Polycab rises 2 percent in trade after its declared a strong set of first quarter earnings for FY24.

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The revenues are 42 percent higher year on year at Rs 3,889 crore, compared with CNBC-TV18 poll of Rs 3,198 crore, while the earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 76 percent year on year to Rs 549 crore versus the CNBC-TV18 poll of 393 crore.

The EBITDA margins in first quarter improved 270 bps year on year to 14.1 percent, while the Street expected 12.6 percent. The net profits are 81 percent higher at Rs 403 crore, against the CNBC-TV18 poll of Rs 270 crore.

The wires and cables segment revenues are 47 percent higher year on year at Rs 3,534 crore, while the fast moving electrical goods (FMEG) segment is marginally higher at Rs 315 crore. The FMEG segment delivered losses at the operating level for the second consecutive quarter. Weak consumer sentiment affected sales. Fans segment saw sales of new BEE Compliant variant, while the lighting business saw a decline due to continued price correction in LED business.

During the quarter, the group acquired additional 25,000 shares at face value of Rs 10 each of Steel Matrix Private Limited for a purchase consideration of 0.25 million making it a wholly owned subsidiary of the company.