Polycab India Limited — Investor Presentation 2021

Oct 22, 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: 22[nd] October 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: Earnings Call Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

In accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Earnings Call Presentation on the unaudited financial results of the Company for the quarter and half year ended 30[th] September 2021.

Kindly take the same on your record.

Thanking you

Yours Faithfully For Polycab India Limited

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Company Secretary and Compliance Officer

Membership No.: A18321 Address: Polycab House, 771, Mogul Lane Mahim (West), Mumbai - 400 016

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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

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Annual General Meeting Q2 FY2022 Presentation 21 July 2021

Q2 FY2022 Financial Performance

2

Key Highlights

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Top-line (Revenue)

Q2FY22: 31,288 mn 48% YoY 66% QoQ

1H FY22: 50,093 mn 62% YoY

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Operating (EBITDA)

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Q2FY22: 3,025 mn
-3% YoY
121% QoQ
1H FY22: 4,397 mn
19% YoY
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Profitability (PAT)

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Q2FY22: 2,005 mn
-9% YoY
166% QoQ
1H FY22: 2,758 mn
-19% YoY
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Mobile App
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Notes: (1) Numbers on consolidated basis (2) Revenue: Revenue from operations (3) EBITDA excludes other Income (4) PAT: Profit After Tax on reported basis and includes exceptional items as explained on slide 10

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Polycab India Limited | Q2 FY22 Earnings Presentation 3
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Q2 FY22: Improving growth momentum

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Revenue (INR mn) EBITDA (INR mn) Margin PAT (INR mn) Margin
10.5%
31,288 14.8%
7.3% 9.7% 4.0% 6.4%
3,122
3,025
2,216
2,005
21,137
18,805
1,372
753
48% YoY 66% QoQ -3% YoY 121% QoQ -9% YoY 166% QoQ
Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22
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▪ Revenue was up by 48% YoY with broad based growth across segments and markets. On a biennial basis revenue was up by 40%

▪ EBITDA margin improved by 237bps sequentially to 9.7% with favourable operating leverage partly offset by input cost pressures

▪ PAT margin at 6.4% improved by 241bps against previous quarter. PAT was down by 9% YoY

▪ Net Cash position increased to Rs 8.7bn as of September 2021 end

Notes: (1) Consolidated basis in INR mn (2) Revenue: Revenue from operations (3) EBITDA Margin: EBITDA / Revenue (4) EBITDA excludes other Income (5) PAT: Profit After Tax on reported basis (6) PAT Margin: Profit after Tax for the period divided by Revenue (7) Net Cash: Cash & equivalents + Investments + Non-current Deposits - Debt

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Polycab India Limited | Q2 FY22 Earnings Presentation 4
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1H FY22: Strong top-line performance

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Revenue (INR mn) EBITDA (INR mn) Margin PAT (INR mn) Margin
50,093 11.9% 11.0%
8.8%
5.5%
4,397
3,391
3,685
30,903 2,758
62% YoY
19% YoY
-19% YoY
1H FY21 1H FY22 1H FY21 1H FY22 1H FY21 1H FY22
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▪ Revenue grew by 62% YoY enduring the impact of second wave

▪ EBITDA grew 19% YoY despite adverse operating leverage seen in first quarter

• PBT stood at 3.6bn grew by 11% YoY with 7.3% margin. PAT was down 19% YoY due to few one off gains in base period. PAT margin stood at 5.5%

Notes: (1) Consolidated basis in INR mn (2) Revenue: Revenue from operations (3) EBITDA Margin: EBITDA / Revenue (4) EBITDA excludes other Income (5) PAT: Profit After Tax on reported basis and includes exceptional items as explained on slide 10 (6) PAT Margin: Profit after Tax for the period divided by Revenue

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Polycab India Limited | Q2 FY22 Earnings Presentation 5
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Wires and Cables

• Wires and Cables revenue grew by 46% on YoY basis and 35% on a biennial basis. Overall demand environment continued to stage a sequential recovery. While the growth was broadly uniform across cables and wires, cables continue witness higher competitive intensity due to slightly suboptimal demand environment.

• Domestic distribution driven business sustained its healthy growth momentum. Institutional business continues to remain subdued however green shoots were seen in the month of September. Improving investments in infra and construction projects will aid demand over the near to medium term.

• Exports business grew 12% YoY contributing 8% to overall revenue in Q2FY22. Excluding a large order in the base period, growth was healthy at ~50% YoY led by USA, Australia and Africa. Logistical challenges related to unavailability of containers continued resulting in higher costs and execution delays.

• Profitability improved on a sequential basis on account of better operating leverage.

Notes: (1) Consolidated basis in INR mn (2) Revenue: Total income excluding finance income (3) EBIT (Earnings before Interest and Tax): includes other income and excludes finance income

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Q2FY22
Revenue (INR mn) EBIT (INR mn) Margin
14.6%
9.0%
25,481 6.6%
2,534
17,408 2,281
15,862
1,040
46% YoY 61% QoQ -10% YoY 119% QoQ
Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22
1H FY22
Revenue (INR mn) EBIT (INR mn) Margin
11.0%
8.0%
41,343
3,321
2,778
25,343
63% YoY
20% YoY
1H FY21 1H FY22 1H FY21 1H FY22
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Polycab India Limited | Q2 FY22 Earnings Presentation 6
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Fast Moving Electrical Goods

• FMEG business sustains strong growth of 41% YoY and 75% on biennial basis. Q2 performance was underpinned by strategic interventions, distribution expansion and improving demand environment.

• Fans business was affected during the quarter on account of seasonality; Lights, Switches, Conduit Pipes and Pumps business posted healthy growth while other businesses including Switchgears, Solar and Water heaters were about 2x on last years base.

• Customer centricity and proactively engaging with influencers remains an important focal point to drive long term saliency of Polycab brand. CRM tools are being augmented to increase GTM efficiency, improve data analytics capabilities and drive meaningful innovation in the market.

• Profitability has improved sequentially on account of improved operating leverage, pricing actions and premiumization, despite severe input cost inflation and higher A&P spends.

Notes: (1) Consolidated basis in INR mn (2) Revenue: Total income excluding finance income (3) EBIT (Earnings before Interest and Tax): includes other income and excludes finance income

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Q2FY222FY22
(INR mn) EBIT (INR mn) Margin
3,429
8.0%
5.0%
-7.5%
2,440
196
1,919 172
-12% YoY -220%
41% YoY 79% QoQ
-143
Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22
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Q2FY222FY22
Revenue (INR mn) EBIT (INR mn) Margin
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1H FY22
Revenue (INR mn) EBIT (INR mn) Margin
3.7%
5,348
141 0.5%
3,818
29
40% YoY -80% YoY
1H FY21 1H FY22 1H FY21 1H FY22
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Polycab India Limited | Q2 FY22 Earnings Presentation 7
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Other

• Other segment largely comprises of our EPC business

• Total income at Rs 796mn grew by 37% YoY and 38% QoQ with resumption in project activity.

• Segmental EBIT was up by 58% YoY. Margin stood at 18.2%.

• Annual sustainable operating margin in this business is expected to be in high single digit over mid to long term

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Q2FY22
Revenue (INR mn) EBIT (INR mn) Margin
18.2%
15.8%
796
11.3%
580 575 145
92
65
37% YoY 38% QoQ 58% YoY 124% QoQ
Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22
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Notes: (1) Consolidated basis in INR mn (2) Revenue: Total income excluding finance income (3) EBIT (Earnings before Interest and Tax): includes other income and excludes finance income

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1H FY22
Revenue (INR mn) EBIT (INR mn) Margin
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(INR mn) Margin
15.3%
15.2%
210
161
30% YoY
1H FY21 1H FY22
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1,371
1,062
29% YoY
1H FY21 1H FY22
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Polycab India Limited | Q2 FY22 Earnings Presentation 8
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Financial

Statements

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9

Consolidated Profit and Loss Statement

	Quarter	Quarter	Quarter	Quarter	Quarter	Quarter		Year To Date	Year To Date	Year To Date	Year To Date
Particulars(INR mn)	Q2FY22	%	Q1FY22	%	Q2FY21	%		1H FY22	**% **	1H FY21	%
Revenue from Operation Cost of Goods sold Contribution(A) Employee cost Other OperatingExpenses Total OperatingExpenses(B) Share ofprofit/(loss)of JVs(Net of tax) (C) EBITDA(A)-( B)+(C)	31,288 24,554 6,735 1,071 2,635 3,706 -3 3,025	100.0% 78.5% 21.5% 3.4% 8.4% 11.8% 0.0% 9.7%	18,805 14,399 4,406 959 2,054 3,013 -21 1,372	100.0% 76.6% 23.4% 5.1% 10.9% 16.0% -0.1% 7.3%	21,137 15,128 6,009 897 1,987 2,884 -3 3,122	100.0% 71.6% 28.4% 4.2% 9.4% 13.6% 0.0% 14.8%		50,093	100.0%	30,903	100.0%
								38,953	77.8%	22,225	71.9%
								11,141	22.2%	8,677	28.1%
								2,030	4.1%	1,710	5.5%
								4,689	9.4%	3,268	10.6%
								6,719	13.4%	4,978	16.1%
								-24	0.0%	-14	0.0%
								4,397	8.8%	3,685	11.9%
Other Income	264	0.8%	253	1.3%	327	1.5%		517	1.0%	664	2.1%
Depreciation	538	1.7%	521	2.8%	456	2.2%		1,059	2.1%	899	2.9%
Finance Cost	88	0.3%	122	0.6%	114	0.5%		210	0.4%	277	0.9%
Exceptional items	0	0.0%	0	0.0%	0	0.0%		0	0.0%	97	0.3%
PBT	2,663	8.5%	982	5.2%	2,880	13.6%		3,645	7.3%	3,271	10.6%
Income Tax	658	2.1%	229	1.2%	664	3.1%		887	1.8%	-120	-0.4%
PAT 2,005 6.4% 753 4.0% 2,216 10.5%								2,758 5.5% 3,391 11.0%
	Quarter
One off Items(INR mn)	Q2FY22	%	Q1FY22	%	Q2FY21	%		1H FY22	**% **	1H FY21	%
(-)Income tax refund	-	-	-	-	-	-		-	0.0%	839	2.7%
(-) Interest on income tax refund (Other income)	-	-	-	-	-	-		-	0.0%	164	0.5%
(-) Gain on previously held equity interest in Ryker(Exceptional Items)	-	-	-	-	-	-		-	0.0%	97	0.3%
Adjusted PAT	2,005	6.4%	753	4.0%	2,216	10.5%		2,758	5.5%	2,291	7.4%

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Polycab India Limited | Q2 FY22 Earnings Presentation 10
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Consolidated Balance Sheet

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Particulars (INR mn) Sep-21 Jun-21 Sep-20 Particulars (INR mn) Sep-21 Jun-21 Sep-20
Assets Equity and Liabilities
’
Non-current Assets Shareholder s Funds
Fixed Assets 20,320 20,082 19,275 Share Capital 1,493 1,492 1,490
Non-current Deposits 2,090 580 23 Reserves and Surplus 47,397 46,803 40,647
Other Non-current Assets 2,335 2,357 2,197 Total Shareholder’s Funds 48,889 48,294 42,137
Total Non-current Assets 24,746 23,019 21,494 Minority Interest 227 201 160
Current Assets Non-current Liabilities
Inventories 21,559 26,026 20,416 Borrowings 779 912 1,308
Trade Receivables 10,908 9,292 10,827 Others - Non-current Liabilities 1,286 1,290 1,344
Investments 6,619 5,888 5,611 Total Non-current Liabilities 2,065 2,202 2,653
Cash and Bank Balances 2,421 3,996 3,387 Current Liabilities
Others - Current Assets 3,801 3,334 2,806 Short-term Borrowings 1,579 2,256 826
Total Current Assets 45,310 48,536 43,046 Trade Payables 13,125 14,578 13,277
Total Assets 70,055 71,555 64,540 Others - Current Liabilities 4,170 4,024 5,487
Total Current Liabilities 18,874 20,858 19,590
Total Equity and Liabilities 70,055 71,555 64,540
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Polycab India Limited | Q2 FY22 Earnings Presentation 11
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Consolidated Condensed Cash Flow Statement

	Quarter	Quarter	Quarter		Year To Date	Year To Date
Particulars(INR mn)	Q2FY22	Q1FY22	Q2FY21		1H FY22	1H FY21
Net Cash Flow from OperatingActivities	3,655	-1,584	4,708		2,071	7,750
Net cash flow from/(used in)investingactivities	-1,024	-802	-2,876		-1,826	-6,040
Net cash flow from/(used in)financingactivities	-2,409	748	-1,747		-1,661	-1,132
Net Increase/ (Decrease) in cash and cash equivalents	222	-1,639	85		-1,416	578

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Other key data points

	Quarter	Quarter	Quarter		Year To Date	Year To Date
Particulars(INR mn)	Q2FY22	Q1FY22	Q2FY21		1H FY22	1H FY21
Advertisement and salespromotion expense	142	78	134		220	166
Capital expenditure	708	800	425		1,508	670
Net Cash Position*	8,773	7,296	6,886		8,773	6,886
Trade acceptances*	7,471	9,149	7,094		7,471	7,094
Goods in Transit*	430	1,972	4,290		430	4,290
Exports contribution(%)	8.1%	6.0%	10.7%		7.3%	10.6%

Notes: (1) * as at period end (2) Net Cash: Cash & equivalents + Investments + Non-current Deposits - Debt

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Polycab India Limited | Q2 FY22 Earnings Presentation 12
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Other financial metrics

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Trailing twelve months Closing
Working Capital in days Q2FY22 Q1FY22 FY21 FY20 Q2FY22 Q1FY22 FY21 FY20
Receivable Days 37 40 59 57 37 35 59 59
Inventory days 93 114 108 112 95 129 110 110
Payable Days 77 87 102 122 75 91 102 105
Net Working Capital 52 67 65 48 57 73 67 64
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Other Income (INR mn) Q2FY22 Q1FY22 Q2FY21 1H FY22 1H FY21
Interest income 51 72 52 124 251
Gain/loss on Redemption of investment 56 53 34 109 47
Fair value of financial assets (MTM) 2 0 0 2 0
Exchange differences (net) 131 116 225 246 329
Miscellaneous income 25 12 17 37 36
Total 264 253 327 517 664
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*Interest income includes one-off item explained on slide 10

Finance Cost(INR mn)	Q2FY22	Q1FY22	Q2FY21	1H FY22	1H FY21
Interest on Bank Borrowings	24	25	29	49	50
Interest on LC,VBD and Leases	20	34	40	54	125
Other borrowingcosts	31	62	53	92	76
Foreign Exchange Gain/loss	13	1	-8	14	25
Total	88	122	114	210	277

Notes: Working capital days on TTM basis is calculated using average of balance sheet number and sum of trailing 12 months P&L number. Closing basis uses period close balance sheet number and sum of trailing 12 months P&L number.

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Polycab India Limited | Q2 FY22 Earnings Presentation 13
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Multi pronged marketing approach to improve consumer connect

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CHANDIGARH & MADURAI

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Polycab India Limited | Q2 FY22 Earnings Presentation 14
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Shareholding Pattern

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Note: As on 30th September 2021. DII (Domestic Institutional Investors) includes “Mutual Funds”. FII (Foreign Institutional Investors) includes "Foreign Portfolio - Corp" and "Foreign Corporate Bodies". QIB/ AIF stands for "Qualified Institutional Buyer"/ "Alternative Investment Fund"

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Notes: As on September 30 [th] 2019
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Polycab India Limited | Q2 FY22 Earnings Presentation 15
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Project Leap A multi year transformation journey

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Energize B2B I Strengthen leadership

• Recalibrate business model

• Refine value proposition

• Micro market analytics

• Business development

Breakout growth in B2C I Position to win ▪ Create a winning variant ladder ▪ Redefine brand architecture ▪ “Digital-first” led execution ▪ Exploring adjacencies

>Rs 200 bn

sales by FY 2026

Future proof success I Organization excellence

• Operating Model

• Talent and Capability

• Digital & Analytics

Accelerate Sustainability Agenda ▪ Renewable Energy ▪ Waster & Water Recycling ▪ Inclusive Growth ▪ CSR spends

Forward looking statements

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Polycab India Limited | Q2 FY22 Earnings Presentation 16
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Project Leap We have commenced our journey in this multi-year transformation project

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Organization Structure

• Re-aligning organization structure towards long term goals

• Senior level talent acquisitions across business and functions

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Portfolio Optimisation

• Identified white spaces in product portfolio

• Launching new products at distinct price points

• Augmenting brand architecture in B2C

Go To Market

• Nationwide reach analysis and distribution expansion

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• New process framework to identify right partnerships and optimise ROI

• New function verticals to increase end user connect

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Digitalisation

• Augmenting the CRM architecture

• Improving data capturing process in B2B business to enable deeper analytics

• Delayering IT infrastructure for seamless integration for primary and secondary sales

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Polycab India Limited | Q2 FY22 Earnings Presentation 17
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Forward looking statements

Safe Harbour

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This Release / Communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar expressions or variations of these expressions or negatives of these terms indicating future performance or results, financial or otherwise, which are forward looking statements. These forward looking statements are based on certain expectations, assumptions, anticipated developments and other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, market growth, intense competition and the pricing environment in the market, consumption level, ability to maintain and manage key customer relationship and supply chain sources and those factors which may affect our ability to implement business strategies successfully, namely changes in regulatory environments, political instability, change in international copper, aluminum, oil prices and input costs and new or changed priorities of the trade. The Company, therefore, cannot guarantee that the forward-looking statements made herein shall be realized. The Company, based on changes as stated above, may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein or make written or oral forward-looking statements as may be required from time to time based on subsequent developments and events. The Company does not undertake any obligation to update forward looking statements that may be made from time to time by or on behalf of the Company to reflect the events or circumstances after the date hereof.

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Polycab India Limited | Q2 FY22 Earnings Presentation 18
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Polycab India Limited

Contact us

THANK YOU

For investor relations: investor.relations@polycab.com For queries on shares & investor grievance: shares@polycab.com Website: www.polycab.com