1 week Ago
Shares of Polycab India are in news today after the electrical goods company reported a 3.6% year-on-year (YoY) increase in net profit to Rs 445.2 crore in the second quarter of September 30, 2024.
In the corresponding quarter of the previous fiscal, Polycab India posted a net profit of Rs 429 crore. Polycab India stock ended 1.12% lower at Rs 7102.
20 on Thursday against the previous close of Rs 7182.40 on BSE. Total 0.
39 lakh shares of the firm changed hands amounting to a turnover of Rs 28.01 crore. Market cap of the firm fell to Rs 1.
06 lakh crore on BSE. Polycab India shares are trading lower than the 5-day and 10 -day moving averages but higher than the 20 day, 30 day, 50-day, 100-day and 200-day moving averages. Revenue from operations rose 30.
4% to Rs 5,498.4 crore in the last quarter against Rs 4,218 crore in the corresponding period of the preceding fiscal. Inder T.
Jaisinghani, Chairman and Managing Director, Polycab India said, "We have concluded the first half of the financial year on a strong note, delivering our highest-ever second quarter and half yearly revenues and profit, driven by robust market demand. Further, CRISIL has upgraded its rating on our long-term bank facilities to “CRISIL AAA/Stable” reflecting our strong financial performance, market leadership position, and sustained growth prospects. Looking ahead, we expect the demand momentum to continue, supported by increased government spendings, continued investment by private players and robust real estate offtake.
With a strong focus on operational excellence, we stand well positioned to capitalise on the emerging opportunities and drive steady growth." Polycab India Limited is the country's largest manufacturer of wires and cables and one of the fastest growing FMEG companies with a consolidated turnover of Rs 122 billion in FY22. The company's business operations span across India through 23 manufacturing facilities, 15 plus offices and 25 plus warehouses.
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