Q4 FY2021

Earnings Presentation
13 May 2021
1
Q4Financial
& FY2021
Performance

2
Key Highlights

Top-line (Revenue) Operating (EBITDA) Profitability (PAT) ROCE

Q4FY21: 30,374 mn Q4FY21: 4,220 mn Q4FY21: 2,832 mn Q4FY21: 31.9%
43% YoY 43% YoY 32% YoY 205bps YoY
9% QoQ 12% QoQ 7% QoQ 133bps QoQ
FY21: 89,265 mn FY21: 11,668 mn FY21: 8,859 mn FY21: 22.3%
1% YoY 3% YoY 16% YoY -417bps YoY

Mobile App

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 (5)
Annualised Returns On Capital Employed (ROCE)
Polycab India Limited | Q4 & FY21 Earnings Presentation 3
Q4 FY21: Strong underlying growth

Revenue (INR mn) EBITDA (INR mn) Margin PAT (INR mn) Margin

13.8% 13.9% 10.1%

30,374 13.4% 9.4% 9.3%
27,988 4,220
3,763 2,636 2,832
21,294 2,151
2,948

43% YoY 9% QoQ 43% YoY 12% QoQ 32% YoY 7% QoQ

Q4FY20 Q3FY21 Q4FY21 Q4FY20 Q3FY21 Q4FY21 Q4FY20 Q3FY21 Q4FY21

• Revenue was up by 43% YoY and 9% QoQ with healthy underlying growth across business segments and improving share of B2C business
• EBITDA grew by 43% YoY with 13.9% margin helped by pricing actions, leverage benefits and cost saving initiatives
• PBT and PAT was up 36% YoY and 32% YoY, respectively. PAT margin stood at 9.3%
• ROCE at 31.9% was up by over 200bp YoY while Net Cash position at over Rs 9bn, as of March 2021 end, was 5.5x of same period last year

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
Polycab India Limited | Q4 & FY21 Earnings Presentation 4
FY21: A better year amidst disruption
Revenue (INR mn) EBITDA (INR mn) Margin PAT (INR mn) Margin

88,300 89,265
13.1% 9.9%
12.8% 8.7%

11,668 8,859
11,276
7,656

1% YoY 3% YoY
16% YoY

FY20 FY21 FY20 FY21 FY20 FY21

• Revenue was higher than last year led by strong performance in second half of the year, offsetting severe impact of COVID -19 outbreak
• Sales contribution from B2C product portfolio, on a standalone basis, grew from 32.6% in FY20 to 40.2% in FY21
• EBITDA grew 3% YoY with 30bps YoY improvement in margin despite adverse operating leverage seen in first half
• PBT stood at 10.6bn with 11.9% margin. PAT grew 16% YoY partly aided by few one off gains. PAT margin at 9.9 % was up by 125bp YoY

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
Polycab India Limited | Q4 & FY21 Earnings Presentation 5
 Wires and Cables Q4FY21
• Wires and Cables business grew by 35% YoY led by Revenue (INR mn) EBIT (INR mn) Margin
healthy pickup in infra and industrial project activities, 15.2%
improving consumer sentiment, and higher sales 13.5% 13.4%
24,875
realisation. Polycab now commands 20-22% of share 22,703 3,324
3,062
of the organised wires and cables market of India. 18,434 2,810

• Business performance was broadly consistent across

distribution channel as well as institutional business.
18% YoY 9% QoQ
Institutional business saw a decent recovery. 35% YoY 10% QoQ

• Within domestic distribution channel sales, Wires

Q4FY20 Q3FY21 Q4FY21 Q4FY20 Q3FY21 Q4FY21
continued to grow faster than Cables. Housing wires
sustained strong momentum.
FY21
• Export's revenue in Q4 stood at Rs1.37bn or 4.5% of
overall sales. YoY decline is largely on account of Revenue (INR mn) EBIT (INR mn) Margin

higher base of Dangote order (0.1bn in Q4FY21 vs 12.6%

3.2bn in Q4FY20). Excluding that, exports portfolio 12.3%
was lower by about 7% YoY on account of delay in 75,192 72,921
9,255 9,164
some large construction projects globally.

• Profitability was sequentially stable in Q4. On full year

basis segment margin improved by 26bps.
-3% YoY -1% YoY

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 FY20 FY21 FY20 FY21

Polycab India Limited | Q4 & FY21 Earnings Presentation 6

 Fast Moving Electrical Goods Q4FY21
• FMEG business continued the robust momentum with Revenue (INR mn) EBIT (INR mn) Margin
total income growing by 89% over last year, despite
cost inflation, on the back of healthy consumer 3,468
3,055 5.9% 7.0%
demand, distribution and strong execution.
0.1%
• FMEG contribution to overall sales increased 290bps 1,833 244
YoY to 11.4%. Growth was strong across categories and 182
regions. Market share gains were prominent across the
board. 89% YoY 21465% 34% QoQ
14% QoQ
1
• Fans posted healthy growth despite stiff competition
Q4FY20 Q3FY21 Q4FY21 Q4FY20 Q3FY21 Q4FY21
and cost push. Lighting products business nearly
doubled led better demand supply alignment. Switches
and Switchgears grew 2.5x while other categories also FY21
witnessed strong offtake. Revenue (INR mn) EBIT (INR mn) Margin

• Improved product mix, calibrated pricing actions and 5.5%

design optimisation initiatives led to healthy 10,341 2.0%
566
improvement in profitability during the quarter. 8,356

• Segment EBIT margin at 7% in Q4 improved further by

108bps vs Q3.
168
• FY21 margin at 5.5% was higher by nearly 350bps YoY 236% YoY
24% YoY

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 FY20 FY21 FY20 FY21

Polycab India Limited | Q4 & FY21 Earnings Presentation 7

 Other Q4FY21
• Other segment which largely comprises of our EPC Revenue (INR mn) EBIT (INR mn) Margin
business
1,401 18.9%
10.5% 14.0%
• Total income was down 45% on a YoY basis. However, it
increased by 25% QoQ with unlocking of markets and 147 145
pickup in infra-activities 768
614
86
• Segmental EBIT in Q4FY21 was broadly stable
-45% YoY -1% YoY
• On a full year basis, total income as well as EBIT nearly 25% QoQ 69% QoQ

halved due to severe impact of pandemic and higher

base of last year Q4FY20 Q3FY21 Q4FY21 Q4FY20 Q3FY21 Q4FY21

• Annual sustainable operating margin in this business is FY21

expected to be in high single digit over mid to long term
Revenue (INR mn) EBIT (INR mn) Margin

16.1%
15.2%
5,230
797

2,444 393

-53% YoY -51% YoY

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 FY20 FY21 FY20 FY21
Polycab India Limited | Q4 & FY21 Earnings Presentation 8
 Financial
Statements
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9
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Consolidated Profit and Loss Statement
Quarter Year To Date
Particulars (INR mn) Q4FY21 % Q3FY21 % Q4FY20 % FY21 % FY20 %
Revenue from Operation 30,374 100.0% 27,988 100.0% 21,294 100.0% 89,265 100.0% 88,300 100.0%
Cost of Goods sold 22,644 74.5% 21,196 75.7% 14,769 69.4% 66,065 74.0% 63,686 72.1%
Contribution (A) 7,731 25.5% 6,792 24.3% 6,525 30.6% 23,200 26.0% 24,613 27.9%
Employee cost 997 3.3% 896 3.2% 899 4.2% 3,604 4.0% 3,657 4.1%
Other Operating Expenses 2,521 8.3% 2,138 7.6% 2,620 12.3% 7,926 8.9% 9,606 10.9%
Total Operating Expenses (B) 3,518 11.6% 3,034 10.8% 3,519 16.5% 11,530 12.9% 13,263 15.0%
Share of profit/(loss) of JVs (Net of tax) (C) 7 0.0% 5 0.0% -58 -0.3% -2 0.0% -74 -0.1%
EBITDA (A)-( B)+(C) 4,220 13.9% 3,763 13.4% 2,948 13.8% 11,668 13.1% 11,276 12.8%
Other Income 274 0.9% 345 1.2% 465 2.2% 1,282 1.4% 928 1.1%
Depreciation 489 1.6% 478 1.7% 422 2.0% 1,866 2.1% 1,609 1.8%
Finance Cost 166 0.5% 88 0.3% 159 0.7% 531 0.6% 495 0.6%
Exceptional items 0 0.0% 0 0.0% 0 0.0% 97 0.1% 0 0.0%
PBT 3,838 12.6% 3,541 12.7% 2,831 13.3% 10,650 11.9% 10,100 11.4%
Income Tax 1,006 3.3% 905 3.2% 680 3.2% 1,791 2.0% 2,444 2.8%
PAT 2,832 9.3% 2,636 9.4% 2,151 10.1% 8,859 9.9% 7,656 8.7%
Quarter
One off Items (INR mn) Q4FY21 % Q3FY21 % Q4FY20 % FY21 % FY20 %
(-) Income tax refund - - - - - - 839 0.9% - -
(-) Interest on income tax refund (Other income) - - - - - - 164 0.2% - -
(-) Gain on previously held equity interest in Ryker
- - - - - - 97 0.1% - -
(Exceptional Items)
(-) Tax writeback for prior period - - - - - - - - -
Adjusted PAT 2,832 9.3% 2,636 9.4% 2,151 10.1% 7,759 8.7% 7,656 8.7%

Polycab India Limited | Q4 & FY21 Earnings Presentation 10

Consolidated Balance Sheet
Particulars (INR mn) Mar-21 Dec-20 Mar-20 Particulars (INR mn) Mar-21 Dec-20 Mar-20
Assets Equity and Liabilities
Non-current Assets Shareholder’s Funds
Fixed Assets 19,686 19,395 16,632 Share Capital 1,491 1,491 1,489
Other Non-current Assets 2,734 2,377 2,485 Reserves and Surplus 46,048 43,242 36,875
Total Non-current Assets 22,421 21,772 19,117 Total Shareholder’s Funds 47,539 44,733 38,364
Current Assets Minority Interest 188 171 150
Inventories 19,879 18,301 19,250 Non-current Liabilities
Trade Receivables 14,358 11,860 14,336 Borrowings 1,037 1,163 107
Investments 6,231 10,456 400 Others - Non-current Liabilities 1,237 1,303 904
Cash and Bank Balances 5,313 5,473 2,813 Total Non-current Liabilities 2,274 2,467 1,011
Others - Current Assets 1,945 3,458 3,700 Current Liabilities
Total Current Assets 47,726 49,547 40,499 Short-term Borrowings 890 860 1,115
Total Assets 70,147 71,319 59,616 Trade Payables 13,480 17,864 13,537
Others - Current Liabilities 5,776 5,225 5,440
Total Current Liabilities 20,146 23,949 20,091
Total Equity and Liabilities 70,147 71,319 59,616

Polycab India Limited | Q4 & FY21 Earnings Presentation 11

Consolidated Condensed Cash Flow Statement
Quarter Year To Date
Particulars (INR mn) Q4FY21 Q3FY21 Q4FY20 FY21 FY20
Net Cash Flow from Operating Activities -3,081 7,713 -2,980 12,382 2,446
Net cash flow from/(used in) investing activities 3,216 -7,297 5,333 -10,121 -2,622
Net cash flow from/(used in) financing activities -242 -232 -1,195 -1,606 107
Net Increase / (Decrease) in cash and cash equivalents -107 185 1,158 656 -69

Other key data points

Quarter Year To Date
Particulars (INR mn) Q4FY21 Q3FY21 Q4FY20 FY21 FY20
Advertisement and sales promotion expense 144 372 185 683 1,087
Capital expenditure 583 658 434 1,911 2,814
Net Cash Position* 9,058 13,335 1,642 9,058 1,642
Trade acceptances* 6,538 11,314 8,136 6,538 8,136
Goods in Transit* 1,171 1,639 3,060 1,171 3,060

Notes: * as at period end

Polycab India Limited | Q4 & FY21 Earnings Presentation 12

Other financial metrics
Trailing twelve months Closing
Working Capital in days FY21 FY20 FY19 FY21 FY20 FY19
Receivable Days 59 57 60 59 59 61
Inventory days 108 112 103 110 110 122
Payable Days 102 122 110 102 105 148
Net Working Capital 65 48 53 67 64 35

Other Income (INR mn) Q4FY21 Q3FY21 Q4FY20 FY21 FY20

Interest income * 55 36 54 342 270
Gain/loss on Redemption of investment 61 59 37 167 179
Fair value of financial assets (MTM) 61 0 342 61 393
Exchange differences (net) 70 233 0 632 0
Miscellaneous income 27 17 32 80 86
Total 274 345 465 1282 928
*Interest income includes one-off item explained on slide 10
Finance Cost (INR mn) Q4FY21 Q3FY21 Q4FY20 FY21 FY20
Interest on Bank Borrowings 31 25 15 111 64
Interest on LC, VBD and Leases 76 33 73 238 208
Other borrowing costs 60 30 47 158 183
Foreign Exchange Gain/loss 0 0 23 25 40
Total 166 88 159 531 495
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 13
12 months P&L number.
Polycab India Limited | Q4 & FY21 Earnings Presentation 13
Polycab India Limited | Q4 & FY21 Earnings Presentation 14
Project Leap
A multi year transformation journey

Energise B2B Breakout growth in B2C

Strengthen leadership Position to win

Future proof success Accelerate Sustainability

Organization excellence Agenda

>Rs 200 bn
sales by FY 2026
Forward looking statements
 Energising B2B
• Recalibrate business model
1.5x
of market growth in core
• Refine value proposition
segments
2x
of market growth in
emerging segments • Micro market analytics
>5%
contribution from
• Business development
adjacencies
>10%
contribution from
exports
16
Forward looking statements
Position to win in B2C
• Create a winning varianting ladder
1.5x
of market growth in
• Redefine brand architecture
retail wires
2x
of market growth in
FMEG • “Digital-first” led execution
>12%
EBITDA margin in FMEG
• Exploring adjacencies
~10%
contribution from Online
for specific categories
17
Forward looking statements
Futureproof Success

Operating Model Talent and Capability Digital & Analytics

• Increase business autonomy • Building innovation fostering • Leveraging digital to

and accountability specialized capabilities transform business model

• Reoriented performance • Performance oriented • Analytics integrated business

management system culture anchored on decision making
"customer first" principles

Empowered Organisation + Process Excellence 18

Accelerate Renewable Energy

Sustainability Waster & Water Recycling

Agenda
Inclusive Growth
Giving back to the society and the environment is a
priority. Our products and processes imbibe a
genuine sense of eco-consciousness. Our efforts are
focused on creating an inclusive, empowered and CSR spends
resilient society, through regular social interventions.

19
Shareholding Pattern
Promoters 68.4%

Others 15.3%

Alternate Investment Funds 0.7%

International Finance Corporation 2.5%

Foreign Institutional Investors 6.4%

Domestic Mutual Funds 6.6%

Note: As on 31st March 2021.

Notes: As on September 30th 2019

Polycab India Limited | Q4 & FY21 Earnings Presentation 20

 Safe Harbour
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.

Polycab India Limited | Q4 & FY21 Earnings Presentation 21

 Thank you

Polycab India Limited

CIN: L31300GJ1996PLC114183

Contact us
For investor relations: [email protected]
For queries on shares & investor grievance: [email protected]
Website: www.polycab.com

Polycab India Limited | Q4 & FY21 Earnings Presentation 22