Polycab India Ltd

About [ edit ]

Polycab is India’s leading manufacturers of cables and wires and allied products such as uPVC conduits and lugs and glands. We have a range of cables and wires for practically every application. More recently Polycab has also launched a wide range of consumer electrical products like Fans, Switches, Switchgear, LED lights and Luminaries, Solar Inverters, and Pumps.

Key Points [ edit ]
  • Market Cap 28,958 Cr.
  • Current Price 1,942
  • High / Low 2,007 / 762
  • Stock P/E 34.8
  • Book Value 316
  • Dividend Yield 0.36 %
  • ROCE 23.6 %
  • ROE 19.5 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 34.70% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 10.92% over past five years.

Peer comparison

Sector: Cables Industry: Cables - Power

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
1,678 1,819 1,991 2,450 1,940 2,240 2,503 2,124 992 2,095 2,747 2,902
1,506 1,603 1,676 2,207 1,719 1,973 2,171 1,826 936 1,798 2,399 2,512
Operating Profit 172 215 315 243 221 266 332 298 56 297 348 390
OPM % 10% 12% 16% 10% 11% 12% 13% 14% 6% 14% 13% 13%
Other Income 23 -2 24 22 33 13 1 47 34 30 33 23
Interest 37 36 17 26 12 12 8 15 13 9 6 13
Depreciation 35 36 35 34 38 39 40 42 42 42 44 45
Profit before tax 123 141 287 205 204 228 285 287 35 276 330 355
Tax % 35% 35% 34% 33% 35% 16% 24% 24% -221% 23% 26% 26%
Net Profit 80 92 191 138 134 192 216 219 112 212 244 263
EPS in Rs 5.65 6.55 13.51 9.80 8.98 12.93 14.52 14.72 7.54 14.23 16.38 17.63

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
3,833 4,697 5,203 5,500 6,759 7,940 8,807 8,736
3,554 4,263 4,709 5,023 6,035 6,992 7,690 7,645
Operating Profit 279 434 494 477 724 948 1,117 1,091
OPM % 7% 9% 9% 9% 11% 12% 13% 12%
Other Income 8 5 32 75 67 64 93 120
Interest 90 108 147 65 92 116 48 41
Depreciation 63 97 111 127 132 140 159 174
Profit before tax 133 234 267 360 567 757 1,003 995
Tax % 36% 33% 30% 35% 37% 34% 24% 16%
Net Profit 85 157 186 232 358 501 761 831
EPS in Rs 12.10 11.13 13.21 16.45 25.38 35.51 51.10 55.75
Dividend Payout % 8% 9% 13% 6% 4% 8% 14% 18%
Compounded Sales Growth
10 Years:%
5 Years:11%
3 Years:9%
TTM:-1%
Compounded Profit Growth
10 Years:%
5 Years:35%
3 Years:33%
TTM:11%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:134%
Return on Equity
10 Years:%
5 Years:19%
3 Years:20%
Last Year:19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
71 141 141 141 141 141 149 149
Reserves 1,294 1,484 1,638 1,853 2,207 2,708 3,689 4,558
Borrowings 445 545 794 844 789 258 146 89
762 1,154 1,305 1,722 1,287 2,488 1,945 1,931
Total Liabilities 2,572 3,325 3,878 4,561 4,424 5,595 5,928 6,727
693 822 984 1,113 1,180 1,255 1,395 1,581
CWIP 113 179 132 165 135 186 241 98
Investments 13 2 4 37 39 43 86 697
1,753 2,322 2,758 3,246 3,070 4,112 4,206 4,351
Total Assets 2,572 3,325 3,878 4,561 4,424 5,595 5,928 6,727

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
207 221 283 352 1,224 234 1,161
-176 -251 -269 -178 -396 -257 -1,038
-37 41 -19 -189 -657 15 -96
Net Cash Flow -6 10 -5 -15 171 -8 27

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 17% 18% 16% 22% 28% 29% 24%
Debtor Days 79 84 95 80 70 62 60 60
Inventory Turnover 4.78 4.13 3.38 3.60 3.47 3.19 3.31

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
68.69 68.69 68.60 68.58 68.55 68.53 68.44 68.42
3.33 3.75 4.64 4.89 4.51 6.12 6.97 6.38
14.42 14.27 13.39 13.23 12.92 12.20 10.29 9.91
13.56 13.29 13.36 13.30 14.02 13.14 14.30 15.29

Documents