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India Gazette
14-05-2025
- Sport
- India Gazette
India announces 36 member squad to participate in 2025 ISSF Junior World Cup
New Delhi [India] May 14 (ANI): India has announced a 36-member contingent to participate in the 2025 International Shooting Sport Federation (ISSF) Junior World Cup, scheduled to take place in Suhl, Germany, from May 19-27, as per a release from ISSF. Eight of these 36 shooters have trained at the Gun for Glory academy, which is run by the 2012 Olympics bronze medallist Gagan Narang in Pune. These eight athletes are Naraen Pranav, Mukesh Nelavalli, Anushka Thokur, Prachi Gaikwad, K. Tanishq Naidu (RPO), Sagnik Banerjee (RPO), Melvina Angeline Joel (RPO), and Vedant Waghmare (RPO). All these athletes have trained under Project Leap, a sponsored project designed in collaboration with Olympic Gold Quest for selected shooters to improve their performance in the physical, mental, and technical aspects of the sport. Started in 2017, the project has already held more than 60 camps. While Naraen will participate in the 10m Air Rifle Junior Men's and Junior Mixed Team events, Mukesh, Tanishq, and Sagnik will represent India in the 25m Rapid Fire Pistol Junior Men's event. Anushka, Prachi, and Melvina will participate in the 50m 3P Junior Women's category, with Vedant competing in the 50m 3P Junior Men's event. We are incredibly proud of our athletes who will be competing at the ISSF Junior World Cup. Their hard work, talent, and unwavering dedication reflect the core values of our academy and foundation. We believe that they have the potential to achieve great success and make India proud. I would like to extend my best wishes to these athletes as they embark on this challenging and exciting journey,' said the former Indian shooter Gagan Narang. 'I am incredibly grateful to the Gagan Narang Sports Promotion Foundation for their unwavering support as I prepare for the ISSF Junior World Cup. Their guidance and resources have been instrumental in my journey, and I am honored to represent India on this prestigious platform. I hope to make my country and my mentors proud,' said Anushka as she gets ready to shine on the global platform.' (ANI)
Mint
08-05-2025
- Business
- Mint
Polycab shone in FY25, but will investors stay plugged in?
Polycab India Ltd surpassed its ₹20,000-crore revenue goal under Project Leap a year ahead of schedule, with FY25 consolidated revenue at ₹22,410 crore. While investors were anticipating this after revenue for the nine months to December (9MFY25) came in at ₹15,420 crore, stellar March-quarter (Q4FY25) results helped. Q4 revenue increased 25% year-on-year to ₹6,986 crore aided by a solid showing from the chief wires & cables (W&C) business, which saw domestic value growth of 27%. The W&C segment contributed 84% of Polycab's FY25 gross revenues. The company's share of the domestic organised W&C market rose from 25-26% in FY24 to 26-27% in FY25 and domestic volume growth was in the mid-teens last year. Also read: Marico's margin pain will linger for some time Cables outpaced wires year-on-year in Q4, while wires – a relatively higher-margin category – did better quarter-on-quarter, supporting the sequential margin expansion. Overall Ebitda margin stood at 14.7% in Q4, up from 13.8% in Q3 and 13.6% in Q4FY24. Specifically, the W&C Ebitda margin for FY25 was 14-15%. Pass-through of changes in copper and aluminium prices happens monthly; Polycab took a mid-to-high single-digit price hike in Q4FY25. Wired for growth The good run may well continue. 'Polycab has consistently outperformed in the past, with better-than-guided Ebitda margins in the cables & wires segment, so that will continue," said Achal Lohade, analyst, Nuvama Research. He noted that Polycab's domestic market share was almost double that of its closest competitor, KEI Industries Ltd. Its size (wide product portfolio) brings in huge competitive advantages, so Polycab should continue to outpace industry growth, he added. In Q4FY25, Polycab's fast moving electrical goods business turned profitable for the first time in 10 quarters. After a strong end to FY25, management is upbeat. It said in the earnings call that domestic demand for wires and cables remained strong, led by the real estate and power sectors, and the government's capital expenditure (capex). Also read: Another solid year for Coforge given strong deal pipeline? Yes, but… Against this backdrop, Polycab is eyeing medium-term domestic W&C revenue growth of 1.5-2 times industry growth. Sustainable W&C Ebitda margin is projected to be at 11-13% over the next five years through its strategic project Spring. Capex guidance has been maintained at ₹6,000-8,000 crore for the next five years, mainly to boost the W&C business. Meanwhile, the high-margin international business saw some hiccups. Q4FY25 export revenue fell 24% year-on-year due to a large order rollover to the next quarter. Despite tariff-led uncertainty in global trade, Polycab is expanding to new geographies to boost revenue visibility and minimise revenue concentration risk. It added five new countries in FY25, taking its total count to 84. It expects exports' contribution to revenue to touch 30% by FY30, from 6% in FY25. Competition from giants On the flip side, the spectre of increased competitive intensity looms in the domestic W&C segment with the entrance of UltraTech Cement Ltd and Adani Group. For now, Polycab's management doesn't seem perturbed by this. It feels, given the significant unorganised presence in the sector and healthy industry growth, that the entry of new companies will drive market-share gains for the organised segment. 'While competitive intensity may rise, Polycab is well-positioned to navigate these challenges, owing to its strong brand equity, execution capabilities, and global presence. That said, margin protection beyond FY28 could emerge as a risk as the industry landscape evolves," said a Nirmal Bang Institutional Equities report dated 7 May. Also read: Can M&M keep its pace in FY26? The stage is set for Polycab to continue its momentum, at least for the next couple of years. The stock now trades at 38 times estimated FY26 earnings, as per Bloomberg data. Valuations are not exactly cheap, and investors will assess the delivery when deciding whether to stay plugged in.
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Business Standard
06-05-2025
- Business
- Business Standard
Polycab India shares rise 6% from day's low on Q4 results; check highlights
Polycab share price today Polycab share price gained 4.8 per cent on the BSE on Tuesday, May 6, 2025, after the electrical equipment maker reported solid results for the March 2025 quarter (Q4FY25). On the stock exchange, Polycab shares hit a high of ₹6,078 per share, rising 6.1 per cent from the day's low of ₹5,727.45. The rise in Polycab shares today was led by healthy volumes with 0.12 million shares having changed hands, so far, on the BSE as against a two-week average of 0.019 million shares. Polycab Q4 results 2025 For the March quarter of the previous financial year, Polycab India reported a net profit of ₹734.4 crore, up 33 per cent year-on-year (Y-o-Y) and 58 per cent quarter-on-quarter (Q-o-Q). Its net profit margin expanded 60 basis points Y-o-Y and ~160 bps Q-o-Q to 10.5 per cent. Operationally, the company's revenue rose 25 per cent Y-o-Y and 34 per cent Q-o-Q to ₹6,985.8 crore, while Ebitda (earnings before interest, tax, depreciation, and amortization) surged 35 per cent Y-o-Y and 42 per cent Q-o-Q to ₹1,025.4 crore. The company attributed the healthy revenue growth to robust performance across business segments. That apart, Polycab's Ebitda margin improved by ~110 bps to 14.7 per cent in Q4FY25, driven by a profitable turnaround in the FMEG (fast moving electrical goods) business and stronger margins in the EPC business off a lower base. For the entire financial year, Polycab India reported its highest-ever net profit of ₹2,045.5 crore, up 13 per cent Y-o-Y. "Full year revenues rose by 24 per cent Y-o-Y to over ₹22,000 crore, exceeding the Project Leap FY26 revenue goal of ₹20,000 crore a year ahead of schedule. Polycab is now the largest company in the electrical industry by revenues," the management said in its statement. It added: Quarterly net profit of Polycab India crossed ₹700-crore mark for the first time, contributing to a record annual PAT exceeding ₹2,000 crore. With this performance, Polycab continues to be the most profitable company in the electrical industry for the third consecutive year. Polycab India FY25 results highlights Apart from record net profit for the financial year, Polycab India saw market share gains in the domestic organised wire and cable (W&C) industry, from 25-25 per cent in FY24 to 26-27 per cent in FY25. This, Polycab said, was achieved via strategic internal initiatives. The company also saw improvement in net cash balance via optimising cash flow. Net cash balance at the end of FY25 stood at ₹2,460 crore vs ₹2,140 crore Y-o-Y. The company's dividend payout ratio increased to 26.3 per cent in FY25. Polycab India declared a dividend of ₹35 per share for FY25, up from ₹30 per share in FY24. Polycab India share price history So far in calendar year 2025, Polycab India shares have declined 20.2 per cent on the BSE as against an over 2 per cent rise in the BSE Sensex index. The stock hit a record high of ₹7,607.15 per share on October 15, 2024. Its all-time low stands at ₹525, which it touched on August 22, 2019, while its 52-week low stands at ₹4,557.45 per share, hit on February 28, 2025. Polycab India: Brokerage View, Stock Outlook Polycab plans to invest ₹6,000-8,000 crore in the coming five years with major allocation towards C&W capacity expansion. The company plans to have its EHV cable production facility in Halol up and running by FY2026-end. Once operational, the company expects to achieve an asset turnover ratio of 4-5x and anticipates operating margin in the mid-teens range for the EHV cable segment. "Polycab has successfully consolidated its leading position in the C&W industry by performing consistently. However, with entry of deep pocketed player valuations is likely to be set lower with expectations of rising competition. We envisage a 20 per cent/~21 per cent revenue/PAT CAGR over FY2024-FY2027, with a good RoCE of 32 per cent," analysts at Mirae Asset Sharekhan had said after the company's Q3FY25 results. The brokerage had assigned a 'Buy' rating then with a share price target of ₹7,300.
Business Standard
06-05-2025
- Business
- Business Standard
Polycab India spurts as Q4 PAT jumps 33% YoY to Rs 734 cr; declares dividend of Rs 35/sh
Polycab India jumped 4.21% to Rs 6,042.95 after the company's consolidated net profit spiked 32.68% to Rs 734.40 crore on a 24.92% rise in revenue from operations to Rs 6,985.8 crore in Q4 FY25 over Q4 FY24. The growth in revenue was driven by robust growth across business segments. Profit before tax was at Rs 960.60 crore in Q4 FY25, reflecting a growth of 32.44% from Rs 725.30 crore reported in Q4 FY24. EBITDA jumped 34.65% YoY to Rs 1,025.4 crore in the quarter ended 31 March 2025. EBITDA margin improved to 14.7% in Q4 FY25 as against 13.6% in Q4 FY24, driven by a profitable turnaround in the FMEG business and stronger margins in the EPC segment off a lower base. On the segmental front, wires & cables business revenue grew by 22.34% YoY to Rs 6,019.1 crore in Q4 FY25, driven by sustained momentum across key sectors. Key contributors included increased government spending, improved project execution, continued strength in real estate, and an inflationary trend in commodity prices. The domestic business grew by 27% YoY, with cables growth once again outpacing wires. Both channel and institutional business showed healthy traction. The international business however experienced a temporary decline due to the rollover of a large order into the next quarter. EBIT margins for the quarter expanded by ~140 bps QoQ to 15.1%, driven by operating leverage and a favourable product mix, although partially offset by the lower contribution from the international business. The Fast-Moving Electrical Goods (FMEG) business registered a strong 33% YoY growth, with all product categories maintaining a robust growth trajectory. The fans segment delivered impressive growth despite a delayed summer, reflecting the effectiveness of our strategic initiatives and continued focus on premiumization. The lights and luminaires business sustained its momentum from the previous quarter, achieving strong volume and value growth, even amidst ongoing pricing deflation. Switchgears, conduit pipes & fittings, and switches also posted healthy growth, supported by steady demand from the real estate sector. Significantly, the business achieved break-even in Q4FY25 its first profitable quarter after ten successive quarters of strategic investments in talent, product innovation, and brand building. This milestone is a testament to our long-term vision and the effectiveness of its business strategy. The EPC business registered a strong growth of 47% YoY during the quarter to Rs 602.80 crore, on the back of robust execution of the RDSS order book. As of 31 March 2025, Polycab India's net cash position stood at Rs 2457.2 crore, up 14.77% from Rs 2,140.8 crore in the previous quarter. Inder T. Jaisinghani, Chairman and Managing Director, Polycab India Limited, said: We have concluded FY25 on a historic high, delivering record revenues for both the fourth quarter and the full year, driven by strong, broad-based growth across business segments. Exceeding our Project Leap FY26 revenue goal a year ahead of committed schedule is a testament to our focused execution, market leadership, and strategic resilience. Our core Wires and Cables business maintained its strong momentum, the FMEG business grew ahead of industry as well as achieved quarterly profitability, and the EPC business scaled new heights, all contributing to making Polycab the largest Company by revenue in the Indian electrical industry, as well as reaffirming our position as the most profitable Company for the third consecutive year. With a sharpened strategic focus, robust fundamentals, and a culture of innovation and excellence, we are poised to build on this momentum and shape the next phase of Polycabs growth journey, under Project Spring, with confidence and purpose. Meanwhile, the company recommended dividend of Rs 35/- per equity share for the financial year 2024-25 subject to approval of members at the ensuing annual general meeting. Polycab India is the largest manufacturer of wires and cables in India and a fast-growing player in the Fast Moving Electrical Goods (FMEG) space. The Group is also in the business of engineering, procurement, and construction (EPC) projects.
