Polycab India has reported a 20 per cent growth in its wires & cables business, during the first nine months of FY23.
In a release, Polycab India said that revenue from the wires & cables business grew 20 per cent to reach Rs.8,602.20 crore in the first nine months (April to December) of FY23, as against Rs.7,184.30 crore in the same period of FY22.
Domestic distribution-driven business grew by 25 per cent year-on-year on the back of a strong volume growth of over 26 per cent, Polycab said.
Meanwhile, overall exports revenue (including the FMEG business) grew 32 per cent year-on-year in the first three quarters of FY23. Overall, exports business contributed to 8.6 per cent of the total consolidated revenue in the first three quarters of FY23.
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Q3 performance
In Q3 (September to December) of FY23, revenue from the wires & cables business grew 11 per cent on year-on-year basis to reach Rs.3,287.80 crore. This growth was largely attributed to the domestic business.
“The outperformance was primarily on account of benefits realized through the merger of HDC and LDC verticals last year,” Polycab said. The company also registered highest ever quarterly production volume in Q3FY23, the statement added.
