 553 crore.
![Polycab Shares Hit Record High After Profit Jumps 29% In Q4](https://media.assettype.com/bloombergquint%2F2024-05%2F1f3b1960-b639-46df-8932-8bc70f59100d%2FPOLYCAB.png?auto=format%2Ccompress)
Shares of the company rose as much as 8.52% to Rs 6,297.80 apiece, the highest level since its listing on April 16, 2019. It was trading 8.20% higher at Rs 6,279.40 apiece as of 1:42 p.m. This compares to a 0.33% advance in the NSE Nifty 50 Index.
The stock has risen 91.51% in 12 months and 11.99% so far this year. The total traded volume so far in the day stood at 4.9 times its 30-day average. The relative strength index was at 75.89. which implied the stock is overbought.
Out of 32 analysts tracking the company, 22 maintain a 'buy' rating, six recommend a 'hold,' and four suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 9.6%.