Polycab India Ltd

Polycab India is one of the largest manufacturers of various types of cables and wires. The Company is also in the business of Engineering, Procurement and Construction projects, Manufacturing and trading of Electrical Wiring Accessories, Electrical Appliances and Agro Pipe and pumps.(Source : 201903 Annual Report Page No: 111)

Pros:
Company has reduced debt.
Company is virtually debt free.
Company has good consistent profit growth of 41.04% over 5 years
Cons:

Peer Comparison Sector: Cables // Industry: Cables - Power

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Dec 2018 Mar 2019 Jun 2019
2,110 1,683 2,028 2,445 1,933
1,765 1,513 1,707 2,220 1,728
Operating Profit 345 169 321 225 205
OPM % 16% 10% 16% 9% 11%
Other Income 18 23 27 38 52
Interest 39 37 17 26 12
Depreciation 34 35 36 34 38
Profit before tax 291 120 295 202 207
Tax % 35% 36% 33% 32% 35%
Net Profit 189 77 197 137 135
EPS in Rs 9.12
Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
3,986 4,707 5,202 5,500 6,770 7,956
3,687 4,266 4,710 5,020 6,041 7,035
Operating Profit 299 442 492 480 729 921
OPM % 8% 9% 9% 9% 11% 12%
Other Income 8 5 32 75 65 93
Interest 94 108 147 66 94 117
Depreciation 71 98 111 128 133 141
Profit before tax 142 241 265 361 567 756
Tax % 37% 32% 30% 36% 37% 34%
Net Profit 89 164 185 233 358 500
EPS in Rs
Dividend Payout % 8% 9% 13% 6% 0% 8%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:14.82%
3 Years:15.21%
TTM:17.51%
Compounded Profit Growth
10 Years:%
5 Years:41.04%
3 Years:38.93%
TTM:40.32%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:%
Return on Equity
10 Years:%
5 Years:14.48%
3 Years:16.32%
Last Year:19.19%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
71 141 141 141 141 141
Reserves 1,412 1,489 1,642 1,853 2,206 2,706
Borrowings 458 546 796 856 800 272
852 1,179 1,343 1,782 1,300 2,541
Total Liabilities 2,792 3,355 3,921 4,632 4,448 5,661
750 822 985 1,128 1,197 1,276
CWIP 116 179 138 165 136 193
Investments 0 0 0 33 32 29
1,927 2,353 2,798 3,306 3,083 4,163
Total Assets 2,792 3,355 3,921 4,632 4,448 5,661

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
310 150 221 296 362 1,230
-109 -173 -247 -295 -188 -408
-196 15 45 -10 -190 -651
Net Cash Flow 4 -8 20 -8 -15 171

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 17% 17% 16% 22% 28%
Debtor Days 88 84 95 80 70 61
Inventory Turnover 6.25 5.52 4.40 4.69 4.73