Polycab share price: Polycab India reported a double-digit growth in both profit and revenue for the quarter ended December. The consolidated net profit rose 15.4% year-on-year (YoY) to Rs 413 crore while the consolidated revenue from operations grew nearly 17% YoY to Rs 4,340 crore. Sequentially, the bottomline fell 3% versus Rs 430 crore in Q2FY24, while the topline rose a moderate 3%.
Polycab shares rose 3% on Friday as bottom-fishers took action after a 21% drop on Thursday due to income tax raids uncovering unaccounted cash sales of around Rs 1,000 crore. The company clarified that the income tax department has not named Polycab and there has been no written communication regarding the outcome of the raids. HNIs and institutional investors have sold Polycab shares. Axis Capital reduced the target price due to uncertainties after the raid and expects a multiple derating until the charges are proven otherwise.
Polycab I-t Raids: "The Company understands that there is a press release titled ‘Income Tax Department conducts search operations in Mumbai’ published on January 10, 2024 by Press Information Bureau, Delhi, which does not specifically name any company. The Company reiterates that as on date, the Company has not received any written communication from the IT Department regarding the outcome of the search," Polycab said.