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Polycab India reports ₹413 crore Q3 net profit after I-T raids
Polycab India on Thursday reported a net profit of ₹416 crore in its third quarter
Polycab India posted a 15.4% rise in its third-quarter profit on Thursday on strong sales in its cables and wires business, its largest segment.
Consolidated net profit rose to ₹413 crore in the three months ended Dec. 31 from ₹358 crore a year earlier, Reuters reported.
Cables and wires companies continued seeing a healthy demand from the real estate and industrial sector, aided by the government's push for infrastructure development as well as private capex, the report added.
The third quarter results were revealed days after the income tax department said it detected "unaccounted cash sales" of about ₹1,000 crore following raids on the wires, cables and electrical items manufacturer.
Searches were carried out against the Polycab group last December, leading to seizure of unaccounted cash worth over ₹4 crore and more than 25 bank lockers were put on restraint.
However, the company had dismissed the reports of I-T searches as rumours in its statement.
"The company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax department officials during the search proceedings in Dec '23. The company has not received any communication from the Income Tax department regarding the outcome of the search," the company had told the bourses in a statement.
