BENGALURU, July 18 – Polycab India (POLC.NS) reported an 82% surge in first-quarter profit on Tuesday, driven by higher sales in its mainstay wires and cables business. Consolidated net profit for India’s largest wires and cables maker climbed to INR 3.99 billion ($48.65 million) in the three months ended June 30, compared with INR 2.20 billion in the year ago. The company’s shares rose as much as 3.6% to hit a record high of INR 4,055 after the results.
Analysts had expected the wires and cables segment – also Polycab’s biggest business – to grow in the April-June quarter, due to infrastructure spending by the government and continued healthy demand from the real estate sector.
Polycab reported double-digit increase in earnings over the previous four quarters, while profit lagged for rivals amid subdued demand in an inflationary environment.
Rival Havells India (HVEL.NS) is scheduled to report its quarterly results on Thursday.
** The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of stock’s last close to analysts’ mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE
— All data from Refinitiv
— $1 = 82.0200 Indian rupees
Reporting by Rama Venkat in Bengaluru; Editing by Janane Venkatraman
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