Polycab India Ltd has reported a 27 per cent year-on-year growth in its revenues from the wire & cable business in FY24.
In a release, Polycab said that the company’s revenues from the wire & cable (W&C) business reached Rs.15,892 crore in FY24 – up 27 per cent from around Rs.12,537 crore in FY23.
The company gained significant market share in domestic W&C industry, consolidating its position as the leading manufacturer of W&C in India, the release said.
In an investor presentation, Polycab said that revenues from the W&C business accounted for 88 per cent of the company’s total revenues, which stood at Rs.18,039 crore in FY24. Incidentally, the relatively-new FMEG (fast-moving electrical goods) business contributed 7 per cent to the company’s total revenue in FY24.
Polycab has estimated the Indian W&C market to have grown from Rs.35,000 crore in F14 to around Rs.80,000 crore in FY24. The company has projected this market to touch around Rs.1,15,000 crore by FY27.
Polycab has estimated the company’s market share in FY24 to be in the region of 25-26 per cent in the organized W&C market and at 18-19 per cent in the total W&C market.
The company expects robust domestic demand for wire & cables in the wake of the government’s thrust on infrastructure upgrade, the up-cycle in the real estate sector as well as demand from sunrise industries such as data centres, electric vehicles, metro projects, etc.
Also read: Polycab India: Wires & Cables Business Grows 28 Per Cent
Featured photograph shows inside view of a cable manufacturing unit of Polycab