AI assistant
Polycab India Limited Interim / Quarterly Report 2020
61384_rns_2019-10-23_45e687e3-6d75-4045-9321-71b896ceb4f7.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
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] Web: www.polycab.com
Date: 23rd October 2019
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., 23rd October 2019, inter alia considered and approved the Un-Audited Standalone and Consolidated Financial Results along with the Limited Review Reports issued by M/s. B S R & Co. LLP, Chartered Accountants, Statutory Auditors for the quarter and half year ended 30th September 2019, which have been duly reviewed and recommended by the Audit Committee.
The Board Meeting commenced at 4.00 p.m. and concluded at 7.00 p.m.
The Un-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 Address: Polycab House, 771, Mogul Lane Mahim (West), Mumbai - 400 016
Encl.: Un-Audited Standalone and Consolidated Financial Results for the quarter and half year ended 30th September 2019.
Registered Office: E -554 ,Greater Kailash –II, New Delhi-110048 India Tel : 011-29228574
BSR&Co.LLP
Chartered Accountants
5th Floor, Lodha Excelus, Apollo Mills Compound N. M. Joshi Marg, Mahalaxmi Mumbai - 400 011 India
Telephone +91 (22) 4345 5300 Fax +91 (22) 4345 5399
Limited review report on unaudited quarterly consolidated financial results and consolidated year to date financial results of Polycab India Limited (Formerly Known as "Polycab Wires Limited") under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
To Board of Directors of Polycab India Limited (Formerly Known as "Polycab Wires Limited")
-
- We have reviewed the accompanying Statement of unaudited consolidated financial results of Polycab India Limited (Formerly Known as "Polycab Wires Limited") ("the Parent") and its subsidiaries as listed in paragraph 4 (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net loss after tax and total comprehensive loss of its joint ventures as listed in paragraph 4 for the quarter ended 30 September 2019 and year to date results for the period from 1 April 2019 to 30 September 2019 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
- This Statement, which is the responsibility of the Parent's management and approved by the $2.$ Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
- We conducted our review of the Statement in accordance with the Standard on Review $3.$ Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.
B S R & Co (a partnership firm with Registration No. BA61223) converted intoB S R & Co. LLP (a Limited Liability, Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013
Registered Office 5th Floor, Lodha Excelus Apollo Mills Compound N. M. Joshi Marg, Mahalaxmi Mumbai - 400 011. India
Limited review report on unaudited quarterly consolidated financial results and consolidated year to date financial results of Polycab India Limited (Formerly Known as "Polycab Wires Limited") under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)
| Sr. No. | Name of the Company | Subsidiary/ Joint Venture |
|---|---|---|
| Techno Electromech Private Limited | Joint Venture Company | |
| Ryker Base Private Limited | Joint Venture Company | |
| Dowells Cable Accessories Private Limited | Subsidiary Company | |
| Polycab Wires Italy SRL | Subsidiary Company | |
| Tirupati Reels Private Limited | Subsidiary Company |
The Statement includes the financial statements of the following entities: $\overline{4}$
- Based on our review conducted and procedures performed as stated in paragraph 3 above and $5$ based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
- We did not review the interim financial statements of three subsidiary Companies included in $6.$ the unaudited quarterly and year to date consolidated financial results, whose interim financial statements reflect the Group's share of total assets of Rs 845.87 million as at 30 September 2019 and total revenues of Rs 355.51 million and Rs 619.83 million, total net profit after tax of Rs 39.46 million and Rs 56.21 million and total comprehensive loss of Rs Nil and Rs Nil, for the quarter ended 30 September 2019 and for the period from 1 April 2019 to 30 September 2019, respectively, and cash outflow (net) of Rs 6.03 million for the period from 1 April 2019 to 30 September 2019, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also include the Group's share of net (loss) after tax of Rs 16.17 million and Rs 13.98 million and total comprehensive loss of Rs 0.03 million and Rs 0.08 million for the quarter ended 30 September 2019 and for the period 1 April 2019 to 30 September 2019, respectively, as considered in the Statement, in respect of two joint ventures, whose interim financial statements have not been reviewed by us. These interim financial statements have been audited by other auditors whose reports have been furnished to us by the management and our report on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
One of the subsidiary Company which is located outside India whose annual financial statement and other financial information have been prepared in accordance with the accounting principles generally accepted in their respective country and which have been audited by other auditors under generally accepted auditing standards applicable in their respective country. The Company's management has converted the annual financial statement and other financial information of such subsidiary Company located outside India from accounting principles generally accepted in their respective country to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Company's management. Our opinion in so far as it relates to the balances and affairs of such subsidiary Company located outside India is based on the report of other auditor and the conversion adjustments prepared by the Management of the Company and reviewed by us.
Our opinion on the unaudited quarterly and year to date consolidated financial results is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.
Limited review report on unaudited quarterly consolidated financial results and consolidated vear to date financial results of Polycab India Limited (Formerly Known as "Polycab Wires Limited") under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)
$7.$ Attention is drawn to the fact that the figures for quarter ended 30 September 2018 as reported in these financial results are balancing figures between reviewed figures of year to date period ended 30 September 2018 and audited figures for the quarter ended 30 June 2018. The corresponding unaudited figures for year to date period ended 30 September 2018 and audited figures for the year ended 31 March 2019, included in the Statement had been reviewed and audited respectively by the predecessor auditor vide their review and audit report both dated 14 May 2019. The review report was modified with respect to non-inclusion of comparative figures for 6 months ended 30 September 2017 in accordance with the requirements of Ind AS 34. Our conclusion on the Statement is not modified in respect of this matter.
For B S R & Co. LLP Chartered Accountants Firm Registration No:101248W/W-100022
B.H. Shimps
Place: Mumbai Date: 23 October 2019
Bhavesh Dhupelia Partner Membership No. 042070 UDIN: 19042070AAAACN8552
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 FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2019
| (₹ million) | |||||||
|---|---|---|---|---|---|---|---|
| Sr. | Quarter ended | Six months ended | Year ended | ||||
| No. | Particulars | 30 Sep 19 | 30 June 19 | 30 Sep 18 | 30 Sep 19 | 30 Sep 18 | 31 March 19 |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| 1) | Income | ||||||
| (a) Revenue from operations | 22,419.43 | 19,513.24 | 18,118.55 | 41,932.67 | 34,970.71 | 79,855.52 | |
| (b) Other income | 124.30 | 335.59 | (22.64) | 459.89 | 182.61 | 637.80 | |
| Total income | 22,543.73 | 19,848.83 | 18,095.91 | 42,392.56 | 35,153.32 | 80,493.32 | |
| 2) | Expenses | ||||||
| (a) Cost of materials consumed | 15,672.72 | 13,213.71 | 11,934.68 | 28,886.43 | 24,245.02 | 54,823.19 | |
| (b) Purchases of traded goods | 1,191.39 | 1,017.46 | 944.39 | 2,208.85 | 1,597.18 | 3,370.41 | |
| Changes in inventories of finished goods, traded(c)goods and work-in-progress | (1,309.57) | (724.55) | 122.99 | (2,034.12) | (530.48) | (1,076.98) | |
| (d) Project bought outs and other cost | 894.53 | 771.44 | 563.09 | 1,665.97 | 898.79 | 2,543.04 | |
| (A) Total material cost (a to d) | 16,449.07 | 14,278.06 | 13,565.15 | 30,727.13 | 26,210.51 | 59,659.66 | |
| Employee benefits expense(e) | 923.99 | 920.07 | 780.79 | 1,844.06 | 1,492.63 | 3,002.48 | |
| (f)Finance cost | 127.08 | 123.21 | 361.67 | 250.29 | 733.35 | 1,167.06 | |
| (g) Depreciation and amortisation expense | 395.31 | 384.99 | 363.88 | 780.30 | 715.43 | 1,414.45 | |
| (h) Advertisement and sales promotion | 140.00 | 385.63 | 36.23 | 525.63 | 451.64 | 965.61 | |
| Freight and forwarding expense(i) | 439.02 | 432.94 | 316.29 | 871.96 | 636.23 | 1,498.81 | |
| Other expenses(i) | 1,750.21 | 1,260.26 | 1,255.74 | 3,010.47 | 2,261.37 | 5,201.35 | |
| (B) Total expenses other than material cost (e to j) | 3,775.61 | 3,507.10 | 3,114.60 | 7,282.71 | 6,290.65 | 13,249.76 | |
| Total expenses (A+B) | 20,224.68 | 17,785.16 | 16,679.75 | 38,009.84 | 32,501.16 | 72,909.42 | |
| 3) | Profit before share of profit/(loss) of joint ventures(1-2) | 2,319.05 | 2,063.67 | 1,416.16 | 4,382.72 | 2,652.16 | 7,583.90 |
| 4) | Share of profit/(loss) of joint ventures (Net of tax) | (16.17) | 2.19 | (30.37) | (13.98) | (64.87) | (23.26) |
| 5) | Profit before tax (3+4) | 2,302.88 | 2,065.86 | 1,385.79 | 4,368.74 | 2,587.29 | 7,560.64 |
| 6) | Income tax expenses (refer note v) | ||||||
| (a) Current tax | 471.64 | 730.15 | 523.40 | 1,201.79 | 977.95 | 2,951.12 | |
| (b) Adjustment of tax relating to earlier periods | (1.49) | (1.49) | (73.55) | ||||
| (c) Deferred tax (credit)/charge | (106.71) | (15.53) | (32.70) | (122.24) | (55.77) | (319.99) | |
| Total tax expense | 364.93 | 713.13 | 490.70 | 1,078.06 | 922.18 | 2,557.58 | |
| 7) | Profit for the period (5-6) | 1,937.95 | 1,352.73 | 895.09 | 3,290.68 | 1,665.11 | 5,003.06 |
| Attributable to: | |||||||
| Equity shareholders of parent company | 1,918.28 | 1,345.12 | 892.05 | 3,263.40 | 1,659.85 | 4,997.03 | |
| Non controlling interests | 19.67 | 7.61 | 3.04 | 27.28 | 5.26 | 6.03 | |
| 8) | Other comprehensive income | ||||||
| Items that will not be reclassified to profit or loss | (10.73) | (40.12) | 5.62 | (50.85) | 8.90 | (6.75) | |
| Income tax relating to items that will not be reclassifiedto Profit or Loss | (1.22) | 14.02 | (1.97) | 12.80 | (3.11) | 2.36 | |
| Items that will be reclassified to profit or loss | (103.98) | (0.30) | 5.03 | (104.28) | 0.68 | (0.51) | |
| Income tax relating to items that will be reclassified toProfit or Loss | 26.16 | ÷, | × | 26.16 | ۰ | ||
| Total Other comprehensive income, net of tax | (89.77) | (26.40) | 8.68 | (116.17) | 6.47 | (4.90) | |
| 9) | Total comprehensive income, net of tax (7+8) | 1,848.18 | 1,326.33 | 903.77 | 3,174.51 | 1,671.58 | 4,998.16 |
| Attributable to: | |||||||
| Equity shareholders of parent company | 1,828.51 | 1,318.72 | 900.73 | 3,147.23 | 1,666.32 | 4,992.13 | |
| Non controlling interests | 19.67 | 7.61 | 3.04 | 27.28 | 5.26 | 6.03 | |
| 10) | Paid up equity share capital (Face value of ₹10 each) | 1,486.46 | 1,486.46 | 1,412.06 | 1,486.46 | 1,412.06 | 1,412.06 |
| 11) Other equity | 27,057.49 | ||||||
| 12) | Earnings per share (not annualised for quarters and sixmonths) | ||||||
| (a) Basic earnings per share (₹)C O | 12.92 | 9.12 | 6.32 | 22.04 | 11.75 | 35.39 | |
| (b) Diluted earnings per share (₹) | 12.90 | 9.12 | 6.32 | 22.02 | 11.75 | 35.39 |
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 SIX MONTHS PERIOD ENDED 30 SEPTEMBER 2019
| (₹ million) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Sr. | Quarter ended | Half year ended | Year ended | |||||
| No. | Particulars | 30 Sep 19 | 30 June 19 | 30 Sep 18 | 30 Sep 19 | 30 Sep 18 | 31 March 19 | |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |||
| 1) | Segment revenue | |||||||
| a) Wires and cables | 19,221.70 | 16,374.88 | 15,930.20 | 35,596.58 | 31,116.76 | 70,643.08 | ||
| b) | FMEG | 1,956.22 | 2,400.87 | 1,381.11 | 4,357.09 | 2,862.11 | 6,432.94 | |
| c) Other | 1,637.80 | 1,225.51 | 1,043.79 | 2,863.31 | 1,561.70 | 4,637.40 | ||
| Total | 22,815.72 | 20,001.26 | 18,355.10 | 42,816.98 | 35,540.57 | 81,713.42 | ||
| Less: Inter segment revenue | (410.21) | (270.85) | (273.87) | (681.06) | (409.77) | (1,348.00) | ||
| Total income (excluding finance income) | 22,405.51 | 19,730.41 | 18,081.23 | 42,135.92 | 35,130.80 | 80,365.42 | ||
| 2) | Segment results | |||||||
| a) Wires and cables | 2,011.32 | 1,861.87 | 1,752.80 | 3,873.19 | 3,215.18 | 8,350.62 | ||
| b) | FMEG | 65.45 | 87.74 | (27.79) | 153.19 | 109.92 | 74.51 | |
| c) | Others | 231.14 | 118.85 | 38.14 | 349.99 | 37.89 | 197.93 | |
| Total | 2,307.91 | 2,068.46 | 1,763.15 | 4,376.37 | 3,362.99 | 8,623.06 | ||
| Un-allocated items: | ||||||||
| a) | Financial income | 138.22 | 118.42 | 14.68 | 256.64 | 22.52 | 127.90 | |
| b) Finance costs | (127.08) | (123.21) | (361.67) | (250.29) | (733.35) | (1, 167.06) | ||
| Profit before tax | 2,319.05 | 2,063.67 | 1,416.16 | 4,382.72 | 2,652.16 | 7,583.90 | ||
| 3) | Segment Assets | |||||||
| a) Wires & Cables | 40,151.52 | 43,314.61 | 36,445.10 | 40,151.52 | 36,445.10 | 41,044.74 | ||
| b) | FMEG | 5,238.85 | 5,341.49 | 4,734.91 | 5,238.85 | 4,734.91 | 4,993.78 | |
| c) | Others | 6,429.10 | 5,875.62 | 4,196.71 | 6,429.10 | 4,196.71 | 6,689.52 | |
| Total | 51,819.47 | 54,531.72 | 45,376.72 | 51,819.47 | 45,376.72 | 52,728.04 | ||
| Un-allocated assets | 5,079.80 | 4,946.44 | 1,460.42 | 5,079.80 | 1,460.42 | 3,261.06 | ||
| Investments in Joint Ventures | 314.87 | 331.04 | 248.69 | 314.87 | 248.69 | 293.85 | ||
| Total Assets | 57,214.14 | 59,809.20 | 47,085.83 | 57,214.14 | 47,085.83 | 56,282.95 | ||
| 4) | Segment Liabilities | |||||||
| a) Wires & Cables | 12,509.65 | 16,063.86 | 13,086.90 | 12,509.65 | 13,086.90 | |||
| b) FMEG | 1,159.01 | 1,209.75 | 1,099.95 | 1,159.01 | 1,099.95 | 16,595.20 | ||
| c) Others | 4,922.14 | 4,581.55 | 3,107.28 | 4,922.14 | 1,002.51 | |||
| Total | 18,590.80 | 21,855.16 | 17,294.13 | 18,590.80 | 3,107.2817,294.13 | 5,364.81 | ||
| Un-allocated liabilities and provisions | 3,348.03 | 4,563.61 | 4,567.99 | 3,348.03 | 4,567.99 | 22,962.52 | ||
| Total Liabilities | 4,766.63 | |||||||
| 21,938.83 | 26,418.77 | 21,862.12 | 21,938.83 | 21,862.12 | 27,729.15 |
Page 2 of 5
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 BALANCE SHEET AS AT 30 SEPTEMBER 2019
| $\left(\leq m\right)$ | ||
|---|---|---|
| Particulars | As at30 Sep 19 | As at31 Mar 19 |
| Assets | Unaudited | Audited |
| Non-current assets | ||
| Property, plant and equipment | 12,917.65 | 12,720.86 |
| Capital work-in-progress | 2,641.80 | 1,929.97 |
| Right of use assets | 286.29 | |
| Intangible assets | 25.40 | 34.98 |
| Investment in Joint Ventures | 314.87 | 293.85 |
| Financial assets | ||
| (a) Trade receivables | 1,602.70 | 1,351.27 |
| (b) Other financial assets | 87.66 | 50.88 |
| Income tax assets (Net) | 104.86 | 105.84 |
| Other non-current assets | 485.39 | 544.09 |
| Total Non-current Assets | 18,466.62 | 17,031.74 |
| Current assets | ||
| Inventories (includes Goods in transit ₹1543.41 Million (31 March 2019 : ₹4540.01 Million) | 18,943.17 | 19,957.85 |
| Financial assets | ||
| (a) Investments | 990.27 | |
| (b) Trade receivables | 11,359.55 | 13,343.16 |
| (c) Cash and cash equivalents | 1,526.76 | 1,790.59 |
| (d) Bank balance other than cash and cash equivalents | 3,059.07 | 1,385.28 |
| (e) Loans | 186.22 | 178.34 |
| (f) Other financial assets | 294.98 | 724.87 |
| Other current assets× | 2,387.28 | 1,870.90 |
| Total Current Assets | 38,747.30 | 39,250.99 |
| Assets classified as held for disposal | 0.22 | 0.22 |
| Total Assets | 57,214.14 | 56,282.95 |
| Equity and liabilities | ||
| Equity (refer note ii) | ||
| Equity Share Capital | 1,486.46 | 1,412.06 |
| Other Equity | 33,677.32 | 27,057.49 |
| Non-controlling interests | 111.53 | 84.25 |
| Total Equity | 35,275.31 | 28,553.80 |
| Share application money pending allotment | 11.08 | ÷ |
| Liabilities | ă0 | |
| Non-current liabilities: | ||
| Financial liabilities | ||
| (a) Borrowings | 157.60 | 889.25 |
| (b) Other financial liabilities | 197.69 | |
| Provisions | 234.84 | 162.42 |
| Deferred tax liabilities (net) | 61.31 | 231.02 |
| Other non-current liabilities | 391.89 | 257.04 |
| Total Non-current Liabilities | 1,043.33 | 1,539.73 |
| Current liabilities: | ||
| Financial liabilities | ||
| (a) Borrowings | 1,160.51 | 1,030.71 |
| (b) Trade payables | ||
| (i) Total outstanding dues of micro enterprises and small enterprises | 136.33 | 158.41 |
| (ii) Total outstanding dues of creditors other than micro enterprises and small enterprises | 13,094.12 | 15,043.41 |
| (c) Other financial liabilities | 1,325.41 | 1,813.64 |
| Other current liabilities | 3,544.01 | 6,262.63 |
| $C_{\mathbf{O}}$8.Provisions | 223.88 | 208.71 |
| Current tax liabilities (net)ø5th Floor. | 1,400.16 | 1,671.91 |
| Total Current liabilitiesExcelus, | 20,884.42 | 26,189.42 |
| Apolio Mills Compound,Total Equity and liabilitieseshi Marg. | 57,214.14 | 56,282.95 |
| *alaxmi,fumbar 400 01Tered Accounts | 'ag e 3 of 5 |
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 CASH FLOWS STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
| (₹ million) | ||
|---|---|---|
| Six months | Six months | |
| Particulars | ended | ended |
| A. CASH FLOWS FROM OPERATING ACTIVITIES | 30 Sep 19 | 30 Sep 18 |
| Profit before tax | 4,368.74 | 2,587.29 |
| Adjustments to reconcile profit before tax to net cash flows: | ||
| Depreciation and amortisation expense | 780.30 | 715.43 |
| Share of (profit)/loss of Joint Venture | 13.98 | 64.87 |
| (Gain)/Loss on disposal of property, plant and equipment | 1.76 | (4.61) |
| (Gain)/Loss on termination of Lease | (0.46) | ₹ |
| Finance income | (144.15) | (22.52) |
| Interest and other finance cost | 250.29 | 733.35 |
| ESOP Compensation Expense | 103.83 | 25.89 |
| Fair valuation of Financial asset | (155.80) | 50.80 |
| Gain/loss on Redemption of investment | (112.23) | Ξ |
| Fair Valuation MTM of investment | (0.26) | $\overline{\phantom{a}}$ |
| Liabilities / provisions no longer required written back | (14.74) | (0.61) |
| Impairment allowance for trade receivable considered doubtful | 160.43 | 191.55 |
| Unrealised foreign exchange (gain)/loss | 349.81 | (17.88) |
| Sundry advances written-off | 45.20 | 24.88 |
| Operating profit before working capital changes | 5,646.70 | 4,348.44 |
| Movements in working capital: | ||
| (Increase)/decrease in trade receivables | 1,540.10 | 2,352.53 |
| (Increase)/decrease in other financial and non-financial assets | (81.89) | 95.88 |
| (Increase)/decrease in inventories | 1,014.68 | (3,721.28) |
| Increase /(decrease) in trade payables, other financial and non-financial liabilities and provisions | (4, 265.48) | 4,495.70 |
| Cash generated from operations | 3,854.11 | 7,571.27 |
| Income tax paid (including TDS) (net) | (1,471.07) | (138.36) |
| Net cash flows from operating activities (A) | 2,383.04 | 7,432.91 |
| B. CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Proceeds from sale of property, plant and equipment including assets held for disposal | 1.25 | 8.85 |
| Purchase of property, plant and equipment (including Capital work in progress) and Intangible asset | (1,814.71) | (1,478.00) |
| Addition/(Reduction) in share of joint venture | (35.00) | ×, |
| Proceeds from sale /(Investment) of Mutual funds | (877.78) | 1.40 |
| Loans (given) to/repaid by related parties | (10.42) | 17.81 |
| Payment of Lease liability | (66.49) | - |
| Maturity/ (Investment) made in bank deposits (having original maturity of more than 3 months) | (1,674.84) | 13.48 |
| Interest received | 115.20 | 22.18 |
| Net cash flows from / (used in) investing activities (B) | (4, 362.79) | (1, 414.28) |
| C. CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Interest and other finance cost paid | (232.49) | (300.67) |
| Proceeds from Issue of Share Capital (incl Securities Premium) | 4,000.00 | |
| Shares issued to minority | 9.56 | |
| Proceeds from Share application money pending allotment | 11.08 | |
| Share Issue Expenditure | (402.06) | ÷ |
| Excess IPO money paid off to selling shareholders post IPO expense settlement | (28.24) | |
| Proceeds/(Repayment) from long term borrowings | (1, 214.56) | (682.77) |
| Proceeds/(Repayment) from short term borrowings | 119.79 | (3,962.38) |
| Payment of dividend and Dividend distribution tax | (537.60) | (28.75) |
| Net cash flows from / (used in) financing activities (C) | 1,715.92 | (4,965.01) |
| Net increase / (decrease) in cash and cash equivalents (A+B+C) | (263.83) | 1,053.62 |
| Cash and cash equivalents at the beginning of the period | 1,790.59 | 82.32 |
| 1,526.76 | 1,135.94 |
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]
Notes:
- $i$ The above consolidated financial results have been reviewed by the Audit Committee at its meeting held on 23 October 2019 and approved by the Board of Directors at their meeting held on 23 October 2019.
- $\mathbf{ii}$ The Company has completed initial public offering (IPO) including fresh issue of $\bar{\tau}$ 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 for employee quota. The equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) w.e.f. 16 April 2019.
- iii) The proceeds from IPO was of ₹ 3,825.80 million (net of fresh issue related expenses (including GST)).
| Details of utilisation of IPO proceeds are as follows: | (₹ million) | ||
|---|---|---|---|
| Particulars | Objects of theissue as perprospectus | Utilised during thesix months ended30 Sep 19 | Unutilisedamount as at30 Sep 2019 |
| 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 |
- iv) The group has adopted Ind AS 116 "Leases" from 1 April 2019 and has replaced existing Ind AS related thereto. The group has adopted the modified retrospective approach under the standard. Under this approach, the group has taken cumulative adjustment to the retained earning as at 1 April 2019. Accordingly, comparatives for the year ended 31 March 2019 have not been retrospectively adjusted. On transition, the adoption of the new standard resulted in recognition of Right-of-Use asset (ROU) of ₹ 226.81 million and lease liability of ₹ 265.53 million. The cumulative effect of applying the standard resulted in ₹38.72 million being debited to retained earnings. The effect of this adoption is insignificant on the profit for the period and earnings per share.
- v) The group elected to exercise the option permitted under section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Law (Amendment) Ordinance, 2019. Accordingly, the Company has recognised Provision for Income Tax for the six months ended 30 September 2019 and re-measured its Deferred Tax Assets/liability basis the reduced tax rate prescribed in the said section. The impact of above change recognised in the statement of Profit & Loss for Quarter ended 30 September 2019 is ₹ 242.52 million of which ₹ 63.73 million pertains to earlier year and ₹178.79 million pertains to Quarter ended 30 June 2019.
- vi) The figures for the corresponding previous period have been regrouped/reclassified wherever necessary, to make them comparable.
Place: Mumbai Date: 23 October 2019
Polycab India Limited
Inder T. Jaisinghani Chairman & Managing Director
Page 5 of 5
BSR&Co.LLP
Chartered Accountants
Telephone +91 (22) 4345 5300 $Fax$ +91 (22) 4345 5399
5th Floor, Lodha Excelus, Apollo Mills Compound N. M. Joshi Marg, Mahalaxmi Mumbai - 400 011 India
Limited review report on unaudited quarterly standalone financial results and standalone year to date results of Polycab India Limited (Formerly Known as "Polycab Wires Limited") under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
To Board of Directors of Polycab India Limited (Formerly Known as "Polycab Wires Limited")
-
- We have reviewed the accompanying Statement of unaudited standalone financial results of Polycab India Limited (Formerly Known as "Polycab Wires Limited") ('the Company') for the quarter ended 30 September 2019 and year to date results for the period from 1 April 2019 to 30 September 2019 ("Statement").
-
- This Statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to issue a report on the Statement based on our review.
-
- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
-
- Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to (be disclosed, or that it contains any material misstatement.
Registered Office 5th Floor, Lodha Excelus
Apollo Mills Compound
N. M. Joshi Marg. Mahalaxmi Mumbai - 400 011, India
Limited review report on unaudited quarterly standalone financial results and standalone year to date results of Polycab India Limited (Formerly Known as "Polycab Wires Limited") under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)
- Attention is drawn to the fact that the figures for quarter ended 30 September 2018 as reported in these financial results are balancing figures between reviewed figures of year to date period ended 30 September 2018 and audited figures for the quarter ended 30 June 2018. The corresponding unaudited figures for year to date period ended 30 September 2018 and audited figures for the year ended 31 March 2019, included in the Statement had been reviewed and audited respectively by the predecessor auditor vide their review and audit report both dated 14 May 2019. The review report was modified with respect to non-inclusion of comparative figures for 6 months ended 30 September 2017 in accordance with the requirements of Ind AS 34. Our conclusion on the Statement is not modified in respect of this matter.
For B S R & Co. LLP Chartered Accountants Firm Registration No:101248W/W-100022
$3.4.5cm2$
Place: Mumbai Date: 23 October 2019
Bhavesh Dhupelia Partner Membership No. 042070 UDIN: 19042070AAAACO9340
Ъ POLYCAB
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]
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30 SEPTEMBER 2019
| $(3)$ million) | |||||||
|---|---|---|---|---|---|---|---|
| Sr. | Quarter ended | Six months ended | Year ended | ||||
| No. | Particulars | 30 Sep 19 | 30 Jun 19 | 30 Sep 18 | 30 Sep 19 | 30 Sep 18 | 31 Mar 19 |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| 1) | Income | ||||||
| (a) Revenue from operations | 22,398.50 | 19,398.10 | 18,186.37 | 41,796.60 | 34,991.13 | 79,401.22 | |
| (b) Other income | 127.48 | 334.39 | (20.50) | 461.87 | 181.34 | 639.53 | |
| Total Income | 22,525.98 | 19,732.49 | 18,165.87 | 42,258.47 | 35,172.47 | 80,040.75 | |
| 2) | Expenses | ||||||
| (a) Cost of materials consumed | 15,823.51 | 13,162.40 | 12,033.23 | 28,985.91 | 24,307.32 | 54,634.21 | |
| (b) Purchases of traded goods | 1,133.11 | 1,017.46 | 944.39 | 2,150.57 | 1,597.18 | 3,237.14 | |
| Changes in inventories of finished goods, traded(c)goods and work-in-progress | (1,321.00) | (728.40) | 125.60 | (2,049.40) | (513.10) | (1,056.84) | |
| (d) Project bought outs and other cost | 894.53 | 771.44 | 563.09 | 1,665.97 | 898.79 | 2,543.04 | |
| (A) Total material cost (a to d) | 16,530.15 | 14,222.90 | 13,666.31 | 30,753.05 | 26,290.19 | 59,357.55 | |
| Employee benefits expense(e) | 916.11 | 908.90 | 773.40 | 1,825.01 | 1,478.23 | 2,969.87 | |
| (f) Finance cost | 123.31 | 120.10 | 358.97 | 243.41 | 728.33 | 1,157.72 | |
| Depreciation and amortisation expense(g) | 391.24 | 380.05 | 360.29 | 771.29 | 708.90 | 1,400.71 | |
| (h) Advertisement and sales promotion | 139.87 | 385.57 | 36.23 | 525.44 | 451.64 | 964.53 | |
| Freight and forwarding expense(i) | 428.95 | 427.24 | 311.33 | 856.19 | 627.27 | 1,475.35 | |
| Other expenses(i) | 1,719.07 | 1,246.50 | 1,246.17 | 2,965.57 | 2,246.76 | 5,149.14 | |
| (B) Total expenses other than material cost (e to j) | 3,718.55 | 3,468.36 | 3,086.39 | 7,186.91 | 6,241.13 | 13,117.32 | |
| Total expenses (A+B) | 20,248.70 | 17,691.26 | 16,752.70 | 37,939.96 | 32,531.32 | 72,474.87 | |
| 3) | Profit before tax (1-2) | 2,277.28 | 2,041.23 | 1,413.17 | 4,318.51 | 2,641.15 | 7,565.88 |
| 4) | Income tax expenses (refer note v) | ||||||
| (a) Current tax | 460.47 | 725.25 | 521.69 | 1,185.72 | 974.85 | 2,947.07 | |
| (b) Adjustment of tax relating to earlier periods | (1.49) | (1.49) | (73.55) | ||||
| Deferred tax (credit)/charge(c) | (104.76) | (17.62) | (33.20) | (122.38) | (56.73) | (322.03) | |
| Total tax expense | 355.71 | 706.14 | 488.49 | 1,061.85 | 918.12 | 2,551.49 | |
| 5) | Profit for the period (3-4) | 1,921.57 | 1,335.09 | 924.68 | 3,256.66 | 1,723.03 | 5,014.39 |
| 6) | Other comprehensive income | ||||||
| Items that will not be reclassified to profit or loss | (10.73) | (40.12) | 5.62 | (50.85) | 8.90 | (6.75) | |
| Income tax related to items that will not be reclassified toprofit or loss | (1.22) | 14.02 | (1.97) | 12.80 | (3.11) | 2.36 | |
| Items that will be reclassified to profit or loss | (103.96) | ÷. | $\mathcal{D}_{\mathcal{A}}$ | (103.96) | ÷ | ٠ | |
| Income tax relating to items that will be reclassified toProfit or Loss | 26.16 | $\overline{\phantom{a}}$ | ÷. | 26.16 | $\sim$ | ÷ | |
| Total Other comprehensive income (net of tax) | (89.75) | (26.10) | 3.65 | (115.85) | 5.79 | (4.39) | |
| 7). | Total comprehensive income (net of tax) (5+6) | 1,831.82 | 1,308.99 | 928.33 | 3,140.81 | 1,728.82 | 5,010.00 |
| 8) | Paid up equity share capital (Face value of ₹10 each) | 1,486.46 | 1,486.46 | 1,412.06 | 1,486.46 | 1,412.06 | 1,412.06 |
| 9) | Other equity | 27,077.38 | |||||
| 10) | Earnings per share (not annualised for quarters and sixmonths) | ||||||
| (a) Basic earnings per share $(\bar{\tau})$ | 12.94 | 9.06 | 6.55 | 22.00 | 12.20 | 35.51 | |
| (b) Diluted earnings per share (₹) | 12.92 | 9.05 | 6.55 | 21.97 | 12.20 | 35.51 |
Page 1 of 5
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]
STANDALONE SEGMENT INFORMATION FOR THE QUARTER AND SIX MONTHS PERIOD ENDED 30 SEPTEMBER 2019
| (₹ million) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Sr. | Quarter ended | Six months ended | Year ended | |||||
| No. | Particulars | 30 Sep 19 | 30 Jun 19 | 30 Sep 18 | 30 Sep 19 | 30 Sep 18 | 31 Mar 19 | |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |||
| 1) | Segment revenue | |||||||
| a) | Wires and cables | 19,220.34 | 16,380.88 | 16,093.90 | 35,601.22 | 31,334.24 | 70,647.86 | |
| b) | FMEG | 1,956.22 | 2,400.87 | 1,381.11 | 4,357.09 | 2,862.11 | 6,432.94 | |
| $\mathsf{C}$ | Other | 1,286.21 | 963.11 | 829.23 | 2,249.32 | 1,193.29 | 3,795.50 | |
| Total | 22,462.77 | 19,744.86 | 18,304.24 | 42,207.63 | 35,389.64 | 80,876.30 | ||
| Less: Inter segment revenue | (76.26) | (128.09) | (153.49) | (204.35) | (240.64) | (964.29) | ||
| Total Income (excluding finance income) | 22,386.51 | 19,616.77 | 18,150.75 | 42,003.28 | 35,149.00 | 79,912.01 | ||
| (2) | Segment results | |||||||
| a) | Wires and cables | 2,019.41 | 1,867.06 | 1,758.74 | 3,886.47 | 3,219.62 | 8,353.74 | |
| b) | FMEG | 65.45 | 87.74 | (27.79) | 153.19 | 109.92 | 74.51 | |
| c) | Others | 176.26 | 90.81 | 26.07 | 267.07 | 16.47 | 166.61 | |
| Total | 2,261.12 | 2,045.61 | 1,757.02 | 4,306.73 | 3,346.01 | 8,594.86 | ||
| Un-allocated items: | ||||||||
| a) | Financial income | 139.47 | 115.72 | 15.12 | 255.19 | 23.47 | 128.74 | |
| b) Finance costs | (123.31) | (120.10) | (358.97) | (243.41) | (728.33) | (1, 157.72) | ||
| Profit before tax | 2,277.28 | 2,041.23 | 1,413.17 | 4,318.51 | 2,641.15 | 7,565.88 | ||
| 3). | Segment Assets | |||||||
| a) Wires & Cables | 40,365.43 | 43,468.85 | 36,625.59 | 40,365.43 | 36,625.59 | 41,288.37 | ||
| b) FMEG | 5,238.85 | 5,341.49 | 4,734.91 | 5,238.85 | 4,734.91 | 4,993.78 | ||
| c) Others | 5,745.80 | 5,233.26 | 3,693.50 | 5,745.80 | 3,693.50 | 5,984.02 | ||
| Total | 51,350.08 | 54,043.60 | 45,054.00 | 51,350.08 | 45,054.00 | 52,266.17 | ||
| Un-allocated assets | 5,541.75 | 5,408.39 | 1,854.59 | 5,541.75 | 1,854.59 | 3,688.00 | ||
| Total assets | 56,891.83 | 59,451.99 | 46,908.59 | 56,891.83 | 46,908.59 | 55,954.17 | ||
| 4) | Segment Liabilities | |||||||
| a) Wires & Cables | 12,678.93 | 16,187.84 | 13,139.47 | 12,678.93 | 13,139.47 | 16,682.52 | ||
| b) | FMEG | 1,159.01 | 1,209.75 | 1,099.95 | 1,159.01 | 1,099.95 | 1,002.51 | |
| $\mathsf{c}$ | Others | 4,527.88 | 4,181.33 | 2,868.26 | 4,527.88 | 2,868.26 | 5,013.06 | |
| Total | 18,365.82 | 21,578.92 | 17,107.68 | 18,365.82 | 17,107.68 | 22,698.09 | ||
| Un-allocated liabilities and provisions | 3,348.03 | 4,563.61 | 4,567.99 | 3,348.03 | 4,567.99 | 4,766.64 | ||
| Total liabilities | 21,713.85 | 26,142.53 | 21,675.67 | 21,713.85 | 21,675.67 | 27,464.73 |
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]
STANDALONE BALANCE SHEET AS AT 30 SEPTEMBER 2019
| As at | $(5 \text{ million})$As at | |
|---|---|---|
| Particulars | 30 Sep 19Unaudited | 31 Mar 19Audited |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 12,653.62 | 12,515.09 |
| Capital work-in-progress | 2,632.52 | 1,858.67 |
| Right of use assets | 283.00 | |
| Intangible assets | 25.40 | 34.98 |
| Financial assets | ||
| (a) Investments | 461.94 | 426.94 |
| (b) Trade receivables | 1,602.70 | 1,351.27 |
| (c) Other financial assets | 86.27 | 49.59 |
| Income tax assets (Net)× | 97.67 | 97.67 |
| Other non-current assets | 485.09 | 544.07 |
| Total Non-Current Assets | 18,328.21 | 16,878.28 |
| Current assets | ||
| Inventories (includes Goods in transit ₹ 1556.19 Million (31 March 2019 : ₹ 4543.72 Million) | 18,772.97 | 19,804.31 |
| Financial assets | ||
| (a) Investments | 990.27 | ÷, |
| (b) Trade receivables | 11,405.93 | 13,415.91 |
| (c) Cash and cash equivalents | 1,519.64 | 1,777.44 |
| (d) Bank balance other than cash and cash equivalents | 3,053.24 | 1,379.47 |
| (e) Loans | 183.76 | 139.34 |
| (f) Other financial assets | 294.74 | 724.68 |
| Other current assets | 2,342.85 | 1,834.52 |
| Total Current Assets | 38,563.40 | 39,075.67 |
| Assets classified as held for disposal | 0.22 | 0.22 |
| Total Assets | 56,891.83 | 55,954.17 |
| EQUITY AND LIABILITIES | ||
| Equity (refer note ii) | ||
| Equity Share Capital | 1,486.46 | 1,412.06 |
| Other Equity | 33,691.52 | 27,077.38 |
| Total Equity | 35,177.98 | 28,489.44 |
| Share application money pending allotment | 11.08 | ı, |
| Liabilities | ||
| Non-current liabilities: | ||
| Financial liabilities | ||
| (a) Borrowings | 785.83 | |
| (b) Other financial liabilities | 59.85 | |
| Provisions | 194.36234.07 | 161.90 |
| Deferred tax liabilities (net) | 57.95 | |
| Other non-current liabilities | 227.80 | |
| Total Non-Current liabilities | 391.89 | 257.04 |
| 938.12 | 1,432.57 | |
| Current liabilities: | ||
| Financial liabilities | ||
| (a) Borrowings | 1,160.51 | 1,023.47 |
| (b) Trade payables | ||
| (i) Total outstanding dues of micro enterprises and small enterprises | 81.85 | 103.88 |
| (ii) Total outstanding dues of creditors other than micro enterprises and small enterprises | 13,090.38 | 14,995.12 |
| (c) Other financial liabilities | 1,293.06 | 1,774.20 |
| Other current liabilities | 3,528.14 | 6,256.79 |
| Provisions&$\mathbf{C_{O}}$ | 223.88 | 208.23 |
| Current tax liabilities (net) | 1,386.83 | 1,670.47 |
| Total Current liabilities | 20,764.65 | 26,032.16 |
| Total Equity and liabilities | 56,891.83 | 55,954.17 |
| M. Joshi Marg.★Mahalaxmi.øMumbai - 400 01MAGIndia. | Page 3 of 5 |
enterad
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]
STANDALONE STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019
| (₹ million) | ||
|---|---|---|
| Six months | Six months | |
| Particulars | ended | ended |
| 30 Sep 19 | 30 Sep 18 | |
| A. CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Profit before tax | 4,318.51 | 2,641.15 |
| Adjustments to reconcile profit before tax to net cash flows: | ||
| Depreciation and amortisation expense | 771.29 | 708.90 |
| (Gain)/Loss on disposal of property, plant and equipment | (0.36) | (4.61) |
| (Gain)/Loss on termination of Lease | (0.46) | $\mathcal{C}$ |
| Finance income | (142.70) | (23.47) |
| (Gain)/loss on Redemption of investment | (112.23) | $\overline{\mathbb{R}}$ |
| Fair Valuation MTM of investment | (0.26) | |
| Interest and other finance cost | 243.41 | 728.33 |
| ESOP Compensation Expense | 103.83 | 25.89 |
| Fair valuation of Financial asset | (155.80) | 50.80 |
| Liabilities / provisions no longer required written back | (14.74) | (0.61) |
| Impairment allowance for trade receivable considered doubtful | 160.07 | 191.55 |
| Unrealised foreign exchange (gain)/loss | 349.81 | (17.88) |
| Sundry advances written-off | 45.20 | 24.88 |
| Operating profit before working capital changes | 5,565.57 | 4,324.93 |
| Movements in working capital: | ||
| (Increase)/decrease in trade receivables | 1,566.83 | 2,324.74 |
| (Increase)/decrease in other financial and non-financial assets | (73.60) | 95.14 |
| (Increase)/decrease in inventories | 1,031.34 | (3,722.45) |
| Increase /(decrease) in trade payables, other financial and non-financial liabilities and provisions | (4, 230.63) | 4,521.95 |
| Cash generated from operations | 3,859.51 | 7,544.31 |
| Income tax paid (including TDS) (net) | (1,467.87) | (136.94) |
| Net cash flows from operating activities (A) | 2,391.64 | 7,407.37 |
| B. CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Proceeds from sale of property, plant and equipment including assets held for disposal | 3.21 | 8.85 |
| Purchase of property, plant and equipment (including Capital work in progress) and Intangible assets | (1,803.07) | (1,437.42) |
| Payment of lease liabilities | (66.15) | ÷ |
| Proceeds from sale / Investment of Mutual funds | (877.78) | 1.40 |
| Investment in equity shares of joint ventures/subsidiaries | (35.00) | (9.95) |
| Loan (given to)/repaid by related parties | (47.04) | 21.47 |
| Maturity/ (Investment) made in bank deposits (having original maturity of more than 3 months) | (1,674.82) | 13.48 |
| Interest received | 113.75 | 23.10 |
| Net cash flows from / (used in) investing activities (B) | (4,386.90) | (1, 379.07) |
| C. CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Interest and other finance cost paid | (223.70) | (295.61) |
| Proceeds from Issue of Share Capital (incl Securities Premium) | 4,000.00 | |
| Share issue expenses | (402.06) | $\tilde{\phantom{a}}$ |
| Excess IPO money paid off to selling shareholder post IPO expense settlement | (28.24) | $\tilde{\phantom{a}}$ |
| Proceeds from Share application money pending allotment | 11.08 | × |
| Repayment of long term borrowings | (1,209.04) | (692.86) |
| Proceeds/(Repayment) from short term borrowings | 127.02 | (3,959.48) |
| Payment of dividend and Dividend distribution tax | (537.60) | (28.75) |
| Net cash flows from / (used in) financing activities (C) | 1,737.46 | (4,976.70) |
| Net increase / (decrease) in cash and cash equivalents (A+B+C) | (257.80) | 1,051.60 |
| Cash and cash equivalents at the beginning of the period | 1,777.44 | 67.50 |
| Cash and cash equivalents at the six months period ended | 1.519.64 | 1.119.10 |
Page 4 of 5
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]
Notes:
- The above standalone financial results have been reviewed by the Audit Committee at its meeting held on 23 $\mathbf{i}$ October 2019 and approved by the Board of Directors at their meeting held on 23 October 2019.
- ii) The Company has completed initial public offering (IPO) including fresh issue of $\bar{\tau}$ 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 for employee quota. The equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) w.e.f. 16 April 2019.
| $(7$ million) | |||
|---|---|---|---|
| Particulars | Objects of theissue as perprospectus | Utilised during thesix months ended30 Sep 19 | Unutilisedamount as at30 Sep 19 |
| 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 | $\approx$ |
| General corporate purposes (net of issue expenses) | 625.80 | 625.80 | ÷. |
| 382580 | 3.825.80 |
iji) The proceeds from IPO was of ₹ 3,825.80 million (net of fresh issue related expenses (including GST)). Details of utilisation of IPO proceeds are as follows:
- iv) The Company has adopted Ind AS 116 "Leases" from 1 April 2019 and has replaced existing Ind AS related thereto. The Company has adopted the modified retrospective approach under the standard. Under this approach, the Company has taken cumulative adjustment to the retained earning as at 1 April 2019. Accordingly, comparatives for the year ended 31 March 2019 have not been retrospectively adjusted. On transition, the adoption of the new standard resulted in recognition of Right-of-Use asset (ROU) of ₹ 276.06 million and lease liability of ₹ 303.01 million. The cumulative effect of applying the standard resulted in ₹ 33.80 million being debited to retained earnings. The effect of this adoption is insignificant on the profit for the period and earnings per share.
- v) The Company elected to exercise the option permitted under section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Law (Amendment) Ordinance, 2019. Accordingly, the Company has recognised Provision for Income Tax for the six months ended 30 September 2019 and re-measured its Deferred Tax Assets or Liabilities basis the reduced tax rate prescribed in the said section. The impact of above change recognised in the statement of Profit & Loss for Quarter ended 30 September 2019 is ₹ 242.52 million of which ₹ 63.73 million pertains to earlier years and ₹178.79 million pertains to Quarter ended 30 June 2019.
- vi) The figures for the corresponding previous period have been regrouped/reclassified wherever necessary, to make them comparable.
Polycab India Limited
Inder T. Jaisinghani Chairman & Managing Director