Polycab India share price up 4% as December quarter profit rises 14%

Shares of Polycab India Ltd (PIL) gained 4 per cent at Rs 1,129 on the BSE on Wednesday after the company's profit after tax (PAT) rose 14 per cent to Rs 221 crore during the quarter ended December 31, 2019. The company had clocked Rs 194 crore PAT in the corresponding quarter of the preceding fiscal

Total income in the latest quarter stood at Rs 2,508 crore against Rs 2,049 crore in the same period last year. Total expenses were at Rs 2,217 crore compared to Rs 1,760 crore in October-December 2018-19.

“We have delivered yet another quarter of resilient growth. Our topline growth remains strong across segments helped by our robust pan India distribution network coupled with exports while profitability improved sequentially on the back of enhanced and evolving product mix and various strategic initiatives which we have implemented over the past few years,” company’s Chairman and Managing Director Inder T Jaisinghani said in a statement.

PIL is engaged in the business of manufacturing and selling wires and cables. It is the largest manufacturer of wires and cables in India and a growing player in FMEG (Fast-Moving Electrical Goods) space. The company manufactures and sells various types of cables, wires, electric fans, LED lighting and luminaires, switches and switchgears, solar products and conduits and accessories.

At 10:27 AM, the stock had pared gains and was trading 1.6 per cent lower at Rs 1065.10 as compared to 0.24 per cent dip in the benchmark S&P BSE Sensex. A total of 4.7 lakh shares have changed hands on the BSE and NSE so far. The stock hit its lifetime high of Rs 1149 on the BSE on Tuesday (January 21) ahead of the results.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel