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 23,114 Cr.
  • Current Price 1,550
  • High / Low 1,585 / 624
  • Stock P/E 28.4
  • Book Value 283
  • Dividend Yield 0.45 %
  • ROCE 29.3 %
  • ROE 22.4 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 35.36% CAGR over last 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 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
2,110 1,683 1,812 2,025 2,464 1,951 2,242 2,507 2,129 977 2,114 2,799
1,765 1,513 1,598 1,707 2,220 1,728 1,972 2,168 1,835 920 1,801 2,423
Operating Profit 345 169 213 317 244 224 270 339 295 56 312 376
OPM % 16% 10% 12% 16% 10% 11% 12% 14% 14% 6% 15% 13%
Other Income 18 23 -2 26 24 34 12 0 46 43 33 35
Interest 39 37 36 17 26 12 13 9 16 16 11 9
Depreciation 34 35 36 36 34 38 40 41 42 44 46 48
Profit before tax 291 120 139 290 207 207 230 290 283 39 288 354
Tax % 35% 36% 35% 33% 32% 35% 16% 24% 24% -201% 23% 26%
Net Profit 189 77 89 193 140 135 192 219 214 118 221 262
EPS in Rs 13.36 5.45 6.32 13.69 9.94 9.05 12.91 14.70 14.37 7.89 14.80 17.61

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
3,986 4,707 5,202 5,500 6,770 7,986 8,830 8,018
3,687 4,266 4,710 5,020 6,041 7,035 7,702 6,979
Operating Profit 299 442 492 480 729 950 1,128 1,039
OPM % 8% 9% 9% 9% 11% 12% 13% 13%
Other Income 8 5 32 75 65 64 93 158
Interest 94 108 147 66 94 117 50 52
Depreciation 71 98 111 128 133 141 161 180
Profit before tax 142 241 265 361 567 756 1,010 964
Tax % 37% 32% 30% 36% 37% 34% 24%
Net Profit 89 164 185 233 358 500 759 815
EPS in Rs 12.65 11.64 13.09 16.48 25.35 35.39 50.97 54.67
Dividend Payout % 8% 9% 13% 6% 0% 8% 14%
Compounded Sales Growth
10 Years:%
5 Years:13%
3 Years:17%
TTM:-13%
Compounded Profit Growth
10 Years:%
5 Years:35%
3 Years:47%
TTM:19%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:132%
Return on Equity
10 Years:%
5 Years:17%
3 Years:20%
Last Year:22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
71 141 141 141 141 141 149 149
Reserves 1,412 1,489 1,642 1,853 2,206 2,706 3,685 4,065
Borrowings 458 546 796 856 800 272 157 213
823 1,138 1,296 1,729 1,300 2,509 1,970 2,027
Total Liabilities 2,763 3,314 3,875 4,579 4,448 5,628 5,961 6,454
750 822 985 1,128 1,197 1,276 1,422 1,737
CWIP 116 179 138 165 136 193 241 191
Investments 0 0 0 33 32 29 65 572
1,897 2,312 2,752 3,253 3,083 4,130 4,232 3,955
Total Assets 2,763 3,314 3,875 4,579 4,448 5,628 5,961 6,454

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
310 150 221 296 362 1,230 245
-109 -173 -247 -295 -188 -408 -262
-196 15 45 -10 -190 -651 11
Net Cash Flow 4 -8 20 -8 -15 171 -7

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 17% 17% 16% 22% 28% 29%
Debtor Days 88 84 95 80 70 61 59
Inventory Turnover 4.71 4.13 3.37 0.28 3.46 3.15

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

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