Polycab shares hit new peak after Q4 results today, ₹30 per share dividend
Stock market today: Polycab India's share price witnessed strong buying interest on Friday after the company announced its Q4 results for 2024. Beating the street estimates, Polycab India Ltd reported the highest-ever yearly and quarterly revenue and profitability in its fourth quarter results for the financial year 2023-24. This positive financial performance, coupled with the company's strong market position and growth prospects, sparked buying in the Polycab share price.
The stock surged from ₹5,815 per share to ₹6,060 apiece on NSE within 30 minutes of the Polycab results announcement. This rapid increase in share price reflects the market's confidence in Polycab's future performance and its ability to deliver value to its shareholders. Exceeding the market's expectations, Polycab's profitability for the quarter surpassed the threshold of ₹5,000 Mn (million) for the first time ever.
The Company posted a Profit After Tax (PAT) of ₹5,535 Mn in Q4 FY24, marking a growth of 29% Year-on-Year (YoY). The PAT margin, which indicates the company's profitability, stood at 9.9% for the quarter. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin, a measure of a company's operating profitability, improved by nearly 50 basis points (bps) Quarter-on-Quarter (QoQ) to 13.6% due to better operating leverage and lower Advertising and Promotion (A&P) spending.
As of 31st March 2024, the net cash position improved to ₹21.4 Bn (billion) against ₹18.4 Bn in the previous quarter. The Company's revenue grew 28% YoY to 1,80,394 Mn in FY24 from ₹1,41,078 Mn in FY23. Polycab reported that W&C business revenue grew 27% YoY to ₹1,58,922 Mn in FY24 from ₹1,25,369 Mn in FY23, with healthy growth across both
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