Polycab India shows rebounding growth with improved profitability in FY’21 Q2 results despite covid-19 pandemic

 Polycab India shows rebounding growth with improved profitability in FY’21 Q2 results despite covid-19 pandemic

 

Company reported Q2FY21 Revenue at Rs. 2113.7 Cr down -6% YoY

Company reported Q2FY21 PAT at Rs. 221.6 Cr; up 14% YoY

 

 

Mumbai, October 26, 2020: Polycab India Limited (BSE: 542652, NSE: POLYCAB) today announced its consolidated results for the second quarter and first half ended September 30, 2020. Despite of the COVID-19 pandemic, the company has reported handsome profits in FY’21 Q2 results, shows rebounding growth with improved profitability.

 

In the fiscal year 2020-21, the company has reported a revenue of Rs 2113 Cr in the quarter ended September 30, 2020, which is down by 6 percent as compared to year-on-year same quarter last financial year. Whereas, the company has reported a profit after tax (PAT) of Rs 221.6 Cr in the quarter ended September 30, 2020, which is up by 14 percent as compared with the same quarter in the last financial year.

 

Commenting on the performance, Mr. Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: “I’m delighted with our Q2 performance given the context of current challenging business environment. Overall demand trends are encouraging and many of our consumer facing businesses have started seeing growth compared to last year. At the same time, we have tightened our belts to improve profitability without bargaining on long term brand development and innovation initiatives. While we remain optimistic of robust economic potential over mid to long term, government initiatives and reviving consumer sentiment should support demand in months to come. We remain focussed on augmenting our brand positioning in the Electricals space and creating long term shareholder value. “

 

The Fast Moving Electrical Goods (FMEG) business grew 25% YoY to Rs. 244 Cr in Q2FY21 from Rs. 195.6 Cr in Q2FY20. Profitability in Q2 improved sharply despite rising input costs on account of calibrated pricing actions, premiumisation and working capital interventions.

 

Wires and cables business declined 7% YoY to Rs. 1740.8 Cr in Q2FY21 from Rs. 1881.1 Cr in Q2FY20. The business saw improving momentum with resumption of economic activities. B2C wires and exports sustained the strong traction.