Polycab Skyrockets 8% To Record-high As Q4 Profit Grows 28.5%
Polycab reports 28.5 per cent increase in consolidated net profit of Rs 5.46 billion
Polycab stock took a massive jump above 8 per cent to trade on record-high levels in the Friday trading session after the cable and wire manufacturer posted 28.5 per cent growth in its fourth quarter profit of FY 2023-24.
Polycab stock traded at Rs 6,155 with nearly 6 per cent gain in the afternoon session on the National Stock Exchange (NSE).
The earnings are attributed to the demand surge from the real estate and infrastructure sectors along with government's aid to boost the economy.
Polycab reported its consolidated net profit of Rs 5.46 billion in the fourth quarter of FY 2023-24 compared to Rs 4.25 billion in the same quarter of last fiscal year.
The firm’s revenue from operations jumped 29 per cent to Rs 55.92 billion against Rs 43.2 billion in the same period a year earlier, whereas the earnings per share (EPS) grew to Rs 36.36 from Rs 28.31 on year-on-year (YoY) basis.
Polycab earnings before interest, taxes, depreciation and amortisation (EBITDA) margin rose to 26 per cent YoY on improved operating efficiency and reduced advertising and promotion spending.
The board of directors have recommended a dividend of Rs 30 per equity share for FY 2023-24.
In terms of stock’s performance, Polycab stock has delivered 11.5 per cent returns year-to-date (YTD).
