The stock market closed with a bang today. On Thursday, October 17, the Nifty fell 222 points to close at 24,750 points and the Sensex fell 494 points to close at 81,0006 points. Thereafter, wire and cable giant Polycab India announced the results. The company reported strong earnings for the second quarter of its fiscal year.
The company said its September quarter net profit rose 3.5% year-on-year to 4.45 billion rupees from 429.77 million rupees in the same quarter of the previous fiscal year. In the June quarter, the company’s net profit was Rs 401.62 crore. Polycab India’s total revenue rose about 31% to Rs 5,574.6 crore in the September quarter from Rs 4,253 crore in the same quarter of the previous fiscal.
How much did the company spend?
Polycab India’s total revenue in the June quarter was Rs 4,756.4 crore. The company’s total expenses also increased to Rs 4,984 crore in the September quarter. Sales in the same quarter a year ago were Rs 3,695 crore. We hope demand will continue to increase, said Inder T Jaisinghani, chairman and managing director of the company. This will be supported by increased government spending, continued investment from private companies and strong real estate offtake. He further said that we are well-positioned to take advantage of emerging opportunities.
Company revenue increased by 30%
The wire and cable company’s revenue has grown significantly year over year. The company’s annual growth rate was 30% to Rs 5,498.4 billion. Talking about the company’s EBITDA, it grew by 3.7% to Rs 631.5 crore. Talking about EBITDA margin, it has dropped to 11.5% compared to 14.4% in the same period last year.
stock price falls
Ahead of the results, Polycab India shares fell 1.64 per cent to close at Rs 7,064 on the NSE. The company’s stock price has risen by approximately 29.27% ​​this year.
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