Former Vistara CFO Niyant Maru Named Polycab India Finance Head

Polycab India reported a significant increase in its advertising and sales promotion (A&SP) expenses for the second quarter of the current fiscal year (Q2 FY24). The company’s A&SP expenditure rose to Rs 32 crore in Q2 FY24, compared to Rs 20 crore in the corresponding quarter of the previous fiscal year (Q2 FY23). For the first half of FY24 (H1 FY24), these expenses reached Rs 55 crore, an increase from Rs 34 crore in H1 FY23.

In executive news, Polycab India announced the appointment of Niyant Maru as its new Chief Financial Officer (CFO), with his tenure effective from October 27, 2023. Maru previously held the position of Chief Financial Officer at Vistara. Gandharv Tongia, who previously served as CFO, has transitioned to the role of Chief Strategy Officer (CSO) within Polycab India.

Financially, Polycab India also demonstrated robust growth in Q2 FY24. The company’s revenue for the quarter reached Rs 4,253 crore, marking a rise from Rs 3,332 crore in Q2 FY23. Net profit for Q2 FY24 stood at Rs 436 crore, up from Rs 322 crore in the prior year. For the first half of FY24, Polycab India’s revenue totaled Rs 8,111 crore, compared to Rs 6,324 crore in H1 FY23. The net profit for H1 FY24 also saw an increase to Rs 856 crore, up from Rs 613 crore in H1 FY23.

Key Points
* Q2 FY24 advertising and sales promotion (A&SP) expenses: Rs 32 crore
* Q2 FY23 A&SP expenses: Rs 20 crore
* H1 FY24 A&SP expenses: Rs 55 crore
* H1 FY23 A&SP expenses: Rs 34 crore
* Niyant Maru’s appointment as CFO effective: October 27, 2023
* Q2 FY24 revenue: Rs 4,253 crore
* Q2 FY23 revenue: Rs 3,332 crore
* Q2 FY24 net profit: Rs 436 crore
* Q2 FY23 net profit: Rs 322 crore
* H1 FY24 revenue: Rs 8,111 crore
* H1 FY23 revenue: Rs 6,324 crore
* H1 FY24 net profit: Rs 856 crore
* H1 FY23 net profit: Rs 613 crore

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