Polycab India Ltd

₹ 2,949 -1.74%
03 Feb - close price
About

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

Leadership [1]
Polycab has 25 manufacturing facilities at seven locations. 4 of the 25 facilities manufacture FMEG products. Comprehensive backward integration remains a key priority for the company.
Polycab is a manufacturer of wires and cables in India with a market share of over 24%.
It has a network of 3500+ dealers and distributors and a reach over 125,000 retail outlets.

  • Market Cap 44,158 Cr.
  • Current Price 2,949
  • High / Low 3,089 / 2,044
  • Stock P/E 37.8
  • Book Value 390
  • Dividend Yield 0.47 %
  • ROCE 22.5 %
  • ROE 17.3 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 30.8% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 17.9%
  • Debtor days have improved from 52.6 to 38.8 days.

Cons

  • Stock is trading at 7.57 times its book value
  • Promoter holding has decreased over last quarter: -1.36%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Cables Industry: Cables - Power

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
2,507 2,129 977 2,114 2,746 2,943 1,855 3,007 3,372 3,970 2,737 3,332 3,715
2,168 1,835 920 1,801 2,396 2,539 1,723 2,714 3,010 3,494 2,427 2,906 3,212
Operating Profit 339 295 56 312 350 404 132 293 362 476 310 427 503
OPM % 14% 14% 6% 15% 13% 14% 7% 10% 11% 12% 11% 13% 14%
0 46 43 33 52 36 25 30 90 17 44 -2 40
Interest 9 16 16 11 7 13 10 5 8 13 8 14 9
Depreciation 41 42 44 46 45 46 49 51 51 50 51 52 52
Profit before tax 290 283 39 288 350 381 98 267 392 430 295 358 481
Tax % 24% 24% -201% 23% 25% 26% 23% 25% 19% 24% 24% 25% 25%
Net Profit 221 215 118 222 264 283 75 201 316 325 223 270 361
EPS in Rs 14.70 14.37 7.89 14.80 17.61 18.87 4.96 13.26 21.05 21.56 14.69 17.89 23.89
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
3,986 4,707 5,202 5,500 6,770 7,986 8,830 8,792 12,204 13,754
3,687 4,266 4,710 5,020 6,041 7,035 7,701 7,681 10,940 12,038
Operating Profit 299 442 492 480 729 950 1,129 1,111 1,264 1,716
OPM % 8% 9% 9% 9% 11% 12% 13% 13% 10% 12%
8 5 32 75 65 64 91 164 161 99
Interest 94 108 147 66 94 117 50 43 35 44
Depreciation 71 98 111 128 133 141 161 176 202 206
Profit before tax 142 241 265 361 567 756 1,010 1,056 1,188 1,564
Tax % 37% 32% 30% 36% 37% 34% 24% 16% 23%
Net Profit 89 164 185 233 359 500 766 886 917 1,179
EPS in Rs 12.65 11.64 13.09 16.48 25.35 35.39 50.97 59.15 60.80 78.03
Dividend Payout % 8% 9% 13% 6% 0% 8% 14% 17% 23%
Compounded Sales Growth
10 Years: %
5 Years: 17%
3 Years: 15%
TTM: 23%
Compounded Profit Growth
10 Years: %
5 Years: 31%
3 Years: 21%
TTM: 46%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 41%
1 Year: 18%
Return on Equity
10 Years: %
5 Years: 19%
3 Years: 20%
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
71 141 141 141 141 141 149 149 149 150
Reserves 1,412 1,489 1,642 1,853 2,206 2,706 3,688 4,604 5,394 5,684
458 546 796 856 800 272 157 282 118 112
823 1,138 1,296 1,729 1,300 2,509 1,967 1,979 1,751 2,133
Total Liabilities 2,763 3,314 3,875 4,579 4,448 5,628 5,961 7,015 7,412 8,078
750 822 985 1,128 1,197 1,276 1,422 1,870 1,675 1,663
CWIP 116 179 138 165 136 193 241 99 375 452
Investments 0 0 0 33 32 29 65 635 773 1,287
1,897 2,312 2,752 3,253 3,083 4,130 4,232 4,411 4,588 4,676
Total Assets 2,763 3,314 3,875 4,579 4,448 5,628 5,961 7,015 7,412 8,078

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
310 150 221 296 362 1,230 244 1,252 512
-109 -173 -247 -295 -188 -408 -262 -1,012 -427
-196 15 45 -10 -190 -651 11 -175 -201
Net Cash Flow 4 -8 20 -8 -15 171 -7 66 -116

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 88 84 95 80 70 61 59 60 39
Inventory Days 70 95 94 134 128 116 113 86
Days Payable 77 101 101 120 97 82 77 48
Cash Conversion Cycle 81 78 88 94 70 91 94 96 77
Working Capital Days 92 86 94 96 88 50 76 73 69
ROCE % 17% 17% 16% 22% 28% 29% 24% 22%

Shareholding Pattern

Numbers in percentages

1 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
68.58 68.55 68.53 68.44 68.42 68.40 68.36 68.15 68.08 67.99 67.97 66.61
4.89 4.51 6.12 6.97 6.38 6.51 6.89 6.43 5.75 5.71 6.44 8.12
13.23 12.92 12.20 10.29 9.91 8.80 8.78 8.66 9.18 9.03 10.35 10.10
13.30 14.02 13.14 14.30 15.29 16.29 15.97 16.77 16.98 17.27 15.24 15.16

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

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