Polycab India's Q1 profit soars 82% on strong wires and cables business
Polycab India posted an 82% surge in first-quarter profit on Tuesday, helped by higher sales in its mainstay wires and cables business. Consolidated net profit for India's largest wires and cables maker climbed to 3.99 billion rupees ($48.65 million) in the three months ended June 30, compared with 2.20 billion rupees in the year ago.
The company's shares rose as much as 3.6% to hit a record high of 4,055 rupees after the results. Analysts had expected the wires and cables segment - also Polycab's biggest business - to grow in the April-June quarter, due to infrastructure spending by the government and continued healthy demand from the real estate sector.
Polycab reported double-digit increase in earnings over the previous four quarters, while profit lagged for rivals amid subdued demand in an inflationary environment. Rival Havells India is scheduled to report its quarterly results on Thursday.
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