Polycab India Ltd Faces Marginal Dip in Quarterly Net Profit

Wires and cables manufacturer Polycab India Ltd reported a slight decline in consolidated net profit to Rs 401.62 crore for June 2024, attributed to increased expenses. Despite higher revenue, overall expenses surged, affecting profitability.

Wires and cables maker Polycab India Ltd on Thursday reported a marginal decline in consolidated net profit to Rs 401.62 crore in the June 2024 quarter, impacted by higher expenses.

The company had posted a consolidated net profit of Rs 403.16 crore in the same period last fiscal, Polycab India said in a regulatory filing.

Consolidated revenue from operations stood at Rs 4,698 crore in the first quarter as against Rs 3,889.38 crore in the year-ago period, it added.

Total expenses were higher at Rs 4,223.06 crore compared to Rs 3,422.88 crore in the same period of the previous fiscal, the company said.

The wires and cables segment clocked a revenue of Rs 3,942.12 crore in the first quarter, up from Rs 3,553.77 crore a year ago.

The fast-moving electric goods (FMEG) segment had a revenue of Rs 385.49 crore over Rs 314.54 crore in the corresponding period in FY24, the company said.

(With inputs from agencies.)