Polycab India Limited — Interim / Quarterly Report 2021

Jan 23, 2021

POLYCAB INDIA LIMITED

Polycab House, 771 Mogul Lane, Mahim (W), Mumbai – 400016 CIN: L31300GJ1996PLC114183 Tel : +91 22 2432 7070-74 Fax : +91 22 2432 7075 Email: shares@polycab.com Website: www.polycab.com

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Date: 23[rd] January 2021

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.

With reference to the captioned subject, please be informed that the Board of Directors of the Company at its meeting held today i.e., 23[rd] January 2021, inter alia, considered and approved the Un-Audited Standalone and Consolidated Financial Results along with the Limited Review Report issued by M/s. B S R & Co. LLP, Chartered Accountants, Statutory Auditors for the quarter and nine months ended 31[st] December, 2020, which has been duly reviewed and recommended by the Audit Committee.

The Board Meeting commenced at 12.15 p.m. and concluded at 2.00 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

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

Encl.: Un-audited Standalone and Consolidated Financial Results along with the Limited Review Report issued by M/s. B S R & Co. LLP, Chartered Accountants, Statutory Auditors for the quarter and nine months ended 31[st] December 2020.

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Registered Office:

Unit No.4, Plot No.105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat-389350 Tel : 2676- 227600 / 227700

B S R & Co. LLP

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Telephone: +91 22 6257 1000 Nesco IT Park 4, Nesco Center, Fax: +91 22 6257 1010 Western Express Highway, Goregaon (East), Mumbai - 400 063

Limited review report on unaudited quarterly consolidated financial results and consolidated year-to-date financial results of Polycab India Limited under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of Polycab India Limited

1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Polycab India 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 profit after tax and total comprehensive income of its joint venture as listed in paragraph 4 for the quarter ended 31 December 2020 and year to date results for the period from 1 April 2020 to 31 December 2020 (“the Statement”), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

2. This Statement, which is the responsibility of the Parent’s management and approved by the 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.

3. 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. 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 SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Registered Office:

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063

B S R & Co. LLP

Limited review report on unaudited quarterly consolidated financial results and consolidated year-to-date financial results of Polycab India Limited under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)

1. The Statement includes the financial statements of the following entities:

Sr. No.	Name of the Company	Relationship
1	Dowells Cable Accessories Private Limited	Subsidiary Company
2	Polycab Wires Italy SRL in Liquidation	Subsidiary Company
3	Tirupati Reels Private Limited	Subsidiary Company
4	Polycab USA LLC	Subsidiary Company
5	Polycab Electricals & Electronics Private Limited	Subsidiary Company
6	Ryker Base Private Limited	Subsidiary Company
	(upto 4 May 2020 was a Joint Venture)
7	Polycab Australia Pty Ltd	Subsidiary Company
8	Techno Electromech Private Limited	Joint Venture Company

1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the branch auditors and 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.

2. We did not review the interim financial statements of seven subsidiary Companies included in the unaudited quarterly and year to date consolidated financial results, whose interim financial statements reflect total revenues of Rs 4,508.91 million, total profit after tax (net) of Rs 279.23 million and total comprehensive income (net) of Rs 277.34, for the quarter ended 31 December 2020 and for the period 1 April 2020 to 31 December 2020, respectively, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also include the Group’s share of net loss after tax (net) of Rs 9.52 million and total comprehensive loss (net) of Rs 9.39 million for the quarter ended 31 December 2020 and for the period 1 April 2020 to 31 December 2020, respectively, as considered in the Statement, in respect of one joint venture, 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 venture, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

B S R & Co. LLP

Limited review report on unaudited quarterly consolidated financial results and consolidated year-to-date financial results of Polycab India Limited under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)

One of the subsidiary companies 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 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.

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

BHAVESH Digitally signed by BHAVESH H H DHUPELIA Date: 2021.01.23 DHUPELIA 13:27:44 +05'30'

Bhavesh Dhupelia

Partner

Mumbai 23 January 2021

Membership No: 042070 UDIN: 21042070AAAAAJ9750

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Polycab India Limited

Registered office: Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350 Corporate Office: Polycab House, 771, Mogul Lane, Mahim (West), Mumbai, Maharashtra 400016 Phone number: +91 22 67351400, CIN: L31300GJ1996PLC114183

Website: www.polycab.com, E-mail: shares@polycab.com

CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2020

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Quarter ended Nine months ended Year ended
Sr.
No. Particulars 31 Dec 20 30 Sep 20 31 Dec 19 31 Dec 20 31 Dec 19 31 Mar 20
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1) Income
(a) Revenue from operations 27,988.25 21,136.82 25,073.07 58,891.02 67,005.74 88,299.55
(b) Other income (refer note i) 344.75 327.41 3.46 1,008.44 463.35 927.92
Total Income 28,333.00 21,464.23 25,076.53 59,899.46 67,469.09 89,227.47
2) Expenses
(a) Cost of materials consumed 18,515.70 13,475.08 16,185.23 37,120.33 45,071.66 58,637.06
(b) Purchases of traded goods 2,356.20 1,764.23 1,108.39 4,544.99 3,317.24 4,246.12
(c) Changes in inventories of finished goods, traded
127.88 (343.89) 147.12 1,046.17 (1,887.00) (2,371.48)
goods and work-in-progress
(d) Project Bought outs and subcontracting cost 196.42 232.90 748.99 710.12 2,414.96 3,174.46
(A) Total material cost (a to d) 21,196.20 15,128.32 18,189.73 43,421.61 48,916.86 63,686.16
(e) Employee benefits expense 896.44 897.16 914.81 2,606.08 2,758.87 3,657.46
(f) Finance cost 88.30 113.82 85.81 365.08 336.10 495.35
(g) Depreciation and amortisation expense 478.25 456.02 406.77 1,376.99 1,187.07 1,608.87
(h) Advertisement and sales promotion 372.29 134.13 376.08 538.15 901.71 1,086.78
(i) Freight and forwarding expense 524.93 471.74 525.68 1,261.39 1,397.64 1,896.74
(j) Other expenses 1,240.44 1,380.71 1,675.65 3,606.31 4,686.12 6,622.15
(B) Total expenses other than material cost (e to j) 3,600.65 3,453.58 3,984.80 9,754.00 11,267.51 15,367.35
Total expenses (A+B) 24,796.85 18,581.90 22,174.53 53,175.61 60,184.37 79,053.51
Profit before share of profit/(loss) of joint ventures
3) 3,536.15 2,882.33 2,902.00 6,723.85 7,284.72 10,173.96
and exceptional items (1-2)
4) Share of profit/(loss) of joint ventures (net of tax) 4.92 (2.63) (2.29) (9.39) (16.27) (74.08)
5) Profit before tax and exceptional items (3+4) 3,541.07 2,879.70 2,899.71 6,714.46 7,268.45 10,099.88
6) Exceptional items (refer note ii) - - - 97.18 - -
7) Profit before tax(5+6) 3,541.07 2,879.70 2,899.71 6,811.64 7,268.45 10,099.88
8) Income tax expenses
(a) Current tax 848.92 686.45 736.46 1,615.62 1,938.25 2,480.05
(b) [Adjustment of tax relating to earlier periods (refer ] 1.97 (44.32) (6.49) (903.42) (7.98) (34.05)
note i)
(c) Deferred tax (credit/charge) (refer note iii) 54.01 22.07 (44.28) 72.22 (166.52) (2.30)
Total tax expenses 904.90 664.20 685.69 784.42 1,763.75 2,443.70
9) Profit for the period (7-8) 2,636.17 2,215.50 2,214.02 6,027.22 5,504.70 7,656.18
Attributable to:
Equity shareholders of parent company 2,625.02 2,205.48 2,187.80 6,006.52 5,451.20 7,590.57
Non controlling interests 11.15 10.02 26.22 20.70 53.50 65.61
10) Other comprehensive income
Items that will not be reclassified to profit or loss (11.59) 33.21 33.54 14.71 (17.31) (50.94)
Income tax related to items that will not be reclassified
2.92 (8.41) (8.44) (3.69) 4.36 12.86
to profit or loss
Items that will be reclassified to profit or loss (80.90) 36.12 105.07 257.76 0.79 (168.35)
Income tax relating to items that will be reclassified to 19.75 (9.09) (26.16) (65.40) - 42.54
Profit or Loss
Total other comprehensive income (net of tax) (69.82) 51.83 104.01 203.38 (12.16) (163.89)
11) Total comprehensive income (net of tax) (9+10) 2,566.35 2,267.33 2,318.03 6,230.60 5,492.54 7,492.29
Attributable to:
Equity shareholders of parent company 2,555.18 2,257.27 2,291.81 6,209.84 5,439.04 7,426.54
Non controlling interests 11.17 10.06 26.22 20.76 53.50 65.75
12) 1,490.73 1,489.78 1,488.30 1,490.73 1,488.30 1,488.79
13) Other equity 36,875.36
Earnings per share (not annualised for quarters & nine
14)
months)
(a) Basic earnings per share ( ) 17.61 14.81 14.73 40.32 36.78 51.16
(b) Diluted earnings per share ( ) 17.55 14.75 14.67 40.16 36.69 50.97
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Page 1 of 3

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Polycab India Limited

Registered office: Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350 Corporate Office: Polycab House, 771, Mogul Lane, Mahim (West), Mumbai, Maharashtra 400016 Phone number: +91 22 67351400, CIN: L31300GJ1996PLC114183

Website: www.polycab.com, E-mail: shares@polycab.com

CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED 31 DECMBER 2020

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Quarter ended Nine months ended Year ended
Sr.
No. Particulars 31 Dec 20 30 Sep 20 31 Dec 19 31 Dec 20 31 Dec 19 31 Mar 20
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1) Segment revenue
a) Wires and cables 24,072.53 18,268.42 21,696.39 50,593.06 57,292.97 75,898.39
b) FMEG 3,055.07 2,439.60 2,166.01 6,872.65 6,523.10 8,355.78
c) Copper 2,326.76 1,303.42 - 3,780.03 - -
d) Other 795.03 709.32 1,510.11 2,038.08 4,373.42 5,964.93
Total 30,249.39 22,720.76 25,372.51 63,283.82 68,189.49 90,219.10
Less: Inter segment revenue (2,011.19) (1,341.71) (397.78) (3,777.24) (1,078.84) (1,440.68)
Total Income (excluding finance income) 28,238.20 21,379.05 24,974.73 59,506.58 67,110.65 88,778.42
2) Segment results
a) Wires and cables 3,073.95 2,541.15 2,583.22 5,859.20 6,481.76 9,308.86
b) FMEG 181.64 196.25 13.96 322.27 167.15 168.28
c) Copper 251.80 123.04 - 372.33 - -
d) Other 97.82 100.15 338.49 269.66 737.95 903.06
Total 3,605.21 2,960.59 2,935.67 6,823.46 7,386.86 10,380.20
Less: Inter segment result (75.56) (49.62) (49.66) (127.41) (124.48) (159.94)
Total 3,529.65 2,910.97 2,886.01 6,696.05 7,262.38 10,220.26
Un-allocated items:
a) Financial income 94.80 85.18 101.80 392.88 358.44 449.05
b) Finance costs (88.30) (113.82) (85.81) (365.08) (336.10) (495.35)
Profit before share of profit/(loss) of joint ventures
3,536.15 2,882.33 2,902.00 6,723.85 7,284.72 10,173.96
and exceptional items
Share of profit/(loss) of joint ventures (net of tax) 4.92 (2.63) (2.29) (9.39) (16.27) (74.08)
Exceptional items - - - 97.18 - -
Profit before tax 3,541.07 2,879.70 2,899.71 6,811.64 7,268.45 10,099.88
3) Segment Assets
a) Wires and cables 41,576.88 41,935.50 37,877.78 41,576.88 37,877.78 43,265.39
b) FMEG 5,005.91 4,399.95 5,165.17 5,005.91 5,165.17 5,379.76
c) Copper 4,793.74 3,571.00 - 4,793.74 - -
d) Other 5,147.04 5,537.94 6,551.20 5,147.04 6,551.20 6,287.45
Total 56,523.57 55,444.39 49,594.15 56,523.57 49,594.15 54,932.60
Un-allocated assets 14,684.83 8,989.09 8,055.24 14,684.83 8,055.24 4,428.57
Investment accounted for using the equity method 111.09 106.17 312.58 111.09 312.58 254.77
Total assets 71,319.49 64,539.65 57,961.97 71,319.49 57,961.97 59,615.94
4) Segment Liabilities
a) Wires and cables 17,604.82 13,387.99 10,982.06 17,604.82 10,982.06 13,186.76
b) FMEG 1,807.29 1,661.72 1,659.21 1,807.29 1,659.21 1,587.47
c) Copper 2,046.48 1,965.62 - 2,046.48 - -
d) Other 2,931.30 3,150.74 4,767.32 2,931.30 4,767.32 3,093.76
Total 24,389.89 20,166.07 17,408.59 24,389.89 17,408.59 17,867.99
Un-allocated liabilities and provisions 2,025.84 2,077.06 2,844.35 2,025.84 2,844.35 3,233.80
Total liabilities 26,415.73 22,243.13 20,252.94 26,415.73 20,252.94 21,101.79
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Polycab India Limited

Registered office: Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350 Corporate Office: Polycab House, 771, Mogul Lane, Mahim (West), Mumbai, Maharashtra 400016 Phone number: +91 22 67351400, CIN: L31300GJ1996PLC114183

Website: www.polycab.com, E-mail: shares@polycab.com

Notes:

• i) During the quarter ended 30 June 2020, the Parent Company had received a favourable order from Honourable Income-Tax Appellate Tribunal for AY 2012-13 to 2015-16 resulting into write back of income-tax provision of 839.52 million and recognition of interest on

• ii) On 6 May 2020, the Group acquired the balance 50% equity shares in Ryker Base Private Limited for a consideration of 303.80 million making it a wholly-owned subsidiary. As per Ind AS 103 - Business Combinations, the Group has allocated purchase price on net assets acquired on provisional basis and 97.18 million was recognised as gain on derecognition of previously held equity interest and disclosed as an exceptional item. Results for nine months ended 31 December 2020 include the impact of the above transaction with effect from 06 May 2020 and are not comparable with previous corresponding periods.

• iii) During the previous year, the Parent Company 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 Company had recognised Provision for Income Tax and remeasured its Deferred Tax Assets or Liabilities basis the reduced tax rate prescribed in the said section. The impact of above change was recognised in the statement of Profit & Loss for nine months ended 31 December 2019 was 249.85 million, of which 7.33 million pertaining to earlier years was recognised in the quarter ended 31 December 2019 and balance 242.52 million was recorded in the quarter ended 30 September 2019 (of which 63.73 million was for the previous year's and balance 178.79 million was for the quarter ended 30 June 2019).

• iv) During the nine months, the parent company has allotted 1,93,931 equity shares of 10/- each to the option grantees upon exercise of options under the Company's Employee Stock Option Scheme 2018. As a result of such allotment, the paid-up equity share capital of

• v) The above consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 23 January 2021. The statutory auditors have expressed an unmodified opinion on these results.

• vi) The figures for the corresponding previous period have been regrouped/reclassified, wherever necessary, to make them comparable.

For Polycab India Limited

Place: Mumbai Date: 23 January 2021

Inder T. Jaisinghani Chairman & Managing Director

Page 3 of 3

B S R & Co. LLP

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Telephone: +91 22 6257 1000 Nesco IT Park 4, Nesco Center, Fax: +91 22 6257 1010 Western Express Highway, Goregaon (East), Mumbai - 400 063

Limited review report on unaudited quarterly standalone financial results and standalone year-to-date results of Polycab India Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of Polycab India Limited

1. We have reviewed the accompanying Statement of unaudited standalone financial results of Polycab India Limited (‘the Company’) for the quarter ended 31 December 2020 and year to date results for the period from 01 April 2020 to 31 December 2020 (“the Statement”).

2. 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.

3. 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.

4. 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 recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

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

BHAVESH H Digitally signed by BHAVESH H DHUPELIA DHUPELIA Date: 2021.01.23 13:28:21 +05'30'

Mumbai 23 January 2021

Bhavesh Dhupelia Partner Membership No. 042070 UDIN: 21042070AAAAAL7059

Registered Office:

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 40006

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BHAVESH H Digitally signed by BHAVESH H DHUPELIA DHUPELIA Date: 2021.01.23 13:28:53 +05'30'

INDER THAKURDAS JAISINGHANI Digitally signed by INDER THAKURDAS JAISINGHANI DN: c=IN, o=Personal, 2.5.4.20=61c488ca012e14000a6d5425e5fc51fb41b90e47374fd3450e22083ed060317c, postalCode=400025, st=MAHARASHTRA, serialNumber=521f381cd87612a780fde76ad2e2729f0580ab951416551e57b3dfb0b91b4fee, cn=INDER THAKURDAS JAISINGHANI Date: 2021.01.23 12:13:28 +05'30'

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