Wires and cables manufacturer Polycab India Ltd (PIL) on Wednesday, October 18, reported a 59% growth in consolidated profit during the September quarter at Rs 426 crore. The company's profit stood at Rs 268 during the corresponding quarter of 2022-23, it said in a regulatory filing.
Revenue from operations of the company during the quarter under review grew by 26.5% to Rs 4,218 crore as against Rs 3,332 crore in the year-ago period.
"We continued our strong business performance in Q2, enabling the half yearly revenue and profitability to be the highest ever in the company's history. Favourable demand environment with multiple avenues of growth along with our strong focus on execution has laid the foundation for the current year to be a remarkable chapter in the history of our organisation," said Inder T Jaisinghani, Chairman and Managing Director of Polycab India.
The company's shares were trading at Rs 5,298.15 apiece, down 3% on the NSE today. The stock hit their all-time high ahead of Polycab India's September quarter earnings. The scrip has given multibagger returns of over 100% since the beginning of this year.
Polycab India Limited is the country's largest manufacturer of wires and cables. The company's business operations span across India through 23 manufacturing facilities, 15 plus offices and 25 plus warehouses.
First Published: Oct 18, 2023 2:30 PM IST
