POLYCAB INDIA LIMITED

CIN: L31300GJ1996PLC114183
#29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road,
Dadar (West), Mumbai -400028
Tel: +91 22 2432 7070-74
Email: [email protected] Website: www.polycab.com

Date: 12th May 2023

To To
Department of Corporate Services Listing Department
BSE Limited National Stock Exchange of India
Phiroze Jeejeebhoy Towers, Dalal Street, Limited
Mumbai – 400 001 C-1, G-Block, Bandra-Kurla Complex
Bandra (E), Mumbai – 400 051

Scrip Code: 542652 Scrip Symbol: Polycab

ISIN:- INE455K01017
Dear Sir / Madam
Sub: Submission of Revised Audited (Standalone and Consolidated) Financial Results for
the quarter and year ended 31st March 2023
With reference to the captioned subject, please be informed that due to typographical error, the EPS
(Basic & diluted) was mentioned as Rs.52.27 & Rs.52.10 instead of Rs.28.37 & Rs.28.29 in the
Audited Consolidated Financial Results of the Company for the quarter ended 31st March 2023,
submitted with the Stock Exchanges today i.e. 12th May 2023.
We regret the inconvenience caused and request the Stock Exchanges to take the attached Audited
(Standalone and Consolidated) Financial Results for the quarter and year ended 31st March 2023 on
your record.

The revised Audited Standalone and Consolidated Financial Results will also be made available on
Company’s website i.e. www.polycab.com.
Kindly take the same on your record.
Thanking you
Yours Faithfully
For Polycab India Limited

Manita Carmen A Gonsalves

Company Secretary & Head Legal
Membership No.: A18321
Address: #29, The Ruby, 21st Floor
Senapati Bapat Marg, Tulsi Pipe Road
Dadar(W), Mumbai-400028
Encl:
a) Declaration of unmodified opinion on Audited Standalone and Consolidated Financial Results
b) Audited Standalone and Consolidated Financial Results along with Auditors Report for the quarter
and year ended 31st March 2023.

Registered Office:
Unit No.4, Plot No.105, Halol Vadodara Road
Village Nurpura, Taluka Halol, Panchmahal, Gujarat-389350
Tel: 2676- 227600 / 227700
 POLYCAB INDIA LIMITED
CIN: L31300CJ1996PLC114183

Pun
#29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road,
Dadar (West), Mumbai -400028
Tel: +91 22 2432 7070-74
Email: [email protected] Website: www.polycab.com Connection Zindagi Ka

Date: 12th May 2023

To To
Department of Corporate Services, Listing Department,
BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers, Dalal Street, C-1, G-Block, Bandra-Kurla Complex
Mumbai — 400 001 Bandra (E), Mumbai — 400 051

Scrip Code: 542652 Scrip Symbol: Polycab

ISIN:- INE455K01017
Dear Sir / Madam

Sub: Declaration pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 Misting Regulations')

Pursuant to Regulation 33(3)(d) of Listing Regulations, I, Inder T. Jaisinghani, Chairman & Managing
Director of the Company, hereby declare that BSR & Co. LLP (FRN:101248W/W-100022) Chartered
Accountants, Statutory Auditors, have issued an Audit Report with unmodified opinion on Audited
Standalone & Consolidated Financial Results of the Company for the quarter and year ended
31st March, 2023.

Kindly take the same on your record.

Thanking you

Yours Faithfully
For Polycab India Limited
X

Inder T. Jaisinghani
Chairman and Managing Director
DIN.: 00309108
Address: #29, The Ruby, 21st Floor
Senapati Bapat Marg, Tulsi Pipe Road
Dadar (West), Mumbai - 400 028

Registered Office:
41111.10
Unit No.4, Plot No.105, Halo! Vadodara Road
Village Nurpura, Taluka Halo], Panclnahal, Gujarat-389350
Tel: 2676- 227600 / 227700
B S R & Co. LLP
Chartered Accountants

14th Floor, Central B Wing and North C Wing,

Nesco IT Park 4, Nesco Center,
Western Express Highway,
Goregaon (East), Mumbai — 400063, India
Telephone: +91 (22) 6257 1000
Fax: +91 (22) 6257 1010

inc nc 3rit tris

To the Board of Directors of Polycab India Limited
Report on the audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of Polycab India Limited
(hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its
subsidiaries together referred to as "the Group"), and its joint venture for the year ended 31 March 2023,
attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation
33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to usreports of
other auditors on separate audited financial statements of the subsidiaries and joint venture, the aforesaid
consolidated annual financial results:
a. include the annual financial results of the following entities :

Sr.No Name of the Company Relationship

1 Dowells Cable Accessories Private Limited Subsidiary

2 Tirupati Reels Private Limited Subsidiary

3 Steel Matrix Private Limited Subsidiary

4 Polycab USA LLC Wholly owned subsidiary

5 Polycab Australia Pty Ltd Wholly owned subsidiary

6 Polycab Electricals & Electronics Private Limited Wholly owned subsidiary

7 Silvan Innovations Labs Private Limited Wholly owned subsidiary

8 Uniglobus Electricals & Electronics Private Limited Wholly owned subsidiary

9 Polycab Support Force Private Limited Wholly owned subsidiary

10 Techno Electromech Private Limited Joint Venture

b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
c,. vp;a true and fair view in conformity with the recognition and measurement principles laid down in
•
Registered Office:

B $ R A Co (a parinersbip Registration No. BA61223) converted into B S R & Co. LLP (a 141h Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco
Limited Liability Partnerspip wi LLP Registration No. AAB-8181) with effect from October 14, 2013 Center, Western Express Highway, Goregaon (East), Mumbai - 400063
Page 1 of 4
ritatu • .11,u

cod Acco‘).
 B S R & Co. LLP

Independent Auditor's Report (Continued)

Polycab India Limited
the applicable Indian Accounting Standards, and other accounting principles generally accepted in
India, of consolidated net profit and other comprehensive income and other financial information of
the Group for the year ended 31 March 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section
143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described
in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our
report. We are independent of the Groupand its joint venture in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence obtained by us along with the consideration of reports of the
other auditors referred to in sub paragraph (a) of the "Other Matters" paragraph below, is sufficient and
appropriate to provide a basis for our opinion on the consolidated annual financial results.

Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial
Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual
financial statements.
The Holding Company's Management and the Board of Directors are responsible for the preparation and
presentation of these consolidated annual financial results that give a true and fair view of the consolidated
net profit/ loss and other comprehensive income and other financial information of the Group including its
joint venture in accordance with the recognition and measurement principles laid down in Indian
Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally
accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective
Management and Board of Directors of the companies included in the Group and of its joint venture are
responsible for maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of each company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the consolidated annual financial
results that give a true and fair view and are free from material misstatement, whether due to fraud or
error, which have been used for the purpose of preparation of the consolidated annual financial results by
the Management and the Board of Directors of the Holding Company, as aforesaid.
In preparing the consolidated annual financial results, the respective Management and the Board of
Directors of the companies included in the Group and of its joint venture are responsible for assessing the
ability of each company to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the respective Board of Directors either
intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its joint venture is
responsible for overseeing the financial reporting process of each company.

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these consolidated annual financial results.

(
i ‘; As part of aOkidit in accordance with SAs, we exercise professional judgment and maintain professional

*
skepticisrp throughout the audit. We also:
tlesco li , V \ * Page 2 of 4
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 B S R & Co. LLP

Independent Auditor's Report (Continued)

Polycab India Limited
- Identify and assess the risks of material misstatement of the consolidated annual financial results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible
for expressing our opinion through a separate report on the complete set of financial statements on
whether the company has adequate internal financial controls with reference to financial statements
in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the consolidated annual financial results made by the
Management and Board of Directors.
- Conclude on the appropriateness of the Management and Board of Directors' use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor's report to the related disclosures in the consolidated annual financial
results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor's report. However, future events or conditions
may cause the Group and its joint venture to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the consolidated annual financial results,
including the disclosures, and whether the consolidated annual financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial statements of the entities within
the Group and its joint venture to express an opinion on the consolidated annual financial results. We
are responsible for the direction, supervision and performance of the audit of financial statements of
such entity included in the consolidated annual financial results of which we are the independent
auditors. For the other entities included in the consolidated annual financial results, which have been
audited by other auditors, such other auditors remain responsible for the direction, supervision and
performance of the audits carried out by them. We remain solely responsible for our audit opinion.
Our responsibilities in this regard are further described in sub paragraph (a) of the "Other Matters"
paragraph in this audit report.
We communicate with those charged with governance of the Holding Company, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
We also performed procedures in accordance with the circular No CIR/CFD/CMD1/44/2019 issued by the
Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent
applicable.

Other Matters

a. The consolidated annual financial results include the audited financial results of nine subsidiaries,
whose financial statements reflect total assets (before consolidation adjustments) of Rs. 3,034.48
rhillion,as at 31 March 2023, total revenue (before consolidation adjustments) of Rs. 3,948.79 million
total -t profit after tax (before consolidation adjustments) of Rs. 244.70 million and net cash
owS(be, e consolidation adjustments) of Rs. 328.92 million for the year ended on that date, as
* Nesc:, Page 3 of 4
Ne&:
Western
Goregaun (Ea5),
Mumbai - 400 063 4".

~cJ'Et/AG°
 B S R & Co. LLP

Independent Auditor's Report (Continued)

Polycab India Limited
considered in the consolidated annual financial results, which have been audited by their respective
independent auditors. The consolidated annual financial results also include the Group's share of total
net loss after tax of Rs. 92.63 million for the year ended 31 March 2023, as considered in the
consolidated annual financial results, in respect of one joint venture, whose financial statements have
been audited by their respective independent auditors. The independent auditor's reports on financial
statements of these entities have been furnished to us by the management.
Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and
disclosures included in respect of these entities, is based solely on the reports of such auditors and
the procedures performed by us are as stated in paragraph above.
Our opinion on the consolidated annual 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.
b. The consolidated annual financial results include the results for the quarter ended 31 March 2023
being the balancing figure between the audited figures in respect of the full financial year and the
published unaudited year to date figures up to the third quarter of the current financial year which
were subject to limited review by us.

For B S R & Co. LLP

Chartered Accountants
Firm's Registration No.:101248W/ -100023, ,
ak *

Bhavesh Dhupelia

Partner

Mumbai Membership No.: 042070

12 May 2023 UDIN:23042070BGYGLR2814

Page 4 of 4
 POLYCAG
Polycab India Limited
Registered office: Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350
Corporate Office: #29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road, Dadar (West), Mumbai -400028
Phone number: +91 22 67351400, CIN: 13130001996PLC114183
Website: www.polycab.com, E-mail: [email protected]
CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2023
(‘ million, except earnings per share)
Quarter ended Year ended
Sr. 31Mar 23 31Dec 22 31Mar 22 31Mar 23 31Mar 22
Particulars
No. Audited Audited
Unaudited Audited Audited
(Refer note vi) (Refer note vi)
1) Income
(a) Revenue from operations 43,236.81 37,151.82 39,699.82 1,41,077.78 1,22,037.61
(b) Other income 515.15 396.80 168.24 1,333.26 899.23
Total income 43,751.96 37,548.62 39,868.06 1,42,411.04 1,22,936.84
2) Expenses
(a) Cost of materials consumed 29,129.55 26,138.62 28,584.07 97,711.55 92,042.53
(b) Purchases of stock-in-trade 1,688.81 1,004.13 1,303.09 5,699.12 6,427.02
(c) Changes in inventories of finished goods, stock-in-trade and
1,139.64 30.16 698.19 346.76 (4,927.51)
work-in-progress
(d) Project bought outs and subcontracting cost 399.09 430.50 306.74 1,351.53 1,114.72
(A) Total material cost (a to d) 32,357.09 27,603.41 30,892.09 1,05,108.96 94,656.76
(e) Employee benefits expense 1,186.55 1,132.29 1,050.29 4,567.72 4,066.28
(f) Finance costs 281.60 92.62 125.15 59737 351.90
(g) Depreciation and amortisation expenses 534.60 524.52 502.56 2,091.64 2,015.19
(h) Advertisement and sales promotion expenses 245.33 636.12 166.43 1,244.04 822.69
(i) Freight and forwarding expenses 879.09 818.74 790.86 3,146.09 2,739.87
(j) Other expenses 2,473.36 1,922.87 2,036.74 8,489.83 7,100.02
(B) Total expenses other than material cost (e to j) 5,600.53 5,127.16 4,672.03 20,136.89 17,095.95
Total expenses (A+B) 37,957.62 32,730.57 35,564.12 1,25,245.85 1,11,752.71
3) Profit before share of profit/(loss) of joint venture (1-2) 5,794.34 4,818.05 4,303.94 17,165.19 11,184.13
4) Share of loss of joint venture (net of tax) (63.71) (8.07) (3.73) (92.63) (25.55)
5) Profit before tax(3+4) 5,730.63 4,809.98 4,300.21 17,072.56 11,158.58
6) Tax expenses
(a) Current tax 1,326.95 1,188.30 1,115.68 4,121.20 2,809.27
(b) Deferred tax charge/(credit) 119.50 13.34 (68.84) 128.83 (103.00)
Total tax expenses 1,446.45 1,201.64 1,046.84 4,250.03 2,706.27
7) Profit for the period from continuing operations (5-6) 4,284.18 3,608.34 3,253.37 12,822.53 8,452.31
Profit before tax from discontinued operations 136.03
Gain on disposal of discontinued operations - 817.22
Tax expense on discontinued operations (232.72)
8) Profit for the period from discontinued operations - 720.53
9) Profit for the period (7+8) 4,284.18 3,608.34 3,253.37 12,822.53 9,172.84
10) Other comprehensive income
Items that will not be reclassified to profit or loss 29.00 8.93 41.26 35.05 16.48
Income Tax relating to items that will not be reclassified to Profit or
(7.39) (2.15) (10.97) (8.81) (4.74)
Loss
Items that will be reclassified to profit or loss (116.79) 166.12 (62.41) 7.30 (11.58)

Income tax relating to items that will be reclassified to Profit or Loss 29.18 (39.80) 12.87 0.15 (0.15)

Other comprehensive income (net of tax) (66.00) 133.10 (19.25) 33.69 0.01
11) Total comprehensive income (net of tax) (9+10) 4,218.18 3,741.44 3,234.12 12,856.22 9,172.85
Profit/(loss) from continuing operations for the period attributable to:
Equity shareholders of parent company 4,247.50 3,576.47 3,221.54 12,69930 8,365.24
Non controlling interests 36.68 31.87 31.83 123.03 87.07
4,284.18 3,608.34 3,253.37 12,822.53 8,452.31
Profit/(loss) from discontinued operations for the period attributable to:
Equity shareholders of parent company 720.53
Non controlling interests
720.53
Other comprehensive Income attributable to:
Equity shareholders of parent company (66.07) 133.13 (19.17) 33.65 0.05
Non controlling interests 0.07 (0.03) (0.08) 0.04 (0.04)
(66.00) 133.10 (19.25) 33.69 0.01
Page 1 of 5

Ca6
(I
 POLYCAO
Polycab India Limited
Registered office: Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350
Corporate Office: #29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road, Dadar (West), Mumbai -400028
Phone number: +91 22 67351400, CIN: L31300GJ1996PLC114183
Website: www.polycab.com, E-mail: [email protected]
CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2023
million, except earnings per share)
Quarter ended Year ended
31Mar 23 31Dec 22 31Mar 22 31Mar 23 31Mar 22
Sr. Particulars
No. Audited Audited
Unaudited Audited Audited
(Refer note vi) (Refer note vi)

Total comprehensive Income attributable to:

Equity shareholders of parent company 4,181.43 3,709.60 3,202.37 12,733.15 9,085.82
Non controlling interests 36.75 31.84 31.75 123.07 87.03
4,218.18 3,741.44 3,234.12 12,856.22 9,172.85
12) Paid up equity share capital (Face value of T 10 each) 1,497.65 1,496.51 1,494.43 1,497.65 1,494.43
13) Other equity 64,813.72 53,942.98
14) Earnings per share
Continuing Operations
(a) Basic (Face value 10 each) 28.37 23.89 21.57 84.87 56.04
(b) Diluted (Face value 10 each) 28.29 23.82 21.48 84.61 55.80
Discontinuing Operations
(a) Basic (Face value R 10 each) - 4.83
(b) Diluted (Face value 10 each) 4.81
Continuing Operations and Discontinuing Operations
(a) Basic (Face value 10 each) 28.37 23.89 21.57 84.87 60.87
(b) Diluted (Face value 10 each) 28.29 23.82 21.47 84.61 60.61
CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED 31 MARCH 2023
( million)
Quarter ended Year ended
Sr. 31Mar 23 31Dec 22 31Mar 22 31Mar 23 31Mar 22
Particulars
No. Audited Audited
Unaudited Audited Audited
(Refer note vi) (Refer note vi)
1) Segment revenue
a) Wires and cables 40,782.91 33,417.93 35,400.24 1,27,775.03 1,07,938.06
b) FMEG 3,052.16 3,420.10 3,792.15 12,607.37 12,543.83
c) Other 1,337.77 1,260.08 1,044.46 4,647.08 3,701.82
Total 45,172.84 38,098.11 40,236.85 1,45,029.48 1,24,183.71
Less: Inter segment revenue (1,783.72) (826.74) (507.10) (3,564.65) (1,743.79)
Total Income (excluding finance income) 43,389.12 37,271.37 39,729.75 1,41,464.83 1,22,439.92
2) Segment results
a) Wires and cables 5,895.91 4,593.14 4,105.61 16,724.31 10,544.79
b) FMEG (69.72) (23.93) 104.80 (56.05) 196.22
c) Other 81.79 151.87 139.02 517.10 498.99
Total 5,907.98 4,721.08 4,349.43 17,185.36 11,240.00
Less: Inter segment results (194.89) (87.66) (58.65) (368.80) (200.89)
Total 5,713.09 4,633.42 4,290.78 16,816.56 11,039.11
Uri-allocated items:
a) Financial income 362.84 277.25 138.31 946.21 496.92
b) Finance costs (281.60) (92.62) (125.15) (597.57) (351.90)
Profit before share of profit/(loss) of joint ventures 5,794.34 4,818.05 4,303.94 17,165.20 11,184.13
Share of profit/(loss) of joint ventures (net of tax) (63.71) (8.07) (3.73) (92.63) (25.55)
Profit before tax 5,730.63 4,809.98 4,300.21 17,072.57 11,158.58
3) Segment Assets
a) Wires and cables 57,421.60 49,940.85 49,395.56 57,421.60 49,395.56
b) FMEG 7,496.62 6,989.51 7,754.41 7,496.62 7,754.41
c) Other 4,531.18 3,739.52 3,491.26 4,531.18 3,491.26
Total 69,449.40 60,669.88 60,641.23 69,449.40 60,641.23
Un-allocated assets 24,805.36 23,252.97 13,385.20 24,805.36 13,385.20
Investment accounted for using the equity method 63.71 92.63 92.63
Total assets 94,254.76 83,986.56 74,119.06 94,254.76 74,119.06

4) Segment Liabilities
a) Wires and cables 18,500.79 13,079.05 10,280.46 18,500.79 10,280.46
b) FMEG 2,462.44 2,066.07 2,697.31 2,462.44 2,697.31
c) Other 2,355.51 2,509.05 2,726.23 2,355.51 2,726.23
Total 23,318.74 17,654.17 15,704.00 23,318.74 15,704.00
Un-allocated liabilities and provisions 4,250.88 3,897.32 2,726.95 4,250.88 2,726.95
Total liabilities 27,569.62 21,551.49 18,430.'5 27,569.62 18,430.95
Page 2 of 5
 POLYCF18
Polycab India Limited
Registered office: Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350
Corporate Office: #29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road, Dadar (West), Mumbai -400028
Phone number: +91 22 67351400, CIN: L31300GJ1996PLC114183
Website: www.polycab.com, E-mail: [email protected]
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023
(‘ million)
As at As at
Particulars 31Mar 23 31Mar 22
Audited Audited
ASSETS
Non-current assets
Property, plant and equipment 20,104.28 16,170.25
Capital work-in-progress 2,507.67 3,754.50
Right of use assets 361.82 351.36
Other intangible assets 157.08 183.40
Goodwill 46.22 46.22
Financial assets
(a) Investment accounted for using the equity method 92.63
(b) Trade receivables 526.37 799.31
(c) Other financial assets 70.40 166.52
Non-current tax assets (net) 251.89 479.46
Deferred tax Assets (net) 13.45 0.09
Other non-current assets 1,128.09 663.96
Total Non-Current Assets 25,167.27 22,707.70
Current assets
Inventories (includes Goods in transit 1062.52 million (31 March 2022 : 317.48 million)) 29,513.84 21,996.47
Financial assets
(a) Investments 13,504.95 7,640.51
(b) Trade receivables 12,465.96 12,963.94
(c) Cash and cash equivalents 1,527.52 1,216.91
(d) Bank balance other than cash and cash equivalents 5,424.91 2,854.27
(e) Loans 103.47 126.80
(f) Other financial assets 295.91 409.45
Other current assets 6,250.93 4,203.01
Total Current Assets 69,087.49 51,411.36
Total Assets 94,254.76 74,119.06
EQUITY AND LIABILITIES
Equity
Equity Share Capital (refer note ii) 1,497.65 1,494.43
Other Equity 64,813.72 53,942.98
66,311.37 55,437.41
Non-controlling interests 373.77 250.70
66,685.14 55,688.11
Liabilities
Non-current liabilities:
Financial liabilities
(a) Borrowings 42.08 29.74
(b) Lease liabilities 224.33 244.76
Provisions 449.74 264.27
Deferred tax liabilities (net) 422.68 271.84
Other non-current liabilities 165.18 207.05
Total Non-Current liabilities 1,304.01 1,017.66
Current liabilities:
Financial liabilities
(a) Borrowings 1,509.35 801.61
(b) Lease liabilities 138.96 105.37
(c) Trade payables
(i) Total outstanding dues of micro enterprises and small enterprises 732.45 588.24
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 19,593.99 11,587.06
(d) Other financial liabilities 856.66 686.10
Other current liabilities 2,817.76 3,231.59
-
Provisions 267.57 253.80
Current tax liabilities (net) 348.87 159.52
c e6
Total Current liabilities 26,265.61 17,413.29
Total Equity and liabilities 94,254.76 74,119.06
Page 3 of 5
 POLYCREI
Polycab India Limited
Registered office: Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350
Corporate Office: #29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road, Dadar (West), Mumbai -400028
Phone number: +91 22 67351400, CIN: L31300G11996PLC114183
Website: www.polycab.com, E-mail: [email protected]
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023
( million)
Year ended Year ended
Particulars 31Mar 23 31Mar 22
Audited Audited
A. CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax from Continued operations 17,072.56 11,158.58
Profit before tax from discontinued operations 953.25
Adjustments for:
Share of loss of joint ventures 92.63 25.55
Depreciation and amortisation expense (Includes discontinuing operations) 2,091.64 2,088.06
(Gain)/Loss on disposal of property, plant and equipment (97.88) 11.83
Gain on disposal of discontinued operations (817.22)
Gain on termination of lease (3.29) (5.79)
Interest income (295.06) (269.30)
Gain on redemption of investment (614.32) (224.10)
Fair valuation Mark-To-Market ('MTM') of investment (36.83) (3.52)
Finance cost 597.57 351.90
Employees share based payment expenses 107.61 161.16
(Gain)/Loss on fair valuation of financial assets (30.02) 85.72
Liabilities / provisions no longer required written off / (written back) 0.04 (12.64)
Impairment allowance for trade receivable considered doubtful (31.16) (150.04)
Loss on unrealised foreign exchange 179.78 31.74
Sundry balances written-off 3.77 44.59
Operating profit before working capital changes 19,037.04 13,429.77
Movements in working capital:
Decrease in trade receivables 849.59 1,212.72
Increase in inventories (net) (7,517.37) (2,202.75)
Decrease/(Increase) in financial assets 119.84 (179.76)
Increase in non-financial assets (including contract assets) (2,228.97) (2,595.15)
Increase/(Decrease) in trade payables 7,979.62 (281.65)
Increase/(Decrease) in financial liabilities and provisions 195.44 (909.55)
Decrease in non-financial liabilities (including contract liabilities) (455.70) (17.96)
Cash generated from operations 17,979.49 8,455.67
Income tax paid (net of refunds) (3,704.28) (3,339.56)
Net cash generated from operating activities (A) 14,275.21 5,116.11
B. CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (including CWIP) (4,774.48) (5,265.23)
Purchase of other intangible assets (20.05) (1.70)
Proceeds from sale of property, plant and equipment 210.35 66.90
Investment in mutual funds (96,467.28) (92,681.54)
Proceeds from sale of mutual funds 91,253.99 91,499.92
Bank deposits placed (4,942.03) (4,070.46)
Bank deposits matured 2,489.88 4,606.81
Investment made in equity shares of subsidiaries (0.00) (117.11)
Proceeds from /(payment on) sale of discontinued operations (net) 1,464.85
Loan given to related parties 15.21
Loan repaid by/(given to) employees 4.29 (0.31)
Loan repaid by/(given to) supplier 19.04 (19.04)
Interest received 199.83 232.19
Net cash used in investing activities (B) (12,026.46) (4,269.51)
C. CASH FLOWS FROM FINANCING ACTIVITIES
Amount received on exercise of employee stock options 127.65 132.88
Payment of principal portion of lease liabilities (126.84) (170.68)
Proceeds/ (Repayment) of long term borrowings 2.60 (141.09)
Proceeds/(Repayment) of short term borrowings 329.07 (27.08)
Interest and other finance cost paid (475.86) (309.33)
Payment of dividends (2,094.49) (1,491.60)
Net cash gen7ated used in financing activities (C) (2,237.87) (2,006.90)
Net decrease in cash and cash equivalents (A+B+C) Vy Cad 10.88 (1,160.30)
"S•
Cash and cash eqUivalents the beginning of the period (Net of cash credit) 1,216.89 2,377.19
a
Cash and cash equivalents ,the end of the period (Net of cash credit) 1,227.77 1,216.89

( • Page 4 of 5
11U.1‘.
 •
POLYCAB
Polycab India Limited
Registered office: Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350
Corporate Office: #29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road, Dadar (West), Mumbai -400028
Phone number: +91 22 67351400, CIN: L31300GJ1996PLC114183
Website: www.polycab.com, E-mail: [email protected]
Notes:
i) The Board of Directors of the Parent Company at their meeting held on 18 October 2022 had approved the Scheme of Amalgamation between
the Parent Company and Silvan Innovation Laboratories Private Limited, a wholly owned subsidiary of the Company on going concern basis. The
Appointed Date of the Scheme is 1 April 2022. The Scheme will be given effect to on receipt of requisite regulatory approvals and filing of such
approvals with the ROC.
ii) During the year ended 31 March 2023, the Group has allotted 3,22,238 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 allotment, the paid-up equity share capital of the Group has
increased from 14,94,43,040 equity share of 10/- each to 14,97,65,278 equity share of 10/- each.

iii) During the year ended 31 March 2022, the Group had divested its 100% stake in Ryker Base Private Limited, a wholly-owned subsidiary, for a
consideration of 1,778.92 million. Consequently, Ryker's operations including gain on disposal of 817.22 million was recognised as
discontinuing operations in accordance with the applicable Ind-AS as follows:

million)
Particulars 01Apr 21
to
17 Nov 21
Total income 3,481.57
Total expenses 3,345.54
Profit before tax 136.03
iv) The Board of Directors at its meeting held on 12 May 2023, has proposed a final dividend of X20 per equity share.

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 12 May 2023. The statutory auditors have expressed an unmodified opinion on these results.

vi) The figures of the quarter ended 31 March 2023 and 31 March 2022 are the balancing figures between the figures for the audited full financial
year and published year to date unaudited figures up to the third quarter of the respective financial year.

For Polycab India Limited

Place: Mumbai Inder T. Jaisinghani

Date: 12 May 2023 Chairman & Managing Director
Page 5 of 5
 B S R & Co. LLP
Chartered Accountants

14th Floor, Central B Wing and North C Wing,

Nesco IT Park 4, Nesco Center,
Western Express Highway,
Goregaon (East), Mumbai — 400063, India
Telephone: +91 (22) 6257 1000
Fax: +91 (22) 6257 1010

n1e ]8n[131A (:I s

To the Board of Directors of Polycab India Limited
Report on the audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone annual financial results of Polycab India Limited
(hereinafter referred to as the "Company") for the year ended 31 March 2023, attached herewith, being
submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing
Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone annual financial results:
a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and
b. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian Accounting Standards, and other accounting principles generally accepted in
India, of the net profit and other comprehensive income and other financial information for the year
ended 31 March 2023.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section
143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described
in the Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results section of our
report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our
opinion on the standalone annual financial results.

Management's and Board of Directors' Responsibilities for the Standalone Annual Financial
Results

These standalone annual financial results have been prepared on the basis of the standalone annual
financial statements.
The Company's Management and the Board of Directors are responsible for the preparation and
presentation of these standalone annual financial results that give a true and fair view of the net profit/
loss and other comprehensive income and other financial information in accordance with the recognition
-and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of

7
( ; the Act and other accounting principles generally accepted in India and in compliance with Regulation 33

( tili
BSRS Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a
Registered Office.

14th Floor. Central B Wing and North C Wing. Nesco IT Park 4. Nesco
Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Center. 'Nester') Express Highway. Goregaon (East), Mumbai - 400063

Page 1 of 3

\\* '
B S R & Co. LLP

Independent Auditor's Report (Continued)

Polycab India Limited
of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone annual financial results that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the standalone annual financial results, the Management and the Board of Directors are
responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the Board of
Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
The Board of Directors are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these standalone annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the standalone annual financial results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible
for expressing our opinion through a separate report on the complete set of financial statements on
whether the company has adequate internal financial controls with reference to financial statements
in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the standalone annual financial results made by the Management
and Board of Directors.
— Conclude on the appropriateness of the Management and Board of Directors' use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor's report to the related disclosures in the standalone annual financial
results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor's report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
— Evaluate the overall presentation, structure and content of the standalone annual financial results,
in"- luding the disclosures, and whether the standalone annual financial results represent the
(t..,,„
zi

Page 2 of 3
 B S R & Co. LLP

Independent Auditor's Report (Continued)

Polycab India Limited
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

Other Matter(s)

a. The standalone annual financial results include the results for the quarter ended 31 March 2023 being
the balancing figure between the audited figures in respect of the full financial year and the published
unaudited year to date figures up to the third quarter of the current financial year which were subject
to limited review by us.

For B S R & Co. LLP

Chartered Accountants

Firm's Registration No.:101248W/VV-100022

Bhavesh Dhupelia

Partner

Mumbai Membership No.: 042070

12 May 2023 UDIN:23042070BGYGLQ2416

Page 3 of 3
 POLKA()
Polycab India Limited
Registered office: Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350
Corporate Office: #29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road, Dadar (West), Mumbai -400028
Phone number: +91 22 67351400, CIN: L31300GJ1996PLC114183
Website: www.polycab.com, E-mail: [email protected]
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2023
million, except earnings per share)
Quarter ended Year ended
31Mar 23 31Dec 22 31 Mar 22 31Mar 23 31Mar 22
Sr.
Particulars
No. Audited Audited
Unaudited Audited Audited
(Refer note vi) (Refer note vi)

1) Income
(a) Revenue from operations 42,874.05 36,648.97 39,265.89 1,39,115.69 1,20,979.09
(b) Other income 540.15 396.07 171.37 1,360.84 905.03
Total income 43,414.20 37,045.04 39,437.26 1,40,476.53 1,21,884.12
2) Expenses
(a) Cost of materials consumed 29,085.27 26,118.20 28,485.25 97,441.36 91,765.28
(b) Purchases of stock-in-trade 1,160.92 741.18 1,151.27 4,563.15 6,000.10
(c) Changes in inventories of finished goods, stock-in-
1,532.37 11.70 708.28 590.27 (4,686.15)
trade and work-in-progress
(d) Project bought outs and subcontracting cost 399.09 430.50 306.74 1,351.53 1,114.72
(A) Total material cost (a to d) 32,177.65 27,301.58 30,651.54 1,03,946.31 94,193.95
(e) Employee benefits expense 1,154.72 1,094.83 1,012.14 4,428.59 3,948.43
(f) Finance costs 265.32 81.39 120.27 560.64 334.20
(g) Depreciation and amortisation expenses 517.34 507.39 485.45 2,023.89 1,965.58
(h) Advertisement and sales promotion expenses 241.21 634.10 165.23 1,236.92 818.86
(i) Freight and forwarding expenses 858.89 801.53 773.20 3,065.55 2,670.42
(j) Other expenses 2,438.90 1,867.71 1,999.92 8,327.70 6,947.58
(B) Total expenses other than material cost (e to j) 5,476.38 4,986.95 4,556.21 19,643.29 16,685.07
Total expenses (A+B) 37,654.03 32,288.53 35,207.75 1,23,589.60 1,10,879.02
3) Profit before tax and exceptional items (1-2) 5,760.17 4,756.51 4,229.51 16,886.93 11,005.10
4) Exceptional items (refer note iii) 1,243.25
5) Profit before tax (3+4) 5,760.17 4,756.51 4,229.51 16,886.93 12,248.35
6) Tax expenses
(a) Current tax 1,298.06 1,163.05 1,091.50 4,019.27 3,037.67
(b) Deferred tax charge/(credit) 133.68 17.48 (63.96) 151.79 (102.04)
Total tax expenses 1,431.74 1,180.53 1,027.54 4,171.06 2,935.63
7) Profit for the period (5-6) 4,328.43 3,575.98 3,201.97 12,715.87 9,312.72
8) Other comprehensive income
Items that will not be reclassified to profit or loss 29.15 8.67 43.97 34.90 19.27
Income Tax relating to items that will not be reclassified
(7.33) (2.18) (11.07) (8.78) (4.85)
to Profit or Loss
Items that will be reclassified to profit or loss (115.93) 158.13 (51.16) (0.58) 0.58
Income tax relating to items that will be reclassified to
29.18 (39.80) 12.87 0.15 (0.15)
Profit or Loss
Other comprehensive income (net of tax) (64.93) 124.82 (5.39) 25.69 14.85
9) Total comprehensive income (net of tax) (7+8) 4,263.50 3,700.80 3,196.58 12,741.56 9,327.57
10) Paid up equity share capital (Face value of 10 each) 1,497.65 1,497.29 1,494.43 1,497.65 1,494.43
11) Other equity 64,593.68 53,714.57
12) Earnings per share
(a) Basic (Face value 10 each) 28.91 23.89 21.44 84.98 62.39
(b) Diluted (Face value 10 each) 28.83 23.81 21.35 84.72 62.12
Page 1 of 5
 POLYCAO
Polycab India Limited
Registered office: Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350
Corporate Office: #29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road, Dadar (West), Mumbai -400028
Phone number: +91 22 67351400, CIN: L31300GJ1996PLC114183
Website: www.polycab.com, E-mail: [email protected]

STANDALONE SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED 31 MARCH 2023
( million)
Quarter ended Year ended
31Mar 23 31Dec 22 31Mar 22 31Mar 23 31Mar 22
Sr.
Particulars
No. Audited Audited
Unaudited Audited Audited
(Refer note vi) (Refer note vi)

1) Segment revenue
a) Wires and cables 39,709.87 32,866.32 35,065.68 1,25,546.49 1,07,109.45
b) FMEG 2,743.52 3,245.25 3,776.80 11,879.75 12,484.03
c) Other 1,436.70 1,163.83 492.56 3,638.33 1,898.08
Total 43,890.09 37,275.40 39,335.04 1,41,064.57 1,21,491.56
Less: Inter segment revenue (863.15) (506.50) (35.99) (1,559.04) (105.70)
Total Income (excluding finance income) 43,026.94 36,768.90 39,299.05 1,39,505.53 1,21,385.86

2) 'Segment results
a) Wires and cables 5,681.26 4,504.51 3,997.08 16,255.60 10,283.23
b) FMEG (59.84), (5.18) 130.30 2.68 242.86
c) Others 133.63 126.58 88.27 421.01 325.14
Total 5,755.05 4,625.91 4,215.65 16,679.29 10,851.23
Less: Inter segment results (116.82) (64.15) (4.08) (202.72) (10.19)
Total 5,638.23 4,561.76 4,211.57 16,476.57 10,841.04

Un-allocated items:
a) Financial income 387.26 276.14 138.21 971.00 498.26
b) Finance costs (265.32) (81.39) (120.27) (560.64) (334.20)
.....
Profit before tax and exceptional items 5,760.17 4,756.51 4,229.51 16,886.93 11,005.10
Exceptional items (refer note iii) 1,243.25
Profit before tax 5,760.17 4,756.51 4,229.51 16,886.93 12,248.35

3) Segment Assets
a) Wires & Cables 57,414.91 49,789.48 49,288.73 57,414.91 49,288.73
b) FMEG 6,891.32 6,405.61 7,543.93 6,891.32 7,543.93
c) Others 3,582.55 2,810.87 2,579.07 3,582.55 2,579.07
Total 67,888.78 59,005.96 59,411.73 67,888.78 59,411.73
Un-allocated assets 24,461.64 23,345.13 13,661.23 24,461.64 13,661.23
Total assets 92,350.42 82,351.09 73,072.96 92,350.42 73,072.96

4) Segment Liabilities
a) Wires & Cables 18,528.78 13,154.21 10,323.95 18,528.78 10,323.95
b) FMEG 2,056.03 1,894.89 2,655.57 2,056.03 2,655.57
c) Others 2,237.15 2,056.70 2,221.90 2,237.15 2,221.90
Total 22,821.96 17,105.80 15,201.42 22,821.96 15,201.42
Un-allocated liabilities and provisions 3,437.13 3,449.28 2,662.54 3,437.13 2,662.54
Total liabilities 26,259.09 20,555.08 17,863.96 26,259.09 17,863.96

0\ -y Ca6

Page 2

4;.*
,e)`)
 POLYCAO
Polycab India Limited
Registered office: Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350
Corporate Office: #29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road, Dadar (West), Mumbai -400028
Phone number: +91 22 67351400, CIN: L31300GJ1996PLC114183
Website: www.polycab.com, E-mail: [email protected]
STANDALONE BALANCE SHEET AS AT 31 MARCH 2023
( million)
As at As at
Particulars 31Mar 23 31Mar 22
Audited Audited
ASSETS
Non-current assets
Property, plant and equipment 19.737.86 15.837.01
Capital work-in-progress 2,492.69'__ 3,744.81
Right of use assets 357.43 345.18
Other intangible assets 20.14 9.01
Financial assets
(a) Investment in Subsidiaries (refer note i and iii) 386.29 386.29
(b) Investment in Joint Venture 105.20 105.20
(c) Trade receivables 526.05_ 798.90
(d) Other financial assets 50.79 158.77
Non-current tax assets (net) 147.33 369.94
Other non-current assets 1,078.12 651.67
Total Non-Current Assets 24,901.90 22,406.78
Current assets
Inventories (includes Goods in transit 595.49 million (31 March 2022 : 290.05 million)) 28,668.06 21,472.95
Financial assets
(a) Investments 13,504.95 7,640.51
(b) Trade receivables 12,204.17 12,925.37
(c) Cash and cash equivalents 1,218.57 1,138.27
(d) Bank balance other than cash and cash equivalents 5,239.00 2,766.97
(e) Loans 160.47 174.11
(f) Other financial assets 302.70 412.23
Other current assets 6,150.60 4,135.77
Total Current Assets 67,448.52 50,666.18
Total Assets 92,350.42 73,072.96
EQUITY AND LIABILITIES
Equity
Equity Share Capital (refer note ii) 1,497.65 1,494.43
Other Equity 64,593.68 53,714.57
Total Equity 66,091.33 55,209.00
Liabilities
Non-current liabilities
Financial liabilities
(a) Lease liabilities 221.46 239.92
Provisions 445.60 255.66
Deferred tax liabilities (net) 401.02 240.60
Other non-current liabilities 169.07 207.05
Total Non-Current liabilities 1,237.15 943.23
Current liabilities
Financial liabilities
(a) Borrowings 821.25 765.42
(b) Lease liabilities 136.99 103.34
(c) Trade payables
(i) Total outstanding dues of micro enterprises and small enterprises 547.96 636.77
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 19,409.54 11,156.78
(d) Other financial liabilities 827.50 655.78
Other current liabilities 2,665.99 3,197.15
Provisions 266.67 252.38
Current tax liabilities (net) 346.04 153.11
Total Currentliabilities 25,021.94 16,920.73
Total Equity and liabilities 92,350.42 73,072.96
e.(2

Pa 3 of 5
(
a6
 POLYCAB
Polycab India Limited
Registered office: Unit 4, Plot Number 105, Halol Vadodara Road, Village Nurpura, Taluka Halol, Panchmahal, Gujarat 389350
Corporate Office: #29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road, Dadar (West), Mumbai -400028
Phone number: +91 22 67351400, CIN: L31300G11996PLC114183
Website: www.polycab.com, E-mail: [email protected]
STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31MARCH 2023
( million)
Year ended Year ended
Particulars 31Mar 23 31Mar 22
Audited Audited
A. Cash Flows From Operating Activities
Profit before tax 16,886.93 12,248.35
Adjustments for:
Depreciation and amortisation expense 2,023.89 1,965.58
(Gain)/Loss on disposal of property, plant and equipment (97.88) 11.83
Gain on termination of lease (3.29) (5.79)
Interest income (292.79) (270.64)
Gain on redemption of investment (614.32) (224.10)
Fair valuation Mark-To-Market ('MTM') of investment (36.83) (3.52)
Finance cost 560.64 334.20
Employees share based payment expenses 107.61 161.16
(Gain)/Loss on fair valuation of financial assets (29.62) 85.82
Liabilities / provisions no longer required written off / (written back) 0.04 (12.49)
Impairment allowance for trade receivable considered doubtful (31.74) (150.98)
Exceptional items (1,243.25)
Loss on unrealised foreign exchange 186.21 37.35
Sundry balances written-off 2.17 42.60
Operating profit before working capital changes 18,661.02 12,976.12
Movements in working capital:
Decrease in trade receivables 1,066.88 1,934.49
Increase in inventories (net) (7,195.11) (1,961.17)
Decrease/(Increase) in financial assets 127.08 (185.40)
Increase in non-financial assets (including contract assets) (2,195.88) (2,554.82)
Increase/(Decrease) in trade payables 7,992.44 (1,296.51)
Decrease in financial liabilities (52.56) (1,026.53)
Increase in provisions 239.13 44.39
Decrease in non-financial liabilities (including contract liabilities) (569.14) (40.54)
Cash generated from operations 18,073.86 7,890.03
Income tax paid (net of refunds) (3,603.73) (3,281.19)
Net cash generated from operating activities (A) 14,470.13 4,608.84
B. Cash Flows From Investing Activities
Purchase of property, plant and equipment (including CWIP) (4,659.77) (5,014.97)
Purchase of other intangible assets (20.04) (1.12)
Proceeds from sale of property, plant and equipment 209.39 27.22
Investment in mutual funds (96,467.28) (92,681.54)
Proceeds from sale of mutual funds 91,253.99 91,499.92
Bank deposits placed (4,568.80) (3,844.08)
Bank deposits matured 2,215.26 4,421.26
Investment made in equity shares of subsidiaries (294.73)
Proceeds from redemption of investments 1,778.91
Loan (given to)/repaid by related parties (9.55) 293.38
Loan repaid by/(given to) employees 4.15 (0.17)
Loan repaid by/(given to) supplier 19.04 (19.04)
Interest received 199.77 235.47
Net cash used in investing activities (B) (11,823.84) (3,599.49)
C. Cash Flows From Financing Activities
Amount received on exercise of employee stock options 127.65 132.88
Payment of principal portion of lease liabilities (124.82) (136.70)
Payment of interest on lease liabilities (32.55) (32.74)
Repayment of long term borrowings (29.93)
Repayment of short term borrowings (5.24)
Interest and other finance cost paid (441.78) (281.87)
Payment of dividends (2,094.49) (1,491.60)
Net cash used in financing activities (C) (2,565.99) (1,845.20)
Net increase / (decrease) in cash and cash equivalents (A+B+C) 80.30 (835.85)
Cash and cash equivalents at the beginning of the year 1,138.27 1,974.12
Cash and cash equivalents at the end of the year 1,218.57 1,138.27
/ '"•• Page 4 of 5

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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: #29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road, Dadar (West), Mumbai -400028
Phone number: +91 22 67351400, CIN: L31300GJ1996PLC114183
Website: www.polycab.com, E-mail: [email protected]

Notes:
i) The Board of Directors of the Company at their meeting held on 18 October 2022 had approved the Scheme of Amalgamation between
the Company and Silvan Innovation Laboratories Private Limited, a wholly owned subsidiary of the Company on a going concern basis.
The Appointed date of the Scheme is 1 April 2022 or such other date as may be approved by NCLT or any other appropriate authority. The
Scheme will be given effect on receipt of requisite regulatory approvals and consent from shareholders and filing of such approvals with
the ROC.
ii) During the year ended 31 March 2023, the Company has allotted 3,22,238 equity shares of R 10/- each to the option grantees upon
exercise of options under the Company's Employee Stock Option Scheme 2018. As a result of allotment, the paid-up equity share capital
of the Company has increased from 14,94,43,040 equity share of 10/- each to 14,97,65,278 equity share of 10/- each.

iii) During the year ended 31 March 2022, the Company had divested its 100% stake in Ryker Base Private Limited, a wholly-owned
subsidiary for a consideration of 1,778.92 million and recognised a gain of 1,243.25 million which was disclosed as an exceptional
items.
iv) The Board of Directors at its meeting held on 12 May 2023, has proposed a final dividend of 20 per equity share.
v) The above standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their
respective meetings held on 12 May 2023. The statutory auditors have expressed an unmodified opinion on these results.
vi) The figures of the quarter ended 31 March 2023 and 31 March 2022 are the balancing figures between the figures for the audited full
financial year and published year to date unaudited figures up to the third quarter of the respective financial year.

For Polycab India Limited

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Place: Mumbai Inder T. Jaisinghani

Date: 12 May 2023 Chairman & Managing Director

Page 5 of 5

West,