Polycab India Ltd. posted a 4% increase in its consolidated net profit in the second quarter of the current financial year, according to an exchange filing on Thursday.
The company reported a net profit at Rs 445.2 crore year-on-year for the three months ended September, compared to Rs 429.8 crore for the same quarter last year. It posted a revenue of Rs 5,498.4 crore, a 30% surge as compared to Rs 4,217.7 crore for the second quarter of the previous fiscal.
The electrical solutions provider reported earnings before interest, taxes, depreciation and amortisation of Rs 631.6 crore, a 4% rise as against Rs 608.9 crore for the same quarter of the previous fiscal.
The firm's consolidated margin expanded to 11.5% from 4.4% in the same period last year.
In the first half of the fiscal, the company issued 1.52 lakh shares at Rs 10 each to option grantees who exercised their options under the company's Employee Stock Option Scheme. After the share issues, the company's paid-up share capital has increased from 15.02 crore shares to 15.03 shares at Rs 10 each.
Income Tax Authorities Search at Polycab Office
In December 2023, the income tax authorities had conducted searches at some Polycab employees' homes and offices.
The firm highlighted that they cooperated and provided necessary details. "As on the date of issuance of these financial results, the company has not received any written communication from the department regarding the outcome of the search," it said.
The company's management said there is no major negative effect on its financial position and no major adjustments are needed for the results of the quarter ended Sept. 30, 2024.
Shares of Polycab closed 0.85% lower at Rs 7,120.55 apiece on the NSE, compared to a 0.89% decline in the benchmark Nifty 50. The stock has risen 29.82% on a year-to-date basis and 30.23% in the past 12 months.
Twenty-two out of the 33 analysts tracking the company have a 'buy' rating on the stock, seven suggest 'hold' and four recommend 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential upside of 1.2%.
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