Share Market: The company’s consolidated net profit increased by 29 percent on year-on-year basis to Rs 553 crore in the March quarter.
Polycab India Shares
The March quarter for Polycab India was better than expected. Along with the March quarter results, the company has announced a 300 percent dividend to shareholders. The company’s consolidated net profit rose 29 percent year-on-year to Rs 553 crore in the March quarter. Operating revenue also grew by 29 percent to Rs 5,592 crore during the period. Shares of Polycab hit a record high on this excellent result.
In the March 2024 quarter, Polycab India’s consolidated net profit grew 29 percent year-on-year to Rs 553 crore, and operational revenue grew at a similar pace to Rs 5592 crore. The company’s operating profit rose by 10 percent to Rs 762 crore during the period. However, operating margin declined by 0.30 percent to 13.6 percent. The company’s chairman and MD Inder T Jaisinghani attributed the company’s improved results to its distribution network, manufacturing capabilities as well as increased focus on operational and organizational excellence.
Polycab India has declared a dividend of Rs 30 per share. Since the face value of the shares is Rs 10, the dividend payout is 300 percent. Now talking about the record date, it has not been decided yet but will be decided soon. After approval from shareholders at the annual general meeting (AGM), the credit will be credited to shareholders’ accounts within 30 days of the meeting, the company said in an exchange filing.
Polycab announced its financial results for the fourth quarter and full year, ended March 31, 2024, earlier today.
Read more: https://t.co/UsSiLvioLv#Polycab #IdeasConnected #QuarterlyResults #FinancialResults pic.twitter.com/pEjdPT9Sz4
— Polycab India Limited (@PolycabIndia) May 10, 2024
After a weak start, when Polycab’s results came in, the shares suddenly rocketed. It closed at Rs 6180.00 with a gain of 6.52 per cent on the BSE on Friday. It had fallen as low as Rs 5765.95 during the day, but recovered and touched a record high of Rs 6364.00. Last year, on May 11, 2023, it was at a one-year low of Rs 3,200.05.
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