Polycab India posts record quarterly profit on strong volume growth
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Cables and wires maker Polycab India Ltd on Thursday reported its best-ever quarterly profit, driven by robust sales volume and strong demand for its products.
Consolidated profit jumped 45% to 3.58 billion rupees ($44.00 million) in the three months ended Dec. 31 from 2.47 billion rupees a year ago, the company said in an exchange filing.
Revenue rose nearly 10% to 36.65 billion rupees in the third quarter from last year, despite higher inflation, on the back of healthy volume growth, the company said.
Almost 90% of the revenue came from sales of wires and cables, the company added.
The Mumbai-based firm had said in its September-quarter earnings call that it had hiked prices of its cables in the "mid-teens". It was not immediately clear if the firm had hiked prices in the December quarter as well.
Polycab India shares closed 2.7% higher on Thursday after reporting results.
Earlier on Thursday, larger rival Havells India Ltd reported a narrower-than-expected 7.2% drop in profit but flagged moderating consumer demand due to high retail inflation during the quarter.
Competitor Crompton Greaves Consumer Electricals Ltd, is expected to disclose its December quarter results on Feb. 2.
