{"id":157876,"date":"2024-01-22T05:06:38","date_gmt":"2024-01-22T10:06:38","guid":{"rendered":"https:\/\/44.250.171.167\/?p=157876"},"modified":"2024-01-22T05:06:40","modified_gmt":"2024-01-22T10:06:40","slug":"polycab-india-limited-q3-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/polycab-india-limited-q3-fy24-earnings-conference-call-insights\/","title":{"rendered":"Polycab India Limited Q3 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Polycab India Limited (POLYCAB) Q3 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Recent IT Raid Updates<\/strong>\n<ul>\n<li>The incumbent authority conducted search operations POLYCAB\u2019s manufacturing plants, facilities, and offices in the last fortnight of the previous calendar year.<\/li>\n<li>The company has fully cooperated in the investigation.<\/li>\n<li>POLYCAB has not received any written communication about the outcome of the search.<\/li>\n<li>Operations are running smoothly and the management team continues to work to ensure growth.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Financial Performance<\/strong>\n<ul>\n<li>Achieved highest ever quarterly and 9-month revenues and PAT in its history.<\/li>\n<li>PAT grew 15% year-on-year.<\/li>\n<li>Revenue grew 17% YonY, driven by volume growth in domestic wires and cables business.<\/li>\n<li>EBITDA grew 13% with lower margins due to higher advertising spends.<\/li>\n<li>9-month revenue up 27%, EBITDA up 40%, PAT up 46% with margin expansions.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Industry Outlook<\/strong>\n<ul>\n<li>Demand for residential properties at 10-year high in 2023.<\/li>\n<li>New project launches outpacing sales over past 2 years.<\/li>\n<li>Recent years&#8217; new launches will drive heightened wire demand in coming years.<\/li>\n<li>Favorable momentum in infrastructure, construction and power sectors to drive cables and wires sector.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Advertising and Promotion Spends<\/strong>\n<ul>\n<li>Advertising and promotion spends doubled QonQ to 2.1% of sales.<\/li>\n<li>9-month advertising spend at 4.2% of B2C sales, meeting annual guidance of 3-5%.<\/li>\n<li>Q3 and Q4 are significant growth quarters, so expect strong Q4 based on high Q3 growth.<\/li>\n<\/ul>\n<\/li>\n<li><strong>International Business Performance<\/strong>\n<ul>\n<li>International business grew 22% year-on-year in Q3, contributing 6.2% to total revenue.<\/li>\n<li>Muted growth in past quarters due to US distribution transition and Middle East trade route impact.<\/li>\n<li>Expects strong Q4 and future performance from international business.<\/li>\n<li>Good demand across geographies besides Europe.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Wires and Cables Business Update<\/strong>\n<ul>\n<li>Revenue grew 18% year-on-year driven by volume growth.<\/li>\n<li>Profitability remains strong with 14% EBIT margins.<\/li>\n<li>Supplied cables for various national projects in renewables, railways, power etc.<\/li>\n<li>Demand environment expected to remain strong driven by infrastructure investment.<\/li>\n<li>Investing significant capex to expand capacity amid strong demand.<\/li>\n<\/ul>\n<\/li>\n<li><strong>FMEG Business Growth<\/strong>\n<ul>\n<li>Execution has not met expectations.<\/li>\n<li>Will take 3-4 quarters to stabilize after implementing changes.<\/li>\n<li>Segregated business into B2B and B2C verticals with separate leadership.<\/li>\n<li>Focusing on switches and switchgears product categories.<\/li>\n<li>Have in-house manufacturing and expanded capacities.<\/li>\n<li>Working on distribution reach and presence across price points.<\/li>\n<li>Doing cross-selling with wires business.<\/li>\n<li>Expect higher contribution from these categories in future.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Outlook<\/strong>\n<ul>\n<li>Guidance of 11-13% EBITDA margins in Cables and Wires continues.<\/li>\n<li>Able to achieve 14% margins currently due to operational leverage.<\/li>\n<li>No change in cost structure assumed.<\/li>\n<li>Evaluating inorganic opportunities if available at good valuations for FMEG business.<\/li>\n<li>Considering all options to scale up FMEG and grow faster than market.<\/li>\n<li>No major inorganic moves yet unlike some competitors.<\/li>\n<li>EHV facility on track to be operational by late FY26 as guided earlier.<\/li>\n<li>Company believes second half of 2024 will be better than first half.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Volume Growth<\/strong>\n<ul>\n<li>Domestic Cables and Wires grew around 20% in volumes.<\/li>\n<li>Cables volume growth higher at around 30%.<\/li>\n<li>Wires volume growth single digits around 9-10%.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Capacity Expansion<\/strong>\n<ul>\n<li>Combined cables and wires utilization around 70-75% for Q3.<\/li>\n<li>Can scale up to 95% utilization.<\/li>\n<li>800-900 crores capex this fiscal and 600-700 crores next fiscal.<\/li>\n<li>Willing to revise capex if more opportunities arise.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Polycab India Limited (POLYCAB) Q3 FY24 Earnings Concall Recent IT Raid Updates The incumbent authority conducted search operations POLYCAB\u2019s manufacturing plants, facilities, and offices in the last fortnight of the previous calendar year. The company has fully cooperated in the investigation. POLYCAB has not received any written communication about the outcome of [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5753],"tags":[10487,10169,9478],"class_list":["post-157876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-industrials","tag-cables","tag-earnings","tag-industirals"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":171595,"url":"https:\/\/alphastreet.com\/india\/polycab-q2-fy26-earnings-results\/","url_meta":{"origin":157876,"position":0},"title":"Polycab Q2 FY26 Earnings Results","author":"Chirag Gupta","date":"October 17, 2025","format":false,"excerpt":"Polycab is India\u2019s 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\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Polycab Q2 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/Polycab-Q2-FY26-Earnings-Results.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/Polycab-Q2-FY26-Earnings-Results.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/Polycab-Q2-FY26-Earnings-Results.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/Polycab-Q2-FY26-Earnings-Results.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/Polycab-Q2-FY26-Earnings-Results.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/Polycab-Q2-FY26-Earnings-Results.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":173168,"url":"https:\/\/alphastreet.com\/india\/polycab-q3-fy26-earnings-results\/","url_meta":{"origin":157876,"position":1},"title":"Polycab Q3 FY26 Earnings Results","author":"Chirag Gupta","date":"January 16, 2026","format":false,"excerpt":"Polycab is India\u2019s 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\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Polycab Q3 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/Polycab-Q3-FY26-Earnings-Results.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":124828,"url":"https:\/\/alphastreet.com\/india\/polycab-ltd-polycab-q1-fy22-earnings-concall\/","url_meta":{"origin":157876,"position":2},"title":"Polycab Ltd (POLYCAB) Q1 FY22 Earnings Concall","author":"Sahil_Anand","date":"July 22, 2021","format":false,"excerpt":"Polycab Ltd (NSE:POLYCAB) Q1 FY22 Earnings Concall dated July. 22, 2021","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/09\/Polycab-India-Ltd-Q1-FY22-Earnings-Concall.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/09\/Polycab-India-Ltd-Q1-FY22-Earnings-Concall.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/09\/Polycab-India-Ltd-Q1-FY22-Earnings-Concall.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/09\/Polycab-India-Ltd-Q1-FY22-Earnings-Concall.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/09\/Polycab-India-Ltd-Q1-FY22-Earnings-Concall.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/09\/Polycab-India-Ltd-Q1-FY22-Earnings-Concall.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":138792,"url":"https:\/\/alphastreet.com\/india\/polycab-india-limited-q3fy23-earnings-summary\/","url_meta":{"origin":157876,"position":3},"title":"Polycab India Limited Q3FY23 Earnings Summary","author":"Karan_Singh","date":"January 19, 2023","format":false,"excerpt":"India's top producer of cables, wires, and related goods such uPVC conduits, lugs, and glands is Polycab. For almost any application, we provide a variety of cables and wires. A variety of consumer electrical goods, including fans, switches, switchgear, LED lights and luminaries, solar inverters, and pumps, have also recently\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/iStock-1252224581.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/iStock-1252224581.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/10\/iStock-1252224581.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":129474,"url":"https:\/\/alphastreet.com\/india\/polycab-india-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":157876,"position":4},"title":"Polycab India Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 12, 2022","format":false,"excerpt":"https:\/\/youtu.be\/kTiL7aOjN6Q Key highlights from Polycab India Limited (POLYCAB) Q4 FY22 Earnings Concall Management Update: POLYCAB stated its overall top-line surpassed INR120 billion clocking 17% CAGAR in the last 5 years. And export is inching towards becoming a sustainable INR10 billion business. POLYCAB invested about INR2 billion to acquire around 55,000\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":145961,"url":"https:\/\/alphastreet.com\/india\/polycab-india-q4fy23-earnings-story\/","url_meta":{"origin":157876,"position":5},"title":"Polycab India Q4FY23 Earnings Story","author":"Karan_Singh","date":"May 12, 2023","format":false,"excerpt":"India's top producer of cables, wires, and related goods such uPVC conduits, lugs, and glands is Polycab. For almost any application, we provide a variety of cables and wires. A variety of consumer electrical goods, including fans, switches, switchgear, LED lights and luminaries, solar inverters, and pumps, have also recently\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"SHARDAMOTR Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/04\/iStock-1443507250.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/04\/iStock-1443507250.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/04\/iStock-1443507250.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/04\/iStock-1443507250.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/157876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=157876"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/157876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/154818"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=157876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=157876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=157876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}