POLYCAB INDIA LIMITED

(formerly known as Polycab Wires Limited) Polycab House, 771 Mogul Lane, Mahim (W), Mumbai – 400016 CIN: L31300DL1996PLC266483 Tel : +91 22 2432 7070-74 Fax : +91 22 2432 7075 Email: [email protected] Website: www.polycab.com

Date: 30th May 2020

To Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai – 400 001

To Listing Department National Stock Exchange of India Limited C-1, G-Block, Bandra-Kurla Complex Bandra (E), Mumbai – 400 051

Scrip Code: 542652 Scrip Symbol: Polycab ISIN:- INE455K01017

Dear Sir / Madam

Sub: Outcome of the Board Meeting under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI (LODR) Regulations, 2015').

With reference to the captioned subject, please be informed that the Board of Directors of the Company at its meeting held today i.e. 30th May 2020, inter alia considered and approved the following:

1. Audited Standalone and Consolidated Financial Results along with the Auditors Reports issued by M/s. B S R & Co. LLP, Chartered Accountants, Statutory Auditors for the quarter and year ended 31st March 2020, which have been duly reviewed and recommended by the Audit Committee;
1. Appointment of Mr. Gandharv Tongia as Chief Financial Officer ('CFO') of the Company w.e.f. 31st May 2020; and
1. Appointment of M/s. Dilip Bharadiya & Associates, practising Company Secretaries as Secretarial Auditors for the financial year 2020-21.

The brief profile of Mr. Gandharv Tongia as CFO and M/s. Dilip Bharadiya & Associates as Secretarial Auditors have been enclosed herewith as Annexure A &B.

The Board Meeting commenced at 2.00 p.m. and concluded at 4.30 pm.

…2

POLYCAB INDIA LIMITED (formerly known as Polycab Wires Limited) Polycab House, 771 Mogul Lane, Mahim (W), Mumbai – 400016 CIN: L31300DL1996PLC266483 Tel : +91 22 2432 7070-74 Fax : +91 22 2432 7075 Email: [email protected] Website: www.polycab.com

: 2 :

The Audited Standalone and Consolidated Financial Results will be made available on the Company's website i.e. www.polycab.com

Kindly take the same on your record.

Thanking you

Yours Faithfully For Polycab India Limited

Sai Subramaniam Narayana Company Secretary and Compliance Officer Membership No.: F5221 Encl.:

1. Annexure A- Brief Profile of Mr. Gandharv Tongia;
1. Annexure B- Brief Profile of M/s. Dilip Bharadiya & Associates as Secretarial Auditors;
1. Declaration pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; and
1. Audited Standalone and Consolidated Financial Results for the quarter and year ended 31st March 2020.

POLYCAB INDIA LIMITED

Annexure A

S.No.	Particulars	Description
1	Reasonforchangeviz.	Appointment of Mr. Gandharv Tongia as Chief
	appointment,resignation,	Financial Officer of the Company
	removal, death or otherwise
2	Date of appointment/cessation	Appointment date –31st May 2020
	(asapplicable)&termof
	appointment

3	Brief Profile	Mr.GandharvTongiaisaChartered
		Accountant from the Institute of Chartered
		Accountants of India and has also completed
		theProfessionalProgrammeExamination
		from the Institute of Company Secretaries of
		India. He completed his bachelor's degree in
		commerce from University of Rajasthan.
		He joined the Company in July 2018 as Deputy
		Chief Financial Officer. Prior to joining our
		Company, he was a director at S R B C and CO
		LLP, Mumbai and has worked in S.R. Batliboi
		& Associates LLP (both are Indian member
		firms of Ernst & Young). He has also worked
		with A.F. Ferguson & Co. (an Indian member
		firm of Deloitte) for three years.
		He is associated with professional bodies and
		actively contribute in their activities.
4	Disclosureofrelationships	Not Applicable
	between directors (in case of
	appointment of a director)

Annexure B

Brief Profile of M/s. Dilip Bharadiya & Associates as Secretarial Auditors

Dilip Bharadiya & Associates (DB&A) is a proprietorship firm established under the regulations of Institute of Company Secretaries of India (ICSI), providing Secretarial, Consultancy and Advisory services since 2005 from Mumbai, India. We endow with a wide range of services to our clients with the purpose of turning our expertise into value for the benefit of our clients.

Professional Profile:

Company Law Services
Advisory & Consultancy Services
Appearances before regulatory authorities
Mergers, Amalgamation and Restructuring

• Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI) Matters

• Services to Non-Banking Financial Companies (NBFCs)

POLYCAB INDIA LIMITED

(formerly known as Polycab Wires Limited) Polycab House, 771 Mogul Lane, Mahim (W), Mumbai 400016 CIN: L31300DL1996PLC266483 Tel : +91 22 2432 7070-74 Fax : +91 22 2432 7075 Email: [email protected] Website: www.polycab.com

Date: 30th May 2020

To Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai 400 001

To Listing Department National Stock Exchange of India Limited C-1, G-Block, Bandra-Kurla Complex Bandra (E), Mumbai 400 051

Scrip Code: 542652 Scrip Symbol: Polycab ISIN:- INE455K01017

Dear Sir / Madam

Sub: Declaration pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ations, 2015 ).

Pursuant to Regulation 33(3)(d) of SEBI (LODR) Regulations 2015, I, Inder T. Jaisinghani, Chairman & Managing Director of the Company, hereby declare that the Statutory Auditors of the Company, M/s. BSR & Co. LLP (FRN: 101248W/W-100022) have issued an Audit Report with unmodified opinion on Audited Standalone & Consolidated Financial Results of the Company for the quarter and year ended March 31, 2020.

Kindly take the same on your record.

Thanking you

Yours Faithfully For Polycab India Limited

________________________

Inder T. Jaisinghani Chairman & Managing Director DIN:00309108

Independent Auditors' Report

To the Members of Polycab India Limited

(formerly known as "Polycab Wires Limited")

Report on the audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of Polycab India Limited (hereinafter referred to as the ''Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group") and its joint ventures for the year ended 31 March 2020, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'). a. include the annual financial results of the following entities

Sr. No.	Name of the Company	Relationship
1	Dowells Cable Accessories Private Limited	Subsidiary Company
2	Polycab Wires Italy SRL	Subsidiary Company
3	Tirupati Reels Private Limited	Subsidiary Company
4	Polycab USA LLC	Subsidiary Company
5	Polycab Electricals & Electronics Private Limited	Subsidiary Company
6	Techno Electromech Private Limited	Joint Venture Company
7	Ryker Base Private Limited	Joint Venture Company
	are presented in accordance with the requirements of Regulation 33 of the ListingRegulations in this regard; andgive a true and fair view in conformity with the recognition and measurement principleslaid down in the applicable Indian Accounting Standards, and other accounting principlesgenerally accepted in India, of consolidated net profit and other comprehensive income and

Polycab India Limited

(formerly known as "Polycab Wires Limited")

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We are independent of the Group and its joint ventures in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of audit reports of the other auditors referred to in sub paragraph (a) of the "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.

Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.

The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit and other comprehensive income and other financial information of the Group including its joint ventures in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group and of its joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and the Directors of the Holding Company, as aforesaid.

In preparing the consolidated annual financial results, the Management and the respective Board of Directors of the companies included in the Group and of its joint ventures are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its joint ventures is responsible for overseeing the financial reporting process of each company.

Polycab India Limited

(formerly known as "Polycab Wires Limited")

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of consolidated financial statements on whether the company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated annual financial results made by the Management and Board of Directors.
Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its joint ventures to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group and its joint ventures to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated annual financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a) of the section titled "Other Matters" in this audit report.

Polycab India Limited

(formerly known as "Polycab Wires Limited")

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results (Continued)

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular No. CIR/CFD/CMD1/44/209 issued by SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

(a) The consolidated annual financial results include the audited financial results of three subsidiaries, whose financial statements reflect Group's share of total assets (before consolidation adjustments) of Rs. 823.67 millions as at 31 March 2020, Group's share of total revenue (before consolidation adjustments) of Rs. 1,281.46 millions and Group's share of total net profit after tax (before consolidation adjustments) of Rs. 126.16 millions and Group's share of net cash inflows of Rs. 8.05 millions for the year ended on that date, as considered in the consolidated annual financial results, which have been audited by their respective independent auditors. The consolidated annual financial results also include the Group's share of net loss after tax (before consolidation adjustments) of Rs. 71.47 millions for the year ended 31 March 2020, as considered in the consolidated annual financial results, in respect of two joint ventures, whose financial statements have been audited by their respective independent auditors. The independent auditors reports on financial statements of these entities have been furnished to us by the management and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the reports of such auditors and the procedures performed by us are as stated in paragraph above.

One subsidiary is located outside India whose financial statements and other financial information has been prepared in accordance with accounting principles (GAAPs') generally accepted in their Country and which has been audited by other auditor under generally accepted auditing standards applicable in their Country. The Company's management has converted the financial statements of the subsidiary outside India from accounting principles generally accepted in their Country to Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013. We have audited these conversion adjustments made by the Company's management. Our opinion in so far as it relates to such subsidiary located outside India is based on the report of other auditor under the aforementioned GAAP in the respective country and the aforesaid conversion adjustments prepared by the management of the Company and audited by us. (b) The consolidated annual financial results include the results for the quarter ended 31 March 2020

Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the report of the other auditors.

being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our opinion is not modified in respect of this matter.

Polycab India Limited

(formerly known as "Polycab Wires Limited")

Other Matters (Continued)

(c) The comparative financial information of the Company for the year ended 31 March 2019 and for the comparative quarter then ended, included in these consolidated financial results have been audited by the predecessor auditor. The report of the predecessor auditor on the comparative financial information dated 14 May 2019 expressed an unmodified opinion. Our opinion is not modified in respect of this matter.

For B S R & Co. LLP Chartered Accountants Firm's Registration No: 101248W/W-100022

Bhavesh Dhupelia Partner Mumbai Membership No: 042070 30 May 2020 UDIN: 20042070AAAABP6251

		Polycab India Limited (Formerly known as 'Polycab Wires Limited')
		Registered office : E-554, Greater Kailash - II, New Delhi 110 048, India
	Corporate Office : Polycab House, 771, Mogul Lane, Mahim (West), Mumbai 400 016, India
		Phone no. 011-29228574, CIN : L31300DL1996PLC266483Website: www.polycab.com ; E-mail: [email protected]
	CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2020
			Quarter ended		Year ended
Sr.	Particulars	31 Mar 20	31 Dec 19	31 Mar 19	31 Mar 20	31 Mar 19
No.		Audited(Refer note ix)	Unaudited	Audited(Refer note ix)	Audited	Audited
1)	Income
	(a)Revenue from operations	21,293.81	25,073.07	24,636.43	88,299.55	79,855.52
	(b)Other income	464.57	3.46	216.95	927.92	637.80
2)	Total IncomeExpenses	21,758.38	25,076.53	24,853.38	89,227.47	80,493.32
	(a)Cost of materials consumed	13,565.40	16,185.23	14,798.64	58,637.06	54,823.19
	(b)Purchases of traded goods	928.88	1,108.39	1,014.45	4,246.12	3,370.41
	(c) Changes in inventories of finished goods, traded	(484.48)	147.12	1,920.17	(2,371.48)	(1,076.98)
	goods and work-in-progress
	(d)Project bought outs and other cost(A)Total material cost (a to d)	759.5014,769.30	748.9918,189.73	1,283.8819,017.14	3,174.4663,686.16	2,543.0459,659.66
	(e) Employee benefits expense	898.59	914.81	644.16	3,657.46	3,002.48
	(f)Finance cost	159.25	85.81	262.12	495.35	1,167.06
	(g)Depreciation and amortisation expense	421.80	406.77	343.07	1,608.87	1,414.45
	(h)Advertisement and sales promotion	185.07	376.08	356.16	1,086.78	965.61
	(i)Freight and forwarding expense	499.10	525.68	499.50	1,896.74	1,498.81
	(j)Other expenses(B)Total expenses other than material cost (e to j)	1,936.034,099.84	1,675.653,984.80	1,684.333,789.34	6,622.1515,367.35	5,201.3513,249.76
	Total expenses (A+B)	18,869.14	22,174.53	22,806.48	79,053.51	72,909.42
3)	Profit before tax (1-2)	2,889.24	2,902.00	2,046.90	10,173.96	7,583.90
4)	Share of loss of joint ventures (net of tax)	(57.81)	(2.29)	22.80	(74.08)	(23.26)
5)6)	Profit before tax (3+4)Income tax expenses (refer note vii)	2,831.43	2,899.71	2,069.70	10,099.88	7,560.64
	(a)Current tax	541.80	736.46	1,016.91	2,480.05	2,951.12
	(b)Adjustment of tax relating to earlier periods	(26.07)	(6.49)	(73.55)	(34.05)	(73.55)
	(c) Deferred tax (credit)/charge	164.22	(44.28)	(275.37)	(2.30)	(319.99)
	Total tax expense	679.95	685.69	667.99	2,443.70	2,557.58
7)	Profit for the period (5-6)Attributable to:	2,151.48	2,214.02	1,401.71	7,656.18	5,003.06
	Equity shareholders of parent company	2,139.37	2,187.80	1,403.82	7,590.57	4,997.03
	Non controlling interests	12.11	26.22	(2.11)	65.61	6.03
8)	Other comprehensive income
	Items that will not be reclassified to profit or lossIncome tax related to items that will not be reclassified	(33.63)	33.54	5.90	(50.94)	(6.75)
	to profit or loss	8.50	(8.44)	(2.06)	12.86	2.36
	Items that will be reclassified to profit or loss	(169.14)	105.07	(0.09)	(168.35)	(0.51)
	Income tax relating to items that will be reclassified to	42.54	(26.16)	-	42.54	-
	Profit or LossTotal Other comprehensive income (net of tax)	(151.73)	104.01	3.75	(163.89)	(4.90)
9)	Total comprehensive income (net of tax) (7+8)	1,999.75	2,318.03	1,405.46	7,492.29	4,998.16
	Attributable to:
	Equity shareholders of parent company	1,987.50	2,291.81	1,407.57	7,426.54	4,992.13
	Non controlling interests	12.25	26.22	(2.11)	65.75	6.03
10)11)	10 each)Other equity	1,488.79	1,486.30	1,412.06	1,488.7936,875.36	1,412.0627,057.49
12)	Earnings per share (not annualised for quarters)
	(a)Basic earnings per share ()	14.38	14.73	9.94	51.16	35.39
	(b)Diluted earnings per share ()	14.28	14.67	9.94	50.97	35.39

CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED 31 MARCH 2020

	Polycab India Limited (Formerly known as 'Polycab Wires Limited')


		Registered office : E-554, Greater Kailash - II, New Delhi 110 048, India
	Corporate Office : Polycab House, 771, Mogul Lane, Mahim (West), Mumbai 400 016, India
		Phone no. 011-29228574, CIN : L31300DL1996PLC266483
		Website: www.polycab.com ; E-mail: [email protected]
	CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED 31 MARCH 2020

Sr.		31 Mar 20	Quarter ended31 Dec 19	31 Mar 19	Year ended31 Mar 20	31 Mar 19
No.	Particulars	Audited		Audited
		(Refer note ix)	Unaudited	(Refer note ix)	Audited	Audited
1)	Segment revenue
	Wires and cablesa)	18,605.42	21,696.39	21,216.03	75,898.39	70,643.08
	FMEGb)	1,832.68	2,166.01	1,953.39	8,355.78	6,432.94
	Otherc)Total	1,591.5122,029.61	1,510.1125,372.51	2,183.7025,353.12	5,964.9390,219.10	4,637.4081,713.42
	Less: Inter segment revenue	(361.84)	(397.78)	(584.18)	(1,440.68)	(1,348.00)
	Total Income (excluding finance income)	21,667.77	24,974.73	24,768.94	88,778.42	80,365.42

2)	Segment results
	Wires and cablesa)	2,827.10	2,583.22	2,079.48	9,308.86	8,350.62
	FMEGb)	1.13	13.96	14.27	168.28	74.51
	c)Others	165.11	338.49	130.83	903.06	197.93
	Total	2,993.34	2,935.67	2,224.58	10,380.20	8,623.06
	Less: Inter segment resultTotal	(35.46)2,957.88	(49.66)2,886.01	-2,224.58	(159.94)10,220.26	-8,623.06

	Un-allocated items:
	a)Financial income	90.61	101.80	84.44	449.05	127.90
	Finance costsb)	(159.25)	(85.81)	(262.12)	(495.35)	(1,167.06)
	Profit before share of profit/(loss) of joint ventures	2,889.24	2,902.00	2,046.90	10,173.96	7,583.90
	Share of profit/(loss) of joint ventures (net of tax)	(57.81)	(2.29)	22.80	(74.08)	(23.26)
	Profit before tax	2,831.43	2,899.71	2,069.70	10,099.88	7,560.64

3)	Segment Assets
	Wires & Cablesa)FMEGb)	43,265.395,379.76	37,877.785,165.17	41,044.744,993.78	43,265.395,379.76	41,044.744,993.78
	Othersc)	6,287.45	6,551.20	6,689.52	6,287.45	6,689.52
	Total	54,932.60	49,594.15	52,728.04	54,932.60	52,728.04
	Un-allocated assets	4,428.57	8,055.24	3,261.06	4,428.57	3,261.06
	Investments in Joint Ventures	254.77	312.58	293.85	254.77	293.85
	Total assets	59,615.94	57,961.97	56,282.95	59,615.94	56,282.95

4)	Segment Liabilities
	Wires & Cablesa)FMEGb)	13,186.761,587.47	10,982.061,659.21	16,595.191,002.51	13,186.761,587.47	16,595.191,002.51
	Othersc)	3,093.76	4,767.32	5,364.81	3,093.76	5,364.81
	Total	17,867.99	17,408.59	22,962.51	17,867.99	22,962.51
	Un-allocated liabilities and provisions	3,233.80	2,844.35	4,766.64	3,233.80	4,766.64
	Total liabilities	21,101.79	20,252.94	27,729.15	21,101.79	27,729.15

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2020

aPolycab India Limited (Formerly known as 'Polycab Wires Limited')Registered office : E-554, Greater Kailash - II, New Delhi 110 048, IndiaCorporate Office : Polycab House, 771, Mogul Lane, Mahim (West), Mumbai 400 016, IndiaPhone no. 011-29228574, CIN : L31300DL1996PLC266483Website: www.polycab.com ; E-mail: [email protected]CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2020













	As at	As at
Particulars	31 March 20	31 March 19
	Audited	Audited
ASSETS
Non-current assetsProperty, plant and equipment	13,865.45	12,720.86
Capital work-in-progress	2,411.78	1,929.97

Right of use assets	337.92	-
Intangible assets	16.76	34.98
Investment accounted for using the equity method	254.77	293.85
Financial assets
(a)Trade receivables	1,660.47	1,351.27
(b)Loans	53.41	50.88
(c)Other financial assets	14.17	9.38
Non-current tax assets (net)	191.77	105.84
Deferred tax Assets (net)	10.13	-
Other non-current assets	300.13	544.09
Total Non-Current Assets	19,116.76	17,041.12
Current assets
Financial assets	19,249.54	19,957.85
(a)Investments	400.00	-

(b)Trade receivables	14,336.43	13,343.16
(c)Cash and cash equivalents	1,721.62	1,790.59
(d)Bank balance other than cash and cash equivalents	1,091.45	1,375.90
(e)Loans	244.37	207.40
(f)Other financial assets	1,442.00	695.81
Other current assets	2,013.77	1,870.90
Total Current Assets	40,499.18	39,241.61
Non-current assets classified as held for sale	-	0.22
Total Assets	59,615.94	56,282.95
EQUITY AND LIABILITIES
Equity (refer note ii)
Equity Share Capital	1,488.79	1,412.06
Other Equity	36,875.36	27,057.49
Total Equity	38,364.15	28,469.55
Non-controlling interests	150.00	84.25
	38,514.15	28,553.80
Liabilities
Non-current liabilities:
Financial liabilities

(a)Borrowings	106.55	889.25
(b)Other financial liabilities	301.84	-
Other non-current liabilities	171.24	257.04
Provisions	256.32	162.42
Deferred tax liabilities (net)	174.94	231.02
Total Non-Current liabilities	1,010.89	1,539.73
Current liabilities:
Financial liabilities
(a)Borrowings	1,114.53	1,030.71
(b)Trade payables
(i) Total outstanding dues of micro enterprises and small enterprises	230.00	158.41
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises	13,306.83	15,043.41
(c)Other financial liabilities	1,324.38	1,775.49
Other current liabilities	2,685.74	6,300.78
Provisions	237.81	208.71
Current tax liabilities (net)	1,191.61	1,671.91
Total Current liabilities	20,090.90	26,189.42
Total Equity and liabilities	59,615.94	56,282.95

aaPolycab India Limited (Formerly known as 'Polycab Wires Limited')Registered office : E-554, Greater Kailash - II, New Delhi 110 048, IndiaCorporate Office : Polycab House, 771, Mogul Lane, Mahim (West), Mumbai 400 016, IndiaPhone no. 011-29228574, CIN : L31300DL1996PLC266483Website: www.polycab.com ; E-mail: [email protected]CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2020



	Year ended	Year ended
Particulars	31 March 20	31 March 19
	Audited	Audited
A. CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax	10,099.88	7,560.64
Adjustments to reconcile profit before tax to net cash flows:
Share of loss of joint ventures	74.08	23.26
Depreciation and amortisation expense	1,608.87	1,414.45
(Gain)/Loss on disposal of property, plant and equipment	13.08	(21.01)
(Gain)/Loss on termination of Lease	(1.42)	-

Finance income	(269.97)	(127.90)
(Gain)/loss on Redemption of investment	(179.07)	-
Fair Valuation MTM of investment	(0.01)	-
Finance Cost	495.35	1,167.06
ESOP Compensation Expense	170.99	149.51
Fair valuation of Financial assets	(383.98)	136.32
Liabilities / provisions no longer required written back	(31.69)	(13.67)
Impairment allowance for trade receivable considered doubtful	260.41	548.62
Share issue expense	-	17.05
Unrealised foreign exchange (gain)/loss	(244.01)	186.76

Fair value of written put options	0.85	(6.10)
Sundry advances written-off	66.36	24.95
Operating profit before working capital changes	11,679.72	11,059.94
Movements in working capital:
Trade Receivables	(1,752.20)	(1,450.16)
Inventories	708.31	(6,300.87)
Non-financial assets	(21.12)	337.20
Financial assets (including Contract Assets)	(805.20)	(155.86)
Trade Payables	(1,199.97)	5,803.13

Non-financial liabilities (including Contract liabilities)	(3,700.84)	5,247.29
Financial liabilities and provisions	549.88	(427.52)
Cash generated from operations	5,458.58	14,113.15
Income tax paid (including TDS) (net of refunds)	(3,012.23)	(1,813.59)
Net cash flows from operating activities (A)	2,446.35	12,299.56
Purchase of property, plant and equipment (including CWIP)	(2,900.98)	(2,834.53)

Purchase of Intangible assets	(0.32)	(26.15)
Proceeds from sale of property, plant and equipment	10.44	47.15
Payments to acquire Mutual funds	(2,93,988.80)	-
Proceeds from sale of Mutual funds	2,93,767.88	1.40
Bank deposit placed	(2,183.16)	(1,957.23)
Bank deposit matured	2,461.94	599.79
Investment made in equity shares of joint ventures	(35.00)	-
Loan (given to) / repaid by related parties	-	(23.97)
Loan (given to) / repaid by employees	2.15	(1.63)

Interest received	243.39	117.89
Net cash flows from / (used in) investing activities (B)	(2,622.46)	(4,077.28)
C. CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Issue of Share Capital (including Securities Premium) against offer for sale	4,000.00	-
Share issue expenses	(402.06)	(91.04)
Net adjustment of IPO expenses between company and selling shareholders	(47.19)	-
Proceeds from exercise of share under ESOP Scheme	110.27	-
Repayment of lease liabilities	(133.77)	-
Repayment of long term borrowings	(1,239.67)	(699.80)
Proceeds / (Repayment) of short term borrowings
	45.57	(4,950.77)
	-	37.73
Shares issued to minority	(433.00)	(781.38)
Interest and other finance cost paid
Payment of dividends (including dividend distribution tax)	(1,793.01)	(28.75)
Net cash flows from / (used in) financing activities (C)	107.14	(6,514.01)
Net increase / (decrease) in cash and cash equivalents (A+B+C)	(68.97)	1,708.27
Cash and cash equivalents at the beginning of the year	1,790.59	82.32

Notes:

i) The above audited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 30 May 2020. The statutory auditor have expressed an unmodified opinion.
ii) The Group has completed initial public offering (IPO) including fresh issue of 4,000 million comprising of 73,88,058 equity shares of 10 each at an issue price 538 per share and 52,009 equity shares of 10 each at an issue price 485 per share under employee quota. The equity shares of The Group were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) w.e.f. 16 April 2019.
iii) proceeds are as follows:

Polycab India Limited (Formerly known as 'Polycab Wires Limited')Registered office : E-554, Greater Kailash - II, New Delhi 110 048, IndiaCorporate Office : Polycab House, 771, Mogul Lane, Mahim (West), Mumbai 400 016, IndiaPhone no. 011-29228574, CIN : L31300DL1996PLC266483Website: www.polycab.com ; E-mail: [email protected]
Notes:The above audited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directorsat their respective meetings held on 30 May 2020. The statutory auditor have expressed an unmodified opinion.
TheGrouphascompletedinitialpublicoffering(IPO)includingfreshissueof4,00010eachatanissueprice538pershareand52,009equitysharesof10eachquota.TheequitysharesofTheGroupwerelistedonNationalStockExchangeofApril 2019.	millioncomprisingatanissuepriceIndiaLimited(NSE)	of73,88,058485pershareandBSELimited	equitysharesofunderemployee(BSE)w.e.f.16
TheproceedsfromIPOwasof3,825.80million(netoffreshissuerelatedproceeds are as follows:	expenses(including	GST)).Detailsof	utilisationofIPO
	Objects of the	Utilised during	Unutilised
Particulars	issue as per	the year ended	amount as at
	prospectus	31 Mar 20	31 Mar 20
Scheduled repayment of all or a portion of certain borrowings	800.00	800.00	-
To fund incremental working capital requirements	2,400.00	2,400.00	-
General corporate purposes (net of issue expenses)	625.80	625.80	-
	3,825.80	3,825.80	-
TheGrouphasallotted2,33,468sharesof10/-eachtotheoptiongranteesupon	exerciseofsharecapital	optionsunderTheoftheGrouphas	Group'sEmployeeincreasedfrom
StockOptionScheme2018.Asaresultofsuchallotment,thepaid-upequityTheGrouphasadoptedlndAS116"Leases"from1April2019andhasreplacedadoptedthemodifiedretrospectiveapproachunderthestandard.Underthistotheretainedearningasat1April2019.Accordingly,comparativesforretrospectivelyadjusted.Ontransition,theadoptionofthenewstandardresulted279.72millionandleaseliabilityof307.39million.Thecumulativeeffectof	existinglndASapproach,theGrouptheyearendedinrecognitionapplyingthestandard	relatedthereto.hastakencumulative31March2019ofRight-of-Useresultedin26.02	TheGrouphasadjustmenthavenotbeenasset(ROU)ofmillionbeing
debitedtoretainedearnings(netofdeferredtaxassetscreatedof8.51million).profit for the period and earnings per share.	Theeffectof	thisadoptionis	insignificantonthe
TheoutbreakofCoronavirus(COVID-19)pandemiciscausingdisturbanceandandisimpactingoperationsofthebusinesses,bywayofinterruptioninpersonnel,closureofproductionfacilitiesetc.On24thMarch2020,theGovernmentfor 21 days which further got extended from time to time till 31st May 2020 to prevent community spread of COVID-19 in India.	slowdownofeconomicproduction,supplyofIndiaordered	activitythroughoutchaindisruption,anationwide	theworldunavailabilityoflockdowninitially

iv)
v) profit for the period and earnings per share. The Group elected to exercise the option permitted under section 115BAA of the Income-tax Act, 1961 as per the amendment notified in the official Gazette . Accordingly, the Group has recognised Provision for Income Tax for the year ended 31 March 2020 and re-measured its Deferred Tax Assets or Liabilities basis the reduced tax rate prescribed in the said section. The impact of the said In accordance with orders issued by the central and state government authorities, the plants of the Group's were temporarily shut down in March 2020 and subsequent to the year-end, these plants have recommenced operations in compliance with the applicable guidelines. Due to implementation of lockdown in March 2020, the Group lost sizeable revenue. However, there is no material impact on the carrying value of the current assets. In evaluating the possible impact due to COVID-19, the Group has used internal and external sources of information available till date. Considering the nature of COVID-19, the Group will continue to closely
vi) for 21 days which further got extended from time to time till 31st May 2020 to prevent community spread of COVID-19 in India.

The figures of the quarter ended 31 March 2020 and 31 March 2019 are the balancing figures between the figures for the audited full On 3 March 2020, the Board of Directors had declared an interim dividend of 7/- per equity share of 10/- each for the financial monitor any material changes to future economic conditions.

vii)
viii)
ix) financial year and published year to date unaudited figures up to the third quarter of the respective financial year.
x) The figures for the corresponding previous period have been regrouped/reclassified wherever necessary, to make them comparable.

Polycab India Limited

Place: Mumbai Inder T. Jaisinghani Date: 30 May 2020 Chairman & Managing Director Page 5 of 5

Independent Auditors' Report

To the Members of Polycab India Limited (formerly known as "Polycab Wires Limited")