Vision to Transform.

Conviction to Outperform.

Polycab India Limited Integrated Annual Report 2023-24

We are a leading player
in India’s electrical
#1 Vision to Transform.
industry, offering cables,
Manufacturer of Wires
and Cables in India Conviction to Outperform.
wires, and an array of
consumer electrical goods 25% For nearly three decades, Polycab India Limited
has been a name synonymous with excellence and
8-year CAGR of innovation in the electrical solutions sector. As we
FMEG business turn the page to a bold new era, we are driven by a
clear vision to transform ourselves and the conviction
Contents to consistently outperform expectations.

Strategic Report
Introduction to the Report The Year in Review
2 Integrated Thinking at Polycab 36 Q&A with the CFO
4 Highlights of the Year 40 Megatrends and Opportunities
6 Chairman’s Statement 48 Business Review (Domestic)
We have redefined our
50 Business Review (International) purpose to align with our
Corporate Overview
12 Who We Are
52 Manufacturing and ambitions. This, along with
Innovation Highlights
14 Product Portfolio our core values, guide our
Powering India’s
16 Where We Operate Creating Value For
Development
strategies and strengthen
18 What Differentiates Us 60 Investors
our capacity to create
20
22
Value Creation at Polycab
ESG Strategy
66
70
Customers
Employees
Pg 28 value for our stakeholders.
24 Our Material Topics 78 Value Chain Partners
82 Communities
Business Strategy Statutory Reports
90 Environment
26 Transformative Vision.
Accelerated Progress. Supported by Governance
122 Management Discussion and Analysis
The development of robust R&D We are committed in
142 Business Responsibility and
28 Powering India’s Development 98 Governance and manufacturing capacities our resolution to ensure
Sustainability Report
30 Excelling Through Transformation 102 Risk Management
192 Board’s Report over the years has equipped that we remain agile
108 Board of Directors
227 Corporate Governance Report us to meet the demands of an and future-ready, poised
110 Leadership Team
112 Awards and Accolades expanding and ascending India. to deliver innovative
Financial Statements solutions that meet
Annexures This positions us to consistently
114 GRI Content Index
290 Consolidated
exceed expectations while tomorrow’s needs today.
398 Standalone
118 Independent Practitioners’
494 Notice
serving our nation’s needs.
Reasonable and Limited
Assurance Report
Excelling Through
Transformation

Pg 30 Forward-Looking Statement
In this report, we present forward-looking statements that reflect projections of our future performance based on historical
data and reasonable assumptions. However, we must highlight that these statements are not fixed and may be influenced
by various external factors including shifts in market dynamics, industry trends, governmental regulations, and other
Transformative Vision. unpredictable events. While these statements offer a view of potential future scenarios, they are not absolute guarantees of
Accelerated Progress. performance as the foundational assumptions could evolve. We recommend that readers treat these projections with caution,
viewing them as potential possibilities rather than precise forecasts.

Pg 26
2 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 3

Integrated Thinking at Scope of Report

Reporting Period
POLYCAB 01 April 2023 – 31 March 2024

Our Approach to Value Creation and

Reporting Frequency Preservation
Our Integrated Annual Report 2024 presents an overview The Report is published on an annual basis. At Polycab, we employ a strategic approach to
value creation and preservation. The impact
of our operations, performance, and advancements in ESG. Reporting Boundary of our decisions on stakeholders, as well as the
Integrated thinking shapes our strategy, governance, and future The reporting boundary covers the operations of
balance between generating and maintaining
value, underpins our decision-making framework.
direction to ensure sustained value creation for all stakeholders. Polycab India Limited on a standalone basis. Our integrated report uses icons to indicate how
we manage and think about value.
Financial
We are led by All financial and operational numbers mentioned
in the strategic report section are on a consolidated
basis, unless stated otherwise. C Value Creation E Value Erosion
Purpose Values
Connecting all to a brighter future Non-Financial
All non-financial numbers - such as environment and P Value Preservation
social - mentioned in the strategic report section are
on a standalone basis, unless stated otherwise.

Business strategy
Frameworks, Guidelines,
Energise B2B Portfolio
and Standards Board Responsibility Statement
Breakout Growth in B2C Enabled by ESG Strategy Our Board of Directors acknowledges their
Organisational Excellence This Report has been prepared in accordance with
responsibilities to ensure the integrity of this
the following disclosure formats:
Accelerating our Integrated Report. The Board has, accordingly,
Sustainability Agenda • The Companies Act, 2013 (and the rules made applied its collective knowledge and believes the
thereunder) report addresses all identified material issues,
Page 13 Page 22
and presents the integrated performance of our
With a consistent eye on • Indian Accounting Standards (Ind-AS)
Company and its impact in a fair and accurate manner.
• Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements)
Megatrends and Opportunities Material Topics Risk Management Regulations, 2015
Feedback
Page 40 Page 24 Page 102 We invite feedback on our suite of reports to guarantee
• National Guidelines for Responsible Business
that our disclosures remain relevant and supportive of
Conduct (NGRBC)
our stakeholders' decision-making processes.
• Secretarial Standards issued by the Institute of
Please refer queries or suggestions to:
Company Secretaries of India
investor.relations@polycab.com.
Building on Creating value for
This Report has been prepared with reference to the
Financial Human
Investors
Value Chain following standards and frameworks: Assurance
Capital Capital Partners
• International <IR> framework of the IFRS KPMG Assurance and Consulting Services LLP
Manufacturing Social and Foundation has been appointed for assuring the non-financial
Customers Communities
capital Relationship Capital information (included in the Integrated Report in
• Global Reporting Initiative (GRI) Standards 2021
Intellectual Natural accordance with the ‘limited assurance’ criteria of the
Employees Environment • United Nations Sustainable Development Goals International Standards on Assurance Engagements
Capital Capital
(UN SDGs) ISAE 3000 (Revised) on page 122).
• Business Responsibility and Sustainability
Contributing to the United Nations Sustainable Development Goals (UN SDGs) Reporting (BRSR)
4 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 5

Highlights Making Progress

of the Year 25,093 MTCO2e 126,522 GJ

Emissions avoided Energy consumed
due to renewable energy C from renewable sources
Environment 2% YoY C

0.08 2,000
LTIFR Trees planted as part
of our CSR activities C
38% YoY C
Social

50% C
Board Independence CDP Score –
Climate change
On track to achieve the FY 2025-26
Governance
revenue target ahead of timeline

I200,000 Mn Value Created for Stakeholders in FY 2023-24

Investors Customers Employees

Strong Financial Performance Superior stakeholder returns Best-in-class products Protecting and nurturing
through optimal utilisation and services our employees
of resources
K180,394 Mn K18,029 Mn 25.4% 98% 86%
Revenue PAT Dividend Payout Ratio Customer Satisfaction Engagement
Score in Survey C
28% YoY C 41% YoY C 180 bps C

13.8% K21,408 Mn Value Chain Partners

Creating an inclusive
Environment
Contributing responsibly
Communities
Empowering beneficiaries
EBITDA Margin Net Cash ecosystem for partners to the environment through our CSR activities

+70 bps C 13.2% YoY C

83.7% 87 Mn litres 77,930
Sustainable Sourcing C Water recycled C Lives Impacted C
6 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 7

Chairman’s
Statement
Dear Shareholders, As a result, our wires business not only outpaced industry
growth but also reinforced our market position as a
In the dynamic landscape of business, where challenges
trusted provider of comprehensive electrical solutions.
often abound, there emerges a rare opportunity for

40%
those who dare to seize it with unwavering focus
and determination. At Polycab, we have always
been optimistic about India’s growth story and the
vast opportunities it offers, diligently preparing to
capitalise on them. This year’s performance reflects 5-year CAGR of
our sustained efforts in this direction. It is with
immense pride that I share with you an update
International Business
“Our journey this year on our Company's performance, a testament to Our international business has been a stellar
has truly embodied the our steadfast commitment to excellence and our performer, boasting a CAGR of over 40% over the
relentless pursuit of growth. Our journey this year has
essence of ‘Vision to truly embodied the essence of ’Vision to Transform,
last five years. We find ourselves at a crucial juncture
in our international endeavors as we transition to
Transform, Conviction Conviction to Outperform’, as we've not only met but a distribution model mirroring our successful operations
surpassed expectations, reaffirming Polycab's status
to Outperform’, as as a leader in the electrical industry.
in India. This strategic shift holds the promise of
unlocking manifold benefits for us. However, such
we've not only met but Year Under Review a significant business transition is time-consuming
surpassed expectations, Fiscal 2023-24 stands out as an exceptional year for
and can slow growth during the transition phase.
Our flat performance this year is a result of this process.
reaffirming Polycab’s Polycab, marked by robust performance and notable Nevertheless, we perceive these challenges as stepping
achievements. The Company grew its top-line by 28%
status as a leader in the year-on-year, in spite of a high base, on the back of
stones towards our long-term objectives. We believe
the international business represents a significant
electrical industry” strong demand led volume growth in the domestic opportunity for Polycab, and we are fully prepared to
cables and wires business. Polycab's industry-leading capitalise on it to further enhance our global footprint.
top-line growth has not only exceeded expectations but
has also translated into substantial market share gains The FMEG business encountered a subdued year,
in the C&W industry. At an organised level, Polycab’s marked by marginal growth, primarily due to
market share is estimated to have increased by 2%-3% persistent fragility in consumer sentiment. We have an
over last year, to stand at 25%-26%. This remarkable identified roadmap in place to elevate the performance
feat can be attributed to our strategic foresight of this business with strategic initiatives being
and proactive investments in setting up additional taken to enhance the on-ground execution. Looking
capacities for cable manufacturing ahead of time. forward, as consumer sentiment rebounds in tandem
By anticipating and adequately preparing to meet with controlled inflation and our refined execution
the escalating market demands, we have positioned strategy takes effect, we anticipate a notable uptick
ourselves as the preferred choice for customers in the growth trajectory of our FMEG business in the
seeking reliable and high-quality electrical solutions. near future. With a renewed focus on addressing
consumer needs and streamlining our operational

2-3% efficiencies, we are confident in our ability to capitalise

on emerging opportunities and steer the FMEG
segment towards sustained growth and profitability.
Increase in domestic C&W market On margins, our unwavering commitment to
excellence has been instrumental in driving
share compared to FY 2022-23 improvements across various fronts during the year.
The resurgence in wires demand, propelled by the Through a strategic realignment of our product mix,
mid-phase of the real estate upcycle, further bolstered enhanced capacity utilisation rates, and the favourable
our performance in Fiscal 2023-24. Our concerted impact of strategic initiatives and pricing revisions on
efforts, including distribution expansion initiatives, gross margins, we have achieved commendable margin
completion of the product architecture through the expansion. As a result of these efforts, Polycab proudly
Inder T. Jaisinghani introduction of ranges across price-points, tailored stands as the most profitable company in the electrical
go-to-market strategies, and a focused approach to space, a testament to our relentless pursuit of value
influencer management, have yielded tangible results. creation for our shareholders.
8 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 9

Journey Towards B2C Excellence

Over the past three years, under Project LEAP, Polycab
has embarked on a transformative journey aimed at
25% Moving forward, we are fully committed to exploring
new avenues and innovative solutions to further
enhance our performance on the ESG front.
We recognise that sustainability is an ongoing
Furthermore, our commitment to contributing to
the nation-building endeavour extends beyond mere
expansion. We are dedicated to fostering innovation,
driving technological advancements, and nurturing
energising our B2B business, driving breakthrough 8-Year CAGR of journey, and as such, we remain steadfast in our talent to drive sustainable growth and prosperity
expansion in the B2C business and cultivating an
organisational culture primed for future success.
FMEG business resolve to continually evolve and improve. Through for all stakeholders. By aligning our growth strategy
collaboration with stakeholders, investment in with the broader goals of economic development and
This initiative has not only propelled us toward notable In addition to enhancing the customer experience, sustainable practices, and a relentless focus on social progress, we aim to create lasting value for our
growth but has also sparked a profound evolution in we are committed to optimising the profitability of innovation, we are confident that we can make customers, employees, shareholders, and society at large.
our corporate ethos and identity. As we continue on our distributor and retailer network. We recognise the meaningful contributions towards building a more
this path, we are confident that our commitment to importance of timely and efficient post-sales service, As we embark on this journey of growth and
sustainable future for generations to come.
B2C excellence will secure our position as a market and as such, we are streamlining our processes to transformation, we do so with a sense of purpose
leader and enable us to meet the evolving needs improve turnaround times and support our partners and determination. With our sights set firmly on
of our customers. in maximising their earnings potential.
A Promising Future the horizon, we are confident that the next decade
As we cast our gaze towards the future, we are filled will herald a new era of success and prosperity for
Central to this transformation is the cultivation of To complement these initiatives, we have amplified our
with optimism regarding the tremendous potential Polycab and the nation as a whole.
a culture of professionalisation, wherein every aspect efforts to improve our brand presence and relevance
of our operations, from production to customer for manufacturing growth in the coming decade.
in the marketplace through increased investment in
With the government’s commitment towards
Gracias
service, is driven by best practices and a commitment advertising and promotional activities. Our recent
to excellence. Through targeted investments in long-term infrastructure growth in the country, a As I reflect on the achievements of Fiscal 2023-24,
partnership with the International Cricket Council (ICC)
talent acquisition, training, and development, burgeoning real estate upcycle, and anticipated I am deeply gratified by the collective efforts of our
as an official partner for major events exemplifies our
we have equipped our workforce with the skills increases in private capital expenditure, the stage dedicated team, whose resilience and commitment
commitment to leveraging high-visibility platforms to
and expertise needed to thrive in an increasingly is set for a period of unprecedented expansion. At have been the driving force behind our success. I would
enhance brand visibility and engagement.
competitive marketplace. Polycab, we stand resolute in our commitment to also like to extend my heartfelt thanks to all our
Focus on Sustainability play a pivotal role in the nation-building endeavour, stakeholders for their continued belief in and support of
Moreover, innovation has emerged as a cornerstone leveraging our expertise and resources to contribute the Company. Looking ahead, we remain determined
of our strategic vision, driving continuous Polycab has long recognised the importance of to the country’s economic development. in our resolve to uphold the highest standards of
improvement and differentiation across our product corporate citizenship and sustainability in driving performance, innovation, and customer-centricity.
portfolio. By fostering a culture of creativity and business operations. Our commitment to these To seize the opportunities presented by this auspicious
With a solid foundation in place and a clear strategic
forward-thinking, we have not only enhanced the principles has been steadfast, and this year, we have outlook, we are proactively gearing up for accelerated
direction, we are confident in our ability to navigate
quality and performance of our offerings but have made significant strides in advancing our sustainability growth by channelling substantial resources into
through future challenges and capitalise on emerging
also introduced groundbreaking solutions that agenda. With a firm hand on sustainability, we have enhancing our manufacturing capabilities, ensuring that
opportunities, thereby delivering sustained value and
address the evolving needs of our customers. remained dedicated to our goals, striving to integrate we are well-equipped to meet the burgeoning demand
prosperity for all our stakeholders.
ESG considerations into every facet of our operations. for our products.
In parallel, our expansion efforts have extended
beyond geographical boundaries to encompass the As part of our commitment to transparency and
development of a robust distribution and electrical accountability, we have provided updates on our “By fortifying our production Warm regards,
experts network. By forging strategic partnerships performance on our key ESG topics. Our goal in doing
and alliances, we have extended our reach and this is to furnish our stakeholders with tangible data to
infrastructure, we aim to not only Inder T. Jaisinghani
strengthened our presence in key markets, thereby assess our advancement and ensure that we remain capitalise on the anticipated uptick Chairman & Managing Director
amplifying our ability to serve customers effectively accountable for our actions. This commitment to
and efficiently. transparency not only reinforces our commitment
in market demand but also solidify
to sustainability but also underscores our belief our position as a market leader in
in the importance of collaboration and shared
responsibility in addressing global challenges.
the electrical industry.”
10 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 11

Corporate Overview

Purpose Values

Connecting all to I
Innovative
Mindset
Giving wings to novel ideas

a brighter future P
People
at the Core
Caring about our people and their growth

Obsession for Serving to create delightful experiences

Our innovative, safe & energy O
the Customer
efficient products and solutions
delight our customers

Our vibrant & inclusive culture Winning Collaborating and celebrating wins
W
leads to deep connections, Together
value creation and growth
for our stakeholders
Entrepreneurial Bringing new possibilities to life with passion
E
Our focus on sustainable Drive
development reflects our
commitment to be a caring
and responsible Enterprise R Renew Being courageous, resilient and agile
12 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 13

Who We Are
Polycab is India’s largest integrated manufacturer
of Wires and Cables and a prominent player in the
Fast-Moving Electrical Goods industry

Business Segments Strengths Our Strategy

Our strategy is key to our transformation

journey. Project LEAP is a multi-year
We are India’s leading manufacturer transformational programme aimed at having
and seller of a varied range of wires the right building blocks in place, enabling us to
and cables for retail and industrial use, achieve industry-leading growth
catering to a diverse customer base Market Leadership in W&C
Wires and
across a wide range of industries Energise B2B Portfolio
Cables (W&C)
• Recalibrate business model
J158,922 Mn 10,600+ • Refine value proposition
W&C Revenue SKUs
Well-footed FMEG Player • Micro-market analytics
• Business development

Breakout Growth in B2C

Our FMEG business, which commenced Pan-India Network • Create a winning variant ladder
in FY 2013-14, is a high-growth • Redefine brand architecture
Fast Moving segment. It features a growing product • ‘Digital-first’-led execution
Electrical Goods mix across different price points that • Exploring adjacencies
(FMEG) caters to a wide spectrum of customers
High Degree of Organisational Excellence
J12,828 Mn 6,000+ Backward Integration
• Operating model
FMEG Revenue SKUs
• Talent and capability
• Digital and analytics
Strong R&D Capabilities • Succession planning
• Risk management
The EPC division specialises in • Excellence in Governance
turn-key contracting to advance the
Engineering, use of Polycab-made EHV, HV, and
Procurement, Accelerating our Sustainability Agenda
LV cables through state-of-the-art Quality Management Team
and Construction underground cabling and power project • Renewable energy
(EPC) solutions • Waste and water recycling
• Inclusive growth
J9,642 Mn • CSR initiatives
EPC Revenue
14 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 15

Product Portfolio
Wires & Cables (W&C) Fast Moving Electrical
Goods (FMEG)
Industries We Serve Segments

Chemicals Data Centres Defence Energy Infrastructure Manufacturing Household Institutional

Needs Needs

Products

Metals Oil and Gas Real Estate Technology Telecom Transport

Fans and Home Lights and

Products Appliances Luminaries

Flexible Wires Building Wires LV and MV Optical-fibre Communication Rubber Switches Switchgears
Power Cables Cables and Data Cables
Cables

Control Instrumentation Solar Cables Other Cables EHV Power Special Purpose Conduit Pipes Solar Products
Cables Cables Cables Cables & Fittings, and
Accessories
16 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 17

Where We Operate Annual Manufacturing Capacities FY 2023-24

We have 28 advanced manufacturing plants located across

seven key regions within the states of: Gujarat, Maharashtra,
Karnataka, Uttarakhand, Tamil Nadu, and the Union Territory
of Daman. Each facility is outfitted with the latest technology W&C: 6 Mn km Fans: 3 Mn
Fans: 6 Mn
and testing equipment, ensuring compliance with both Halol and Roorkee
Switches: 12 Mn Daman
domestic and global standards Pipes & Conduits: 24,000 MT
Metal box: 3.6 Mn

Switchgears: Pipes & Conduits:

24 Mn Nashik 4,800 MT Chennai

International Business Revenue Breakdown

Africa North America

1% 38%
Asia

1%
28 1
South America
Manufacturing Corporate
Facilities Office 2%
Europe

3 9 29 12 15%
Regional Branch Warehouses Experience
Offices Offices and Depots Centres Australia Middle East

Note: Map not to scale 16% 27%

18 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 19

What Differentiates Us
Our investment proposition stems from a powerful mix of
top-tier manufacturing, innovative R&D, strong financials,
backward integration, and a clear growth strategy. This synergy
distinguishes us in the market and secures our position as a
leading choice for investors seeking reliability and innovation

01
Market Leadership
in W&C
As India's premier manufacturer
of W&C, we hold a commanding
02 03
Well-footed
FMEG Player
Leveraging our strong foothold
in the W&C sector, we seamlessly
Pan-India
Network
Polycab's extensive distribution
network guarantees product
04 05 06
High Degree of
Backward Integration
Our commitment to backward
integration underscores our
Strong R&D
Capabilities
With one of the most extensive
innovation teams nationwide,
Quality
Management Team
Polycab’s management team
brings extensive experience,
25-26% share of the organised integrate our FMEG offerings to availability and accessibility dedication to refining our and tie-ups with international strategic vision, and effective
market and have a nationwide offer holistic solutions tailored nationwide, catering to operational efficiency and research houses, we continuously leadership skills, cultivating
presence. Renowned for our to meet consumer needs. Our consumers in both urban and elevating our product quality broaden our range of SKUs a culture of innovation and
top-tier products, Polycab overarching goal is to attain rural locales. Our competitive standards. This approach involves across both the C&W and FMEG excellence. This team has been
harnesses the power of our market leadership across all advantage comes from the vertical integration of businesses. This helps us maintain instrumental in the Company’s
robust R&D facilities and product categories by enhancing long-standing partnerships, processes within our production our leading position in terms success and continues to steer
manufacturing prowess. production capacities and highlighting our extensive market chain, enabling us to exert of quality while also pioneering it toward sustainable long-term
According to a leading diversifying our product range, reach and loyal customer base. greater control over key inputs products for emerging market growth. This is reflected in our
Indian rating agency, India's with a strategic emphasis on and processes. In addition to opportunities. Sustainability is performance over the past five
Thanks to our advanced
infrastructure expenditure premium offerings. A price tiering streamlining our operations, deeply ingrained in our robust years, which boasts a revenue
inventory management systems,
is forecasted to surge to approach allows us to cater to we also cultivate a deeper research and development CAGR of 18%, indicating market
our optimised supply chain
H143 trillion between 2024 and a broad spectrum of customers, understanding of our supply chain, capabilities and empowers us share expansion, an EBITDA
enables us to deliver products to
2030 – more than double of the spanning from value to premium implementing tighter quality to provide environmentally CAGR of 21%, underscoring
any dealer or distributor across
H67 trillion between 2017 and segments. Combined with an control measures, and achieving conscious solutions across our our operational efficiency,
India, generally within 24 hours.
2023. This bodes well for the expanded distribution network consistency in our offerings. This product spectrum. and a PAT CAGR of 29%,
W&C sector’s future. and bolstered brand-building proactive stance empowers us showcasing our profit growth
Through our cutting-edge
endeavours, we are primed for to respond swiftly to market and strategic success.
FMEG's business growth. This is 3,800+ demands while reinforcing our
research facilities, we drive
~25-26% C evidenced by a 25% 8-year revenue reputation for reliability and
innovation in various fields,

Market share in organised CAGR and an extensive portfolio

Dealers and Distributors
product superiority. We have
including the development of
sustainable power cables, rubber
18% C
comprising over 6,000 SKUs. achieved full backward integration Revenue CAGR over 5 years
domestic W&C market cables, electron-beam irradiated
Anticipating the Total Addressable in the W&C business and aim to
cables, and energy-efficient BLDC
Market of the Indian FMEG replicate this in our FMEG business.
fans, among other breakthroughs.
industry to reach H1.2+ trillion by
2030, per an industry report, we 29% C
are set for continued expansion. 100% C ~17,000 C PAT CAGR over 5 years
Sales from C&W products SKUs in W&C and
90% C manufactured in-house FMEG businesses
Channel finance penetration
in our FMEG segment
20 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 21

Value Creation at POLYCAB

Our Purpose Our Values Page 11 Our Strategy (Project LEAP) Page 13 Our Business Segments Page 14

Connecting all Energise B2B Portfolio

Breakout Growth in B2C
to a brighter future Organisational Excellence
Wires and Cables FMEG Others
Accelerating Our Sustainability Agenda (including EPC)

Input Value Creation Process Outcome

Financial Capital Financial Capital

K81,871 Mn K21,408 Mn K180,394 Mn K24,918 Mn 30% K18,029 Mn 300%
Equity Net cash Revenue EBITDA RoCE PAT Proposed
Our Value Chain (28% YoY) (35% YoY) (41% YoY) Dividend
Creating shared value
for our stakeholders
Raw material Semi-finished
Manufactured Capital Manufactured Capital
procurement goods processing
28 29 K8,580 Mn K35,152 Mn (Backward integration) 100% 70-80%
Manufacturing Warehouses Capex Gross block of Sales from C&W products Capacity utilisation
units and depots fixed assets manufactured in-house of installed capacity

Intellectual Capital Manufacturing

Intellectual Capital

K260 Mn 282 78 424

Total R&D Total registered IPR IPR registered in IPR applied in
expenditure FY 2023-24 FY 2023-24

Human Capital Human Capital

Customers Sales and 62% 86% 0.08
4,843 10,896 60,881 distribution
People employed People employed Total training Employees Engagement LTIFR
on-roll on contract hours associated for Score in Survey
5+ years

After-sales
Social and Relationship Capital Social and Relationship Capital
services

K264 Mn 3,800+ 205,000+ 77,930 98% 9%

CSR expenditure Dealers and Retail outlets Lives impacted Customer Material sourced
distributors satisfaction from MSME vendors

Natural Capital EPC Natural Capital

1,232,205 GJ 251,583 KL Forward 25,093 MTCO2e 87 Mn litres
Total energy Total water integration Emissions avoided due Water recycled
consumption consumption to renewable energy
22 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 23

ESG Strategy
Strategic Governance Excellence Innovative Solutions for Aligned with Global
Pillars We ensure responsible and Sustainability Standards
ethical conduct through We focus on product Our practices align to the
robust policies and processes innovation for a brighter, guiding principles of GRI,
greener future UN SDGs, <IR> framework,
Environmental Stewardship
and NGRBC
We prioritise sustainability People Sustainability

At Polycab, we prioritise sustainable Our Awards across all operations

to minimise our
Putting employees,
communities, vendors,
Transparent Reporting
External assurance agencies
practices that focus on environmental, environmental impact and customers at the verify our ESG disclosures in
social, and governance principles, putting 23rd Annual centre of our operations Annual Integrated Reports
and BRSR
consistent effort in areas ranging from Greentech
climate change and energy to data
security and privacy. We have also set
Environment Themes

internal targets across various areas, Award 2023 Environment Social Governance
Reduce environmental Enhance community Uphold the highest standards
including climate resilience, employee
National Award
footprint through well-being and employee of corporate governance
safety, and more. Our ESG strategy sustainable practices welfare through impactful

for Excellence
social initiatives
is aimed at creating long-term value
for our stakeholders while contributing
positively to the world around us.
in Renewable Material • Health and Safety • Strengthening Fmeg • Technology and Digital
Topics • Distribution Network Market Position Transformation
Energy 2023 • Corporate Governance, • Customer Centricity • Strengthening Brand
Ethics, and Integrity • Climate Change Recognition

Our ESG Approach • Innovation and Energy

Understanding stakeholder Establishing ESG

01 needs and material ESG risks 02 governance
Objectives • Governing and overseeing ESG initiatives • Implementing targets to assess and
from the Board of Directors and line of manage climate related risks and
business management levels supporting value chain partners
Developing roadmap Refining operations and
03 and ownership 04 processes
• Minimising Polycab’s operational
in transitioning to a lower carbon
environment
impacts on climate and accelerating
low carbon transition • Communicating our ESG Performance to
stakeholders is critical. Polycab measures
• Innovating products with new
Measuring impact and Verification through internal and discloses non-financial performance
05 improving 06 audits and external assurance
groundbreaking modern designs, energy
efficient and low environmental footprint
transparently

Certifications • ISO 9001:2015 (QMS) • IATF 16949:2016 • Underwriter Laboratories

• ISO 14001:2015 (EMS) • British Approval Service for (UL) certifications
• ISO 45001:2018 (OHMS) Cables (BASEC) • RoHS & REACH compliant
• ISO 50001:2018 (EnMS) • Importer – Exporter Code
ESG The Board
ESG
Council
• ISO 17025:2017
(IEC)

Governance
Structure CSR ESG
and ESG Working Frameworks
Committee Group
24 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 25

Our Material Topics Materiality Map

High
5
17
At Polycab, our materiality assessment is crucial in 14
9
evaluating ground realities, understanding the external 22

Importance to Stakeholders
environment, and aligning our priorities in a pragmatic 3
1
way. These periodic evaluations help us authenticate 11 8
15
our business model and make informed decisions to 21
20
maximise value creation 7

Addressing our material topics is a priority at Polycab. We achieve this by integrating 10

our business strategy with sustainable practices, aiming to create a positive impact 16
on both the environment and people. Our Project LEAP initiative exemplifies this
commitment through the implementation of innovative and ethical practices, 4
19 13
transforming us into a more sustainable organisation. 6

12 18

Low
Low Importance to Polycab’s Business Success High

Economic Environment Social Governance

Material Topics*
Our materiality matrix shows 22 topics, grouped into four material clusters that we focus on in this Report.

Strengthening FMEG 9 Climate Change and Energy 17 Customer Centricity

1
Market Position
10 Waste Management 18 Influencer Training
2 Business Diversification and Engagement
11 Water Management
3 Distribution Network 19 Corporate Social Responsibility
12
Material Sourcing
4 Responsible Supply Chain and Efficiency 20 Labour Management

5
Strengthening Brand 13 Product Stewardship Corporate Governance,
21
Recognition Ethics, and Integrity
14 Health and Safety
6 Leadership in Wires and Cables
22 Data Privacy and
15 Diversity and Inclusion Cyber Security
7 Technology and
Digital Transformation Employee Training
16
and Development
8 Innovation

* Priority topics are highlighted in bold.

26 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 27

Transformative Embracing India’s Growth Momentum

Broad-based domestic demand supported by government
expenditure, strong real-estate off-take, and improving private

Vision.
capex opened up new possibilities for growth

Accelerated
Progress. Government Real Estate Private Capex
Expenditure As per report by a leading Leading private companies
global real estate consultant, displayed strong capex plans,
Amidst a robust demand How we ‘LEAP’ The government’s investment
plan for infrastructure,
the residential real estate with sectors such as chemicals,
landscape, we sustained ahead of the curve construction, and power fed
sector witnessed a 10-year transportation, and renewables
high in annual sales volume leading the charge
and improved our growth into the demand momentum
Our groundwork laid in previous for wires and cables, which has
and launches in 2023, which
momentum, solidifying our translated into healthy
years, including the establishment direct linkages with the growth
demand for wires
leadership position. More of these industries
of capacities, has empowered us
significantly, we placed strategic
to meet the needs of a growing
bets on India’s growth story and
outperformed the industry
and rising India J9.5 Tn 911,257 J49 Tn
Government’s capex Total launches between Private capex announced in
J26 Bn towards infrastructure 2021 and 2023 FY 2022-23 and FY 2023-24
5-year capex (FY19-FY24) growth in FY 2023-24

Strategic Interventions Over the Years FY 2023-24: A Year of Excellence

Started distribution Invested heavily
model in W&C in capacity K180,394 Mn 13.8% 10.0%
EBITDA Margin PAT Margin
business expansion Revenue
Project
LEAP
Introduced channel Began sourcing 2-3% ~70 bps ~90 bps
Improvement in Improvement in Improvement in
financing for metals from
Market Share EBITDA Margin PAT Margin
distributors overseas
28 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 29

Powering
India’s Education and
Research
Specialised
Projects
Infrastructure

Development
Power Plant
Educational Institute Defence APGCL, Lakwa Thermal Power
Projects (Assam)
NIT Patna (Bihar) Indian Defence Battery Charging
Unit (Sikkim) EPIL NTPC Ramagundam
School (Telangana)
Mining
TRINITY School (Bihar) Railway
At Polycab, nation-building Medical Research Centre
Adani Suliyari Mines (Madhya
NHSRCL – Bullet train – Bharuch
Pradesh)
means more than infrastructure station (Gujarat)
Nation Building Cochin Cancer Research Centre
Tunnel
development; it extends to (Kerala) RKMP – Rani Kamalapati Railway
empowering communities, enabling Polycab's robust portfolio has Jawahar Tunnel (J&K) Station (Madhya Pradesh)
Sports Facility
progress, and enhancing the facilitated successful projects Hospital Indore Metro (Madhya Pradesh)
National Cricket Academy,
lives of millions across India. Over in infrastructure development, Bangalore (Karnataka) AIIMS (Odisha)

the year, we have contributed energy generation, commercial Temple

to critical development projects and urban development, Ayodhya Rampath (Uttar Pradesh)
across the nation, furthering the and digital communication
Navy
goals of connectivity, sustainability, networks, among others.
Seabird Karwar (Karnataka)
and growth These projects play an Airport
Cargo Terminal
important role in advancing Navi Mumbai Airport (Maharashtra)
CIAL – Cargo Terminal (Kerala)
India’s socio-economic Noida International Airport/Jewar
Court Airport (Uttar Pradesh)
growth and integration
into the digital age Jharkhand High Court, Ranchi Road and Highway
(Jharkhand)
Six-lane NH66 Highway
Commercial (Kasaragod-Trivandrum, Kerala)

and Urban Mumbai-Pune Expressway

(Maharashtra)
Development Coastal Road Project, Mumbai
Mall (Maharashtra)

Lulu Mall – Calicut, Palakkad, and

Tirur (Kerala)

Commercial Building Energy and Power

Surat Diamond Bourse (Gujarat) Distribution
Power Distribution
Administrative Area
HVPNL Project (Haryana)
Central Vista CCS (New Delhi)
Solar Project
Public Works Department
221 MW Solar Project (Gujarat)
Lucknow Smart City PWD Project
(Uttar Pradesh)
30 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 31

Excelling
through
Transformation
Since the inception of Project LEAP three years back, we have
experienced tremendous growth, supported by our consistent
track record of execution. Our next wave of value creation will
focus on strengthening our leadership position in W&C and
growing our FMEG segment
India’s Take-off Real Estate Cycle
With India's economy outpacing many other The typical real estate cycle in India historically has
major economies and the comprehensive spanned for 6 to 8 years. As of now, India is in the third
roadmap established by the government, the year of this cycle, indicating headroom for growth.
nation is poised for a significant leap forward.
This trajectory promises inclusive and prosperous
Our Strategy is Working growth, ensuring that no citizen or region is $1 Tn
left behind.
Our business segments are Estimated real estate
market size by 2030
performing well, with significant
Infrastructure
increases in both top-line and Doubling Down on India is set to spend `143 trillion on infrastructure
bottom-line figures, driving overall between FY 2023-24 and FY 2029-30. Manufacturing
value growth
our Strategy
A convergence of factors, ranging from
We will continue to invest further Government of India targets technological advancements to strategic
in our transformation and bet on governmental initiatives, is set to propel the
India’s growth story 100,000 km 80 Indian manufacturing sector into a significant
New train tracks New airports across upturn, cementing the nation's status as an
by 2047 India by 2027 emerging global manufacturing hub.

Commitment to 200,000 km 25%

Target of highways Targeted contribution by manufacturing
Shareholders construction by 2037 sector to India's GDP by 2047
We will continue to set mid-term
goals to provide complete clarity on
the Company’s growth trajectory
32 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 33

Customer Centricity Go-To-Market (GTM) Excellence

Direct Dealer Engagement Brand Identity Refresh Strengthening our Reach
To better serve dealers’ needs and gain improved We recently completed a refresh of our new brand and Distribution
visibility on secondary and tertiary sales, the Company identity and unveiled our new motto, 'Ideas.
We have successfully realigned the distribution of
has initiated direct engagement with select larger Connected.' This signifies a major enhancement
our FMEG business. This was done by partnering with
dealers. This direct engagement enables us to gather in our branding strategy. We have also ramped up
major distributors and intensifying our sales efforts.
real-time data and insights on consumer behaviour our brand-building efforts with increased advertising
We anticipate this, along with our product range
and retail performance. Utilising this data, we have and promotional activities to boost brand visibility
expansion strategy, focus on influencer management
implemented personalised trade schemes based on the and connect deeply with customers.
and enhanced brand-building efforts, will translate
historical performance of individual dealers and retailers,
into growth for the FMEG business.
designed to incentivise optimal stocking and sales
practices, thus improving overall sales effectiveness.
Targeting Untapped Markets
Additionally, our enhanced Key Account Management
for B2B Growth 2,900+ C
(KAM) strategy involves selling our complete We continued to increase our presence in Distributors for FMEG products
portfolio to key builder accounts, ensuring they under-penetrated markets by expanding our
receive comprehensive solutions tailored to their
needs. To further streamline operations and enhance
distribution reach through targeted strategies.
This involved tailoring our GTM approach
8% C

competitiveness, we have developed an AI/ML-powered and developing region-specific products to Contribution of international
pricing engine that increases win rates and minimises maximise effectiveness. business to revenue
human errors in price generation, improving reliability

~150
and effectiveness.
C

Influencer Management Whitespaces covered Transition to Distribution

Programme Model Globally
Recognising the pivotal role of influencers in the FMEG
sector, we have scaled up our Influencer Management
Vertical Specialisation 60% C We are leveraging the insights gained
from establishing our successful distribution model
Each product line within the B2C business is being YoY increase in A&P in India to replicate the same in all major global
(IM) programme. It now has a dedicated team of
about 100 influencer managers, ensuring a one- structured to function as a distinct entity, with spends in FY 2023-24 geographies of operation, starting with the USA.
to-one mapping with major electricians. A part of dedicated teams for sales and technical support.
this initiative focuses on the specialised onboarding This structural segregation allows each unit to operate
of electricians and includes a bespoke training with agility and focus, driven by leaders who possess
programme tailored to their needs and the technical deep expertise in the respective product categories.
specifics of our products. To provide better support The teams are equipped to develop and implement
to influencers, we have also developed a digital- the strategies that are most effective for their specific
first platform. By doing so, we aim to empower the market segments, from product development to
influencers with the knowledge and tools necessary to customer delivery. Moreover, leveraging CRM, we've
advocate effectively for our products, thus driving sales significantly ramped up efforts by our Territory Sales
and enhancing brand loyalty. Incharge (TSI), to enhance our outreach and service
efficiency, to get better control over pricing, market
dynamics and direct dealing with the customers for
secondary sales.

100% C
On-ground salesforce engaged
in cross-selling LDCs and HDCs

~100 C
Team of Influencer
Managers
34 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 35

Winning with New Products Setting Organisation Enablers

Straddling across Price Points At Polycab, we have enhanced our organisational Our embrace of digitisation and data analytics marks
capabilities by segmenting our B2C product portfolios a transformation in our operations, making them more
Our New Product Development (NPD) efforts into specialised verticals. This reorganisation sharpens data-driven. This shift enhances our decision-making
are consistently delivering strong outcomes, as our focus and enables more targeted business capabilities and operational efficiencies, allowing for
evidenced by the introduction and market acceptance strategies. To further deepen relationships with more precise predictions of market trends, optimisation
of our latest wire ranges – Etira, Primma and our business partners, we launched a new loyalty of inventory levels, and customisation of marketing
Maxima+ – over the past two years. The products app tailored for electricians and retailers, aimed at strategies. Moreover, the use of real-time analytics
cater to diverse market segments, enhancing our boosting engagement and enhancing loyalty. We enables continuous monitoring of performance metrics
reach and competitiveness across semi-urban, rural, have also revamped our B2B CRM system, achieving across various channels and departments.
and premium markets. The Etira range targets an impressive 80% reduction in response times.
the price-sensitive customers in rural, semi-urban Additionally, our streamlined back-office operations
areas and has received an enthusiastic reception. have cut response times by two-thirds, effectively
The Primma range, known for its superior durability minimising losses associated with delays.
and efficiency, is displaying robust performance.
The Maxima+ range caters to environmentally
conscious consumers in the premium segment
and has also been well-received, further
broadening our market appeal.
Way Forward
Project LEAP is set to fundamentally transform our approach and strengthen our position as an
34% C Breezing Ahead industry leader by focusing on several strategic priorities that will guide our efforts in the coming years:
Contribution of Etira, Primma Our commitment to innovation has been evident since
we transitioned to BEE norms, with the introduction of
and Maxima+ to retail wires ~90+ new SKUs within the fans vertical. One particular Creating Data-Backed Models at a Developing Industry-first Business
in FY 2023-24 standout has been the Silencio series of BLDC fans, Micro-Market Level: We aim to unlock Development Capabilities: Transforming
which has received exceptional acclaim, prompting us
to expand its availability from six states to nationwide micro-market opportunities through Polycab into a demand-led organisation
distribution within the year. robust data analytics backed by Gen AI. involves building industry-leading business
This approach will enable us to tailor our development capabilities that align with
strategies to meet the specific needs of contemporary market dynamics. This will
90+ C different market segments, enhancing ensure that we are proactive rather than
SKUs added in fans our responsiveness and agility. reactive in our market approach.
vertical in FY 2023-24
Digital Customer Journey: Central to Pivoting from Product to Solutions
In addition to our advancements in the fans vertical, Project LEAP is enhancing the digital (Mid-to-Long Term): Our strategy will
we have also launched the 6kA MCBs within our customer experience. By leveraging AI and evolve from offering products to providing
switchgear line-up, marking another significant stride
digitally-driven insights, we plan to empower holistic solutions. This shift involves
in our product innovation. This new range of MCBs is
designed to offer enhanced protection by withstanding customers through a refined demand redefining our value propositions and
higher short-circuit currents, thus ensuring greater sensing process that anticipates their needs designing customised solutions that cater
safety and reliability. and preferences, thus personalising their specifically to the evolving needs of our
journey and interaction with our brand. customers, thereby adding more value
and enhancing customer loyalty.
11% C
Contribution of 6kA MCBs Organisation Setup & Capability Building: To support these strategic shifts, building a robust
to FY 2023-24 sales leadership pipeline is essential. We are committed to embedding customer-centricity into the
very fabric of our business operations, ensuring that every decision and innovation directly
benefits our customers.
36 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 37

Q&A with the CFO

Polycab completed 5 years since its Polycab has identified new growth opportunities by Previously averaging between H3-4 billion per annum,
listing in 2019. How has the Company expanding its international business and focusing on we have reported an increase in capex to H8.58
the special purpose cables market in India, positioning billion for the current year. Looking ahead, we plan to
Polycab plans to maintain transformed since its listing compared itself for sustained future growth. maintain capex levels between H10-11 billion annually
to the period before going public?
capex levels between Overall, Polycab's transformation post-IPO
over the next three years. This strategic investment is
Since its listing, Polycab has undergone significant aimed at not only meeting current demand but also
H10-11 billion annually changes, marking a distinct evolution from its
underscores its dedication to operational excellence,
positioning the Company for sustained growth and
strategic foresight, and robust corporate governance,
over the next three years, pre-IPO status. While the structured journey positioning it for sustained success in the market.
market leadership in the future.
towards improvement began for Polycab with the
enabling it to not only meet infusion of investment by the International Finance The Company has increased capex multi-fold When can we anticipate the unveiling
current demand but also Corporation in 2009, laying the groundwork for a of updated targets for Project LEAP,
in FY 2023-24 as well as have guided higher
shift from a promoter-led entity to a professionally considering the Company's notable
positioning the Company for managed Company, the transition has meaningfully
capex levels for the near term. What is the
advancements towards its initial objectives?
sustained growth and market picked up pace post listing. rationale and at what levels will it stabilise?
With three years elapsed since the inception of Project
leadership in the future Over the past 5 years, Polycab has strategically The Company's decision to substantially increase its
LEAP, the Company has made significant strides
recruited seasoned professionals from prestigious capex for FY 2023-24 and forecast higher levels in the
towards achieving its Project LEAP targets and
companies, enhancing its leadership pool with diverse near term is grounded in several key factors related to
gained substantial insights into which goals are likely
expertise. The day-to-day operations of all business our estimates of demand and supply.
Gandharv Tongia to be attained and which may require adjustments.
segments are now overseen by professionals who India is in an Infrastructure upcycle. With the Encouragingly, on account of the robust demand being
assume full P&L responsibility, mirroring the role of a government's heightened focus on long-term witnessed in the cables and wires business, the Company
CEO. While promoters remain on the Board to provide infrastructure development, marked by increasing is on track to surpass its top-line goal of reaching
guidance, their focus has shifted primarily to strategic budget allocations, extended planning by various H200 billion ahead of the initially projected timeline
decision-making, effectively functioning as change infrastructure ministries, and an improved execution of FY 2025-26, showcasing commendable progress in
catalysts. Further, collaborations with esteemed global pace, this accelerated growth is expected to sustain, revenue generation. The goal of enhancing international
consultants such as Bain & Company and Boston driving strong demand for cables. While generally the business’ contribution to the Company’s top-line is
Consulting Group have provided valuable insights infrastructure cycle in India is 8 to 9 years long, we also poised to be met, prompting consideration for a
and strategies for growth and efficiency. expect this cycle to be different and longer this time revision upwards given the substantial opportunity for
Polycab has embarked on a continuous journey toward around. Favourable economic conditions, including international business growth, which could significantly
implementing best-in-class corporate governance continued government capex, controlled inflation, enhance the Company's overall revenue trajectory in
practices, evident through various initiatives. deleveraged corporate balance sheets and higher the mid-to-long term. However, achieving profitability
The Company's commitment to transparency and capacity utilisations are expected to stimulate private targets for the FMEG business appears challenging,
accountability is reflected in its long-standing investment in the near future. This resurgence in indicating potential revisions in this segment.
partnership with Big 4 auditors for both external private capex, combined with government initiatives On account of the cable business’ outperformance
and internal audits, ensuring rigorous scrutiny of like ‘Make in India’ and production-linked incentive relative to wires and FMEG, the targeted B2B:B2C
financial practices. With half of the Board comprising scheme, will fuel demand across various sunrise mix of 50:50 too will be delayed.
Independent Directors, and all major committees sectors, including renewables, electric vehicles, data
The Company emphasises the efficacy of setting
chaired by them, Polycab demonstrates a commitment centers, and defence. The ongoing upcycle in the real
mid-term goals, spanning three to five years, as an
to fostering transparency and effective oversight. estate sector is anticipated to drive higher demand for
ideal approach to business growth. Such targets not
wires over the next 6 to 8 years, further contributing to
These efforts have translated into only provide stakeholders with clarity but also instil
the need for expanded production capacity. The cables
improved business performance confidence in the Company's strategic direction. Within
and wires industry is already witnessing robust growth,
for the Company, with Polycab the current financial year, the Company plans to unveil
growing at early double digits, from mid-to-high single
consistently increasing its market its next set of mid-term goals, signalling a commitment
digits earlier, and this momentum is projected to
share year after year, achieving to transparency and future planning.
continue at an elevated pace over the next decade.
industry-leading growth and In summary, while the Company has made
profitability. In fact, over the past As the country undergoes this transformational phase,
commendable progress towards its Project LEAP
two years, Polycab has been the Polycab remains committed to contributing to nation-
objectives, adjustments and refinements are
most profitable Company in the building, as we have done over the years. To effectively
anticipated based on the evolving business landscape
electrical industry. Furthermore, deliver on this promise, we have augmented our capital
and performance dynamics. The forthcoming
expenditure to enhance our manufacturing capacities.
announcement of revised mid-term goals underscores
the Company's proactive stance in navigating
towards sustained growth and value creation.
38 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 39

International business registered only Collectively, these changes aim to enhance the agility EBITDA margin guidance for the cables and wires What are the latest developments
marginal growth during the year. What and effectiveness of the FMEG business strategy. business remains steady at 11%-13%. Additionally, regarding the Company's ESG strategy?
The new team will need 3 to 4 quarters to execute the gradual improvement in profitability of the FMEG
is the reason and the near-to-mid the strategy effectively. After stabilisation, the business is anticipated to contribute positively to The Company's ESG strategy has seen significant
term outlook? Company anticipates robust growth in the FMEG the Company’s overall profitability. advancements since its inception. Last year, we
segment, surpassing industry averages. Additionally, formulated a comprehensive ESG framework and
To ensure higher and more profitable long-term In summary, while various factors may influence
profitability is expected to gradually improve, with the Charter, outlining our commitment to addressing
growth, the Company is undergoing a significant margin direction in the future, the Company remains
target of achieving a 10% EBITDA margin range being material ESG topics. This year, notable progress
business model transformation in its international focused on sustaining and optimising margins through
reinstated over time. has been made on the ground across all identified
operations, starting with its largest export market, strategic initiatives and prudent management material topics.
the USA. Similar to the successful transition These strategic adjustments reflect the Company's of operational dynamics across its diverse
experienced in India a decade ago, the Company commitment to unlocking the full potential of the business segments. To bolster our ESG efforts, we have engaged
is transitioning to a distribution model in the USA. FMEG business and driving sustainable growth and the expertise of an experienced consultant to
This is a time-consuming exercise. The Company profitability in the long run. What are the Company’s strategic provide guidance across various aspects of ESG
anticipates this transition to take approximately 3-5 priorities in the near to mid-term? implementation. This strategic partnership has
more quarters to stabilise. Additionally, during the In last couple of years, the business has enabled us to gain valuable insights and streamline
second half of the concluded financial year, external In the upcoming near to mid-term period, our strategic our approach towards sustainable practices.
seen a significant improvement in EBITDA priorities revolve around optimising performance across
factors such as the Red Sea crisis have impacted
delivery timelines to the European region, leading to
margins. What factors will influence the both domestic and international segments, leveraging Additionally, we have undergone assessment by a
future direction of these margins? the robust demand momentum witnessed in the cables prominent global ESG agency, S&P Global, to gauge
delay in fulfilment of orders from these geography.
and wires business while enhancing our foothold in the our performance and adherence to ESG standards.
While the international business exhibited lower The noteworthy enhancement in EBITDA margins This evaluation serves as a benchmark for our progress
FMEG business.
growth this year, the Company remains optimistic observed over past couple of years can be attributed and helps identify areas for further improvement.
about its mid-to-long-term prospects. Once the newer to a variety of factors, including changes in the Within the domestic cables business, our primary focus
business and product mix, operational leverage gains remains on outperforming competitors by expanding Looking ahead, we remain dedicated to enhancing our
distribution model stabilises and temporary disruptions
and improvement in gross margins through strategic distribution reach, enhancing product offerings, ESG compliance by identifying innovative approaches
subside, the Company anticipates a resurgence in
initiatives. Looking ahead, several variables will shape pre-emptively investing in capacity expansions, and implementing them rigorously. The Company is
international sales, contributing meaningfully to its
the trajectory of these margins. accelerating new product development, and expediting committed to continuous improvement and proactive
top-line growth.
product approvals, particularly for emerging sectors. measures to ensure our ESG initiatives align with our
Firstly, the mix between domestic cables and wires long-term sustainability goals.
The anticipated growth in FMEG has faced will be crucial. While domestic cable business yield Similarly, in the wires segment, our strategic emphasis
yet another delay of a year. What strategic lower margins compared to wires, the former has lies in brand enhancement initiatives, implementing What final message would you like to
changes is the Company implementing, been experiencing higher growth rates. Additionally, a price laddering strategy to cater comprehensively convey to the readers?
and what are the expectations regarding the level of advertising and promotional (A&P) to diverse customer segments, and capturing market
spends will play a significant role. The Company has share in Tier 3 to 5 cities by leveraging our ETIRA wires As I reflect on the past year, it fills me with immense
top-line and bottom-line growth following committed to increase in its A&P expenditures, to offering to displace unorganised players. pride to acknowledge the industry-leading growth
these adjustments? spending between 3% & 5% of B2C top-line every year achieved by the Company. This remarkable
Internationally, our strategic focus centers on obtaining accomplishment has been made possible by the
Over the past three years, as part of Project LEAP, the on A&P. In FY 2023-24, the Company spent 3.7% of
certifications and approvals in additional countries unwavering support and trust of our esteemed
Company has focused on four key areas to enhance its B2C top-line towards brand building. Margins may
and securing partnerships with new end customers stakeholders, including shareholders, distributors,
the FMEG business: distribution expansion, brand be impacted positively or negatively depending on
to expand our global presence. retailers, suppliers, bankers, Board members,
building, new product development & innovation, and the relative spend levels year-on-year.
In the FMEG business, our immediate objective is to and employees.
influencer management. While the strategic blueprint Moreover, the contribution from international versus
remains sound, we are working on some incremental streamline execution processes and adhere rigorously Moving forward, the management remains steadfast
domestic business will influence margins. Currently,
improvements to enhance execution quality. to the identified roadmap. Subsequently, our focus in its commitment to driving the Company's progress
international operations contribute to higher margins;
will shift towards achieving market share gains by and positioning it to seize the vast opportunities
A crucial aspect of this adjustment involves however, the future performance of this segment will
targeting growth rates better than industry averages that lie ahead across all business segments. With a
restructuring the vertical. The Company is transitioning determine the overall margin direction. Furthermore,
and steering the FMEG business towards profitability. dedicated focus on innovation, customer satisfaction,
to a streamlined structure with one B2C head operational leverage, which was bolstered by robust
utilisation levels of 70%-80% in FY 2023-24, has been Overall, our strategic roadmap for the near and operational excellence, we are poised to elevate
supported by deputy business heads, each overseeing
instrumental in margin improvement. However, as to mid-term underscores our commitment to Polycab into a globally recognised brand, resonating
specific product categories. Majority of the deputy
the Company expands its capacity through increased capitalising on market opportunities, enhancing with customers and stakeholders worldwide. I express
business heads have already been onboarded. This
capex, utilisation levels may decrease, exerting some operational efficiencies, and driving sustainable my heartfelt gratitude to all who have contributed to
restructuring aims to enhance focus, accountability,
downward pressure on margins. growth across all business segments. our success and look forward to continuing this journey
and agility in decision-making, thereby accelerating
of growth and excellence together.
execution pace and improving outcomes. Furthermore, Despite the impending capacity additions by peers in
the Company will look to decentralise decision-making. FY 2024-25, the Company remains optimistic about
This shift is expected to empower local teams, demand growth outpacing supply, mitigating any
foster innovation, and enhance responsiveness to material pressure on margins. Moreover, the long-term
market dynamics.
40 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 41

Megatrends and Total length of National Highway

Transport and
Urban Development
Opportunities

91,287

146,145

200,000
The expansion of National Highways, the adoption
of new technologies in the railway sector for safety
and improved passenger experience, and the overall
growth in domestic air traffic require robust wire and
cable infrastructure to support these developments.
The Maritime India Vision 2030 aims to revolutionise
We are proactive when it comes to engaging with the inherent the maritime sector, potentially increasing the
demand for marine cables. 2014 2023 2037
challenges and prospects in our operating environment. (Planned)

Given the dynamic nature of ongoing trends, our focus is on

Metro-rail network (km) Signalling infra capex (est., H Bn)
leveraging emerging opportunities and mitigating risks
245 2,126

119

46

128

96
Infrastructure Development 986

India's vision of ViksitBharat@2047 is set to provide a boost to

the nation’s infrastructure, with a strong emphasis on key sectors 895
such as energy, roads, urban development, and railways, among
others. With 70% of the urban infrastructure required by 2047 yet
to be developed, per World Bank estimates, the focus will be on
robust government-led initiatives alongside growing private sector
Operational Under Proposed Total 2022-26 2027-31 2032-41 2042-51
involvement. This ambitious vision will necessitate extensive electrical lines construction new lines
infrastructure, thereby driving a substantial increase in the demand lines

for cables and wires.

Rolling stock capex planned (H Bn)
Budgetary Capex as percentage of total expenditure

3.4%

1,543

388

1,213

650

464

564

1,891

863

855

2,357

1,260

1,139
3.2%

2.7%
2.5%
11.11

2.2%
9.5

1.7%
1.6%
7.4

1.5%
5.9
4.3
3.4

Electric Locomotive
3.1
2.6

FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25E 600 million Wagon
Coach
Budgeted Capex outlay (H Tn) Capex (% of GDP) E – Estimated India’s urban population
2022-26 2027-31 2032-41 2042-51
by 2030
Capex allocation to major sectors (in K Tn)

$4,000 Power Generation and According to a report by India’s Central

FY20 0.7 0.7 1.1 0.9
Forecasted India’s per Transmission Requirements Electricity Authority, an estimated
FY21 0.9 1.1 1.3 0.9 capita income in 2030 The power generation and transmission sector is investment of I14.54 trillion would be
undergoing rapid expansion and transformation
required to install additional generation
FY22 1.1 1.2 1.4 2.2 due to the increasing power demand as well as shift
towards renewable energy (RE) sources. India aims capacity of about 210 GW during
FY23 2.1 1.6 1.4 2.3 J1.5 trillion to install 500 GW of RE by 2030, according to the 2022-27 along with battery storage
Opportunities in inter-state Ministry of New and Renewable Energy. The expansion of 8,680 MW/ 34,720 MWh.
FY24 2.6 2.4 1.6 2.9
transmission systems till FY 2026-27, of these projects necessitates extensive investment in
transmission infrastructure to manage the intermittency
based on CEA’s latest
FY25E 2.7 2.5 1.7 4.1 and location-specific generation of renewable sources.
electrification plan
Roads Railways Defence Other E – Estimated
42 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 43

Renewable Energy Defence

Integration The budget estimate for the Ministry of Defence
(MoD) for 2024-25 is H6.2 trillion, constituting 13%
Renewable energy (RE) will play a pivotal role in of the total Union Budget. The continuous increase
meeting India’s ambitious clean energy targets, which in allocation every year is a clear indicator of the
include achieving 50% of power demand through RE government’s intent to enhance national security
by 2030 and reducing emissions by 45%. capabilities and modernise its defence infrastructure.
The RE sector’s growth has led to an increased The focus on upgrading equipment and infrastructure
demand for specialised cables that can handle the presents ample opportunities for companies operating
unique requirements of solar power plants and wind in sectors related to electricals and specialised
farms. These projects often involve long-distance materials that are critical for defence applications.
transmission lines and complex grid connections,
necessitating reliable and high-quality cable solutions.
As India continues to install more RE capacity, the The increasing push towards indigenisation
cable industry is expected to see a surge in demand.
under the 'Atmanirbhar Bharat' initiative
also encourages the development and
Source wise estimated potential of renewable power in India as on 31 March 2023 (%)
procurement of defence materials from
domestic sources. The government plans
0.7 to allocate a significant portion of its
1.3 defence procurement budget to domestic
Wind power 55.20 firms, which will likely boost the local
Cogeneration Bagasse
Waste to energy 35.50 manufacturing sector.
Biomass Power
Small Hydro Power 1.00 6.3
Solar
Other 8.3
Electric Vehicles
The government’s Faster Adoption and Manufacturing During the twelve-month period from April 2023 to
of Hybrid and Electric Vehicles (FAME-II) initiative March 2024, a total of 1,678,905 EVs were sold in
offers various incentives designed to lower the cost India. As consumer preference shifts towards EVs,
Real Estate of electric vehicles (EVs) and build the required
infrastructure. According to Mordor Intelligence,
the automotive industry's demand for specialised
components, particularly high-quality electrical
The real estate sector in India is currently experiencing
the Indian Electric Vehicle Market size is estimated wiring and battery management systems, is set to
robust growth, ably supported by government initiatives
at $34.80 billion in 2024, and is expected to reach increase dramatically. Additionally, the growth in
such as the ‘Housing for All’ programme and the growing
$110.74 billion by 2029, growing at a CAGR of 26% the EV market could spur developments in related
middle class, which is expected to increase consumer
during the forecast period (2024-2029). This rapid infrastructure, such as charging stations, requiring
spending power. Indian real estate is expected to
growth will be supported by a strong push from the durable and efficient electrical installations, ranging
reach a market size of $1 trillion by 2030, accounting
Indian government to drive sustainable development from specialised circuit protection systems to
for 18-20% of India's GDP. Additionally, the Urban
and reduce the country's carbon footprint. sophisticated energy management devices.
Development Ministry reports that ongoing urbanisation
and improved regulatory frameworks, such as the Real
Estate (Regulation and Development) Act (RERA) has
instilled greater transparency and confidence among
$110.74 Bn India’s EV Policy
Estimated EV market size by 2029
investors, further revitalising the market. The Union Government has approved
These developments bode well for associated a new policy to establish India as a
industries, including construction and manufacturing
of construction materials, impacting the demand for 1,678,905 prime destination for manufacturing
EVs. This policy mandates a minimum
electrical components. An increase in buildings and EVs sold in India in FY 2023-24
infrastructure projects is directly linked to an increase investment of H41,500 million and offers
in need for wires and sophisticated electrical solutions, incentives such as limited imports of cars
from lighting fixtures and electrical panels to switches at a reduced custom duty. With a three-
and other fittings. The growth in real estate increases year timeline to set up manufacturing
direct demand for these products while boosting
ancillary services like installations and maintenance. facilities and commence commercial
production, the policy aims to achieve 50%
$1 Tn domestic value addition within five years.
Estimated real estate market size by 2030
44 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 45

Advancements in Policy Support

Telecommunications
With the expansion in the telecommunication Make in India To make India a hub for manufacturing,
infrastructure, driven by increasing mobile phone
design and innovation
penetration and lower data costs, there is a projected
addition of 500 million new internet users over the
next five years. There is a need for the development Industrial Corridor To develop greenfield industrial regions with
of better telecommunications infrastructure, and Development Programme sustainable infrastructure
consequently an increased demand for the laying of
structured cables which supports high-performance
and unified communication systems that are Ease of Doing Business Simplification of procedures, rationalisation of legal
essential for the growing digitisation in India. provisions, digitalisation of government processes and
de-criminalisation of minor, technical or procedural defaults

National Single ‘End-to-end’ facilitation and support to investors, including

Window System pre-investment advisories, providing information related
to land banks and facilitating clearances at the centre and
Data Centres state levels
According to Mordor Intelligence, the Indian Data
Center market size is estimated at 2,010 MW in 2024, PM Gati Shakti National To facilitate data-based decisions related to integrated
and is expected to reach 4,770 MW by 2029, growing at Master Plan planning of multi-modal infrastructure, thereby reducing
a CAGR of 19% during the forecast period (2024-2029).
logistics costs
This growth is fuelled by the surge in data consumption
and cloud services among the Indian population, To lower the cost of logistics and bring it on par
National Logistics
necessitating robust infrastructure for data storage and
Policy with other developed countries
management. Major global players are investing in India’s
data centre sector, attracted by the country's policy
incentives and growing tech-savvy consumer base. Production-Linked To increase India’s manufacturing abilities and exports
Incentive Scheme
As businesses evolve in India, large businesses increasingly
focus on Tier III and Tier IV data centres due to their
lower downtime, disaster recovery, and on-site assistance To promote manufacturing of electric and
FAME-India Scheme
facility. This has led to the growth of Tier III and Tier IV
data centres in the region. As a result of low demand,
hybrid-vehicle technology
Tier I & II data center is expected to stagnate during
the forecast period. Udyami Bharat Scheme To empower micro, small and medium enterprises (MSMEs)

Expected Growth in Tier III

and Tier IV Data Centres

Export Opportunity
3,365 MW

The 'China+1' strategy has created a pivotal shift in

the global supply chain landscape, with numerous
19%
1,380 MW

international businesses seeking to mitigate risk

889 MW

by diversifying their sourcing and manufacturing China's share of

bases. India, with its vast pool of skilled labour and Global W&C Exports
212 MW

rapidly improving manufacturing infrastructure, has

emerged as a compelling alternative.

2022 2029 2022 2029

Tier III Tier IV
46 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 47

Premiumisation
Indian consumers are increasingly
gravitating towards premium and
visually appealing products. Additionally,
there is a noticeable preference for
energy-efficient products rated higher
up on India’s energy efficiency scale, with
five stars denoting the highest efficiency.
Despite higher energy-rated models
being 8-10% more expensive than their
lower-rated counterparts, over 50% of
consumers, according to Adecco’s 2023
consumer sustainability trends, are ready
to invest more in sustainable products.

Consumer Demand Drivers

Driver Description

Demographics A young and growing working population with median age of 28, significantly younger
than many other economies
Urbanisation Projected to increase to 40% by 2030, driving demand for infrastructure and urban
housing
Nuclearisation Decreasing household sizes due to urban migration and lifestyle changes increase
demand for housing and associated infrastructure
Increasing Rising incomes contribute to enhanced spending power for new technologies and
Disposable Income improved living standards
Credit Availability Easier access to credit through various financial reforms supports consumer spending on
high-value items like homes and cars

Industry 4.0 and Digitisation $279.75 Bn

The integration of Industry 4.0 into manufacturing processes Value of global industry
heralds a new era of digitalisation, pushing the demand for
4.0 by 2028, according to
high-tech wire and cable solutions in industrial, commercial,
and residential applications. This transformation towards Emergen Research
smart manufacturing or IIoT (Industrial Internet of Things)
expands the scope of wire and cable utilisation within a
variety of innovative devices and infrastructure.
48 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 49

Business Review
(Domestic)
W&C Business FMEG Business

The W&C business continues to capitalise on Our FMEG business thrives on innovation
the advancements in infrastructure and energy and responsiveness to consumer needs.
sectors, driven by government and private We have invested heavily in enhancing our
capital expenditures and a buoyant real estate distribution capabilities and expanding our
market. With the infrastructure and real-estate product offerings to reach a broader market.
upcycle still in their early stages, Polycab is The business has seen improvements in gross
well-positioned to leverage its strengths and margins and made significant strides in
maximise this opportunity. brand building.

Strategic Priorities Market Perspective Strategic Priorities Market Perspective

We are steadfastly expanding our production capacity The market landscape for the W&C business is currently Our FMEG business is focused on implementing price The FMEG business is poised for growth, driven by
as well as increasing our investment in R&D to innovate shaped by significant government capital expenditure, laddering across all product categories to cater to improving consumer sentiment as inflation remains
and maintain technological leadership in our product which continues to drive demand across various a variety of consumer segments and budgets. We controlled, enhancing purchasing power across
offerings. Additionally, we aim to stabilise our sectors. Additionally, we are witnessing encouraging are also targeting premiumisation in our fans and markets. Additionally, favourable demographics are
distribution model in the USA, optimising our supply signs of recovery in private capital expenditures, which lighting segments with advanced features and superior expected to drive an increase in consumption, with a
chain to enhance service delivery and competitiveness. are expected to strengthen further over the years. This aesthetics, aiming to attract higher-end markets. growing middle class and rising urbanisation fuelling
This will involve refining our approach to distribution uptrend presents a favourable environment for growth. Furthermore, our commitment to New Product demand for electrical goods.
to ensure reliability and speed, thereby improving Moreover, the upcoming phase of the real estate sector Development (NPD) is stronger than ever, with a focus
While the fans and lights segments remain highly
our competitive edge in the region. upcycle is poised to boost the demand for wires and on creating distinct product-level differentiation.
competitive, the switches and switchgears segment
FMEG. This synergy between government initiatives
Furthermore, we plan to capture market share from faces relatively less competition. This dynamic,
and private sector investments, along with the housing
unorganised players in the retail wires sector by combined with our strong relationships with end
market uptick, is expected to enhance sales and
leveraging our superior product quality and strong customers through our wire offerings, presents a
broaden market opportunities for our products.
brand reputation. This strategy will expand our market strategic advantage, making it comparatively easier
presence and reinforce our industry leadership, aligning to achieve market share gains in these categories.
with our goals to solidify and expand our market reach.

FY 2023-24 Highlights FY 2024-25 Plans FY 2023-24 Highlights FY 2024-25 Plans

• Achieved the highest growth in sales revenue • Expand production capacities to meet the rising • Successfully restructured our distribution • Implement new organisational structure to
among industry peers, reflecting strong market market demand, ensuring our ability to supply network to optimise reach and efficiency, better align with strategic goals and improve
demand and effective execution of business high-quality products promptly and efficiently enhancing our market penetration functional efficiencies
strategies
• Identify and penetrate unexplored market • Achieved improved gross margins across all • Address execution inefficiencies to improve
• Attained the highest EBITDA margins in the segments to expand our market footprint and product categories through strategic pricing overall business performance
industry, showcasing operational excellence capitalise on new growth opportunities and enhanced operational efficiencies
• Expand distribution network and enhance
and effective cost management
• Enhance the efficiency and effectiveness of our • Increased advertising and promotional (A&P) influencer management program to increase
• New product introductions in the wires segment existing distribution network to increase sales spending to strengthen brand visibility and market reach and drive sales growth
contributed significantly to overall sales, volume and optimise market coverage engagement, reinforcing our market presence
underscoring the success of our innovation and consumer loyalty
and market expansion efforts
• Addressed portfolio gaps by introducing new
product SKUs that cater to emerging consumer
needs and market demands
50 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 51

Business Review Rest of the World (ROW)

The broad economic landscape is defined by several
Highlights

(International)
factors with significant implications for businesses • Exporting to 78 countries (excluding North
across different geographies. There has been a surge America) with a significant presence across
in the inclination towards renewable energy sources like all end-user industries
solar and wind, both onshore and offshore, creating
• Over 50% of business comes from repeat
a positive impact on the W&C market. Moreover,
customers, indicating strong relationships
infrastructural expansion due to rapid urbanisation
and high levels of customer satisfaction
worldwide is contributing to market growth, along
with the rising demand for residential and commercial • Double-digit growth in targeted
The global wire and cable market is booming, construction projects. Furthermore, the adoption of segments such as oil and gas,
valued at approximately $250 billion in 2023, EV and proliferation of data centres are projected renewables, and infrastructure
to drive exponential growth in cable demand in the
and is expected to grow to around $410 billion foreseeable future.
by 2030. This growth is backed by the rising
demands in renewable energy, urbanisation, Asia-Pacific: This Europe: Mature
Market Position
and technological infrastructure expansions. region is expected to market with modest Polycab has demonstrated significant growth
experience the highest growth driven in market penetration, especially within
growth, driven by by renewables, developed economies, with a peak export order
rapid urbanisation data centre book driving sales. Our competitive pricing,
and government construction, and high-quality products, and reliable delivery
investments in grid modernisation systems have been fundamental in securing
North America Exports Market Position infrastructure and strengthening our market position.
The North American wire and cable market was valued Polycab's focus on a comprehensive array
at ~$34 billion in 2023 and is projected to grow at a of UL-approved products, exceptional
CAGR of 6% from 2024 to 2032. This growth is largely Latin America: Middle East and
customer service and punctual delivery sets
driven by increasing investments in infrastructure and Expectations of low Africa (MEA):
us apart from competitors and contributes to
to moderate growth Anticipated growth
renewable energy projects. continued success in the country.
due to political due to infrastructure
Future Direction
Significant demand growth has been observed in instability, with Chile projects, particularly We are committed to strategic initiatives
states such as California, Texas, Nevada, and Arizona, and Brazil potentially led by Saudi that span from the short to the long term,
which is primarily attributed to increased infrastructure driving demand Arabia's massive particularly in the areas of sustainability, the
spending and initiatives aimed at modernising the infrastructure boom development of specialty cables, and the
electrical grid. integration of smart technologies. We have
invested in R&D to discover innovative materials
Future Direction
Our Strategy and Performance and improve the designs of our cables.

• We have expanded our offerings in the US with

We are actively continuing our product Our Strategy and Performance Additionally, we are working to expand our
certification programmes and expanding the
a focus on UL cables and cable management • Increase geographic and customer spread to geographic footprint, specifically targeting
product portfolio to align with market demands.
systems to capitalise on the growing enhance the base and provide sustainable high-growth regions such as Asia-Pacific,
There is special focus on sectors that show strong
demand. We have also enhanced direct business in the coming years. This will be done Middle East and Africa. With this, we will
growth potential, such as renewable energy,
customer relationships and partnerships with by identifying targets through detailed research, foray into emerging markets where rapid
and on high utility items including overhead
Manufacturers’ Representatives (MRs) seizing new business opportunities, and securing industrialisation and development present
conductors and high voltage cables.
approvals from the world’s largest EPC contractors, opportunities for growth.
• We are actively pursuing approvals for various cable Additionally, we are in the midst of transitioning renewable developers, oil and gas companies,
types to ensure compliance with evolving safety to the distribution model of operations. and other utility providers
regulations and standards in the US market
• Expand the distribution business globally and
maintain feeder stock of fast-moving items locally
• Implement the Dealer Management Portal, CRM,
and business intelligence tools, as a part of the
Highlights digital strategy
A significant increase in demand for medium • Focus on enhancing local presence by being closer
voltage cables and some photovoltaic (PV) wires to the customer for better engagement and
has been noted. improved service levels
52 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 53

Manufacturing and Stator Manufacturing Machine Shop Precision Paint Shop Operations

Innovation Highlights A state-of-the-art winding

process utilises CNC
programmed winding machines
The machine shop has a CNC
machining centre that is specially
equipped for motor end covers
The Paint Shop includes a fully
integrated pre-treatment and
paint system. Management of
to create compact and layered and rotors. The centre ensures the pre-treatment process is
coils. This process is backed zero defects in the components conducted via PLC-controlled
by hi-tech microprocessor- produced. With online gauging time cycles for each transporter’s
Polycab has established itself as a leader in the industry through based testing equipment that integrated with automation movement through the various
ensures the longevity of motor for real-time monitoring, the tanks. Nano technology solutions
its manufacturing expertise and innovative vision. By seamlessly windings. The manufacturing system guarantees the highest used for pre-treatment while
integrating state-of-the-art technology with extensive industry process is further enhanced standards of accuracy. This level environmental & pollution-free
by an integrated conveyorised of precision, coupled with the chemicals are used in the paint
experience, we deliver products that set industry benchmarks system, calibrated for pre- centre's enhanced productivity, system. The paint system is also
heating, varnishing, and baking allows us to deliver products that PLC-managed – overseeing the
the stator, delivering quality that surpass industry standards. reciprocator movement, bell
meets Six Sigma standards. applicator for the paint, and
Fans conveyor speed – all working
in tandem to ensure a flawless
finish on every product.
Our Roorkee and Halol facilities are
India’s most modern and integrated
manufacturing plants for fans. These
plants have a collective annual
manufacturing capacity of 9 million R&D Projects
units, and are outfitted with automated Our emphasis is on embracing technology-driven initiatives that prioritise convenience and user control.
Computer Numerical Control (CNC) Our R&D centres, located in Roorkee, Halol, and Bengaluru, are at the forefront of these innovations.
machines for precise motor winding
and end cover machining. The assembly
line conveyors improve efficiency and
are complemented by computerised Innovative Under-Light Ceiling Fans
testing facilities that ensure each fan Offering versatility with three color temperature options:
meets high-quality standards. We Warm (3K), Natural (5K), and Cool (6K), catering to various
also house one of the country's largest ambient preferences
in-house BLDC ceiling fan and controller
manufacturing unit, offering fan models
ranging from basic to super-premium.
IoT-Enabled Ceiling Fans
These fans feature IoT-based controls for both speed and
lighting, allowing users to adjust settings from any location
for ultimate convenience

BLDC Super Premium Ceiling Fans with Special

Grade ABS Blades
Crafted for efficiency and elegance, these fans boast special
grade ABS blades, ensuring longevity and superior performance

Energy-Efficient Ceiling Fans

Our fans are 100% BEE star-rated and comply with BIS (ISI)
standards, reflecting our dedication to energy efficiency and
quality assurance
54 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 55

Switches Switchgears
We have integrated 17 fully automated Our state-of-the-art manufacturing
Servo injection moulding machines, facility is renowned for producing a
bringing precision and efficiency in wide range of low-voltage switchgear
manufacturing. These advanced products, including an advanced
machines, equipped with robotics, Miniature Circuit Breaker (MCB) range
optimise the production process crafted on fully automated lines for
from material loading to the final unmatched precision. Leveraging
production of moulded items, creating innovative design software and an
a manpower-independent environment. in-house tool manufacturing facility, we
This automation has led to a record- are able to maintain high precision and
setting output of 200 moulds in a year, accuracy in our production processes.
showcasing the speed and efficiency of
Our modern testing laboratory
Polycab's operations in India.
conducts comprehensive tests for
Quality assurance is evidenced by the product validation and certification,
installation of Automated High Voltage contributing to our reputation for
(HV) and Continuity Testing machines manufacturing excellence. The in-house
for switches and sockets, ensuring that production of all sheet metal and plastic
each product adheres to the highest components further ensures superior
safety and quality standards. In addition quality and precision.
to these, we have implemented a 2-bin
kanban system, utilising storage racks
to optimise inventory management
and maintain a lean manufacturing
process. This system ensures precision,
quality, and operational excellence in
our manufacturing processes.

Product Development Highlights Product Development Highlights

Low-voltage Products MCBs Solar Box

Flat Switch Compact Socket Versatile Socket
and Services Secured CB and KEMA Developed Solar Box for
Mechanism Design Design
Delivered a complete certifications for our MCB the domestic market
Polycab has acquired We have engineered a We are first in the market 10kA and MCB 6kA series, utilising our proprietary
spectrum of low-voltage
a design patent for an cost-effective, compact to offer a versatile socket paving the way for an internally developed and
products and services while
innovative Flat Switch socket design, achieving a design compatible with expanded presence in the manufactured DC MCBs
ensuring affordability and
Mechanism and registered 37% reduction in material plastic, metal, glass, and International market
adherence to national and
multiple new designs and and packaging costs wood, as well as a novel
International standards
General Accessories real teak wood cover plate
56 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 57

Lighting and Luminaries Wires & Cables

Our lighting solutions offer more Polycab's Polymer R&D centre,
than functionality; they weave established in 2016 and recognised
efficiency with aesthetics, bringing by Department of Scientific and
forward a suite of products that Industrial Research (DSIR), India, is
are as visually arresting as they advancing polymer technology for W&C
are technologically advanced. applications. Our R&D mission is rooted
in adding value to stakeholders and
While the Company currently operates
innovating compounds that meet safety
only in the B2C market, it plans to
and sustainability benchmarks alongside
foray into the B2B market, expanding
global standards.
its total addressable market.
Our integrated approach aligns market
insights with research expertise, while
our stringent quality assurance protocol
ensures excellence across the entire
production lifecycle, from raw material
selection to the finished product.

Key R&D Highlights

Product Development Highlights
The development of cables Automotive cables for global Further, we hold approvals
conforming to Australian and markets, marine wiring cables from CERN and comply with
North American standards per Defence standards, CPR and PCR from BASEC
Infinity Lamp Full Glow LED Lamp LED Street Light and specialised cables for
The Infinity Lamp redefines The LED lamp ushers Our LED Street Light railway and nuclear research
energy efficiency, blending in a new age of lighting revolutionises public applications
a classic aesthetic with with its full glow feature, illumination with its
cutting-edge lighting eliminating the need for gas innovative, aerodynamic
technology. Its unique angle while providing luminosity. design and ceramic-based
light display and adjustable The lamp's design is technology, delivering Testing Operations and Assembly Lines
tilt offer a versatile functional and aesthetic, over 40 Lux to enhance
lighting solution, ensuring signifying a leap forward road safety. Designed for Every product that we manufacture
every space is bathed in from conventional lighting longevity and uniform undergoes rigorous testing in our modern
light that is both brilliant light spread, it sets new laboratories fitted with the latest PLC-
and economical standards for street lighting controlled technology. Whether it is the
efficacy and design motor and blade verification for fans or
the high voltage and continuity tests for
switches and switchgear, our equipment
simulates real-life conditions to ensure
our products perform flawlessly. These
testing procedures have led to an
exemplary record of zero failures in
market sample testing by BIS in the last
financial year, leading to reliability and
customer satisfaction.
Our assembly lines feature conveyorised
systems for efficient single-piece
flow and high productivity. Our lean
manufacturing approach optimises
inventory management and embodies
our pursuit of operational excellence.
58 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 59

Digitalisation and Smart Manufacturing IT

By integrating Industrial Automation and the Internet Our strategic IT initiatives have been pivotal in steering
of Things (IIoT), we are crafting a connected, agile, Polycab towards a future where manual processes are
and intelligent production environment. Our strategic eliminated with automation, and complex decisions
initiatives projected for the next 1-3 years include: are made with the support of advanced algorithms.
These transformations have led to improved efficiency,
1 enhanced inventory visibility, and significant cost
reductions. Our IT projects include:
Edge and MES Integration
1
We are rolling out Manufacturing Execution Systems
(MES) across various plants, leveraging IoT for Oracle Version Upgrade
real-time machine data capture and KPI tracking.
Exception-based execution and reporting are We have upgraded to Oracle version 12.2.10, a vital
streamlining our operational efficiency. move to strengthen our digital ecosystem. This
upgrade, identified through stakeholder sessions,
2 includes 400+ process improvements across finance,
manufacturing, and more, for a smarter and more
adaptable ERP system.
Enhancing Maintenance
with Predictive Analytics 2
By standardising sensor installations, we are utilising
data for proactive equipment condition monitoring Oracle Transport Management (OTM)
and incorporating AI into our quality control
To improve transportation efficiency, we have
processes. This results in a predictive and prescriptive
implemented OTM for streamlined planning and
maintenance approach that maximises uptime and
execution. This integration will lead to cost-effective
minimises disruptions.
routing, real-time shipment tracking, and expedited
transporter payments.
3
3
Virtual Optimisation with Digital Twins
The adoption of digital twin technology enables us to Security Operations Centre (SOC)
simulate real scenarios and their outcomes, leading to Implementation
improved decision-making and process optimisation
SOC oversees 24/7 cyber-threat monitoring,
in a virtual environment.
ensuring real-time responses to potential security
breaches, safeguarding our data, and maintaining
4 regulatory compliance.

Building a Connected Workforce 4

Through the deployment of smart wearables
and geo-fencing, our teams are empowered Network Access Control (NAC)
to swiftly respond to incidents, collaborate Implementation
on solutions in real time, and contribute to a
With NAC, we have centralised security policy
dynamic knowledge repository.
enforcement, preventing unauthorised access and
strengthening data protection across our network.
5

Augmented and Virtual Reality for

Workforce Empowerment
By integrating AR and VR into our training
programmes, especially in maintenance and safety,
we aim to improve the learning experience, ensuring
that our workforce is well-prepared for the challenges
of a digital-first manufacturing ecosystem.
60 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 61

Investors Optimising Capital Inputs

for Investor Value

Material Topics Financial Capital

Amid a robust demand Added to the pool of funds that we can utilise,
environment, our business has now amounting to `82,433 million
Leadership in Wires and Cables
maintained a strong growth
Strengthening FMEG Market Position Manufactured Capital
momentum, culminating in the Incurred capex of H8,580 million during the year
Business Diversification
highest-ever revenue and Profit
Strengthening Brand Recognition
After Tax (PAT) in our history. Intellectual Capital
Product Stewardship Invested in R&D to develop and produce future-ready
This represents the strength products, and improve our services
Corporate Governance, Ethics, and Integrity
of our execution capabilities,
amplified by our formidable Human Capital
SDGs Impacted market position and favourable Increased our employee benefit expenses 33% YoY to
reach H6,095 million
market conditions
Social and Relationship Capital
Utilisation of funds amounting to H264 million
towards CSR activities

Natural Capital
Utilised funds for various initiatives such as energy
efficiency, waste management, and water management,
among others

FY 2023-24 Highlights

J30
Dividend per Share C

25.4%
Dividend Payout Ratio C
62 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 63

Our Approach to Dividend Distribution Policy Creating Long-term

Investor Engagement In recommending dividends to shareholders, our
Board of Directors considers the following internal and
Investor Value
We have a multi-faceted strategy to foster external parameters: Since becoming a listed company, we have
transparent and meaningful communication achieved a CAGR of 63% in market capitalisation,
with our investors. This entails maintaining Internal reaching H872,000 million as on 9 May 2024 from
consistent communication through various H75,969 million as on 16 April 2019. We take immense
platforms. Actively soliciting and listening to • Profits earned during the financial year pride in the unwavering trust our shareholders and
investor feedback, as well as demonstrating strong • Retained earnings investors have placed in us and in our growth story.
corporate governance practices and commitment to
• Earnings outlook for the next three to five years Over this period, we have consistently increased
sustainability, further reinforces trust and confidence
our dividend payout ratio taking it to 25.4%, a
among investors. Our focus on long-term relationship • Expected future capital/liquidity requirements testament to our commitment to sharing our success
building based on mutual respect and alignment
• Any other relevant factors and material events with our shareholders. We believe in providing
of interests serves as a cornerstone for sustainable
sustainable returns to our shareholders by pursuing
growth and shareholder value creation.
consistent growth and practicing responsible
External financial management.
• Macro-economic environment
• Regulatory changes

How We Engage Key Topics Discussed • Technological changes Economic Value Creation
with Them • Creating long-term (H Mn)
• Formal results investor value Dividend Per Share (in H) FY 2023-24 FY 2022-23
presentations and
• Financial
call every quarter of A. Direct Economic Value Generated 182,603 142,411
performance during
the financial year Revenues 180,394 141,078
the year
3

10

14

20

30
• Annual General 50
Other Income 2,209 1,333
• Unlocking value
Meeting
with effective 43 B. Economic Value Distributed 165,565 129,182
• Frequent meetings/ capital allocation 40 Operating Costs 149,382 117,989
calls either directly 43
• Corporate 133 Employee Wages and Benefits 6,095 4,568
or through various
governance and
investor conferences Payments to Providers of Capital 4,081 2,692
stakeholder
• Non-deal Roadshows alignment FY19 FY20 FY21 FY22 FY23 FY24 Payment to Government (Income Tax) 5,743 3,704
YoY growth (%) Community Investments 264 229
C. Economic Value Retained (A-B) 17,038 13,229

Financial Performance
during the Year
We delivered double-digit growth in revenue and
profitability, outperforming our industry. We achieved
a revenue of H180,394 million in FY 2023-24. We
28% 41%
Growth in Growth in
delivered an EBITDA margin of 13.8%, and a Return
on Capital Employed (RoCE) of 30%. Additionally, revenue C PAT C
our net cash position improved to H21,408 million

35% 13.2%
and the working capital cycle stood at 48 days.
During the year, our ability to execute and respond
to a buoyant market demand enabled us to achieve Growth in Growth in net
this robust financial performance. Our prudent EBITDA C cash position C
working capital management and strong profitability
resulted in a surge in free cash flow. Capex, stood at
H8,580 million.
64 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 65

Unlocking Value with Effective Capital Allocation Performance Review Since Listing
We have identified four primary use cases for our cash:
Revenue (in H Mn) EBITDA (in H Mn)
Capex Dividends Mergers and Cash Reserves
Acquisitions

9,504

11,276

11,117

12,626

18,429

24,918
79,856

88,300

87,922

122,038

141,078

180,394
Investing in capital We have consistently A portion of our
expenditures remains increased our We will actively pursue cash will be retained
28 13.1
our top priority. We dividends since opportunities for as a buffer on our 16 10.3
13.8
plan to incur capex of our listing and inorganic expansion balance sheet to 39 11.9 12.8 12.6
0
H10 to 11 billion each intend to maintain in the W&C and provide flexibility and 11
18% 21%
year over the next this trajectory FMEG sectors to support in navigating 5-year 5-year
three years in accordance significantly enhance both favourable and CAGR CAGR
with our dividend our capabilities challenging business
FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24
distribution policy environments
YoY growth (%) EBITDA margin (%)

PAT (in H Mn) Net cash (in H Mn)

Corporate Governance and

442

1,642

9,637

11,007

18,912

21,408
5,003

7,656

7,415

8,452

12,831

18,029
Stakeholder Alignment Investor Engagement 13.2

10.0 72
9.1
Our Code of Conduct for Employees, the Board We consider transparency in communication
6.9 14
to be the most essential component of our
of Directors, Senior Management Personnel,
investor relations strategy. As part of our
8.7 8.4
29% 487
117%
and Suppliers set out our guiding principles and 6.3
5-year 5-year
expectations. The Code serves as a central policy outreach efforts, we host quarterly investor 271
CAGR CAGR
document outlining the requirements that all calls and make audio recordings as well
individuals working for or with the Company must as transcripts available on our website. In FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24

comply with, regardless of their location or the addition, we actively participate in round table PAT margin (%) YoY growth (%)

nature of their operations. investor conferences, non-deal roadshows,

and one-on-one investor meetings to engage
comprehensively with the investor community. Market capitalisation (in H Mn) Capex (in H Mn)
Read more about governance Page 98

760,947*

2,814

2,814

1,911

5,200

4,584

8,580
75,969

110,499

205,717

353,343

431,332
87.17

102.16 -11.85
22 172.11

86
72
59% 0 -32 25%
45 5-year 5-year
CAGR CAGR
FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24
YoY growth (%) YoY growth (%)

Debt/equity ratio Earnings per share (H)

0.10

0.04

0.05

0.01

0.02

0.01

35.39

51.16

59.20

60.87

84.93

118.93
FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24

* As on 9 May, 2024
66 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 67

Customers Optimising Capital Inputs

for Customer Value

Material Topics Financial Capital

We aim to build lasting Added to the pool of funds that we can utilise
relationships with our to scale operations in-line with demand
Material Sourcing and Efficiency
customers by consistently
Customer Centricity Manufactured Capital
providing high-quality products Optimising operations to ensure availability
Product Stewardship
and exceptional service. and consistency of quality
Data Privacy and Cybersecurity
This customer-first mindset
Intellectual Capital
underpins our commitment Investing in R&D to enhance our
to excellence, encouraging us customer value proposition

to safeguard their trust and

SDGs Impacted Human Capital
enhance their experience Aligning employees with customer's needs to
enhance our service offerings

Social and Relationship Capital

Prioritising activities that align with the needs
and expectations of our customers

Natural Capital
Delivering products that are environmentally friendly

FY 2023-24 Highlights

98%
Customer
Satisfaction Score C

79
International
Business Footprint C
68 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 69

Our Approach to Regional Campaigns

Story of Triumph
Customer Engagement “Choosing brand Polycab to cater the retail
Campaigns in regional languages – Telugu, Tamil,
Malayalam, and Kannada – helped connect
Our customer engagement efforts are driven by a electrical market was one of the best decisions with diverse audiences in the southern markets.
commitment to understanding and fulfilling the unique we have made for our business. Their products Additionally, a series of product education initiatives,
needs of each customer. Our teams ensure that every are of superior quality, reliable, and safe. The including webinars and interactive sessions,
customer interaction is personal and every solution team provided excellent customer service, provided valuable information to influencers,
is customised. guiding us through every step of the process. builders, and trade partners.
With Polycab, we have peace of mind knowing
Our core objective is to nurture enduring relationships
that our electrical installations are in good
with our customers through the provision of
hands. Highly recommend their services to Digital Video Campaigns (DVC)
premium quality products and unmatched service.
anyone seeking top-notch electrical solutions.” The DVCs educated consumers on the nuances of
This customer-centric approach is the foundation of
our long-term commitment to delivering exceptional – Nitin Power House LLP MCBs, highlighting their role in preventing electrical
value and earning customer loyalty. mishaps and ensuring the well-being of residents.

The ICC Impact

Product Stewardship We hosted a series of high-impact trophy events in
Stewardship is at the core of our product collaboration with the ICC. The events were held in
How We Engage Key Topics Discussed development. The synergy between our cities like Mumbai, Delhi, and Bengaluru, and engaged
with Them NABL ISO 17025 certified R&D centre and 2,500+ influencers, retailers, and customers.
• Customer centricity
our manufacturing prowess enables us to uphold
• Customer Further, we collaborated with celebrated influencers
• Product stewardship superior quality standards for our customers. Our
and consumer
satisfaction surveys • Ethical marketing
Data Privacy and facilities are equipped with advanced technology across various platforms, culminating in a social
media contest that encouraged fans to rally behind
that keeps us ahead of industry trends.
• Formal and informal • Data Privacy and Cybersecurity Our wires business has flourished following
the anthem 'Cheer India Ke Liye.' These efforts
feedback cybersecurity We continue to uphold the highest standards of built a strong social media presence, as evidenced
strategic initiatives such as the introduction of the by thousands of scans from a QR-code-enabled
data protection and customer privacy. We recognise
• Grievance redressal Etira, Primma, and Green Wire ranges – designed registration drive, offering match tickets to the
the importance of secure data storage and have
to cater to the complete spectrum of consumer ICC Men’s World Cup as an incentive.
implemented robust protocols to protect against
needs. This segmentation has already had a
breaches, leaks, and losses. Our data privacy policy
marked impact, with these ranges contributing
is designed to safeguard customer information.
We encourage our customers to actively engage with
significantly to our sales.
23.3% 1.2 Mn
We also recognise that our responsibilities extend Engagement rate C Impressions C
us through various channels, ensuring a clear and
Ideas. Connected. beyond manufacturing. As a result, we have
direct path to report concerns or seek clarifications on
Our renewed brand identity 'Ideas. Connected.' embraced sustainable practices in our production
exemplifies our commitment to innovation, safety,
data privacy matters. We have effectively monitored
these channel, as evidenced by the absence of
processes. From power cables to electron-beam
irradiated cables and BLDC fans, each product
800,000+ 60%
and sustainability, aiming for a brighter future in grievances related to data privacy in FY 2023-24. Individuals reached C YoY increase
electrical solutions. This new philosophy guides is designed with sustainability considerations in
mind, ensuring we contribute positively to the in A&P spend C
Polycab's customer-centric approach, ensuring
products and services align with modern living. environment while delivering the high-performance
products that define the Polycab brand.
Ethical Marketing Even in the competitive arena of international Advertising and Sales Promotion Expenses
Customer Centricity Our marketing efforts aim to address the challenge
of raising awareness about sustainable products.
cables, we prioritise exploring premium cable
options to meet the needs of niche markets
(in H Mn)
We combine our high-calibre electrical solutions with Our ambition is to cement our authority in the W&C and discerning global clients. Supported by our
engaging service experiences. Our dual approach of domain and broaden our influence in the FMEG experienced team of experts, our ventures into

163

1,989
combining product quality with experiential service space. The drive to fortify the 'Polycab' brand has specialised products like EV cables and upscaling
enables us to meet dynamic market demands. been mirrored in our systematic efforts over recent retail wires reflect our drive for diversification.
Additionally, by actively engaging with customers, we years, aligning with the evolving preferences of
tailor our offerings to their preferences and ensure timely
delivery through an extensive distribution network.
a conscientious consumer base.
1,120.25%
We also understand that trust stems from transparency.
Our 'Cheer India Ke Liye' anthem and ICC event
partnerships promote ethical brand building, spreading 282 C
K260 Mn C
Therefore, we ensure that our product information and the message of electrical safety effectively. Our Registered IPRs R&D Expenditure
labelling are clear and accurate. From the technical collaboration with IEEMA and participation in events like
specifications of our cables to the performance the Buildelec exhibition drive industry-wide innovation
parameters of our fans and lighting systems, we and growth. These efforts are aligned with our goal to FY14 FY24
empower our customers to make informed decisions. contribute to the development of India's electrical sector.
70 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 71

Employees Optimising Capital Inputs for

Employee Value

Material Topics Financial Capital

We believe in empowering our Increased our employee benefit expenses 33% YoY
team members, offering them to reach H6,095 million
Employee Training and Development
opportunities to enhance their
Diversity and Inclusion Manufactured Capital
skills, and ensuring they feel Ensuring our health and safety practices are
Health and Safety
valued and connected. This best‑in-class
Labour Management
philosophy is integral to our
Intellectual Capital
operations, guiding us as we build Investing in their learning and development to help
a diverse workforce equipped to meet the demands of a VUCA business environment
navigate the demands of the
SDGs Impacted industry and contribute to our Human Capital
Increasing the Polycab family to 15,739 and focusing
collective success on creating a community

Social and Relationship Capital

Encouraging employees to volunteer as part of our
CSR activities to help them contribute to causes they
care about

Natural Capital
Enhancing natural capital as our commitment to care for
the collective future of humanity

FY 2023-24 Highlights

86%
Engagement
score in survey C

100%
Employees given
Performance Reviews C
72 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 73

Employee Engagement
In our endeavour to cultivate a vibrant and inclusive
workplace, we launched an Engagement Survey in
October 2023. Conducted anonymously by a third-
party to ensure unbiased feedback, the survey aimed to
understand the nuances of employee experience and the
level of engagement across the organisation.
The insights gathered revealed a commendable
Engagement Score of 86% at the organisational
level. Understanding the importance of responsive
Our Approach to Diversity and Inclusion Learning and Development action, the results of the survey were shared with
Our conviction in the power of diversity and inclusivity The development of our staff and workers’ skills is the Heads of Departments (HODs).
Employee Engagement as pillars of our strength is unfaltering. We aim to fundamental to achieving excellence. Our learning
We aim to create a culture where innovation flourishes, harness top talent and nurture a culture of innovation. interventions span various categories such as Certain steps being taken to enhance work
talent is nurtured, and achievements are celebrated. Our Recently, we have implemented two initiatives aimed Functional, Technical, Behavioural, and Leadership to experience are:
approach to employee engagement is built on the pillars at enhancing inclusivity within our organisation: cater to the diverse needs of our workforce. Mandatory
of learning, development, and continuous improvement. trainings on Safety and Compliances are also Job Evaluation Exercise
conducted to ensure all employees meet the statutory
We prioritise direct and open communication channels, Campus Recruitment Focus compliance requirements. In FY 2023-24, average
We launched a Job Evaluation exercise to streamline
such as town hall meetings with senior management, and align job profiles, roles, and designations
In FY 2023-24, approximately 15% of our Post learning hours per employee (male) were 5.33 while the
to ensure every voice is heard. Our training programmes across Polycab. This initiative reduced the number
Graduate Trainee hires were women, contributing average learning hours per employee (female) was 5.76.
improve the skill sets of our employees. Mentorship of hierarchical grades, promoting a more cohesive
to our frontline sales teams – a domain traditionally
opportunities further support this development, and transparent organisational structure.
offering guidance and career advancement paths.
observed to have a lower ratio of women. This Leadership Development Initiative
initiative aims to lay the foundation for a new cadre
of future sales leaders while paving the way for For our Senior Management, we rolled out the Continuous Feedback Process
equal opportunities. Leadership Development Initiative (LDI) in
August 2023. The LDI saw 44 nominated employees Building on our commitment to real-time
from Manufacturing, Sales, and Corporate divisions communication, last year saw the launch of a
Women-led Manufacturing participate in development programmes offered continuous feedback process. We have facilitated
instantaneous recognition and performance
How We Engage Key Topics Discussed in Daman by esteemed institutions like IIM-A, IIM-B, and MDI
documentation. This process provides a structured
Gurgaon, furthering their leadership capabilities.
with Them • Diversity and One of our manufacturing and assembly units in record of performance, encouraging a culture of
• Training and inclusion Daman is majorly operated by women, including both continuous improvement and recognition.
seminars full-time and contractual workers. This initiative marks
E-learning Modules
• Learning and
a pivotal step in creating a workspace that truly Our frontline sales teams benefitted from e-learning
• Meetings and development
reviews
• Employee
reflects diversity and equality. modules designed to address specific needs across
different levels. Retail Development Managers (RDM)
86%
• HR programmes engagement received Campus to Corporate training modules. Engagement
Simultaneously, Phase 1 of Product Training for score in survey C
• Employee-
satisfaction surveys
• Reward and
recognition Zero the FMEG Business Unit was launched for Sales
Leadership, covering Lighting and Fans & Appliances.
Cases of discrimination
• Health and Phase 2 aims to extend these learning opportunities
well-being reported in FY 2023-24 C to a broader employee base, including Business
Development Managers (BDM) and RDMs.
• Human rights

The ‘GURUKULUM’ Initiative

Within our manufacturing domain, the ‘Gurukulam’
initiative was introduced to support the development
of 45 employees across various manufacturing
iLEARN functions. This initiative is part of a larger succession
planning intervention, aiming to build a robust talent
In December 2023, we launched ‘iLEARN’, a
pipeline and ensure the continuous growth and
Learning Experience Platform. It saw an impressive
evolution of our manufacturing capabilities.
60% adoption rate upon its introduction, with over
1,900 unique learners engaging with the platform.
Offering more than 450 courses, iLEARN has
garnered an employee Net Promoter Score (NPS) 1,900
of approximately 86%. Unique learners engaging with iLEARN C
74 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 75

Reward and Recognition

Our Reward and Recognition (R&R) framework is 4,057 606
designed to honour the exceptional conduct and Staff and On-roll staff and
outstanding performances of both individuals and workers recognised workers honoured
teams. It includes a broad spectrum of accolades,
in FY 2023-24 C with Long Service
including Rewards, Recognition, Annual Awards, and
Long Service Awards. By recognising adherence to Awards C
our i-POWER values and achievements concerning
Key Result Areas (KRAs), we foster a culture of
recognition and encouragement:
Our Rewards and Recognition (R&R) Framework
• Over the past year, the R&R Policy has celebrated
the achievements of 4,057 staff and workers.
This equates to recognising about 9% to 10%
R&R Framework
of our employees each quarter and putting in
consistent effort to maintain high morale within
the organisation.
• To honour the achievements and hard work of our
team, we organise pan-India reward ceremonies on
a quarterly basis. These events inspire a sense of
unity and shared purpose across our Company. Long
Annual
• Loyalty and long-term commitment are highly
Rewards Recognition
Awards
Service
Awards Health, Safety Return to work and retention rates
valued at Polycab, and we celebrate these
milestones through our Long Service Awards.
and Well-being In the reporting period, we had a total of 8 employees
who were due to return to work after taking parental
Employees who have been with us for significant Our employees are the heroes who drive our success, leave. 7 employees have successfully returned, resulting
Criteria for R&R and their well-being is our priority. To this end, we
tenures – 5, 10, 15, 20, 25, and even 30 years – in a return-to-work rate of 87.5%.
are recognised for their contributions. • Performance against i-POWER values have introduced generous benefits to nurture their
professional and personal lives. Our health insurance
• In the last financial year alone, 606 on-roll staff and • Achievement against KRAs plans ensure peace of mind, while our retirement
workers were honoured with Long Service Awards, plans are structured to secure their future long after
receiving both a trophy and a monetary reward as a their tenure with us.

0.08
token of our gratitude for their loyalty.
We are also committed to setting a benchmark
for occupational health and safety (OHS) by
LTIFR for workers
implementing an OHS Management System aligned
with ISO 45001:2018 standards. This has been (per one million person-hours worked) C
implemented across our major manufacturing facilities
in Halol and Daman. These programmes encompass
a wide array of topics, including work ethics, health
and safety training, understanding of quality systems,
in-depth HR policies and practices, environmental 100%
awareness, fire safety and evacuation drills, prevention Employees covered under health
of sexual harassment and the crucial importance of insurance, accident insurance, and
safety tools and kits. We also prioritise preparedness maternity benefits C
for accidents and encourage the proactive reporting
of any potential hazards.

Safety Incidents/Numbers Category FY 2023-24 FY 2022-23

Lost Time Injury Frequency Rate (LTIFR) Employee 0 0
(per one million-person hours worked) Workers 0.08 0.13
Total recordable work-related injuries Employee 0 0
Workers 2 2
No. of fatalities Employee 0 0
Workers 0 0
High consequence work-related injury or ill-health (excluding fatalities) Employee 0 0
Workers 0 0
76 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 77

Employee Snapshot
Employees and workers (including differently-abled):
Male Female
Particulars Total (A)
No. (B) % (B/A) No. (C) % (C/A)
Employees
Permanent (D) 2,965 2,777 93.66% 188 6.34%
Other than permanent (E) 1,701 1,662 97.71% 39 2.29%
Total employees (D+E) 4,666 4,439 95.14% 227 4.86%
Workers
Permanent (F) 1,878 1,877 99.95% 1 0.05%
Other than permanent (G) 9,195 8,940 97.23% 255 2.77%
Total employees (F+G) 11,073 10,817 97.69% 256 2.31%

Turnover rate for permanent employees and workers

FY 2023-24 FY 2022-23 FY 2021-22
Particular
Male Female Total Male Female Total Male Female Total
Permanent Employees 22% 24% 22% 17% 38% 18% 17% 20% 17%
Permanent Workers 3% 0% 3% 3% 0% 3% 12% 0% 12%

Details of training given to employees and workers

FY 2023-2024 FY 2022-2023
On health and On skill On health and On skill
Category
Total (A) safety measures upgradation Total (D) safety measures upgradation
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Male 5,775 4,800 83% 2,327 40% 3,445 570 16% 1,903 55%
Female 282 199 71% 83 29% 192 79 41% 156 81%
Total 6,057 4,999 83% 2,410 40% 3,647 649 18% 2,059 56%

Human Rights New hires by age Workers

Male 14,844 14,844 100% 3288 22% 8,785 3,168 36% 2,514 29%
Our Code of Conduct is the compass that guides every <=30 years 361 Female 313 313 100% 192 61% 207 24 12% 30 14%
aspect of our operations. It reinforces the importance of
>30 to =50 511 Total 15,157 15,157 100% 3,480 23% 8,992 3,192 35% 2,544 28%
ethical behaviour, the respect for human rights, and the
fair treatment of individuals across the Board. >50 24
We are not only advocates for human rights within the confines Assessments for the year
of our organisation but also in the expansive network of our
% of your plants and offices that were assesed
supply chain. Our proactive stance involves efforts to eliminate Rate of new hires Type
(by entity or statutory authorities or third parties)
discrimination, prevent harassment, and abolish exploitation in all
<=30 years 53.17% Health and safety practices 100%
forms. By upholding these principles, we cultivate an environment
where trust and accountability are paramount, and social Working condition 100%
>30 to =50 13.86%
responsibility is deeply ingrained in our corporate ethos.
>50 5.03%

Zero
Instances of complaints pertaining to child labour,
forced labour and involuntary labour C
78 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 79

Value Chain Optimising Capital Inputs for

Value Chain Partners
Partners
Financial Capital
By building a resilient and ethical Using our financial stability to maintain optimum
value chain ecosystem, we inventory levels for both ourselves and dealers
Material Topics enforce our responsible sourcing
Manufactured Capital
practices, ensuring alignment Ensuring standardisation of quality to help value chain
Responsible Supply Chain with our sustainability goals partners deliver consistent value to our customers
Distribution Network and India’s net-zero emissions
Intellectual Capital
Influencer Training and Engagement target. Simultaneously, we invest Extending our digitalisation efforts to our supply chain
in the growth of our influencers, to ensure efficiency and maintain raw material quality
providing training, certifications
SDGs Impacted Human Capital
and incentives, to cultivate Increasing procurement from MSME customers to
a collaborative network that support the growth of the domestic industry
advances our collective brand
strength and market presence Social and Relationship Capital
Helping create an inclusive ecosystem for all value
chain partners

Natural Capital
Engaging with suppliers to align them with our
sustainability framework

FY 2023-24 Highlights

100,000
Influencers on the Polycab
Experts Digital Platform C

83.7%
Sustainable Sourcing
in FY 2023-24 C
80 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 81

Our Approach to Value Influencer Engagement

Chain Partner Engagement We champion influencer engagement by utilising
the Polycab Experts digital platform—a vital
Polycab has adopted a proactive approach to engage link that connects the Company directly with
Pro+ App
with key value chain partners, with a focus on the our retailer and electrician community. This
electrician community. The establishment of an In partnership with our Influencer Management
platform boasts over 100,000 members from our
influencer management department, operational in Team, we launched the Pro+ App to drive lead
influencer community, facilitating seamless product
40 cities across India including major metros and Tier 1 and demand generation, enhancing brand
registration and transactions.
and Tier 2 cities, underscores this commitment. engagement. The app, which went live in
November 2023, has connected us with over
The ~100 member team engages physically and
digitally with electricians to support product usage,
13,000 electricians across more than 35 cities,
strengthening relationships and contributing
Strengthening
promote loyalty schemes, and gather feedback. This
strategy aims to convert users to Polycab products,
to our growth. Distribution Networks
encourage upgrades, and practice range selling, Our initiatives in digitalisation and automation extend
solidifying our presence across more than 5,000 to our distribution network to improve resilience. The
residential sites. integration of product tracking and automation across
Responsible Sourcing the product lifecycle ensures that our products are
efficiently managed from warehouse to customer. With
Supplier Engagement Philosophy Practices tools like dashboard-based reports for data insights and
We have aligned our practices with the Nationally the digitalisation of reverse logistics, we ensure working Key Features of Salesforce Platform
Determined Contributions (NDCs) demonstrating capital improvement and optimal resource utilisation.
Supplier Code of
01 Conduct (SCoC)
our commitment to India's net-zero emissions target.
Our Supplier Code of Conduct (SCoC) is aligned with
We unified various stakeholders onto a single platform
Sales
Dashboard
Order
Management
– Salesforce – to streamline processes, involving the
national and international standards, embodying the
Technology Team, Channel Partners, Panel Builders,
ethos of safety, health, environment, labour, human
Key Account Managers, and specialists from Lighting
rights, ethics, and fair business. In FY 2023-24, we Sales & Quick Product
Supplier engagement and Cable divisions, thereby reducing manual work.
02 survey
achieved a milestone where 83.7% of our inputs by
value were sourced from sustainable sources.
The migration to Salesforce alongside the launch of
Financial MIS Information
loyalty programmes for electricians and retailers have
streamlined the distribution process, making it faster,
Price Robust Global
Ethical Supply Chain more efficient, and customer-centric. By focusing on
Communication Platform
Aligning suppliers converting, upgrading, and range selling, and gathering
03 with sustainability framework Management productive feedback, we enhanced distribution
Our approach to supply chain management is effectiveness and customer reach in FY 2023-24. Convenient Real-time Oracle
rooted in ethical practices and compliances. We have & Rapid Integration
embraced technology to transform our supply chain,

04
Regular supplier engagement
to address grievances
enhancing agility and transparency. Major advances
include the adoption of the Theory of Constraints
Achieved 80%
(TOC) for efficient supply chain flow, new demand
reduction in response
planning algorithms, and a Warehouse Management
Empowering Value
System (WMS) for heightened productivity and service.
time through Chain Influencers
Sophisticated solutions like Automated Storage and
Retrieval Systems (ASRS) and a Freight Management revamped B2B We recognise the role of influencers in driving brand
Module have also provided new logistical insights. By awareness and engagement. Our Influencer Connect
digitalising key processes such as order-to-delivery CRM system Programme is crafted to build meaningful relationships
How We Engage Key Topics Discussed and procure-to-pay, we ensure seamless visibility and that strengthen mutual growth and impactful digital
with Them • Responsible sourcing efficiency. These measures ensure compliance collaborations. We have also successfully piloted loyalty
• Regular supplier/ practices with ethical standards and reduce the risk of any programmes that leverage AI/ML for personalised
vendor meets unethical practices. campaigns, directly engaging with electricians and
• Ethical supply chain retailers. Looking ahead, we plan to further empower
• Contract revision management our value chain influencers by offering medical
and negotiation insurance and scholarships for electricians' children
• Strengthening
meetings through loyalty programme.
distribution networks
• Empowering value
chain influencers
82 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 83

Communities Optimising Capital Inputs

for Communities

Material Topics Polycab’s core philosophy to be a “Safe & Sustainable Financial Capital
Company” finds its reflection in its CSR Policy. Utilisation of funds amounting to H264 million
Polycab’s CSR activities are not mere charity or towards CSR activities
Corporate Social Responsibility donations, they reflect the manner in which the
business is conducted by directly focusing on the needs Manufactured Capital
of the Society at large. Polycab undertakes initiatives Making a positive impact on the communities near
which are aimed in promoting education, healthcare, our operations by addressing the direct effects of
rural development, environment and national heritage, our business activities
art & culture.
Intellectual Capital
SDGs Impacted Impact Assessment Findings (FY 2020-23) Utilising our ‘know-how’ to ensure effective execution
Total CSR Population of of CSR activities
Direct Indirect
Sector Spent intervention
Beneficiaries Beneficiaries
(K in million) area
Human Capital
Education 184.4 900,111 16,351 22,800 Encouraging employees to volunteer as part of our
Healthcare 92.9 1,691,960 144,316 495,544 CSR activities to help them contribute to causes
Rural 104.8 82,076 12,217 36,390 they care about
Development
Environment 70.59 43,700 11,594 13,884 Social and Relationship Capital
Engaging in CSR activities that align with needs
and priorities of key stakeholders to build strong
relationships

Natural Capital
Aligning our CSR activities for the preservation
of natural capital

FY 2023-24 Highlights

77,930 C

CSR Beneficiaries

J264 Mn C

CSR Spend
84 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 85

Our Approach to Healthcare

Community Engagement We are committed to enhancing the health
and well-being of communities through
03. Breast Tumour Detection Camps
Polycab's approach to community engagement is various healthcare initiatives In collaboration with Shree Halol Stree Samaj, we
built on a foundation of empathy, innovation, and conducted breast Tumour detection camps. These
sustainability. We initiate our engagement process by preliminary diagnostic camps aimed to identify
understanding the unique challenges and aspirations breast tumors early, facilitating timely treatment
of the communities we serve, enabling us to tailor our and improving survival rates. Positive cases were
interventions for maximum impact. referred to Goraj Muni Ashram’s Kailash Specialty
Cancer Hospital, where we have a tie-up for
By harnessing our resources, expertise, and
further treatment.
partnerships, we strive to create scalable and
sustainable solutions. Our engagement strategy
is characterised by inclusivity, seeking to empower
individuals across various segments of society,
including women, youth, and the underprivileged.
06. Health Awards for Girl Children
We encourage the well-being of girl children
through health awards in 41 villages. These awards
recognise and promote good health practices
01. Village-to-Village Medical Outreach among girls between the ages of 6 and 12,
We continue village-to-village OPD services in remote fostering a culture of health awareness and care
areas of Halol, Jambughoda and Ghoghamba. in the community. Competition is arranged every
How We Engage Key Topics Discussed
These mobile medical units (MMU) provided essential six months, and prize is given to the most healthy
with Them • Healthcare
healthcare services to villagers with limited access to child, based on the assessment carried out by
• Project-based doctors on parameters of – weight, malnutrition,
• Skill development medical facilities, ensuring that even the most remote
stakeholder meets hygiene and illness, during this time period.
and education communities receive necessary medical attention.
• Participation in CSR
• Rural development
activities
• Environment

04. Support for Senior Citizens 07. Free Dialysis Services in Pune
and Physically Impaired Partnering with ANP CARE Foundation in Pune, we
provided free dialysis treatments for patients in need.
Project: Health care Our Manav Sewa initiative supported senior citizens
This initiative covered recurring treatment expenses,
and physically impaired individuals in Halol by providing
Impact Assessment Findings ensuring that patients with chronic kidney issues
essential medical equipment. This service was beneficial
Total no. of Beneficiaries receive life-saving care without financial burden.
to those who cannot afford to purchase the equipment.
(FY 2020-21 to 2022-23) 639,860
Polycab undertakes healthcare initiative and 02. Malnutrition Camps
encompasses mobile medical services aimed Addressing the nutritional needs of children and
at preventive care, sanitation initiatives young mothers, we organised camps in Halol 05. Multi-Specialty Hospital 08. Tribal Health Checkups in Nashik
through the organization of diverse medical focusing on malnutrition. These camps targeted
camps, and substantial support for hospital children aged 6 to 19 years and pregnant women, To cater to the healthcare needs of surrounding Hearing aid instruments were given to children with
expansion, including the provision of essential providing crucial screenings and treatments to villages, we are establishing a multi-specialty hearing impairment.
medical equipment and machinery. Polycab improve their health outcomes. hospital in Halol.
took proactive steps by launching various Nutrition Kits for 4C patients - This facility
healthcare initiative in the rural areas of will offer comprehensive healthcare services,
Gujarat, Aurangabad and Daman. Treatment including nutrition kits for TB, Anemic, Leprosy, &
was provided free of charge to individuals Malnutrition patients. Each kit is designed to support
holding a Government Ayushman Card. the six-month treatment regimen required for
TB recovery, benefiting over 240 patients.
86 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 87

Education & Skill Development

We empower communities through skill development 03. Comprehensive Skill
and education initiatives. These programmes aim to Development in Villages
enhance self-reliance and improve employability among
Arranged 6 months Course of Domestic
individuals, particularly in underprivileged areas
Wiring for Girls whereby 143 girls took this
Course. These programmes provided practical,
hands-on learning experiences, fostering
a culture of continuous education and skill
enhancement and enhancement opportunities.
We also offered basic & advanced sewing courses
for girls, providing them with the skills needed
to generate self-employment. This training
empowers young women to become financially
08. Martial Arts Training for Girls
independent and support their families. 06. Dance Classes for Girls To promote self-defence skills among girls in Halol,
We are running classical dance – Bharat Natyam we organised martial arts training which is a three
Course which is a 5 years course leading Visharad for years course leading to Black Belt. This year, with
girls in Halol. A third batch was introduced this year. the enthusiasm of the girls, a third batch took off.
This initiative aimed to preserve and promote cultural This programme equipped girls with the ability to
art forms while providing girls with an opportunity for protect themselves in adverse situations, enhancing
artistic expression, self confidence, grace, and respect their self-confidence and personal safety, enhancing
for Indian Culture & Heritage. their personality.

01. Skill Development for Artisans

In Halol, we identified and developed artisan groups, 07. Smart Classes and Computer Labs 09. Anganwadi Repairs and School
enhancing their skills and marketability. This initiative
We invested in smart classrooms and computer labs, Infrastructure Development
helped preserve traditional crafts while enabling
enhancing the learning experience with technology.
artisans to achieve economic sustainability. We continue to undertake the repair and
These facilities made learning more engaging and
construction of Anganwadis and schools in
accessible, preparing students for the digital age.
Halol, improving the learning environment for
toddlers and students. This included building
infrastructure and providing essential and enhanced
facilities, like Digital Learning, ensuring a better
02. Computer Training Classes 04. LEAAD Programme for Leadership learning ambiance.
We conducted computer training classes for girls in Development
Halol, focusing on Data Entry Operator (DEO) and The LEAAD (Leadership Enrichment for Adolescents
Diploma in Computer Applications (DCA) courses. through Assessment and Development) programme,
This training prepared them for job opportunities a two-day training, emphasised leadership
and self-employment, promoting digital literacy development, moral values, and character building,
and self-reliance. fostering sustainable growth and personal Project: Education and Skill Development
development. This was conducted in nine Ashram
Impact Assessment Finding
Schools of Halol, Jambughoda & Ghoghamba
talukas, covering 600+ students. Total no. of Beneficiaries
(FY 2020-21 to 2022-23) 39,151
Polycab undertakes educational initiatives which
are aimed at eliminating hunger, poverty, and
05. Educational Support for Orphans malnutrition, while fostering education through
various initiatives such as the construction and
and Single-Parent Children
refurbishment of schools and Anganwadi's.
We continue to provide educational kits to orphans These efforts include the integration of smart
and children with single parents in Halol. These classrooms, computer and science labs, and
kits ensured that every child has the necessary skill development programs, aiming to uplift
resources to succeed academically, promoting equal communities and empower future generations.
educational opportunities.
88 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 89

Rural Development Environment 02. Green Village Pilot Project

We invest in the development and upliftment of rural We prioritise environmental sustainability We promoted plant conservation and the creation
communities through various initiatives. These programmes and conservation through programmes aimed of green coverage by distributing fruit and tree
aim to improve the quality of life, promote sustainable at enhancing green coverage, promoting saplings and seeds. Smokeless chulas were introduced.
practices, and support the overall development of rural areas waste management, and supporting water 100 such Chulas were made in two villages. This was
conservation efforts aimed at creating ‘Green Villages’ that offer access to
clean energy. This initiative emphasised sustainable
01. Pond Deepening and Water practices and environmental responsibility.
03. Talent Development in Sports,
Conservation
Arts, and Education
Under the ‘Jal Bachao, Jeevan Bachao Yojna’ and 03. Waste Management
We identified and nurtured talent in sports, arts, the ‘Sujalam Sufalam Yojna’ of the Government In collaboration with waste management service
and education among rural youth. Through tailored of Gujarat (GoG), we undertook pond deepening providers and Polycab Social Welfare Foundation
programmes, we provided opportunities for growth projects in villages Pratapura & Hansapura of (PSWF), we implemented a comprehensive solid waste
and development, including tuitions, helping young taluka Waghodia. These initiatives focused on management and recycling project. This was under the
individuals reach their full potential. conserving water resources, enhancing groundwater “Swachh Bharat Abhiyan” in village Baska, taluka Halol,
recharge, and ensuring sustainable water supply for whereby daily waste is collected from each household,
agricultural and domestic use. taken to a designated site, where wet & dry waste is
segregated and recycled to make products like Tea
Compost, Compost, Benches, Tables, Paver Blocks, etc
01. Promotion of Organic Farming
This initiative aimed to control, monitor, and execute
We continued to promote organic farming in rural effective waste management practices, reducing
areas, recognising its positive impact on crop yield environmental pollution and promoting recycling.
and soil health. Farmers are encouraged to reduce
chemical fertiliser usage and are supported in creating
vermicompost at home. This intervention aimed to
restore soil quality and increase the sustainability of
farming practices. Project: Environment
Impact Assessment finding
02. Awareness and Facilitation Total no. of Beneficiaries
of Government Schemes (FY 2020-21 to 2022-23) 25,478

To ensure rural communities benefit from various 04. Veterinary Services with Pashu Polycab undertakes various Environmental initiatives.
These initiatives encompass Water conservation efforts
government schemes, we actively created Arogya Saathi
such as the construction and renovation of check dams,
awareness and facilitated access to these
The Pashu Arogya Saathi programme focused
National Heritage, Art & Culture Waste management projects and Forest restoration.
programmes by helping in documentation and
conducting relevant camps for enrolling in the on the health and well-being of cattle in rural
various schemes, achieving a coverage of 3,590 areas. Trained individuals provided first aid and
beneficiaries. This helped villagers understand veterinary care to cattle, and further trained others 01. Library in Hadala Village 02. Public Digital Library in Daman
and utilise available resources, enhancing their in surrounding villages, ensuring comprehensive
In Hadala Village, we have constructed a library for We have provided facility for E-Library in Daman
socio-economic well-being. animal healthcare support.
localites. This facility will provide access to essential as an extension of an existing library. This aims to
educational resources, promoting literacy and a provide the public with easy access to a wide range of
love for reading. The library aims to support the digital resources, including books, journals, and other
academic growth and development and resources educational materials. The E-Library creates a culture of
for competing in Competitive Exams in the village. learning and knowledge-sharing within the community.

Project: Rural Development

Impact Assessment Finding 03. Fort Garden Development in Daman
Total no. of Beneficiaries
Continuing our efforts from last year, we are developing
(FY 2020-21 to 2022-23) 48,607
a garden in the Fort Area of Daman. This project
Polycab undertakes various Rural Development enhances the historical site’s aesthetic appeal, creating
initiatives. These encompass the establishment a serene and beautiful environment for visitors and
of Cattle sheds, alongside provisions for animal locals to enjoy while preserving the cultural heritage
husbandry and veterinary clinics, aimed at of the area. It also gives impetus to tourism.
bolstering agricultural practices and ensuring
the well-being of livestock.
90 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 91

Environment Optimising Capital Inputs

for Environmental Value

Material Topics Financial Capital

By adopting and implementing Utilised funds for various areas such as energy
industry-best practices throughout efficiency, waste management, and water
Climate Change and Energy management, among others
our operations, we aim to lower
Waste Management
our environmental impact and
Water Management Manufactured Capital
set a benchmark in sustainability. Becoming more efficient to get ‘more’ from ‘less’
Material Sourcing and Efficiency
Our commitment is to protect,
enhance and regenerate the Intellectual Capital
Becoming a digital-first organisation
natural resources we all depend
on, paving the way for a more
SDGs Impacted Human Capital
sustainable future Engaging with employees to align them with
our sustainability agenda

Social and Relationship Capital

Direction of CSR activities toward enhancing
natural capital

Natural Capital
Funds allocated towards environmental initiatives

FY 2023-24 Highlights

7,380 MT C

Total Waste Recycled

126,522 GJ C

Total Energy Consumed from

Renewable Sources
92 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 93

Our Approach to Environmental Engagement

At Polycab, we leverage innovative technologies and We also engage our workforce and stakeholders in
sustainable practices to minimise our environmental understanding and participating in our environmental
footprint, reduce emissions and conserve natural goals, emphasising the collective responsibility
resources. Our strategy includes continuous monitoring towards a greener planet.
and a strong focus on renewable energy integration.

Environmental Stewardship: Case Studies from Gujarat

Key Topics Discussed
• Energy management
In the pursuit of sustainable development and environmental conservation, 22,568 MTCO2e
the following case studies illustrate proactive initiatives undertaken in Scope 1 emissions
• GHG emissions Gujarat, India.
reduction
• Water management Check Dam Construction in Waste Management in 156,937 MTCO2e
Panchmahal District Baska Village Scope 2 emissions
• Waste management This case delves into the An exploration of efficient waste
construction of check dams as management systems implemented
a strategic solution to perennial
water scarcity issues, transforming
in Baska Village, highlighting the
shift towards sustainability and 9.94 MTCO2e/J Crore
agricultural practices and the significant improvement in the Total Scope 1 and Scope 2
improving local livelihoods. villagers' quality of life. emission intensity per crore
rupee of turnover

Energy Management 3. Extended VFD Applications

Following the proven energy savings from Variable
GHG Emissions Reduction 3. Emission Monitoring and Management

Our continuous emission monitoring systems
In FY 2023-24, our focused initiatives and actionable Frequency Drives (VFD) installations, we have We have adopted a proactive approach to reduce have been upgraded to provide more accurate
strategies have yielded substantial progress in expanded this technology to additional equipment, our greenhouse gas emissions (GHG). Through and real-time data, enabling better control
enhancing energy efficiency and increasing the amplifying our energy conservation efforts. diligent monitoring and strategic initiatives, we are and reduction of pollutants released into the
integration of renewable energy sources into contributing to the global goal of a cleaner and atmosphere.
our processes. Our focus on sustainable energy 4. Expansion of Industry 4.0 and IIoT Adoption healthier planet.
practices is driven by the need to address climate Capitalising on the efficiencies gained from 4. Employee and Stakeholder Engagement
change, reduce operational costs, and ensure real-time operational data, our extension of 
We have enhanced our programmes to
long-term business sustainability. Industry 4.0 and IIoT solutions across additional Actions engage employees and stakeholders in our
plants has streamlined our energy usage and 1. Enhanced Carbon Footprint Reduction sustainability initiatives, creating a culture
operational efficiency. 
We have deployed advanced technologies of environmental responsibility.
Actions aimed at energy efficiency and carbon footprint
5. Increased Renewable Energy Consumption 5. Air Quality Improvement Projects
1. Continued Optimisation with LED Lighting We have scaled up our renewable energy reduction to decrease our GHG emissions across 
We have initiated and supported measures and

Leveraging the success of our full transition to initiatives with the goal of reducing our carbon all operations. We have planned projects for the projects aimed at improving air quality.
LED lighting, we have identified and implemented footprint. By augmenting our solar panel installations, installation of 3.3 MW of solar power capacity in
additional enhancements to further optimise investing further in wind energy, and exploring new Daman and Halol and have already installed a
energy efficiency. hydropower opportunities, we continue to transit 0.72 MW solar rooftop system in Daman. Air Emissions
(ug/m3 avg of all locations)
2. Advancement of Energy Management towards more sustainable energy solutions. 2. Renewable Energy Integration NOx 28.3
Practices 
We have expanded our use of renewable energy
SOx 29

Building on the ISO 50001 Energy Management Renewable Energy Consumption (GJ) sources and increased the proportion of clean
System framework, we have intensified our energy energy in our overall energy mix, thereby reducing Particulate Matter (PM) 76.5
optimisation strategies with stricter management dependency on fossil fuels.
protocols and monitoring across our operations.
FY 2023-24 126,522

FY 2022-23 124,136
94 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 95

Water Management 4. Strengthened Regulatory Compliance

We strictly adhere to the guidelines set by
Case Study

In today’s time when water scarcity poses a threat to the Central Pollution Control Board (CPCB)
global sustainability, Polycab has stepped up its efforts and State Pollution Control Boards (SPCBs),
to deploy innovative technologies and practices to ensuring our water management practices
minimise water consumption. meet regulatory standards.
Check Dam Construction
5. Zero Liquid Discharge
in Panchmahal District
Actions We follow a Zero Liquid Discharge (ZLD)
1. Advanced Water-saving Technologies mechanism, ensuring compliance with regulatory
laws. This approach minimises the environmental
Problem statement

We have invested in advanced and efficient water-
saving technologies within our manufacturing impact of our water usage and promotes The tribal belt of Panchmahal District, Gujarat,
processes to reduce our water footprint. responsible water management. faces water scarcity. The remote villages there,
especially Rayankhand, experience severe water
2. Enhanced Effluent and Sewage Treatment shortages affecting agricultural productivity,

Building on the capabilities of our effluent animal husbandry, and basic human necessities.
treatment plants (ETPs) and sewage treatment
Water Withdrawal
(KL) Existing water storage structures were unable
plants (STPs), we have upgraded our facilities to retain water throughout the year, leading to a
FY24 FY23
for higher efficiency in treating and recycling dependency on monsoon rains for crop cultivation
Surface Water - -
water. This includes the introduction of more and long treks for access to drinking water. This
sophisticated filtration and purification Groundwater 230,834 752,685
situation demanded an urgent intervention to
processes to ensure the reuse of water Third Party Water 15,877 9,918 ensure a stable water supply.
meets the highest standards. Seawater/Desalinated water - -
3. Irrigation Efficiency Improvements Others 17,280 -

The landscaped areas within our premises have Total Volume of water withdrawal 263,991 762,603
smart irrigation systems that utilise weather
forecasting and soil moisture content data
to optimise watering schedules and volumes, Approach Method Impact
thereby conserving water.

To address these challenges, The methodology employed The impact of the check dam
a strategic collaboration was was comprehensive and construction and renovation
forged with the NGO N.M. community-driven: has been transformative:
Sadguru Water & Development
251,583 KL Foundation, renowned for their
• Initial site visits by
the project team for
1. Geographical Impact:
Post-construction, the
Total Water Consumption expertise in water resource
first-hand analysis water level in borewells
management. The approach
and wells has risen
was two-fold: • Engaging with villagers
significantly, from over
13.94 KL/J Crore 1. Renovation and
Construction of Check
to understand their
water-related challenges
250 ft to just 80 ft
below the surface.
Water intensity per crore rupee
Dams: Surveys indicated • Partnering with an
of turnover 2. Resource Availability:
that renovating four experienced NGO to
It ensured prolonged
existing structures and guide the project's
availability of water in
constructing nine new technical aspects
rivulets, extending water
check dams would be
• Commencing renovation availability far beyond
pivotal. The project's focus
and construction, the monsoon season.
was on creating structures
adhering to a timeline
within streams to capture 3. Financial Impact:
and quality standards
rainwater, ensuring year- Villagers have begun
round water availability. cultivating second
crops, leading to
2. Community Engagement
an improvement in
and Support: A parallel
financial stability.
initiative involved educating
villagers on waste
management principles and
the importance of water
conservation, ensuring the
project’s sustainability.
96 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 97

Waste Management 3. Innovative Disposal Solutions

Our innovative disposal techniques for
Case Study

We continue to refine our waste reduction, recycling, non-recyclable waste focuses on minimising
and disposal strategies with the aim of lowering our environmental harm. This includes the adoption
ecological footprint. By integrating innovative practices of advanced thermal treatment processes and
and championing the principles of a circular economy, exploring bioconversion technologies.
Waste Management
we are committed to enhancing resource efficiency
4. Circular Economy Integration
in Baska Village
and creating a more sustainable future.
We have collaborated with suppliers and partners
to ensure the use of sustainable, recyclable, or
Actions reusable materials in our products and packaging
Problem statement
1. Enhanced Waste Reduction Initiatives to close the loop in our production cycles. Baska, a village in the Panchmahal district of

We have increased our efforts to minimise waste Gujarat, faced challenges in waste management.
5. Sustainable Material Usage
at its source across all phases of our product With approximately 700 families, the village
As the expansion of our green wires portfolio
lifecycle. Through rigorous process optimisation lacked both conventional and unconventional
continues, we rely on materials that are
and the adoption of lean manufacturing systems to handle the waste generated.
non-hazardous and compliant with RoHS and
principles, we have reduced excess waste The absence of a robust waste management
REACH standards. This results in waste reduction
production to a great extent. framework led to environmental concerns and
and ensures products that are safe for the
called for an urgent solution.
2. Expanded Recycling Programmes environment and our customers.
We have implemented initiatives to recycle
and reuse waste, achieving approximately 80%
recovery of industrial wastewater and significant Waste Generated by Source
reductions in waste sent to landfills. (in MT)
FY 2023-24
Approach Method Impact
17,316 MT 9,936 MT Plastic waste
E-waste
4,937
-
Waste Generated Waste Disposed Other hazardous waste 3,429 In April 2021, under the Swachh Segregated waste collection The initiative successfully

7,380 MT Other non-hazardous waste 8,950 Bharat Mission, the Polycab Social through e-rickshaw instituted a self-sustaining
Welfare Foundation (PSWF) solid waste management
Total 17,316
Waste Recovered commenced a decentralised system within the
(recycling and reuse) solid waste management project village. As a result, Baska
in Baska. In collaboration with Incentive-based dry experienced a marked
Concept Biotech and the Village waste collection improvement in cleanliness
Panchayat, PSWF introduced and environmental health.
the "Kachre Se Azadi" model—a
The village community, now
tripartite agreement aiming for
Transfer to educated and responsible
community development and
segregation shed for waste management,
environmental protection.
contributes to the ongoing
The project's execution involved: ecological preservation.
• Educating villagers about
waste management, This case exemplifies how
Micro segregation of dry structured community
segregation, and their
and plastic waste engagement and education
collective responsibilities.
• Establishing a community- can effectively transform
driven solid waste waste management
management model, processed practices, paving the way
Transfer to processing
into valuable products. for sustainable development
site and production of
• Empowering the Gram and enhanced quality of life.
recycled products
Panchayat to sustain the
waste management process
post the withdrawal of
organisational support.
• Enhancing community
awareness for environmental
conservation and inspiring
active participation towards
sustainable practices.
98 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 99

Governance
Governance Strategy at Polycab Corporate Governance Philosophy
As the Company continues to achieve its strategic Polycab upholds a comprehensive perspective on Our Corporate Governance Philosophy emphasises our business operations and sustainable development.
objectives; effective governance serves as the governance, viewing it as a decisive mechanism transparency, accountability, and ethical practices as its An essential part of our approach includes an evaluation
compass that guides the Company toward ethical through which management wields power to deliver core principles. This philosophy is actualised through the mechanism for stakeholder feedback and grievance
conduct, effective growth and sustainable success. economic growth alongside social advancement. Governance Framework ensuring effective conduct of redressal, fostering continuous improvement and trust.
Besides control, the governance strategy at Polycab This understanding is encapsulated in our diverse
focuses on compliance, reliability, transparency, and approach to governance, which includes multiple forms
accountability. The Company recognises ‘Governance’ tailored to suit our business operations, economic
as a continual process. resources, and the expectations of our stakeholders. Review organisational progress and continuously
evaluate our strategic priorities relating to
changing dynamics and opportunities
100%
Good Corporate Attendance by
Governance Governance Broad Focus the Board of Directors
Areas in Focus on becoming future-ready

7 1 FY 2023-24 5
Board Meetings
Global Participatory in FY 2023-24
Governance 6 Forms of
2 Governance Formulate ESG framework and targets
Governance

5 3
Social 4 Environmental
Governance Structure
Governance Governance Our seasoned Board of Directors, management team, and strong internal policies and procedures enable us to
operate ethically and sustainably, generating value for all stakeholders. This governance framework guarantees
E-Governance the transparency and accountability of our activities.

Shareholders
Underlying Principles of the forms of governance:
Sr.
Forms of Governance Underlying Principles
Nos. Board of Directors &
1. Corporate Governance Principle of strict Compliance its Committees
Based on the theory of strict adherence to law
2. Participatory Governance Principle of Inclusivity
Based on the theory of recognition of voice of all stakeholders
3. Environmental Governance Principle of Sustainability
Management Team
Based on the theory of protecting the environment
4. E-Governance Principle of Transparency
Based on the theory of providing correct information to all stakeholders simultaneously
5. Social Governance Principle of Coherence Human Capital
Based on the theory of creating a unified whole for the benefit of public at large
6. Global Governance Principle of Proliferation
Based on the theory of global citizenship and international compliances
7. Good Governance Principle of Logic Other Stakeholders
Based on the theory of valid reasoning and argumentation
100 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 101

Governance Framework and its Evaluation Corroborating with OECD Principles

The Company established its Governance Framework compass, steering the Company towards ethical As we continue to align our governance framework ensures that our governance practices meet global
at Polycab on five pillars viz. Governance Philosophy, behaviour, effective growth, and sustainable with internationally recognised standards, we have benchmarks and address the specific needs and
Directives, Structure, Systems and Evaluation wherein success. The framework extends beyond compliance, diligently mapped our strategies against the OECD challenges of our operations and stakeholders.
the Philosophy being the foundation for designing encompassing effective resource utilisation and Principles of Corporate Governance. This alignment
the Directives, codes and policies, enumerates the equitable treatment of stakeholders, thereby laying
responsibility of each tier of the Structure right from a foundation for long-term success.
management team to persons associated with the OECD Principle Polycab’s Implemention
The Pillar underwent structural audit based on
Company and provides them Systems, standard
measurability criteria specific to each pillar. Philosophy
operating process and trainings modules that set the Effective Corporate We have revamped the governance framework promoting transparent
continued to be relevant and the policies were certified markets and efficient resource allocation, consistent with the rule of law
platform for effective implementation, monitoring, Governance framework
as adequate for the business. Further, management and effective supervision.
communication and Evaluation of the framework.
structure continued to be held accontable for their acts
As Polycab pursues the defined strategic objectives, and ommission of the standard operating processes Rights and equitable We ensured fair treatment and protection of shareholder rights, with
our robust governance framework acts as a vital which were subjected to evaluation. procedures that allow stakeholders to exercise their rights effectively.
treatment of
shareholders and key
PHILOSOPHY ownership functions
Measuribility: Relevance
Institutional investors, We engaged continuously with stakeholders through various channels to
Defines the principle and basis for achieving best in class ensure transparency and minimise conflicts of interest.
Corporate Governance Practices stock markets and
other intermediaries
1
Disclosure and We provided accurate, timely information on financial performance,
governance, and other critical areas to empower stakeholders for
transparency
informed decision-making.

EVALUATION DIRECTIVES
Responsibilities The Board oversees the strategic direction, ensures compliance with social
Measuribility: Transparency 5 2 Measuribility: Adequacy and legal norms, and holds management accountable for their actions.
of the Board
& Information Exchange Comprises of well-defined
Five Pillars of policies, codes and
Includes oversight
Corporate Governance
Sustainability The governance framework supports long-term sustainability
mechanism for internal practices which helps in and resilience, embedding environmental, social, and governance
Framework at Polycab and resilience
and external stakeholders effective and efficient considerations into business goals.
to provide feedback, conduct of business
recommendations,
grievance, and receive Whistleblower Policy
effective redressal
4 3 Polycab’s Whistleblower Policy is designed to foster confidential submission of grievances through a
a culture of transparency and integrity, allowing Whistle Blower Committee, ensuring all complaints are
SYSTEMS STRUCTURE stakeholders to report unethical behaviour, fraud, handled with thorough investigation and appropriate
Measuribility: Process Management Measuribility: Accountability or legal violations without fear of retaliation. In action. Moreover, the policy reinforces the protection
Comprises of Standard Operating Processes Establishes a Multi‑tier Governance accordance with Section 177 of the Companies Act, for whistleblowers, ensuring they do not face any
and practices aiding structured control, Structure for effective implementation 2013 and SEBI regulations, this policy establishes unjust treatment for their disclosures, thereby
monitoring and reporting of compliances of policies, codes and practices a vigilant mechanism that is not only a channel for upholding the Company's commitment to ethical
addressing serious concerns impacting the Company's governance and accountability. Read more about
operations but also supports ethical business practices. the policy here.
The policy outlines a structured procedure for the

Zero Tolerance vis-à-vis Zero Fear of Retaliation

At Polycab, Zero tolerance for non-compliance is policy from the stakeholders’ perspective at all levels
advocated at all levels creating a sense of ‘Zero fear encouraging internal and external stakeholders to
of retaliation’ amongst its stakeholders. The Company communicate freely with the Company without the fear
promulgates ‘Zero tolerance’ policy from Company’s of retaliation from the Company. Stakeholder access to
perspective together with ‘Zero fear of Retaliation’ relevant, timely, and reliable information is advocated.
102 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 103

Risk Management Risk Management Committee

Internal and external risks are inevitable in a dynamic operating

environment. To navigate this and stay ahead of the industry,
we employ a comprehensive risk management process that
allows us to adapt swiftly to unforeseen circumstances and Mr. T. P. Ostwal Mr. Inder T. Jaisinghani Mr. Bharat A. Jaisinghani Mr. Nikhil R. Jaisinghani
seize the right opportunities. Through continuous monitoring Chairperson Member Member Member

and timely adjustments, we safeguard our operations, assets,

and stakeholders’ interests.

1. Key Business Goals 2. Risk Identification

Based on the goals identified – by the Determining uncertainties,
Mr. Gandharv Tongia Mr. R. S. Sharma Mr. Bhaskar Sharma
top management and Board – and which could potentially impact
Member Member Member
the level of acceptable risk, we place the achievement of business
frameworks, processes, and controls objectives
to facilitate their achievement Risk Rating Matrix
• Risk movement: This refers to the change in the • Risk impact: This refers to the extent of damage
severity of a risk over time, indicating whether the or effect that an occurrence of a specific risk event
risk is increasing, decreasing, or remaining stable. would have on an organisation’s objectives.
• Risk likelihood: This metric evaluates the • Risk appetite: This represents the level of risk that
probability that a risk event will occur within a an organization is willing to accept in order to
specified timeframe. achieve its strategic objectives.
Risk • Risk rating: Risk likelihood x Risk impact
Management
Risk Likelihood Impact Appetite Risk Rating
Process
5. Risk Treatment 3. Risk Assessment
Threats to Information Security Likely Moderate Low
Mitigate, transfer, Evaluating risks
tolerate, or terminate identified and possible Technological Lag and Inadequate Adaptation Possible Moderate Moderate
identified risks impact
Environment, Social and Governance Possible Moderate Moderate

Geopolitical and Social Instability Likely Rapid Moderate

Succession Planning Possible Slow Moderate

Threat from Competition Likely Slow Low

4. Monitoring & Reporting
Monitor and report risks and Foreign Exchange Rate and Commodity Price Fluctuations Likely Moderate Moderate
their treatment strategies
Statutory Compliance Failures Possible Moderate Moderate

Least Likely, Lowest Impact Most Likely, Highest Impact

104 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 105

R1 Operational Risks R1 Operational Risks

I. Threats to Risk Description Mitigation Measure III. Environment, Risk Description Mitigation Measure
Information Caused by unauthorised • Robust IT security system and policies Social and Risks due to inability to • ESG Roadmap and Charter defined
Security breach of our information Governance align business objectives
• Materiality matrix prepared and internal
network, leading to • State-of-the-art IT assets with ESG goals – Material
ESG goals adopted
interruption in the • Effective software system and servers Risk Movement
Risk Movement
normal functioning of • KPIs/KRAs linked to achievement of ESG goals
systems – Material • Cloud-based applications
• External consultant onboarded to guide
• Enhanced VAPT and RED teaming for IT Likelihood and drive ESG implementation within
Likelihood
infrastructure and Apps Possible the organisation
Likely
• Deployment of role-based access control • Various product and site certifications ensure
Impact and log monitoring Impact the highest levels of health and safety, such as
Moderate Moderate
− ISO 9001:2015 − BASEC
Appetite Capitals Impacted Stakeholders Impacted Appetite − 14001:2015 − IEC
Low Moderate − OHSAS
− 45001:2018
− UL
• Increased use of renewable energy, better
II. Technological Risk Description Mitigation Measure water and waste management
Lag and Inability to evolve • Strict monitoring of execution of digital
Inadequate and address digital, roadmap for both B2B and B2C
Capitals Impacted Stakeholders Impacted
Adaptation channel/ business model • Utilisation of latest ERP system
innovation, automation,
and evolving GTM needs, • Introduced latest tech to stay ahead of the peers:
Risk Movement
and keeping pace with − Migrated both B2B and B2C dealers to a newer
market-driven changes portal with better functionalities
(‘technology laggards’) − Upgraded the Experts Loyalty Program, for
Likelihood
Possible
retailers and electricians, with advanced features R2 Strategic Risks
− Launched the Pro+ app for electricians,
to aid the business development team in
Impact
influencer management I. Geopolitical Risk Description Mitigation Measure
Moderate
and Social Risks stemming from • Geographic diversification of manufacturing,
Instability political and social supply chain, and market. This ensures
Appetite Capitals Impacted Stakeholders Impacted
situations, leading that location-specific issues do not bear
Moderate to disturbances
Risk Movement an extensive impact on operations
within the business
environment – Critical • Protection against disruption through
insurances eg. Industrial All Risk (IAR) etc.
Likelihood
Likely

Impact
Rapid
Capitals Impacted Stakeholders Impacted
Appetite
Moderate

Risk Movement Link to our Capitals Link to our Stakeholders

Increasing Financial capital Human capital Investors Value Chain Partners

Decreasing Social and
Manufacturing capital Customers Communities
Relationship capital
Stable
Intellectual capital Natural capital Employees Environment
106 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 107

R2 Strategic Risks R3 Financial Risks

II. Succession Risk Description Mitigation Measure I. Foreign Risk Description Mitigation Measure
Planning Inability to retain human • Plan and execute infusion of diverse talent at Exchange Rate Risk related to fluctuating • Risk Management Committee reviews
capital, to build high Senior leadership levels to ensure de-risking and Commodity foreign exchange rates and compliance with Board- approved currency
performance team and enrich leadership capabilities across Price volatility in pricing of input and commodity hedging strategy
Risk Movement
for enabling customer the board Fluctuations commodities, including
metals such as copper and • Documented commodity and foreign
centricity and to have
• Targeted employer branding approach to aluminium – Material exchange risk management policy
a structured succession Risk Movement
Likelihood enhance employee value proposition for
planning process – Material • Robust hedging framework which
Possible both current and future workforce
encompasses contracts with embedded
• Skill-set assessment and training of derivatives as well as forward contracts
Impact Likelihood
middle and senior management
Slow Likely • Automatic pricing module integrated with ERP
• Metal advance pricing module for the
Appetite Capitals Impacted Stakeholders Impacted Impact
procurement team
Moderate Moderate

Appetite
Moderate Capitals Impacted Stakeholders Impacted
III. Threat from Risk Description Mitigation Measure
Competition Risk from competition • Strong branding: Partnering with ICC
posed by both established to become the official partner for
Risk Movement players and new entrants, ICC tournaments
who employ aggressive
pricing strategies • Strengthening product portfolio

Likelihood
through investment in R&D to stay
ahead of the competiton
R4 Compliance Risks
Likely
• Capturing rapidly growing market
segments with superior products I. Statutory Risk Description Mitigation Measure
Impact
Compliance Risk related to non- • Statutory and internal audit by reputed
Slow • Adopting targeted GTM and
Failures compliance with statutory global audit firms
production innovation strategies
guidelines, including various
Appetite • Compliance tool and tracker implemented
• B2C Secondary and Tertiary rules and regulations under
Low Risk Movement with compliance owner mapped
scanning improvement different statutes – Material
• Respective departments are given timely
Capitals Impacted Stakeholders Impacted alerts to ensure adherence to regulations
Likelihood
Possible

Impact
Moderate
Capitals Impacted Stakeholders Impacted
Appetite
Moderate

Risk Movement Link to our Capitals Link to our Stakeholders

Increasing Financial capital Human capital Investors Value Chain Partners

Decreasing Social and
Manufacturing capital Customers Communities
Relationship capital
Stable
Intellectual capital Natural capital Employees Environment
108 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 109

Board of Directors

(Left to Right)

Mr. Bhaskar Sharma Mr. Rakesh Talati Mrs. Manju Agarwal Mr. Nikhil R. Jaisinghani Mr. Inder T. Jaisinghani Mrs. Sutapa Banerjee
Independent Director Executive Director Independent Director Executive Director Chairman and Managing Director Independent Director
Mr. Bhaskar Sharma is a business leader Mr. Rakesh Talati has been associated with Mrs. Manju Agarwal has been a career Mr. Nikhil R. Jaisinghani joined the Mr. Inder T. Jaisinghani has been working Mrs. Sutapa Banerjee has over 30 years
and marketing expert with a passion for the Company since 2014, He worked as a banker with 34 years of experience in Company in 2012 and thereafter in 2021 with the Company since inception. Under his of professional experience and has spent
accelerating business growth in companies. Director (non-board) from August 2018 India’s largest Bank, State Bank of India was appointed as Executive Director leadership and guidance the Company has 24 years in the financial services industry
He is appointed as an Additional Director on to May 2021 and thereafter in 2021 was in leadership positions where she was and is working as a change agent for completed over 27 glorious years of success. across 2 large multinational banks (ANZ
the Board of EBG Federation. He has built appointed as Executive Director. He heads responsible for Policy, Strategy, Business the Company. He holds a Master’s Grindlays and ABN AMRO). She is a gold
global brand and new category in India in his the Wires and Cables manufacturing. and Operations. Her core expertise and in Business Administration (MBA) A N R C medallist in Economics from XLRI school
previous role as Director and Chief Executive He holds a Diploma in Civil Engineering key achievements include Retail Banking, from Kellogg School of Management, of Management, an Advanced Leadership
Officer with Red Bull India and his previous and Interior Design Course from the Financial Inclusion and Digital initiatives. Northwestern University, Illinois, USA. Fellow (2015) at Harvard University and was
roles with Unilever have given him a rich Maharaja Sayajirao University of Baroda. She is a Post Graduate from the University visiting faculty with IIM-Ahmedabad. She
spectrum of interfaces. He holds master’s of Allahabad, 1978 and an Associate of R S also serves as an Independent Director on
degree in management studies and has done C the Indian Institute of Bankers, 1989. the Board of Zomato (Chairperson Audit
Master of Science from Mumbai University. Committee), Godrej Properties (Chairperson
N C S NRC), JSW Cement, Ideaforge Technology
R C S (Chairperson NRC) and others.

A N C
Mr. T. P. Ostwal Mr. Gandharv Tongia Mr. R. S. Sharma Mr. Bharat A. Jaisinghani
Independent Director Executive Director and CFO Committees of the Board Independent Director Executive Director
as on 10 May 2024
Mr. T. P. Ostwal is a qualified Chartered Mr. Gandharv Tongia, the Executive Director Mr. R. S. Sharma is the former Chairman Mr. Bharat A. Jaisinghani joined the
Accountant (‘CA’) since 1978. He is a and Chief Financial Officer of Polycab India A Audit Committee and Managing Director of ONGC and Company in 2012 and thereafter in 2021 was
Practicing CA and Senior Partner with Limited, is associated with the Company N Nomination and Remuneration has been, and is currently on board of appointed as Executive Director. He holds a
T. P. Ostwal and Associates LLP. He served since 2018. In his current role, he is responsible  numerous companies. He is qualified as Master’s degree in Operations Management
Committee
as a member of the advisory group for for all aspects of the Company’s financial, Cost Accountant from ICWA and is holder (University of Manchester) and has completed
establishing Transfer Pricing Regulations strategy, legal and secretarial, investor S Stakeholders’ Relationship Committee of Associate Certificate from The Indian Program for Leadership Development from
in India. He also serves as an Independent relations as well as information technology R Risk Management Committee Institute of Bankers. Harvard Business School and Executive
Director on the Board of Oberoi Realty, functions. He has been instrumental in Program from Singularity University.
Intas Pharmaceuticals, Mankind spearheading the Company in its ongoing C Corporate Social Responsibility and A N R

Pharma and others. transformational journey including ‘Project Environment Social and Governance R S
Leap’. He is a fellow member of the Institute Committee
A N R of Chartered Accountants of India (ICAI).
Chairperson Member
R C S
110 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 111

Leadership Team

Key Managerial Personnel

Ms. Manita Carmen A. Gonsalves

Company Secretary & Vice President (Legal)

Senior Management Personnel

Mr. Anil Hariani Mr. Anurag Agarwal Mr. Ashish D. Jain Mr. Bhushan Sawhney Mr. Diwaker Bharadwaj
Director – Commodities Executive President (Strategic Executive President & Chief Executive President and President (Automation/Serialisation,
(Non‑Board Member) Initiatives & International Business) Operating Officer (Telecom Vertical) Chief Business Officer (B2B) Packaging and Brand Protection)

Mr. Ishwinder Singh Khurana Mr. Rishikesh Rajurkar Mr. Ritesh Arora Mr. Sandeep Bhargava Mr. Sanjeev Chhabra
Executive President & Chief Business President (Projects) President (Chief Digital Officer) Executive President and Executive President and
Officer (B2C) Chief Procurement Officer Chief Treasury Officer
112 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 113

Awards and Accolades

Polycab is proud to showcase the array of prestigious awards

and accolades received over FY 2023-24. These honours reflect
excellence in environmental sustainability, manufacturing prowess,
financial acumen, and customer service. The accolades also
reaffirm our position as a leader in the industry.

Best Structured Cabling Brand IDC Future Enterprise Awards Industry Excellence Award:
2023: Awarded in the category of Inder Jaisinghani Honoured by
Best Structured Cabling Brand by Bombay Metal Exchange
Digital Terminal, News Dot Media

23rd Annual Greentech National Award for Excellence Customer Service Excellence
Environment Award 2023: in Renewable Energy 2023: Award 2024: Received at the
Recognised for Environmental Acknowledged for Excellence Customer Experience and
Excellence by Greentech Foundation in Renewable Energy by Digitalisation Summit and
Fun & Joy At Work Awards 2024

D&B Finance Elite 2023: Gandharv

Tongia honoured with D&B Finance
Elite Award 2023

Asia’s Best Integrated Report ET Entrepreneur Awards 2024: Make in India – Comprehensive
(Integrated Thinking)/Bronze: Recognised for Excellence in Passive Networking Brand 2023: CA Business Leader Award:
Awarded by CSRWorks International Manufacturing – Engineering and Recognised in the category of Make Conferred by ICAI for Large
Allied goods by The Economic Times in India – Comprehensive Passive Corporate Manufacturing &
Networking Brand by VAR India, Infrastructure
Kalinga Digital Media Pvt. Ltd.

Manufacturing Excellence, Smart Factory and Safe Factory Awards

2023: Honoured for Manufacturing Excellence by Kaizen Hansei LLP.
114 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 115

GRI Content Index

Statement of use Polycab has reported the information cited in this GRI content index GRI
Disclosure Section Location SDGs
BRSR
for the period 01 April 2023 - 31 March 2024 with reference to the GRI Standards. Standard Linkage
GRI 1 used GRI 1: Foundation 2021 2-27 Compliance with laws and regulations Board’s report 212 Principle 6
2-28 Membership associations BRSR 180 Principle 7
2-29 Approach to stakeholder engagement Creating value for, BRSR 164 Principle 4
GRI BRSR
Disclosure Section Location SDGs 2-30 Collective bargaining agreements BRSR 159 Principle 3
Standard Linkage
GRI 2: General Disclosures 2021 GRI 3: Material Topics 2021
2-1 Organisational details Who we are, where we 12, 13, 16, Section A 3-1 Process to determine material topics Our Material topics 24 Principle 4
operate, BRSR 142, 143 3-2 List of material topics Our Material topics 24 Principle 3
2-2 Entities included in the organisation’s sustainability Where we operate, 3, 16, Section A 3-3 Management of material topics Investors 60
reporting BRSR 142-143 GRI 201: Economic Performance 2016
2-3 Reporting period, frequency and contact point Introduction to the 3, 142-143 Section A 201-1 Direct economic value generated and distributed Value creation at 20 SDG 8,
report, BRSR Polycab 9, 13
2-4 Restatements of information BRSR 175, 181 Principle 6 201-2 Financial implications and other risks and BRSR 147 Section A
and opportunities due to climate change
Principle 8
201-3 Defined benefit plan obligations and BRSR 156 SDG Principle 3
2-5 External assurance Annexures 118-121 Section A other retirement plans 3, 5, 8
2-6 Activities, value chain and other business relationships Who we are, BRSR 12, 13, 20, Section A 201-4 Financial assistance received from government
21, 142, 143
GRI 203: Indirect Economic Impacts 2016
2-7 Employees Employees, BRSR 70-77, Section A
143, 144 203-1 Infrastructure investments and services supported Communities 82 SDG 5,
9, 11
2-8 Workers who are not employees Employees 70-77, Section A
143, 144 GRI 204: Procurement Practices 2016
2-9 Governance structure and composition Governance, CGR 98, 99, Section B 204-1 Proportion of spending on local suppliers Value Chain 181 SDG 8 Principle 8
101, 238 Partners, BRSR
2-10 Nomination and selection of the highest governance body CGR 239 GRI 206: Anti-competitive Behaviour 2016
2-11 Chair of the highest governance body BRSR 151 Section B 206-1 Legal actions for anti-competitive behaviour, BRSR 180 Principle 7
anti-trust, and monopoly practices
2-12 Role of the highest governance body in overseeing the CGR 214-225
management of impacts GRI 302: Energy 2016
2-13 Delegation of responsibility for managing impacts CGR 214 302-1 Energy consumption within the organisation Environment, BRSR 91, 173 SDG Principle 6
7, 8, 12, 13
2-14 Role of the highest governance body in Introduction to 3
sustainability reporting the report 302-3 Energy intensity BRSR 92, 173 SDG Principle 6
7, 8, 12, 13
2-15 Conflicts of interest BRSR 153, 154 Principle 1
302-4 Reduction of energy consumption Environment, BRSR 92 SDG Principle 6
2-16 Communication of critical concerns CGR 256 7, 8, 12, 13
2-17 Collective knowledge of the highest governance body Board of directors, CGR 108, 109, GRI 303: Water and Effluents 2018
235
303-1 Interactions with water as a shared resource Communities, BRSR 94, 174 SDG 6, 12 Principle 6
2-18 Evaluation of the performance of the highest CGR 199
governance body 303-2 Management of water discharge-related impacts
2-19 Remuneration policies CGR 249 303-3 Water withdrawal BRSR 174 SDG 6 Principle 6
2-20 Process to determine remuneration CGR 249 303-4 Water discharge Environment, BRSR 94, 174 SDG 6 Principle 6
2-21 Annual total compensation ratio Board’s report 250 303-5 Water consumption Environment, BRSR 94, 174 SDG 6 Principle 6
2-22 Statement on sustainable development strategy Integrated thinking at 2, 3, 157 Section B GRI 304: Biodiversity 2016
Polycab, Chairman’s 304-1 Operational sites owned, leased, managed in, or
Statement adjacent to, protected areas and areas of high biodiversity
2-23 Policy commitments BRSR 150 Section B value outside protected areas
2-24 Embedding policy commitments BRSR 150 Section B 304-2 Significant impacts of activities, products and Environment 92 SDG 15
services on biodiversity
2-25 Processes to remediate negative impacts BRSR 146 Section A
2-26 Mechanisms for seeking advice and raising concerns CGR 256 Section A

Note: Note:
BRSR Business Responsibility and Sustainability Report CGR Corporate Governance Report BRSR Business Responsibility and Sustainability Report CGR Corporate Governance Report
116 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 117

GRI BRSR GRI BRSR

Disclosure Section Location SDGs Disclosure Section Location SDGs
Standard Linkage Standard Linkage
GRI 305: Emissions 2016 GRI 404: Training and Education 2016
305-1 Direct (Scope 1) GHG emissions Environment, BRSR 93, 175 SDG 3, Principle 6 404-1 Average hours of training per year per employee Employees 73 SDG 3 Principle 1
12, 13, 14, 404-2 Programmes for upgrading employee skills and Employees, BRSR 159 SDG 8 Principle 3
15 transition assistance programs
305-2 Energy indirect (Scope 2) GHG emissions Environment, BRSR 93, 175 SDG 3, Principle 6 404-3 Percentage of employees receiving regular BRSR 159 SDG 5, Principle 3
12, 13, 14, performance and career development reviews 8, 10
15
GRI 405: Diversity and Equal Opportunity 2016
305-3 Other indirect (Scope 3) GHG emissions
405-1 Diversity of governance bodies and employees Employees, 144, 234 SDG 5, 8 Section A
305-4 GHG emissions intensity BRSR 93, 175 SDG 13, Principle 6 Board of Directors
14, 15
405-2 Ratio of basic salary and remuneration of BRSR 169 SDG 5, Principle 5
305-5 Reduction of GHG emissions BRSR 176 SDG 13, Principle 6 women to men 8, 10
14, 15
GRI 406: Non-discrimination 2016
305-6 Emissions of ozone-depleting substances (ODS)
406-1 Incidents of discrimination and corrective actions taken Employees, BRSR 72, 170 SDG 5, 8 Principle 5
305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other Environment, BRSR 175 SDG 3, Principle 6
significant air emissions 12, 14, 15 GRI 408: Child Labor 2016

GRI 306: Waste 2020 408-1 Operations and suppliers at significant risk for Value Chain Partners, 172 SDG 8, 16 Principle 5
incidents of child labor BRSR
306-1 Waste generation and significant waste-related Environment, BRSR 96, 177 SDG 3, Principle 6
impacts 12, 14, 15 GRI 409: Forced or Compulsory Labor 2016

306-2 Management of significant waste-related impacts Environment, BRSR 96, 177 SDG 3, Principle 6 409-1 Operations and suppliers at significant risk for incidents Employees, Value Chain 172 SDG 8 Principle 5
12, 14, 15 of forced or compulsory labor Partners

306-3 Waste generated Environment, BRSR 96, 176 Principle 6 GRI 413: Local Communities 2016

306-4 Waste diverted from disposal BRSR 176 SDG 4, 12 Principle 6 413-1 Operations with local community engagement, impact Communities 83, SDG 1, Principle 8
assessments, and development programs 182-188 2, 3, 4, 5,
306-5 Waste directed to disposal BRSR 176 SDG Principle 6 6, 8, 10,
3, 6, 12 11, 17
GRI 308: Supplier Environmental Assessment 2016 413-2 Operations with significant actual and potential BRSR 182 SDG 1, Section-A,
308-1 New suppliers that were screened using environmental Value Chain Partners 79 Principle 6 negative impacts on local communities 2, 3, 4, 5, Principle 7
criteria 6, 8, 10,
GRI 401: Employment 2016 11, 17
401-1 New employee hires and employee turnover Employees 76, 144 SDG Section A GRI 414: Supplier Social Assessment 2016
4, 5, 10 414-1 New suppliers that were screened using social criteria Value chain partners 79 SDG 5, Principle 5
401-2 Benefits provided to full-time employees that are not BRSR 156 SDG Principle 3 8, 12, 17
provided to temporary or part-time employees 3, 5, 8 GRI 415: Public Policy 2016
401-3 Parental leave BRSR 75, 156, 157 SDG 5, 8 Principle 3 415-1 Political contributions Communities 82, 182 SDG 16 Principle 7
GRI 403: Occupational Health and Safety 2018 GRI 416: Customer Health and Safety 2016
403-1 Occupational health and safety management system Employees 75, 159-161 SDG 8 Principle 3 416-1 Assessment of the health and safety impacts of product BRSR 193-194 SDG 8 Principle 9
403-2 Hazard identification, risk assessment, and incident BRSR 159-161 SDG 8 Principle 3 and service categories
investigation 416-2 Incidents of non-compliance concerning the health and BRSR 190 SDG 16 Principle 9
403-3 Occupational health services BRSR 162-164 SDG 8 Principle 3 safety impacts of products and services
403-4 Worker participation, consultation, and communication BRSR 159-161 SDG 8 Principle 3 GRI 417: Marketing and Labeling 2016
on occupational health and safety 417-1 Requirements for product and service information and BRSR 189 SDG 12 Principle 9
403-5 Worker training on occupational health and safety BRSR 159, 161 SDG 8 Principle 3 labeling
403-6 Promotion of worker health BRSR 75, 159-161 SDG 8 Principle 3 417-2 Incidents of non-compliance concerning product and BRSR 190 SDG 16 Principle 9
service information and labeling
403-7 Prevention and mitigation of occupational health and Value chain partners, 159-161 SDG 8 Principle 3
safety impacts directly linked by business relationships BRSR 417-3 Incidents of non-compliance concerning marketing BRSR 190 SDG 16 Principle 9
communications
403-8 Workers covered by an occupational health and safety BRSR 159-161 SDG 8 Principle 3
management system GRI 418: Customer Privacy 2016
403-9 Work-related injuries BRSR 161 SDG 3 Principle 3 418-1 Substantiated complaints concerning breaches of Customers, BRSR 189 SDG 16 Principle 9
customer privacy and losses of customer data
403-10 Work-related ill health BRSR 161 SDG 3 Principle 3

Note: Note:
BRSR Business Responsibility and Sustainability Report CGR Corporate Governance Report BRSR Business Responsibility and Sustainability Report CGR Corporate Governance Report
118 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 119

Independent Practitioners’
Report relating to select GRI attributes for the period Other Matter
from 1 April 2023 to 31 March 2024, is not prepared, in all
material respects, with reference to the World Resources Information in respect of certain non-financial sustainability
disclosures for the year ended 31 March 2023 as defined in

Reasonable and Limited

Institute (WRI) / World Business Council for Sustainable
Development (WBCSD) Greenhouse Gas (GHG) Protocol (A our report dated 7 June 2023 were subject to our limited
Corporate Accounting and Reporting Standard) (Revised) assurance engagement. The said report dated 7 June 2023
and the GRI Standards (2021) and basis of preparation set expressed an unmodified conclusion on such information.

Assurance Report
out in pages 114 to 117 of the Integrated Annual Report. We have performed a reasonable assurance engagement
of the BRSR Core Attributes as per Appendix A and
Basis for opinion and conclusion limited assurance engagement on Select GRI Indicators
We conducted our engagement in accordance with as per Appendix B for the year ended 31 March 2024. The
International Standard on Assurance Engagements (ISAE) procedures performed in a limited assurance engagement
3000 (Revised), Assurance Engagements Other Than Audits vary in nature and timing from, and are less in extent than
or Reviews of Historical Financial Information, and ISAE 3410, for, a reasonable assurance engagement. Consequently,
KPMG Assurance and Consulting Services LLP Assurance Engagements on Greenhouse Gas Statements, the level of assurance obtained in a limited assurance
2nd Floor, Block T2 (B Wing) issued by the International Auditing and Assurance engagement is substantially lower than the assurance that
Lodha Excelus, Apollo Mills Compound Standards Board (IAASB). Our responsibilities under those would have been obtained had a reasonable assurance
N M Joshi Marg, Mahalaxmi standards are further described in the “Our responsibilities” engagement been performed in the prior period.
Mumbai – 400 011, India section of our report. Our opinion is not modified with respect to this matter.
Telephone: +91 (22) 3989 6000
We have complied with the independence and other
Fax: +91 (22) 3090 1510 Intended use or purpose
ethical requirements of the International Code of Ethics
To the Board of Directors of Polycab India Limited for Professional Accountants (including International The ISI and reasonable and our limited assurance report
Independence Standards) issued by the International are intended for users who have reasonable knowledge
Assurance report on select sustainability disclosures in the Integrated Annual Report prepared in accordance of the BRSR attributes and GRI attributes, the reporting
Ethics Standards Board for Accountants (IESBA).
with the Business Responsibility and Sustainability Reporting (BRSR) framework and with reference to the criteria and ISI and who have read the information in the
Global Reporting Initiative (GRI) Standards 2021 (together called ‘Identified Sustainability Information’ (ISI)) Our firm applies International Standard on Quality ISI with reasonable diligence and understand that the ISI is
of Polycab India Limited (the ‘Company’) for the period from 1 April 2023 to 31 March 2024. Management (ISQM) 1, Quality Management for Firms prepared and assured at appropriate levels of materiality.
that Perform Audits or Reviews of Financial Statements, or
Reasonable Assurance Opinion and Limited Assurance Conclusion Other Assurance or Related Services Engagements, issued Our opinion is not modified in respect of this matter.
We have performed an assurance engagement on the Identified Sustainability Information (ISI) as detailed in the table by the IAASB. This standard requires the firm to design,
implement and operate a system of quality management,
Responsibilities for Assured Sustainability
below:
including policies or procedures regarding compliance Information
Identified Sustainability Page number
Period subject with ethical requirements, professional standards and The management of the Company are responsible for:
Information subject to in the Annual Reporting criteria
to assurance
assurance Report applicable legal and regulatory requirements.
• designing, implementing and maintaining internal
BRSR Core Attributes From 1 April 2023 142 to 191 y Regulation 34(2)(f) of the Securities and Exchange Board of India
(SEBI) Listing Obligations and Disclosure Requirements (SEBI LODR)
We believe that the evidence we have obtained is sufficient control relevant to the preparation of the Assured
(Refer to Appendix A) to 31 March 2024
y Guidance note for BRSR format issued by SEBI
and appropriate to provide a basis for our reasonable Sustainability Information that is free from material
assurance opinion and limited assurance conclusion. misstatement, whether due to fraud or error;
y World Resources Institute (WRI) / World Business Council for
Sustainable Development (WBCSD) Greenhouse Gas (GHG) Protocol
(A Corporate Accounting and Reporting Standard) (Revised) Other information • selecting or developing suitable criteria for preparing
the Assured Sustainability Information and
Select GRI Indicators From 1 April 2023 114 to 117 y GRI Standards 2021 Management and the Board of Directors are responsible for
appropriately referring to or describing the criteria; and
(refer Appendix B) to 31 March 2024 y World Resources Institute (WRI) / World Business Council for the other information. The other information comprises the
Sustainable Development (WBCSD) Greenhouse Gas (GHG) Protocol information included in the Company’s Integrated Annual • preparing the Assured Sustainability Information in
(A Corporate Accounting and Reporting Standard) (Revised) Report (but does not include the select BRSR and GRI accordance with the Applicable Criteria.
attributes and assurance report thereon).
This engagement was conducted by a multidisciplinary Reasonable assurance opinion Those charged with governance are responsible for
team including assurance practitioners, engineers, In our opinion, the Information subject to Reasonable Our reasonable assurance on BRSR Core attributes and overseeing the reporting process for the Company’s
environmental and social professionals. Assurance on pages 142 to 191 of the Integrated Annual limited assurance conclusion on the select GRI attributes Assured Sustainability Information.
Report for the period from 1 April 2023 to 31 March 2024, does not cover the other information and we will not
For the purposes of the remainder of our assurance report:
is prepared, in all material respects, in accordance with the express any form of assurance conclusion thereon. Exclusions:
• “Information subject to Reasonable Assurance” refers Regulation 34(2)(f) of the Securities and Exchange Board of Our assurance scope excludes the following and therefore
In connection with our assurance on the BRSR Core
to the Identified Sustainability Information identified India (SEBI) Listing Obligations and Disclosure Requirements we will not express an opinion/ a conclusion on the same:
attributes and select GRI indicators, our responsibility
above that was subject to reasonable assurance; (SEBI LODR) and the World Resources Institute (WRI)/ is to read the other information identified above, and in • Operations of the Company other than those
• “Information subject to Limited Assurance” refers to World Business Council for Sustainable Development doing so, consider whether other information is materially mentioned in the “Scope of Assurance”.
the Identified Sustainability Information identified (WBCSD) Greenhouse Gas (GHG) Protocol (A Corporate inconsistent with the BRSR Core attributes and select GRI
above that was subject to limited assurance; Accounting and Reporting Standard) (Revised), and the Indicators, or our knowledge obtained in the assurance, • Aspects of the BRSR and GRI attributes and the data/
basis of preparation as set out on page 142 in Section A: or otherwise appears to be materially misstated. We have information (qualitative or quantitative) other than
• “Assured Sustainability Information” refers to
General Disclosures 13 of the Business Responsibility and read the other information, but we have not performed any the ISI.
all Identified Sustainability Information subject
Sustainability Report of Integrated Annual Report. procedures with respect to the other information.
to assurance (both reasonable assurance and • Data and information outside the defined reporting
limited assurance); and Limited assurance conclusion Our opinion is not modified in respect of this matter. period from 1 April 2023 to 31 March 2024.
• “Applicable Criteria” refers to the reporting criteria Based on the procedures performed and evidence • The statements that describe expression of opinion,
relevant to the information subject to assurance as obtained, nothing has come to our attention to cause belief, aspiration, expectation, aim, or future intentions
identified above. us to believe that the Information subject to Limited
provided by the Company.
Assurance on pages 114 to 117 of the Integrated Annual
120 Polycab India Limited / Integrated Annual Report 2023-24 Strategic Report 121

Inherent limitations Limited assurance conclusion Appendix – A

Our procedures selected depended on our understanding
The preparation of the Company’s sustainability information
of the information subject to limited assurance and other Appendix A – BRSR Core attributes – Reasonable assurance for FY 2023-24
requires the management to establish or interpret the
engagement circumstances, and our consideration of Sr.
criteria, make determinations about the relevancy of BRSR indicator Description of indicator
areas where material misstatements are likely to arise. In No.
information to be included, and make estimates and
carrying out our engagement, we: 1. Section C – Principle 1 – E8 Number of days of accounts payable
assumptions that affect the reported information.
2. Section C – Principle 1 – E9 Concentration of purchases & sales done with trading houses, dealers, and related parties
• assessed the suitability of the criteria used by the
Measurement of certain amounts, BRSR and GRI attributes, Loans and advances & investments with related parties
entity in preparing the information subject to limited
some of which are estimates, is subject to substantial inherent 3. Section C – Principle 3 – E1(c) Spending on measures towards well-being of employees and workers – cost incurred as a %
assurance;
measurement uncertainty, for example GHG emissions, water of total revenue of the company
footprint, energy footprint. Obtaining sufficient appropriate • interviewed senior management and relevant staff at 4. Section C – Principle 3 – E11 Details of safety related incidents including lost time injury frequency rate, recordable
evidence to support our opinion/conclusion does not reduce corporate and selected locations concerning policies work-related injuries, no. of fatalities
the uncertainty in the amounts and metrics. for environmental, social and occupational health and 5. Section C – Principle 5 – E3(b) Gross wages paid to females as % of wages paid
safety, and the implementation of these across the
Our responsibilities business;
6. Section C – Principle 5 – E7 Complaints filed under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013, including complaints reported, complaints as a % of
We are responsible for: • through inquiries, obtained an understanding of female employees, and complaints upheld
• Planning and performing the engagement to obtain the Company’s control environment, processes and 7. Section C – Principle 6 – E1 Details of total energy consumption (in Joules or multiples) and its intensity
a reasonable assurance on BRSR Core attributes information systems relevant to the preparation of 8. Section C – Principle 6 – E3 Total volume of water withdrawal by source and water consumption in Kilolitres and its intensity
and limited assurance on select GRI indicators about the information subject to limited assurance, but did 9. Section C – Principle 6 – E4 Water discharge by destination and level of treatment (in kilolitres)
whether the ISI is free from material misstatement, not evaluate the design of particular control activities,
10. Section C – Principle 6 – E7 Details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity
whether due to fraud or error; obtain evidence about their implementation or test
11. Section C – Principle 6 – E9 Details related to waste generated by category, waste recovered through recycling, re-using
their operating effectiveness;
• forming an independent reasonable assurance opinion or other recovery operations, waste disposed by nature of disposal method and its intensity
and limited assurance conclusion, based on the • made inquiries of relevant staff at corporate and 12. Section C – Principle 8 – E4 Input material sourced from following sources as % of total purchases – Directly sourced
procedures we have performed and the evidence we selected locations responsible for the preparation of from MSMEs/small producers and from within India
have obtained; and the Information subject to limited assurance; 13. Section C – Principle 8 – E5 Job creation in smaller towns – Wages paid to persons employed in smaller towns
(permanent or non-permanent/on contract) as % of total wage cost
• reporting reasonable assurance opinion and limited • undertook three site visits- Halol, Daman and
Corporate Office at Mumbai, we selected these 14. Section C – Principle 9 – E7 Instances involving loss/breach of data of customers as a percentage of total data breaches
assurance conclusion to the Directors of the Company.
sites based on the relative size of the workforce of or cyber security events
Summary of the work we performed as the basis these locations to the total workforce, unexpected
Appendix B – GRI Indicators – Limited assurance for FY 2023-24
for our opinion/conclusion fluctuations in the information subject to limited
We exercised professional judgement and maintained Sr.
assurance since the prior period, and sites not visited No.
GRI Indicator Description of indicator
professional skepticism throughout the engagement. in the prior period;
We designed and performed our procedures to obtain 1. 2-1 Organizational details
evidence that is sufficient and appropriate to provide a • inspected, at each site visited, a limited number of 2. 2-2 Entities included in the organization’s sustainability reporting
basis for our reasonable assurance opinion and limited items to or from supporting records, as appropriate; 3. 2-3 Reporting period, frequency and contact point
assurance conclusion. • applied analytical procedures, as appropriate; 4. 2-7 (a) and (b) Employees
Reasonable assurance opinion 5. 2-8 (a) Workers who are not employees
• recalculated the information subject to limited
The nature, timing, and extent of the procedures selected assurance based on the criteria; and 6. 2-10 Nomination and selection of the highest governance body
depended on our judgement, including an assessment 7. 2-11 Chair of the highest governance body
of the risks of material misstatement of the information • evaluated the overall presentation of the information
8. 2-15 Conflicts of interest
subject to reasonable assurance, whether due to fraud subject to limited assurance to determine whether it is
consistent with the criteria and in line with our overall 9. 2-23 Policy commitments
or error. We identified and assessed the risks of material
knowledge of, and experience with, the Company’s 10. 2-28 Membership associations
misstatement through understanding the information
subject to reasonable assurance and the engagement occupational health and safety. 11. 306-2(a) Management of significant waste-related impacts
circumstances. We also obtained an understanding of The procedures performed in a limited assurance 12. 401-1(a) and (b) (a) new employee hires during the reporting period, by age group
the internal control relevant to the information subject to (b) employee turnover during the reporting period, by gender
engagement vary in nature and timing from, and are less
reasonable assurance in order to in extent than for, a reasonable assurance engagement. 13. 401-2 (a) Benefits provided to full-time employees that are not provided to temporary or part-time employees
Consequently, the level of assurance obtained in a limited 14. 401-3 (a)(c)(d)(e) Parental leave
design procedures that are appropriate in the
circumstances but not for the purpose of expressing assurance engagement is substantially lower than 15. 403-1 Occupational health and safety management system
an opinion on the effectiveness of internal controls. In the assurance that would have been obtained had a 16. 403-2 Hazard identification, risk assessment, and incident investigation
carrying out our engagement, we: reasonable assurance engagement been performed.
17. 403-4 Worker participation, consultation, and communication on occupational health and safety
• assessed the suitability of the criteria used by 18. 403-5 Worker training on occupational health and safety
the entity in preparing the reasonable assurance 19. 403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships
information; 20. 404-1(a-i) Average hours of training per year per employee

• evaluated the appropriateness of reporting policies, 21. 404-3 Percentage of employees receiving regular performance and career development reviews
quantification methods and models used in the 22. 405-1(a-i) (b-i) Diversity of governance bodies and employees
preparation of the information subject to reasonable Shivananda Shetty 23. 406-1 Incidents of discrimination and corrective actions taken
assurance and the reasonableness of estimates made Partner 24. 413-1(a) Operations with local community engagement, impact assessments, and development programs
by the entity; and KPMG Assurance and Consulting Services LLP 25. 416-2(a) Incidents of non-compliance concerning the health and safety impacts of products and services
• evaluated the overall presentation of the information Date: 22 June 2024 26. 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data
subject to reasonable assurance. Place: Colombo
122 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 123

Management Discussion
and Analysis Economic Review
Global Economic Review economic activity as low consumer confidence and
inadequate social safety nets hinder the growth of
The fiscal year 2023-24 began on a challenging note
private consumption. At the other end of the spectrum,
marked by the lingering effects of the Russia-Ukraine
in a major policy shift, the Bank of Japan (BoJ) ended its
war, high inflation, and elevated interest rates alongside
negative interest rate policy and moved away from the
a global economic slowdown. However, by the end of the
yield curve control.
year, signs of resilience and recovery emerged in various
regions, coupled with fading supply chain pressures that Overall, fiscal year 2023-24 saw global resilience amid
facilitated a quicker-than-expected decline in inflation, challenges, with buoyant growth and declining inflation.
indicating strong signals of a soft landing. Despite concerns like Euro area stagnation and China's
real estate issues, proactive policies and emerging market
In several large developed and developing countries,
progress offer a cautiously optimistic outlook amidst
economic growth exceeded expectations, with strong
geopolitical risks. Global growth, estimated at 3.2% in
labour markets supporting consumer spending. Growth
2023, is projected to continue at the same pace in 2024
was particularly buoyant in the USA, helped by strong
and 2025. Downside risks for the future may emanate
consumer spending, with households continuing to
from accelerating geopolitical tensions, potentially
run down the excess savings accumulated since the
divergent central bank policies, and the lagged effects
beginning of the pandemic, and higher government
of higher rates yet to hit the global economy.
spending. However, the rising momentum was not felt
everywhere, with notably subdued growth in the Euro
area, reflecting weak consumer sentiment, the lingering
effects of high energy prices, and weakness in interest-
rate-sensitive manufacturing and business investment.
Germany, France and Italy, the bloc’s largest economies, Global growth, estimated at
experienced minimal to negative growth. Also, Red
Sea crisis, an escalation of the war between Israel and
3.2% in 2023, is projected to
Hamas, sparked by attacks from Yemen's Houthi rebels continue at the same pace in
on merchant ships in late 2023, resulted in disruption in
maritime trade, particularly for routes between Asia and
2024 and 2025.
Europe. The crisis in the Red Sea, which accounts for 15%
of global maritime trade volumes, has led to an increase
in shipping time and freight costs. However, the Eurozone
economy is expected to recover, thanks to anrising real
incomes, as people benefit from falling inflation, growing Global Growth Projections (%)
nominal wages, and improving foreign demand.
Estimate Projections
The emerging market economies have continued to Particulars
FY23 FY24 FY25
grow at a solid pace than Advanced economies, despite
World Output 3.2 3.2 3.2
tighter financial conditions, reflecting the benefits of
Advanced Economies 1.6 1.7 1.8
improved macroeconomic policy frameworks, strong
investment in infrastructure in many countries and United States 2.5 2.7 1.9
steady employment gains. Euro Area 0.4 0.8 1.5
Japan 1.9 0.9 1.0
A gradual upturn in semiconductor and electronics
production in Asia is helping to underpin merchandise United Kingdom 0.1 0.5 1.5
trade, and services trade is being boosted with Canada 1.1 1.2 2.3
international air passenger traffic returning to pre- Other Advanced Economies 1.8 2.0 2.4
pandemic levels. However, China continues to struggle Emerging Market & 4.3 4.2 4.2
with real estate problems, with successive waves of Developing Economies
policy stimulus aiming to offset the ongoing contraction China 5.2 4.6 4.1
of the property sector unable to garner the intended
India 7.8 6.8 6.5
impact. Large reductions in key lending rates and
reserve requirements have been undertaken to support Source: IMF World Economic Output Update, April 2024
124 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 125

Commodities The global demand for copper and aluminium continues Additionally, robust GST collections, increased auto sales,
to rise sharply, underpinned by their indispensable roles enhanced consumer confidence, and double-digit credit
The volatility in commodity prices declined significantly
in various key industries. growth indicate the resilience of consumption demand.
compared to last year, yet the overarching trajectory
Concurrently, robust sales of petroleum products serve
manifested as a dynamic roller-coaster, characterised
as a testament to the enduring demand and vigorous
by an initial peak in the first half of the fiscal year
followed by a subsequent decline to lows, and ultimately
Copper is projected to see an economic activity within the nation. On the supply side,
expanding manufacturing and services Purchasing
culminating in a steady recovery and significant upward increase in demand – expected Managers' Indices (PMIs) provide compelling evidence of
momentum by fiscal year-end, mirroring the fluctuations
in global economic activities. Various factors contributed
to rise by 20% to 30 million the nation's robust economic momentum. These indices
not only mirror buoyant demand conditions but also
to this volatile journey. Initially, tighter global financial tonnes per year by 2035. signify increased investments in technology, enhanced
conditions, sluggish global trade, a slowdown in growth
efficiency, and favourable sales growth. The Composite
in China, and geopolitical shocks all dampened global
This increase is largely driven by its extensive applications PMI, which includes both manufacturing and services
growth prospects. Nonetheless, commodities received
in electric vehicles, renewable energy sectors, and indices, soared to 61.8 in March 2024, marking its second-
support in the second half of the year from a more
infrastructure development. highest reading in over 13 years. Moreover, a surge in
resilient global economy compared to earlier anticipated
corporation tax collections underscores the vitality of
conditions. This was accompanied by cooling inflation, The aluminium market is also poised for growth, with
the business sector.
China's economic rebound following its reopening, and demand forecasted to rise sharply due to its advantages
upward revisions in global forecasts by major institutions of light weight and resistance to corrosion, making Retail inflation stayed within the RBI upper tolerance
such as the IMF and World Bank. Throughout this period, it indispensable in construction, automotive, and band of 6% for 10 out of 12 months, ending March 2024 at
individual commodities experienced diverse trends, packaging industries. 4.85%, the lowest in 10 months. With inflation relatively
influenced by variations in supply conditions and their under control, the RBI did not alter the policy repo rate
reactions to changing demand dynamics. during the year. The government's proactive supply-side
Copper prices on the London Metal Exchange (LME)
By 2027, aluminium interventions have also played a pivotal role in preserving
price stability. The central bank has forecasted inflation
exhibited significant volatility, albeit with a notable demand is expected to to reduce to 4.5% for FY 2024-25. In the latter part of the
decrease compared to the previous year. This volatility
reflected the intricate interplay of global sentiments and
reach 108.2 million tonnes. next fiscal year, the RBI is expected to cut down interest
rates, following the interest rate trajectories of global
their consequential impact on demand, coupled with
central banks.
disruptions in the supply chain stemming from major
This increase is largely due to the metal's growing use
copper-producing nations in South America, such as Overall, the Indian economy concluded the current
in replacing heavier steel in vehicles and electricity grid
Chile, Peru, and Panama. From April 2023 to October A parallel trajectory was discernible in aluminium prices, financial year on a high note, buoyed by rapid growth,
infrastructures, which are increasingly preferred for their
2023, copper prices witnessed a substantial decline from which saw a descent from about $2,410 per MT in April stable inflation, a balanced external account, promising
energy efficiency and lower environmental impact.
approximately $9,082 per metric tonne (MT) to $7,812 per 2023 to approximately $2,068 per MT in August 2023, employment prospects, improving consumer spending,
MT, before experiencing a resurgence to approximately followed by a rebound to approximately $2,400 per MT The price of PVC compound, utilised as insulation for and a slew of government-led initiatives centred
$8,700 per MT by March 2024. by March 2024. wires and cables, showcased significant fluctuations over on infrastructure augmentation. This resilience and
the past year, with an 18% increase from the yearly low progress amidst global headwinds showcase India's
in June to September 2023, followed by a 16% decrease, economic mettle and potential as a formidable force
and ultimately a 6% rebound by the end of fiscal year within the global economy. Moreover, the persistent
$8,361 per MT $2,201 per MT 2023-24. In contrast, steel prices demonstrated relatively
minimal volatility during the year, mostly trending
growth in capital expenditure allocation highlights the
government's commitment to nurturing productive
Average Copper prices Average Aluminium prices downwards, with a correction of nearly 17% from the peak assets, with infrastructure development at its core. With
in FY 2023-24 in FY 2023-24 in March 2023. Meanwhile, the Indian rupee, benefitting a confluence of factors supporting its growth trajectory,
from resilient domestic growth and a manageable trade India is on its way to becoming the world's third-largest
deficit, depreciated significantly less compared to most economy by 2027, and a $7 trillion economy by 2030.
of its Asian peers.
Average LME Copper ($/MT) Average LME Aluminium ($/MT)
Indian Economic Review
61.8 4.8%
The Indian economy continued outperforming its global Composite PMI in Retail inflation in
5,860

6,879

9,691

8,551

8,361

1,749

1,802

2,769

3,036

2,201

peers, with Real GDP expanding 8.2% YoY in FY 2023-24.

March 2024 March 2024
The robust growth propelled the Indian economy to
$3.5 trillion.
Supported by strong macroeconomic fundamentals,
healthy financial institution balance sheets, moderating
US$7 trillion
inflation, and improving external sector position, the Expected size of the Indian
Indian economy and financial system remained resilient. economy by 2030
FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
126 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 127

Beyond domestic needs, the Indian W&C industry is

also becoming increasingly competitive in the global
market. With its focus on innovation and a growing $410 billion
export potential, the industry is well-positioned for a Projected market value of global cable
bright future. In this landscape, Polycab remains at industry by FY 2029-30
the forefront, maintaining its leadership position in the
segment with a market share ranging between 25% and
26% of the domestic organised market. region's energy infrastructure countries. This has led
to heightened demand for cables and wires to support
the expansion and modernisation of oil refineries,

500 GW petrochemical plants, and related facilities. Additionally,

countries in the Middle East, such as the United Arab
Targeted renewable energy capacity Emirates, Saudi Arabia, and Qatar, are embarking on
in India by 2030 ambitious initiatives to diversify their economies and
reduce dependency on oil revenues. These encompass
large-scale infrastructure projects, including smart
70% cities, transportation networks, and renewable energy
installations, further driving demand for cables and wires
Market share held by organised players in to support these developments.
the Indian Wires & Cables industry
Overall, Indian W&C manufacturers possess ample
opportunities to thrive in the global market by leveraging
Global Cables Market their competitive pricing, technological adaptability,
In addition to the domestic market, Indian W&C and commitment to sustainability, thereby meeting
manufacturers have significant opportunities to explore the diverse demands of both developed and emerging
Industry Review for cables and wires utilised across various infrastructure within the global market. The global cable industry is economies worldwide.
endeavours, encompassing new highways, expansions presently experiencing a notable surge, with projections
Indian Wires & Cables (W&C) industry
of railway networks, smart city development, and public indicating a substantial increase in market value from FMEG industry
The Indian Wires and Cables (W&C) industry is estimated
housing initiatives. ~$250 billion in FY 2022-23 to an estimated $410 billion Fast Moving Electrical Goods (FMEG) products represent
to have achieved low double-digit growth in FY 2022-23,
by FY 2029-30. the fundamental needs of consumers in modern society,
reaching a size of ~H 800 billion and accounting for The investment uptick in power generation, transmission,
including fans, lights, luminaires, switches, switchgear,
a significant 40-45% of the Indian electrical industry. and distribution is poised to drive the demand for power Developed economies, such as Europe and North
conduits, amongst others.
cables and control cables. In addition, with India's America present lucrative oppor tunities for
Looking ahead, the Indian W&C industry is well-positioned
ambitious goals for renewable energy expansion, with Indian manufacturers. The ongoing upgrades and Over the past decade, the Indian FMEG industry has
to capitalise on the continued emphasis on infrastructure
plans to add 500 GW of renewable energy capacity by modernisation of infrastructure in these regions, undergone substantial growth, propelled by factors
development by the Indian government.
2030, encompassing various renewable sources such as coupled with the transition towards renewable energy such as increasing disposable incomes, urbanisation,
solar, wind, hydro, and others, the demand for cables and and digitalisation, create sustained demand for cables. electrification efforts in rural areas, government initiatives
wires will experience a notable upsurge. Furthermore, Indian manufacturers, with their competitive pricing and promoting energy efficiency, and rising consumer
Reinforcing its dedication to India's commitment to attaining Zero Net Emissions ability to adapt to changing technological requirements, awareness regarding quality and safety standards.
by 2070 will necessitate substantial investments in can position themselves as reliable suppliers to meet
investment-led growth, the renewable energy infrastructure, including transmission these demands. Moreover, as sustainability emerges
government has augmented and distribution networks. Consequently, the demand for as a worldwide concern, Indian manufacturers can
high-quality cables and wires will continue to escalate, capitalise on the growing preference for eco-friendly
its capital expenditure (capex) driven by the imperative to facilitate the efficient and energy-efficient cables. By investing in research
outlay by over 17% YoY on and reliable transmission of renewable energy across and development to create greener alternatives and
the country. adhering to international environmental standards,
FY 2023-24 RE to reach Indian companies can distinguish themselves in the
Similarly, the persistent focus on digitalisation and the
K11.11 trillion in FY 2024-25, expansion of broadband connectivity is anticipated to
global market, attracting environmentally-conscious
consumers and businesses.
constituting 3.4% of GDP. bolster the demand for telecom cables, particularly optic
fibre cables. The real estate and construction boom, Emerging markets in Asia, Africa, and Latin America
encompassing both residential and commercial projects, are experiencing a surge in infrastructure investments.
Additionally, with Grants-in-Aid to states included, continues to fuel the need for electrical wires. The industry Rapid urbanisation, population growth, and economic
the central capex amounts to H 15 trillion, equivalent is also witnessing a significant shift towards organised development in these regions are driving investments
to 4.6% of GDP. This substantial allocation in the players, recognised for their superior quality and safety in energy, telecommunications, and transportation
FY 2024-25 Interim Budget, notably for ministries standards. These players currently hold a dominant 70% infrastructure. Indian W&C manufacturers can tap
such as Road Transport & Highways and Railways, market share and are expected to gain further market into these growing markets by offering reliable
presents a promising opportunity for the industry. These share as consumers become increasingly aware of the and competitively priced products tailored to local
allocations translate directly into heightened demand importance of safe and reliable electrical products. requirements. In the Middle East, buoyed by rising oil
prices, there's a notable surge in investments in the
128 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 129

The fiscal year 2023-24 posed challenges for the industry Performance Review
due to weak consumer sentiment amid higher inflationary
W&C Segment
pressure. Consequently, amidst softened demand,
The Wires & Cables (W&C) segment performed extremely
many industry players, including regional and local ones,
well during the year, registering a growth of 27% YoY, to
turned to higher discounts, schemes, and incentives,
reach H159 billion, representing 88% of total sales. The
intensifying competition and margin pressures across the
notable increase was driven by strong domestic volume
board. Moreover, segment-specific performances varied
growth of 30%-40%. Demand was largely driven by
depending on individual circumstances.
government capex, ably supported by improving private
capex and an uptick in the real estate sector. Sector-
In the case of fans, the delayed monsoons in key regions
wise, infrastructure, power transmission and distribution,
facilitated the clearance of above-normal channel
railways, real estate, cement, steel, and automobiles
inventory built during the peak season of fiscal 2023-24,
among others were the key demand drivers. Additionally,
with inventory fully normalising in the second half of the
the increasing adoption of renewable energy sources
year. The transition to energy ratings had cost implications,
also contributed to the heightened demand. From the
prompting most players to incrementally pass on price hikes
Company’s perspective, the domestic distribution-
to consumers throughout the year. As a result, branded
driven business sustained its strong growth momentum,
players witnessed a slight erosion in market share to
while the institutional business exhibited remarkable
regional and local counterparts, particularly in the economy
acceleration. Geographically, growth was broad-based,
segment of semi-urban and rural areas, where down-
with the highest growth coming from the North region,
trading and a preference for cheaper products became and proactive approach over the years to optimise its
followed by the West, East, and South. In terms of
prevalent. However, the demand for premium fans with working capital cycle and efficiently utilise its cash flow
revenue contribution, the West contributed the highest,
better aesthetics has been on the rise over the past 3-5 to bolster its capacity well in advance.
followed by the South, North, and East. The segment’s
years, with increasing consumer preferences towards
robust performance has translated into substantial Over and above the macro-led demand, the Company
enhanced and appealing interiors.
market share gains for the Company, with its share of is reaping the fruits of various internal initiatives taken
the organised market estimated to have increased by within Project LEAP, which are helping the Company
On the lighting side, performance was mixed, with the
2%-3% to stand at 25%-26%. generate industry-leading growth.
B2B segment registering strong growth driven by large
project deliveries, while the consumer side faced ongoing At the profitability level, the Company was able to
price corrections due to technological disruptions. Cost improve its EBIT margins in the C&W business to 13.7% for
deflation also led to price erosion, impacting all industry the year. This was largely achieved through improvement
players. Notably, the B2C lighting sector experienced in gross margins, on the back of strategic pricing revisions
The merger of the HDC and
significant price erosion over the past two fiscal years, with and favourable change in product mix, as well as better LDC verticals continues
declines of 20%+ in FY 2022-23 and 30%+ in FY 2023-24. operational leverage.
to deliver cross-selling
Meanwhile, segments like switches and switchgears saw opportunities, enabling the
more modest growth compared to pre-pandemic levels.
J159 billion Company to increase its wallet
W&C revenue in FY 2023-24 (27% YoY) share of the end customer.
Overall, the fiscal year 2023-24
witnessed significant challenges The strong top-line growth and higher margins has
Focus on distribution expansion has helped the
Company increase product availability in ~150 new cities
for the FMEG industry, marked enabled Polycab to strengthen its position as the most
during the year, aiding sales. Additionally, to enhance
profitable Company in the Indian electrical industry.
by subdued consumer sentiment, customer-centricity and gain deeper insights into end-
users, the Company increased direct engagement with
inflationary pressures, and Domestic Cables customers via increasing its on-ground sales team,
intense competition. The Company's domestic cables business exhibited resulting in increased orders for its distributors. Notably,
robust double-digit growth, driven by various factors the Company has also started making progress on its
including increased government capex, heightened Key Account Management (KAM) approach, whereby,
Nevertheless, the sector demonstrated resilience and infrastructure activity, rising investments in renewable the Company is trying to cross-sell its comprehensive
adaptability in navigating through these various market energy, and an upswing in private capex. The impressive product portfolio to identified key builder accounts.
dynamics. Strategies emphasising product differentiation, growth underscores the efficacy of the Company’s Our sales strategies are now meticulously tailored,
cost optimisation, distribution expansion and targeted initiatives and execution capabilities, enabling the city-wise, to capitalise on respective market potentials,
marketing initiatives will be crucial for sustaining growth company to fully capitalise on the favourable demand with performance outcomes intricately linked to the
and profitability in the continually evolving landscape of landscape. Additionally, the Company also benefitted Key Performance Indicators (KPIs) of Regional Sales
the industry. from its ample capacity, particularly when other Managers (RSMs) and Area Sales Managers (ASMs).
industry players faced constraints. This advantageous Across business verticals, the Company is also leveraging
Detailed discussions on the macrotrends that will govern
position was a direct result of the Company’s foresight digitisation and analytics to capitalise on the current
the future growth of W&C and FMEG industries can be
upcycle and outpace industry growth.
found on page 40.
130 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 131

Cable Exports
During the year, the Company’s international business J14.4 billion
stood at H14.4 billion, contributing to 8% of the overall International Business revenue
revenue. The international business registered only a
in FY 2023-24
marginal growth compared to last year, on account of
the softness in exports to the USA, Polycab’s largest
export geography, wherein the Company is in the midst
of a transition to the distribution model of business. Special Purpose Cables
The business was further affected on account of the
Special Purpose Cables (SPC) Business Unit specialises
Israel-Hamas conflict in the second half of the year, which
in providing e-Beam cross-linked cables tailored for
led to prolonged shipping times and escalated freight
the rigorous demands of the Railways, Defence, and
costs on the Red Sea trade route to Europe and the USA.
Automotive sectors. These cables are engineered to
While the business model transition in the USA is expected
excel in challenging environments, where they endure
to stabilise over the course of the next 3-5 quarters, the
high voltage and temperature conditions. Our range of
Company anticipates strong growth from other regions.
products finds application in various critical systems,
During the year, Polycab continued to be one of the largest including railway coaches, locomotives, battle ships,
Recognising the significance of nurturing the electrician
exporters of cables in India, exporting to 79 countries submarines, as well as both commercial vehicles (CV) Domestic Wires community, the Company has established and expanded
across the globe. Key sectors such as renewables, oil and electric vehicles (EV).
The wires business demonstrated robust performance its Influencer Management (IM) programme with a
and gas and infrastructure were pivotal drivers of the
During the year, the SPC business maintained strong throughout the year, with double-digit volume growth, team of ~100 members present in 40 cities nationwide,
business. Demand for cables from renewable projects
momentum, achieving double-digit growth, driven driven by the thriving real estate industry and strategic including major metros, Tier 1, and Tier 2 cities. The
has grown significantly over the last few years and is
mainly by the railway and defence segment. The primary initiatives implemented by the Company. Record levels team engages regularly with electricians, providing
expected to see even higher growth in the coming years
growth drivers for SPC include product portfolio, strong of residential property demand were observed in 2023, support and facilitating their utilisation of Polycab’s
as nations vie to meet the net zero carbon emission
customer engagement and enhanced operational focus. marked by a surge in launches and sales that surpassed products. Moreover, a specialised electrician programme
targets. Polycab is supplying cable to some of the
figures from the past decade. Notably, the number is implemented to provide these professionals with
world’s largest projects in solar, wind, oil and gas, green The defence sector maintained its momentum through
of new launches exceeded new sales in CY2022 and targeted training and resources, enhancing their
hydrogen, and other large-scale projects. effective strategies aimed at seizing upon early
CY2023, a trend that has begun contributing to the proficiency and familiarity with Polycab's products.
procurement and planning trends. Throughout the
During the year, the Company has launched many growing demand for wires. This effort resulted in a significant increase of over 50%
year, the Company supplied cables to several prominent
certification programmes for Medium voltage cables and in monthly active electricians and ~20% in average
projects undertaken by various shipbuilding companies.
Overhead conductors, Diesel locomotive cables, along monthly scans by electricians during FY 2023-24.
The Company successfully secured an order for a
with Instrumentation cables. Additionally, the Company
Multipurpose Vessel for the Indian Navy.
Implementing a price laddering Additionally, the team is dedicated to identifying and
is also expanding UL approvals to encompass Harnesses recruiting large electrical contractors, recognising their
and other offerings, aligning with the burgeoning The automotive business saw growth in the battery
strategy and introducing new significance in large-scale projects and their influence
demands of the renewable market. cable business. Both domestic automotive and electric product ranges such as Etira, within the industry. A tailored approach is employed,
vehicle enterprises are embarking on a localisation with each member of the IM team being assigned to a
In the mid-to-long term, the Company holds a strong
initiative as part of the Make in India campaign, which is
Primma and Maxima+ over the specific large electrician, ensuring personalised attention
positive outlook on the international business potential
and is confident that it can significantly contribute to the
anticipated to be advantageous for Polycab. To leverage past two years have enabled and support throughout the onboarding process. Key
the burgeoning electrical markets, Polycab is also in the performance indicators (KPIs) are meticulously defined
Company’s top-line.
process of developing DC charging cables.
the Company to cater to for influencer managers, aligning with the Company's
During the year, the Company also incurred capex to
diverse customer needs. objectives and customer satisfaction goals. These
KPIs serve as benchmarks for measuring performance
set up a new dedicated SPC plant, which is poised to be
and effectiveness, with incentives tied to achieving or
operational in FY 2024-25. The dedicated plant will bolster
These ranges collectively accounted for 30%+ of sales surpassing established targets.
the division's readiness for upcoming developments.
during the year. Additionally, we are strategically
Throughout these endeavours, the Company’s
targeting weaker markets with bespoke Go-To-
commitment remains focused on delivering superior
Market (GTM) strategies and region-specific product
Polycab has also initiated work development initiatives.
value to its customers. By prioritising their needs and
preferences, the Company aims to exceed expectations
on new programmes from the In alignment with its customer-centric approach, and solidify its position as a market leader in the domestic
Ministry of Defence, anticipated the Company has concentrated on enhancing the wires segment. Through continuous innovation,
secondary and tertiary visibility of retail wire sales. personalised service, and strategic partnerships,
to yield substantial business in Establishing direct connections with retail outlets and Polycab strives to maintain its competitive edge and
the forthcoming year. offering personalised trade schemes based on individual drive sustained growth in the industry.
retailer performance have yielded remarkable results.
This initiative led to a notable increase of ~25% in
monthly active retailers and ~20% in average monthly
scans by retailers during FY 2023-24, highlighting the
~25% ~50%
effectiveness of the strategy. Increase in monthly Increase in monthly
active retailers active electricians
132 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 133

W&C: Business Outlook Fast-Moving Electrical Goods (FMEG) Fans

The Company remains optimistic about the growth FMEG revenues grew marginally to H12.8 billion during
The fans industry experienced a growth of ~8% YoY
prospects of the Wires & Cables (W&C) industry in the near the year, contributing 7% to the Company’s total
to reach H155 billion in size, propelled by the successful
to mid-term. The government’s continued emphasis on revenue. This growth was achieved despite challenges
transition to BEE (Bureau of Energy Efficiency) norms
infrastructure creation, coupled with an uptick in private posed by weakened consumer sentiment amid
and increased sales of newer BEE compliant fans.
corporate investment and buoyant business optimism, increased inflationary pressure. Sales performance was
could nurture a sustained revival in the investment cycle, further impacted by heightened competition in certain For Polycab, despite a slow start to the year due to
which augurs well for boosting W&C industry growth product segments. excess channel inventory of non-BEE compliant fans, the
in the near future. Besides, the current upcycle in the fan segment rebounded by year's end, with a particular
During the year, the Company actively pursued strategic
real estate sector will further boost the W&C industry focus on premiumisation of its offerings. The Company
initiatives aimed at laying the groundwork for the
demand. The demand will also be supported by various made significant strides in the premium category by
FMEG segment to seize future growth opportunities.
other factors, including the expansion and modernisation launching majority of its 90+ new SKUs launched during
Efforts included expanding the distribution network
of power transmission and distribution infrastructure, the year exclusively in the premium and BLDC ceiling fan
into previously untapped markets to enhance market
the upgradation and expansion of railway networks, range. The well-received Silencio series further bolstered
penetration and accessibility. Additionally, there was a
increased investments in metro railroads, smart grid Polycab's premium offerings. The Company now has a
concerted focus on new product development to ensure
initiatives, and the development of smart cities. On wider product portfolio encompassing the Zoomer in the
the availability of a diverse range of offerings across
the private side, investment activity has been selective, The Company holds a strongly optimistic outlook Economy category, Vital in the Mid-premium category,
various price segments, thus maximising opportunities
with notable interest directed towards sectors such as regarding the potential for exports, driven by several key and Silencio in the Premium category to cater to diverse
within the industry. Brand building efforts were intensified
data centres, real estate, cement, metals and mining, factors influencing demand. In the near term, continued customer segments. As consumer awareness regarding
through increased advertising and promotions, including
industrial automation, and capex driven by PLI schemes. investments in construction and infrastructure projects energy-efficient alternatives grows, particularly in the
sponsorship of ICC events, TV commercials, distributor
such as renewable energy, smart grids, and data centres premium fan segment such as BLDC, market share is
Furthermore, the shift towards renewable energy in and retailer meets, and digital marketing initiatives.
are projected to fuel demand for cables and wires. Looking poised to increase – a trend catalysed by rising disposable
India is another exciting development. India’s ambitious These endeavours aimed to enhance brand visibility,
ahead to the medium term, the rise of automation and incomes and a discerning inclination towards quality and
renewable energy goals are creating a lucrative market consumer engagement, and loyalty, consolidating the
smart technologies is predicted to create demand for reliability. By leveraging robust R&D capabilities and in-
segment for specialised cables suitable for solar and Company's market position and driving sustained growth.
high-performance, data-carrying cables capable of house manufacturing, Polycab remains committed to
wind power applications. In line, with the evolving electrical solutions landscape,
handling large amounts of data transmission. There consistently delivering superior quality products to meet
the Company underwent a strategic brand refresh,
Also, the increasing adoption of 5G, cloud computing, will also likely be a heightened focus on specialty cables evolving consumer demands.
to communicate its renewed vision, aspiration and
and the Internet of Things (IoT) is propelling the need for tailored for specific applications like electric vehicle
commitment to change and innovation. The A&P spends
high-speed and reliable data transmission cables. charging, fire safety, and harsh environments. In the long
of the Company increased by ~60% during the year, to be
Lighting and Luminaires (L&L)
term, emerging technologies such as quantum computing
The medium to long-term growth potential of the within its guided range of 3%-5% of B2C top-line. The Lighting and Luminaires (L&L) industry is estimated to
and the Internet of Things (IoT) are expected to create
economy is rising, propelled by structural drivers like have grown in low single digits to reach H260 billion in size.
new opportunities, necessitating cables with even higher The Company underwent a comprehensive overhaul of
improving physical infrastructure; development of
data transmission speeds and improved durability. its reward system for channel partners, implementing The Lighting business, in FY 2023-24, faced challenges
world-class digital technology; ease of doing business;
enhancements to incentives and benefits. This strategic stemming from pricing erosion and subdued consumer
enhanced labour force participation; and improved As part of our growth strategy in the International business,
initiative was undertaken with the objective of nurturing demand in the B2C segment where the Company
quality of fiscal spending, which eventually supports the Company is focused on increasing its geographic
stronger partnerships characterised by mutual success operates. A significant pricing correction of 30%+
W&C industry directly and indirectly. Considering these and customer spread to increase the base and generate
and collaborative growth. compounded the impact of the 20%+ correction
opportunities, the Company believes that the domestic sustainable business in the coming years. The Company
observed in the previous year. Additionally, festival-
W&C industry is poised to grow by 12%-14% in the near will also focus on enhancing local presence by being closer Meanwhile, acknowledging recent shortcomings in
related demand did not meet initial expectations.
to mid-term. to the customer for better engagement and improving FMEG business execution, the Company has devised a
Despite these hurdles, the Company maintains optimism
service levels. In the distribution model, the Company comprehensive plan of action to address these issues.
As the market leader, the Company is well-positioned about the segment's prospects. Operationally, efforts
will look to forge partnerships with increasing number A key aspect involves creating separate product-level
to leverage these opportunities and reap the benefits are directed towards enhancing the contribution of
of distributors as well as Manufacturers Reps (MRs) to verticals to enhance focus, streamline processes, and
of the expected expansion. The Company is working premium offerings such as ceiling lights, cob lights, cove
improve distribution. Polycab’s commitment extends optimise performance. This strategic move aims to better
to better capture this opportunity by investing in R&D lights, and downlights, which are increasingly preferred
beyond product innovation to building robust partnerships, align resources, facilitate targeted decision-making, and
activities to develop and manufacture different types by customers. Innovation initiatives in batten, ceiling,
engaging with end customers directly, and delivering ultimately drive growth within each product category. As
of cables and increase the product portfolio to cater to and lamps are also underway, informed by insights
exceptional service. With a proactive approach to meeting these measures are implemented, it is anticipated that
a larger market. The Company has also increased its specific to the Indian market.
evolving market demands and continuous expansion of its the business will stabilise over the next few quarters and
capex plans, having spent H8.6 billion in FY 2023-24 and
certified product portfolio, the Company is well-positioned resume its growth trajectory.
is planning to spend another H10-11 billion in the next
to leverage the favourable market conditions.
three fiscal years each. Additionally, specific to wires,
the Company is strategically targeting the unorganised
market, predominantly present in Tier 3 to 5 cities of
the Country. 12%-14% J12.8 billion J155 billion
Projected growth in the W&C industry in FMEG revenue in Size of the fans industry
the near to mid-term FY 2023-24 in FY 2023-24
134 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 135

To capitalise on the robust demand momentum driven Similarly, our switchgears business witnessed growth, Conduits and Fittings
by government-led infrastructure initiatives, a separate driven by our strategic approach of leveraging cross-
Conduits and fittings business registered low double-
B2B vertical for the lighting business is being established. selling opportunities through wire distributors,
digit growth, leveraging the sustained strong momentum
yielding positive results. To ensure the highest quality
in the real estate sector. Conduits and fittings play a
While facing temporary challenges, the Company standards, all sheet metal and plastic components
crucial role in routing and safeguarding electrical wiring,
remains steadfast in its belief in the vast potential for are manufactured in-house, ensuring the utilisation
manufactured from premium-grade waterproof and fire-
growth and enduring market resilience for the lighting of premium raw materials and impeccable accuracy
resistant polymers to ensure enhanced safety for electrical
business in India. Despite the current setbacks, the in components.
circuits. Typically installed within walls, these products are
Company is confident that by prioritising innovation
categorised as low-ticket items, often resulting in relatively
and premiumisation, it will overcome these obstacles
lower customer awareness regarding quality standards.
and illuminate a brighter future for the Lighting business.
During the year, the Additionally, the market for conduits and fittings is
characterised by low barriers to entry, leading to a highly
Company addressed a gap fragmented landscape, with approximately 30%-40%
Furthermore, the Company is making significant
investments in brand building and influencer management
J260 billion in its product offering by of the market being unorganised. As of FY 2023-24, the
programmes to enhance its market presence. The
market size for conduits and fittings stood at H75 billion.
Size of the lights and luminaries introducing the 6kA, which Recognising the vast potential within this market segment,
dynamic landscape of India presents vast opportunities
for the FMEG sector, driven by factors such as rising
industry in FY 2023-24 notably contributed to the Company is strategically focused on its growth
disposable incomes, urbanisation trends, and a growing
trajectory. Key strategies include cross-selling initiatives,
sales volume. expanding direct-to-consumer (D2C) distribution networks,
emphasis on home improvement and automation,
ensuring a robust long-term outlook. Government
Switches & Switchgears and conducting quality awareness campaigns.
initiatives aimed at improving power availability are
In FY 2023-24, the switches and the low-voltage
further propelling electrification efforts in semi-urban
switchgears industry is expected to have grown by ~9% Additionally, the packaging of the 10kA switchgear
and rural regions, consequently driving demand for
and ~14% respectively to reach H90 billion and H25 billion was refreshed and a 7-year warranty provided, further
in size, respectively. enhancing customer satisfaction and brand loyalty. J75 billion electrical products. India's youthful population, with a
median age of 28 and 67% in the working age group of
Furthermore, the successful completion of CB and KEMA Market size for conduits
For the Company, the switches and switchgears 15-64 years, will also contribute to this trend. The current
certification for the MCB 10kA and MCB 6kA series is
segments demonstrated notable performance, and fittings in FY 2023-24 upcycle in real estate too is expected to start generating
poised to bolster our foothold in the international market.
primarily propelled by sustained momentum in the real demand for FMEG products over the course of next year
estate sector. Aligned with our objective of enhancing With a firm belief in our potential, we aspire to emerge and which, based on historical real estate cycles in India,
the contribution of switches and switchgears to the as key players in these product categories. Increasing should last for the next 6-8 years.
Other FMEG Categories
FMEG top-line, we have intensified our efforts in both the share of these products within our FMEG portfolio is
Overall, despite the short-term challenges, the Company
categories through strategic initiatives. anticipated to improve our FMEG margins as well. Our other FMEG business primarily comprises
remains optimistic about the future prospects of its FMEG
solar products.
Within switches, our commitment to enhancing in- business. With its strategic realignment and relentless
house manufacturing capabilities has notably bolstered focus on innovation, customer satisfaction, and market
FMEG: Business Outlook
product availability, resulting in an impressive sales expansion, the Company is well-positioned to capitalise
FY 2023-24 proved to be a tumultuous journey for the
growth of over 2x compared to FY 2022-23. on the burgeoning opportunities in the Indian market.
FMEG industry, commencing with subdued conditions
Polycab’s commitment to operational excellence and
The introduction of the Etira series, catering to the attributed to high inflation and weak consumer demand,
demand for cost-effective solutions, played a pivotal J90 billion yet concluding with hopeful signs of recovery, including
agility will continue to be the cornerstone of its success
as it navigates through this transition period and emerge
role in driving sales during the year. Additionally, the Size of the switches industry declining inflation, and a resurgence in consumer
stronger, driving sustainable growth and value creation
Levanna series, positioned as a premium offering, made in FY 2023-24 confidence. The management believes the FMEG
for its stakeholders.
good contribution to our sales figures. industry is poised to accelerate its growth in the FY 2024-
25, driven by steady urban consumption and improved Other Categories
Looking ahead, the Company aims to broaden its
prospects for rural demand. The Other segment, which largely represents the
product range to the mid-premium segment to cater
to diverse consumer preferences and price points. J25 billion Acknowledging the shortcomings in the Company’s
Company’s Engineering Procurement & Construction
(EPC) business and subsidiaries, clocked H9.6 billion
We have also strengthened our sales efforts by Size of the low-voltage switchgears FMEG business execution, Polycab is embarking on
in revenue, growing by 169% YoY. Largely, the growth
establishing an exclusive sales team for the switches a transition journey by establishing distinct product-
business and implementing special schemes to enhance
industry in FY 2023-24 focused units to enhance performance and drive
was on account of the projects we have won under
the RDSS scheme of the government, wherein we now
secondary sales. growth. While this may lead to temporary stagnation
have a healthy order book, to be executed over the next
in the segment's performance during FY 2024-25, the
3-4 years. Segment EBIT stood at H1.1 billion with EBIT
proactive measures under Project LEAP are poised to
margins at 11.5%. The segment accounted for 5% of total
yield substantial long-term benefits. Over the past year,
sales for the year under review.
the Company has undertaken various initiatives to fortify
its market position.
These initiatives include implementing a price laddering
strategy to cater to diverse consumer segments,
J9.6 billion
bolstering its distribution network, expanding into Other segment revenue
new territories, and continually upgrading its product in FY 2023-24
portfolio to meet evolving market needs.
136 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 137

Other: Outlook
The Company remains committed to strategically
capitalising on EPC opportunities, employing a selective
approach to drive growth within its W&C business
segment. Emphasis will be placed on prioritising project
selection to optimise the supply component of W&C,
while concurrently striving to achieve favourable capital
returns and mitigate risk to minimal levels. Looking
ahead, we expect this business to continue to contribute
in single digit to the consolidated Company top-line with
the mid-to-long term sustainable operating margin
anticipated to hover around the high single digits.
Internal Control Systems and Adequacy
The Company maintains a robust framework of internal
controls that are in accordance with the nature and size
of the business. The framework addresses the evolving
risk complexities and underpins the Company's strong
corporate culture and good governance. The Internal
Audit plan is approved by Audit Committee at the
beginning of every year. The purpose of an internal
Employee Engagement: Continuous employee
audit is to examine and evaluate the internal controls Human Resources Financial review: FY 2023-24 vs FY 2022-23
engagement and feedback play a pivotal role in
and risks associated with the Company's operations. It Polycab firmly believes that employees are the lifeblood Consolidated balance sheet
fostering a thriving organisational culture and driving
covers factories, warehouses, and centrally controlled of the Company, serving as its most valuable asset 1 Property, Plant, and Equipment (PPE) and Intangible
sustained success. By actively involving employees in the
businesses and functions. and driving force behind its success. Their dedication, Assets
decision-making process, soliciting their feedback, and
creativity, and passion fuel innovation, drive productivity, (a) Total additions to PPE and Intangibles were
While these controls comply with the terms of the valuing their perspectives, the Company demonstrates
and foster customer satisfaction. Moreover, employees H4,602 million mainly on account of
Companies Act, 2013, and the globally accepted its commitment to employee empowerment and
embody the Company's values and mission, serving as
framework issued by the Committee of Sponsoring development. This engagement not only enhances (i) Capitalisation of Building of H1,064 million,
ambassadors both within the organisation and in the
Organisations (COSO) of the Treadway Commission, employee morale and satisfaction but also cultivates which largely includes ~H782 million for
broader community. Recognising the significance of
they are also regularly tested by statutory and internal a sense of ownership and accountability among team factory building in Halol, and remaining
employees, Polycab prioritises their well-being, growth
auditors for their effectiveness. The framework is members. Moreover, regular feedback loops enable the for other capex projects of the Company.
and engagement.
a combination of entity-level controls that include Company to identify areas for improvement, address
(ii) Capitalisation of Plant & Machinery of
enterprise risk management, legal compliance Areas of focus for the Human Resources Department concerns, and adapt strategies to meet evolving needs
H2,567 million, attributable ~80% to wires
framework, internal audit and anti-fraud mechanisms include: and challenges. Ultimately, by prioritising continuous
& cables (W&C) and ~20% to Fast Moving
such as the Ethics Framework, Code of Conduct, Vigil employee engagement and feedback, the Company
Diversity & Inclusion: Embracing diversity and fostering Electrical Goods (FMEG).
Mechanism and Whistle-Blower Policy, and process- fosters a culture of transparency, trust, and collaboration,
an inclusive workplace culture is paramount to the
level controls, IT-based controls, period-end financial which in turn leads to higher levels of innovation, (iii) Other major additions include Freehold
Company's values. By respecting and valuing differences
reporting and closing controls. The Company has clearly productivity, and employee retention. land, Electrical installation, furniture, office
in perspectives, backgrounds, and experiences, the
defined the policies, SOPs, Financial & Operation RAPID equipments, Computer software and
Company enriches its work environment and promotes Transparent Communication: Building trust within the
(Delegation of Authority), and organisational structure vehicles (~H93 million, ~H514 million, ~H69
innovation and creativity. organisation starts with transparent communication.
to ensure smooth conduct of its business. Technologies million, ~H234 million, ~H56 million and 5
The Company ensures open channels of communication
are leveraged in process standardisation, automation, Learning & Development: The Company prioritises million respectively).
at all levels, where employees feel heard, valued, and
and their controls. investing in its employees' development through various
informed about important decisions and developments. (b) Capital Work in Progress (CWIP) stood at
training programmes, workshops, and continuous
The extensive risk-based process of internal audits and This transparency cultivates trust and fosters a H5,784 million as on 31 March 2024 largely
learning opportunities. By empowering employees to
management reviews provides assurance to the Board collaborative environment where everyone feels attributed to the expansion of W&C and FMEG
enhance their skills and knowledge, the Company fosters
with respect to the adequacy and efficacy of internal empowered to contribute. manufacturing capacities.
a culture of growth where individuals can thrive and
controls. Internal audit reports are reviewed by the Audit
reach their full potential. Recognising this, the Company Further details on the initiatives taken by the Company (c) 
Investment Property under Construction:
Committee every quarter. Furthermore, the Committee
introduced learning and development initiatives aimed under the above heads are presented on pages 70 to 77 Company’s investment properties consist
also monitors the management actions implemented
at upskilling and reskilling its workforce. of the Integrated Annual Report. of vacant land (including incidental vacant
as a result of the internal audit reviews. Polycab is
building on it) in Mumbai.
mindful of the fact that all internal control frameworks Rewards & Recognition: Acknowledging and appreciating At the end of FY 2023-24, the Company had 15,739
have limitations. Therefore, it conducts regular audits employees' contributions is integral to fostering a employees and workers, on-rolls and contractual, (d) Right of Use assets: Addition during the year
and review processes to ensure that the systems are culture of excellence. The Company implements working at its various offices, manufacturing plants was H573 million, mainly on account of leased
continuously strengthened to improve effectiveness. The robust recognition and reward systems to celebrate and warehouses. property in Valsad. Under Ind AS 116, the
management has evaluated the operative effectiveness achievements and encourage high performance. This not Group capitalises the operating leases with
of these controls and noted no significant deficiencies only motivates employees but also reinforces a sense of corresponding lease liability, which is then
or material weaknesses that might impact the financial pride and ownership in their work. depreciated over the lease term.
statements as of 31 March 2024.
138 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 139

(e) 
The Company has provided adequate 6 Trade Receivables (iii) ESOP outstanding increased by H381 million (iv) 
R etained earnings balance increased by
depreciation and amortisation in accordance Trade receivables (non-current and current) as of due to recording of H564 million stock-based H14,776 million due to Profit for the year of
with the useful lives of the assets determined 31 March 2024 stood at H21,662 million against compensation in relation to its ESOP plans H17,773 million, offset by dividend payout of
in compliance with the requirements of the the H12,992 million on 31 March 2023, a increase of and the reduction of H181 million on account H2,997 million.
Companies Act, 2013. In a certain class of assets, H8,670 million. of exercise of stock options and H2 million of
(v) Foreign currency translation reserve decreased
the group uses different useful life than those transfer to general reserve.
(i) Non‑current Trade Receivables by H35 million on account of conversion of foreign
prescribed in schedule II of the Companies Act,
subsidiary financials from their functional
2013, as detailed under the accounting policy As of 31 March 2024, non-current trade
currency to reporting currency of the Company.
section of the financial statements. receivables stood at H1,191 million, an increase
of H664 million compared to H526 million as
2 Investment in Joint Venture 10 Borrowings
of 31 March 2023. These receivables primarily
Techno Electromech Private Limited (H million)
consist of retention money held by government
In 2017, the Company signed a 50:50 strategic joint Non-Current Non-Current Current Current Total Total
customers for ongoing EPC projects. %
venture with Techno Electromech Private Limited As on As on As on As on As on As on Change
(TEPL), a manufacturer based in Vadodara, Gujarat, (ii) Current Trade Receivables 31 March 2024 31 March 2023 31 March 2024 31 March 2023 31 March 2024 31 March 2023
for manufacturing LED lighting and luminaires. The Borrowing 226 42 672 688 898 730 23%
As of 31 March 2024, current trade receivables
joint venture has accumulated losses as at 31 March
increased by H8,005 million to H20,471 million. Borrowings (non-current and current) increased by H168 million mainly on account of Term Loan facility availed
2024. The Group has recognised its share of losses
Our receivable days, based on consolidated by a subsidiary.
upto the aggregate of its investments in shares in
financial statements, were 41 days in FY 2023-
the joint venture in previous year and discontinued
24, compared to 32 days in FY 2022-23. The 11 Other Financial Liability 14 Provisions
recognising its share of further losses in absence of
increase was partly on account of higher As of 31 March 2024, other financial liabilities (non- As of 31 March 2024, the total balance was
any legal or constructive obligations towards the
institutional sales during the year, wherein, the current and current) increased by H1,281 million, H916 million, compared to H717 million as of
joint venture.
Company extends a credit period to the end- reaching H2,959 million. The rise is primarily due 31 March 2023, an increase of H198 million. This
3 Other Financial Assets customers. to an increase in security deposits by H646 million, increase was mainly due to H33 million rise in
As of 31 March 2024, total other financial assets an increase in creditors for capital expenditure by compensated absences, H145 million increase
7 Cash Position (includes Cash and cash equivalent,
(both non-current and current) increased by H275 million, an increase in liability for guarantees in gratuity provision, and H21 million increase in
other bank balances and current investments)
H281 million, reaching H647 million. This increase given by H211 million, and an increase in derivative other provisions.
Cash position as at 31 March 2024 was H22,248
is primarily due to H254 million rise in premium liabilities for commodity contracts by H448 million.
million as compared to H20,457 million as at The parent Company in India provides gratuity
receivables on EPC contracts, H16 million increase These increases were partially offset by a decrease
31 March 2023. benefits for its employees wherein the plan is funded
in investments in fixed deposits with remaining in channel financing liabilities by H313 million.
with the fund balance kept with Life Insurance
maturities over 12 months, H110 million increase in 8 Share Capital
12 Other Liability Corporation of India. The liability for gratuity and
security and other deposits, and H15 million rise in The paid‑up share capital as at 31 March 2024
As of 31 March 2024, Other liability (non-current and compensated absences is based on the valuation
the fair value of embedded derivatives. These gains was H1,502 million (31 March 2023: H1,498 million)
current) increased by H585 million, reaching H3,568 from the independent actuary.
were partially offset by H117 million decrease in comprising 15,02,36,395 Equity shares of face
million. This rise is primarily on account of below:
interest accrued on bank deposits. value H10 each. During the year, the Company 15 Deferred tax liability
further issued 4,71,117 shares to employees under (i) Increase in deferred government grant by H267 As of 31 March 2024, the total balance was
4 Other Assets:
ESOP schemes. million on account of pending export obligation. H544 million, compared to H423 million as of
As of 31 March 2024, total other assets (non-current
31 March 2023, an increase of H121 million on
and current) increased by H2,410 million, reaching 9 Other Equity (ii) Increase in contract liability by H119 million on
account of tax impact on temporary differences.
H9,790 million. This increase is mainly attributed to Other equity, comprising of reserves and surplus account of recognition of contract revenue.
H1,435 million rise in capital advances, H542 million as well as other comprehensive income, increased 16 Tax Asset/Liability
(iii) Increase in statutory dues by H233 million. (H in million)
increase in balances with government authorities, by H15,495 million in FY 2023-24 and stood at
H187 million increase in prepaid expenses, and H80,369 million. (iv) Increase in deferred and refund liability by 31 March 31 March
Movement
2024 2023
H230 million increase in contract assets. H67 million.
Reserves and surplus included in the other equity Non-current tax assets 297 252 45
5 Inventories includes retained earnings, securities premium, (v) Decrease in advance received from customers (net of provision for
As of 31 March 2024, the inventory stood at H36,751 general reserve, and other reserves - comprising by H101 million. taxation)
million, up from H29,514 million as of 31 March 2023, ESOP outstanding account, share application Current tax liabilities (125) (288) 163
13 Trade Payables (including Acceptances) (net of advance tax)
marking an increase of H7,237 million. This rise is money pending allotment, and foreign currency
As of 31 March 2024, the total balance was H28,633
primarily due to an increase in finished goods by translation reserve. Net tax asset/(liability) 172 (36) 208
million, compared to H20,326 million on 31 March at the end of the year
H3,289 million, work in progress by 1,269 million
(i) The Securities premium balance increased by 2023, reflecting an increase of H8,307 million. This
and raw materials by H2,099 million. The Company
H364 million due to fresh issue of equity shares rise was due to an increase in acceptances by The net tax asset as on 31 March 2024 was
maintained higher inventory levels in anticipation
to employees under ESOP scheme. H6,362 million and an increase in creditors by H1,945 H172 million, an increase of H208 million primarily due
of better business opportunities in the near future.
million. Our trade payable days, as derived from the to advance tax payment of H5,743 million, partially
Our inventory days, as derived from consolidated (ii) The general reserve balance increased by
consolidated financial statements, were 79 days in offset by tax provision of H5,519 million.
financial statements, were 101 days in FY 2023-24, H2 million on account of ESOP’s not exercised.
FY 2023-24, compared to 71 days in FY 2022-23.
compared to 102 days in FY 2022-23.
140 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 141

Consolidated Results (P&L) 4. Employee Benefit Expenses Consolidated Cash Flow Major cash inflows:
1. Revenue from Operations Employment expenses rose by H1,528 million to
FY FY
Change
(a) Increase in cash operating profit by H7,899 million
Revenue from operations increased by 28% to H6,095 million in FY 2023-24, marking a 33% 2023-24 2022-23
180,394 million in FY 2023-24 from H141,078 million increase primarily attributed to annual increments,
Net cash inflow from 12,962 14,275 (1,313)
(b) Increase in trade payables and acceptances by
in FY 2022-23. Our segment-wise growth is as below: new hiring and ESOP charge. As a percentage of operations H159 million
H Mn
revenue, employee costs amounted to 3.38% in
Net cash used in (7,519) (12,026) 4,508 (c) Increase in financial liabilities and provisions by
FY 2023-24, compared to 3.24% in FY 2022-23. investing activities
Revenue H893 million
YoY
31 March 31 March growth The compensation cost recognised for ESOP Net cash used in (3,874) (2,271) (1,603)
2024 2023 financing activities (d) Decrease in inventories by H280 million
schemes was H564 million for FY 2023-24 and H108
Wires and cables 157,255 123,203 28% million for FY 2022-23 which was included in the Net increase/decrease 1,570 (22) 1,592 (e) Decrease in other assets by H1,244 million
FMEG 12,749 12,404 3% employee benefit expenses. in cash and cash
equivalents (f) Increase in other liabilities by H634 million
Revenue from 7,811 3,636 115%
Construction Contracts 5. Finance Cost
(2) Net Cash used in investing activities:
Finance cost largely includes interest cost, bank (1) Net Cash inflow from operations:
Others 1,729 1,490 16% Net cash used in investing activities in FY 2023-24
charges, and foreign exchange gains/(losses) on Decrease in net cash inflow from operations by
Export incentive and 851 345 147% was H7,519 million mainly due to:
government grant borrowings. Our finance costs rose by H486 million H1,313 million is mainly on account of:
Total 180,394 141,078 28%
to H1,083 million in FY 2023-24 primarily due to a) Net proceeds from mutual funds and fixed
Major cash outflows:
increase in acceptances and hike in interest rate. deposits of H616 million
2. Other Income: (a) Increase in taxes paid by H2,039 million
6. Depreciation and Amortisation Expense b) Purchase of property, plant and equipment
Other income primarily comprising interest
Depreciation and amortisation expense increased (b) Increase in trade receivables by H9,736 million (including CWIP) of H8,580 million
income, income from investment in mutual funds,
to H2,450 million in FY 2023-24 from H2,092 million
fair valuation of financial instruments, exchange (c) Increase in financial assets by H646 million (3) Net cash used in financing activities:
in FY 2022-23, an increase of H359 million, largely
difference, and others. Other income increased Net cash used in financing activities in FY 2023-24
due to addition in PPE.
by H875 million to H2,209 million mainly attributed was H3,874 million, mainly on account of:
due to: 7. Other Expenses
(a) Payment of dividend of H2,997 million.
Other expenses increased by H3,698 million to
(a) Increase in gain on mutual fund investment by
H16,578 million in FY 2023-24 from H12,880 million (b) Interest paid of H1,017 million.
H229 million
in FY 2022-23. As a % of revenue, other expenses
(c) Amount received on exercise of stock options of
(b) Decrease in gain on sale of property, plant and were 9.19% in FY 2023-24 as compared to 9.13% in
H194 million.
equipment by H96 million FY 2022-23.
(d) Net proceeds from borrowings of H194 million.
(c) 
D ecrease in fair valuation of financial Increase/Decrease was largely on account of:
instruments by H30 million
(a) Increase in advertising and sales promotion Details of significant changes in key financial ratios:
(d) Increase in interest income by H36 million spends by H745 million, mainly due to spends
As on As on
on major campaigns like sponsorship for ICC Change Remark
(e) Increase in exchange gain by H594 million 31 March 2024 31 March 2023
Cricket World Cup, Green Wire TV commercial,
Debtors’ turnover ratio (Times) 10.57 11.10 -4.8% Decrease due to rise in institutional sales
(f) Increase in Miscellaneous income by H146 million. brand refresh expenses etc.
Inventory turnover ratio (Times) 4.01 4.08 -1.8% Higher inventory maintained contemplating
3. Raw Material Cost of Goods Sold (b) Increase in fair value loss on derivates by better near-term business opportunities led to
Raw materials’ Costs of Goods Sold (COGS) including H146 million. decline in inventory turnover ratio
packing material, consists of the following line items Interest coverage ratio (Times) 20.74 27.34 -6.60% Lower due to increase in interest cost on letter
(c) Increase in impairment allowance for doubtful
in the financials: of credit
debts by H345 million.
Current ratio (Times) 2.44 2.64 -7.6% Decrease largely on account of increase in
(a) Cost of materials consumed
(d) Following expenses are in line with an increase usage of Letter of Credit partly offset by
(b) Purchases of traded goods in revenue: increase in inventory
Debt equity ratio (Times) 0.01 0.01 -0.4% No material change from last year
(c) Changes in inventories of finished goods, traded • Increase in sub-contracting expenses by
Operating margin (EBITDA/Net sales) 13.81% 13.06% 0.8% Improvement due to change in sales mix and
goods, and work-in-progress H1,060 million
judicious price revisions
(d) Project bought outs and other costs • Increase in power and fuel by H344 million; Net profit margin (PAT/Net sales) 9.99% 9.09% 0.9% Improvement due to change in sales mix and
judicious price revisions
Raw materials’ costs of goods sold as a percentage • Increase in consumption of stores and spares
of sales decreased by 0.9% to H132,803 million in by H424 million Return on equity 24.17% 20.96% 3.2% Improved due to higher profitability during the
current year
FY 2023-24 mainly due to change in sales mix and
• Increase in freight and forwarding expense
judicious price revisions.
by H352 million
• Increase in travel expenses by H62 million
142 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 143

Business Responsibility and Sustainability Report

Section A – General Disclosures 19. Markets served by the entity
a. Number of locations
I. Details of the listed entity:
Locations Number
Sr.
No.
Particulars Details National (No. of States) Pan India

1. Corporate Identity Number (CIN) of the Company L31300GJ1996PLC114183 International (No. of Countries) 79 Countries

2. Name of the Listed Entity Polycab India Limited (the Company/Polycab)

3. Year of Incorporation 1996
b. What is the contribution of exports as a percentage of the total turnover of the entity?
4. Registered Office Address Unit No. 4, Plot No. 105, Halol Vadodara Road, During the year 2023-24, the Company’s export business stood at I17,485 million, contributing to 10% of the
Village Nurpura, Taluka Halol, Panchmahal, overall revenue. The Company continued to be one of the largest exporters of cables in India, exporting to 79
Gujarat – 389350 countries across the globe. Demand in the Americas, Australia, and Middle East regions gave the maximum
5. Corporate Address Polycab India Limited traction to sales. The global thrust on renewable energy has played an important role in our growing export
#29, “The Ruby”, 21st Floor, story. Transitioning to clean energy requires an overhaul of existing systems and this requires laying down fresh
Senapati Bapat Marg, Tulsi Pipe Road, cables for power transmission. Through Project Leap, we prioritised new product development, market expansion
Dadar West, Mumbai – 400 028 and securing approvals. Our commitment to delivering quality products and services globally positions us in
6. E-mail shares@polycab.com for sustained success in the export market. Our goal is to become the preferred provider of cable and wiring
7. Telephone 022-6735-1400 solutions internationally, offering superior products, excellent service, and expanding our distribution network.
8. Website www.polycab.com
9. Financial Year for which reporting is done FY 2023-24
c. A brief on types of customers
10. Name of the Stock Exchange(s) where shares are listed – National Stock Exchange of India Limited (NSE) Polycab is India’s largest and most versatile manufacturer of Wires and Cables, and a prominent player in
– BSE Limited (BSE) the Fast-Moving Electrical Goods (FMEG) space. Our extensive portfolio of quality products caters to the
11. Paid-up Capital H1,502.36 Million
needs of our institutional and retail customers in different industries. They are used across industries like
Infrastructure, Oil & Gas, Transport, Power, Telecom, Real Estate, Defence, Chemicals, Metals, Technology,
12. Name and contact details (telephone, email address) Ms. Manita Carmen A. Gonsalves
of the person who may be contacted in case of any Company Secretary & Vice President – Legal
Manufacturing, Renewables, Non-metals, Cement, Agriculture, Data Centers and Consumer Durables and
queries on the BRSR report Telephone No.: 022-6735-1400 other original equipment manufacturers operating in the above segments. Our strong distribution network
e-mail id: shares@polycab.com comprises of about 3,800+ dealers and distributors, together with our 2,05,000+ retail outlets, gives us a
13. Reporting boundary The disclosures made in this report are on a standalone basis. strong competitive advantage. Our EPC division has completed a range of government and private projects
including refinery works, rural and urban electrification and extra high voltage cable laying etc. Polycab is also
14. Name of assurance provider KPMG Assurance and Consulting Services LLP
one of the largest exporters of cables in India, serving customers across Renewables, Oil & Gas, Infrastructure
15. Type of assurance obtained Reasonable Assurance – BRSR Core
and many other sectors globally. We work with many retail partners to help them grow sustainably alongside
us. We have a long-standing relationship with our customers that is based on trust and mutual interest. We
II. Products/Services continue to work with all our partners including MSME family-owned businesses to large business houses to
16. Details of Business Activities (accounting for 90% of the turnover) foster mutual growth and success.

Sr.
No.
Description of Main Activity Description of Business Activity % of Turnover IV. Employees
1. Wires and Cables Manufacturing of wires and cables 89% 20. Details as at 31 March 2024
2. FMEG Manufacturing of fans, lighting and luminaries, 6% a. Employees and workers (including differently abled):
switchgear, switches, and small domestic appliances.
Sr. Male Female
Particulars Total (A)
No. No. (B) % (B/A) No. (C) % (C/A)
17. Products/Services sold by the entity
Employees
Sr.
Product/Service NIC Code % of Turnover contributed 1. Permanent (D) 2,965 2,777 93.66% 188 6.34%
No.
1. Wires and Cables 2732 89% 2. Other than Permanent (E) 1,701 1,662 97.71% 39 2.29%

2. FMEG 2710/2740/2750 6% 3. Total employees (D + E) 4,666 4,439 95.14% 227 4.86%

Workers
4. Permanent (F) 1,878 1,877 99.95% 1 0.05%
III. Operations
5. Other than Permanent (G) 9,195 8,940 97.23% 255 2.77%
18. Number of locations where plants and/or operations/offices of the entity are situated
6. Total workers (F + G) 11,073 10,817 97.69% 256 2.31%
Location Number of Plants Number of Offices Total
National 28 – Manufacturing Facilities 1 – Corporate Office 70
29 – Warehouses and Depots 3 – Regional Offices
9 – Branch Offices
International - - -
144 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 145

Business Responsibility & Sustainability Report

b. Differently abled employees and workers VI. CSR Details

Sr. Male Female 24. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes
Particulars Total (A)
No. No. (B) % (B/A) No. (C) % (C/A) (ii) Turnover: I 180,509 million
Differently Abled Employees
(iii) Net worth: I 81,444 million
1. Permanent (D) 2 2 100.00% 0 0.00%
2. Other than Permanent (E) 1 1 100.00% 0 0.00%
VII. Transparency and Disclosures Compliances
3. Total differently abled employees (D + E) 3 3 100.00% - 0.00%
25. Complaints/ Grievances on any of the principles (Principles 1 to 9) under the National Guidelines
Differently Abled Workers
on Responsible Business Conduct (NGRBC)
4. Permanent (F) 2 2 100.00% 0 0.00%
FY 2023-24 FY 2022-23
5. Other than Permanent (G) 1 1 100.00% 0 0.00% Grievance Redressal
Mechanism in Place Number of Number of
6. Total workers (F + G) 3 3 100.00% - 0.00% Stakeholder group Number of complaints Number of complaints
(Yes/No) (If Yes,
from whom complaint complaints pending complaints pending
then provide web- Remarks Remarks
is received filed during resolution filed during resolution
link for grievance
21. Participation/Inclusion/Representation of women redress policy) the year at close of the year at close of
the year the year
No. & % of Females
Particulars Total (A) Communities Yes Refer link 0 0 - 0 0
Number (B) % (B/A)
Investors Yes Refer link 0 0 - 0 0
Board of Directors 10 2 20% (other than shareholders)
Key Management Personnel (KMP)* 1 1 100% Shareholders Yes Refer link 56 0 - 250 0
* Excluding BOD Employees and workers Yes Refer link 0 0 - 0 0
Customers Yes Refer link 3,64,206 369 0.10% 3,37,022 861 0.26%
pending pending
22. Turnover rate for permanent employees and workers
less than & 99.74%
FY 2023-24 FY 2022-23 FY 2021-22 2 days resolved
Particulars
Male Female Total Male Female Total Male Female Total Distributors Yes Refer link 0 0 - 1 0 -
(Value Chain Partners) Refer link
Permanent Employees 22% 24% 22% 17% 38% 18% 17% 20% 17%
Other (please specify) - - - - - - -
Permanent Workers 3% 0% 3% 3% 0% 3% 12% 0% 12%
Notes:
At Polycab, we calculate attrition as a ratio of ‘total number of exited employees in the financial year’ to ‘average
1. Communities – Polycab collaborates with communities through its social welfare foundation, partnering with experts in relevant fields
of average number of employees in each month of the financial year’ by enlisting NGOs and consultants for certain projects, programs, and activities. The company provides them with the opportunity to
voice concerns, provide feedback on ongoing projects, captures and addresses the views, issues and grievances, if any. To get involved,
We continually undertake various initiatives and interventions focused on developing the right environment community members can reach out by contacting the dedicated email address: speakup@polycab.com. Further, grievance mechanism
for talent development and retention. We undertake regular employee engagement programs, mentorship is communicated at the CSR implementation sites through visual displays, banners, discussion with the requestors and beneficiaries.
initiatives, induction training for effective onboarding and refresher trainings to help improve retention rates. The Company also conducts impact evaluation and assessments of the CSR projects undertaken, during which community queries
are addressed and the grievance mechanism is propagated.

V. Holding, Subsidiary and Associate Companies (including joint ventures) 2. Shareholders – The Company has an Investor Relations department, Secretarial Department and Stakeholders Relationship
Committee to manage shareholder relations. It has effective systems and processes in place to ensure prompt redressal of investor
23. (a) Names of holding / subsidiary / associate companies / joint ventures (As at March 31, 2024) grievances. Details of investor complaints received by the Company are filed on a quarterly basis with the Stock Exchanges where the
Indicate whether Does the entity indicated Company’s shares are listed, and with the SEBI on a half-yearly basis. Investors and shareholders have direct access to the Company
holding/ % of shares at column A, participate in Secretary and Compliance Officer via a dedicated email ids: investor.relations@polycab.com and shares@polycab.com.
Sr. Name of the holding / subsidiary / associate companies /
Subsidiary/ held in listed the Business Responsibility
No. joint ventures (A) 3. Employees and Workers – The Company through its ‘Whistle-Blower Policy’, Investigation Policy, Disciplinary Action Policy, Prevention
Associate/ entity initiatives of the listed
of Sexual Harassment Policy, Polycab Code of Conduct seeks to address employee concerns and complaints or any other grievances.
Joint Venture entity? (Yes/No)
The Company promulgates ‘Zero fear’ Policy and ‘Zero fear of Retaliation’ Policy. It allows not only employees and workers but also
1. Polycab Australia Pty Limited Subsidiary 100.00% No other stakeholders to report grievances. It also ensures that complainants are protected with full anonymity and any anti-retaliation
2. Polycab Electricals and Electronics Private Limited Subsidiary 100.00% No or victimisation practices.

3. Polycab Support Force Private Limited Subsidiary 100.00% No 4. Customers – The Company’s core focus is on customer-centricity. The Company provides various avenues to customers for providing
feedback and raising their grievances. Polycab has setup a dedicated customer care service that resolves customer grievances and
4. Polycab USA LLC Subsidiary 100.00% No quality and product related complaints via different mechanisms including toll free tele-calling and email: customercare@polycab.
5. Steel Matrix Private Limited Subsidiary 100.00% No com. The Company collates the information provided by its customers and utilises the inputs to innovate and provide better products.

6. Uniglobus Electricals and Electronics Private Limited Subsidiary 100.00% No – Web Base Servitium CRM Portal (https://care.polycab.com/)

7. Dowells Cables Accessories Private Limited Subsidiary 60.00% No – Mobile App (https://play.google.com/store/apps/details?id=com.servitiumcrm.technician)
8. Tirupati Reels Private Limited Subsidiary 55.00% No – Whats app Chatbot - 7304485540
9. Techno Electromech Private Limited Joint Venture 50.00% No
5. Value Chain Partners – Value Chain Partners, including suppliers, service providers, vendors, customers, traders, agents, consultants,
contractors, dealers, distributors, institutional customers, business associates, and joint venture partners, along with their employees,
agents, and representatives, are all subject to the Company’s Supplier Code of Conduct. Within this framework, value chain partners
have the option to raise concerns either through the Whistle-Blower Policy or customer care. The Company has devised incentives
to value chain partners for achieving key performance indicators relating to ESG.
26. Overview of the entity’s material responsible business conduct issues
146

Various material responsible business conduct and sustainability issues pertaining to environmental and social matters that present a risk or an opportunity
to the Company’s business are as indicated below:

Indicate Financial implications of

Sr. Material issue whether risk the risk or opportunity
Rationale for identifying the risk / opportunity In case of risk, approach to adapt or mitigate
No. identified or opportunity (Indicate positive or
(R/O) negative implications)
1. Climate Opportunity • Polycab offers a wide range of eco-friendly solar energy solutions NA Positive
Change in domestic and international markets, showcasing our dedication
and Energy to sustainability. Our innovative power cables, rubber cables, and
electron-beam irradiated cables meet the rising global demand for
sustainable products, driven by increasing consumer awareness of
environmental issues.
• Through technology, we empower customers and collaborate
to combat climate change while promoting energy efficiency.
This shift to renewable energy aligns with our commitment to
environmental consciousness and green initiatives, ensuring the
long-term sustainability of our business.
• Embracing renewables not only helps mitigate climate change
but also delivers long-term cost savings to Polycab. We integrate
various alternative energy sources, like wind-solar hybrid systems
and innovative power purchase contracts, to boost renewable
energy consumption in our operations. This positions us as a
customer-focused provider of solar solutions, actively addressing
urgent environmental challenges
Business Responsibility & Sustainability Report

2. Climate Risk • Physical risks due to climate change can cause disruptions for • Polycab incorporates various alternative Negative
Polycab India Limited / Integrated Annual Report 2023-24

Action/Climate business operations. Climate change related transition risks can energy sources, such as wind-solar hybrid
Change shift the market dynamics for certain sectors affecting the asset systems and innovative power purchase
value. Increased regulatory requirements may result in higher contracts, to enhance renewable energy
compliance requirements. consumption in its operations.
• We are proactively addressing climate
risks by investing in resilient infrastructure,
adapting to market shifts, setting internal
targets and staying ahead of regulatory
changes.

Indicate Financial implications of

Sr. Material issue whether risk the risk or opportunity
Rationale for identifying the risk / opportunity In case of risk, approach to adapt or mitigate
No. identified or opportunity (Indicate positive or
(R/O) negative implications)
3. Health and Risk • Occupational Health and Safety is of paramount importance • At Polycab, we prioritise fostering a culture Negative
safety to Polycab, given the potential risks associated with our labour- of zero harm through the integration of lean
intensive manufacturing operations. Machinery breakdowns and safety principles like the ‘5S - Sort, Set in
human negligence can lead to health issues and injuries, posing a order, Shine, Standardise, and Sustain’ into
substantial risk. our operations. Regular cross-unit safety
• Providing a safe and healthy work environment whilst fostering audits and reviews ensure continuous safety
confidence and trust among our employees and workforce is improvement. Our major manufacturing
a priority. We proactively identify health and safety concerns facilities in Halol and Daman adhere to
and implement measures to minimise risks to life and property. ISO 45001 standards and best practices in
Safeguarding the well-being and safety of our employees and operational health and safety.
workforce is at the core of our organisational values. • Polycab provides regular health and safety
training to all our employees and workers,
nurturing a safety culture and creating
safe working environments and considered
internal targets for safety related parameters.
4. Innovation Opportunity • Innovation and R&D are crucial for Polycab’s growth. By investing NA Positive
in research, we stay ahead of market trends, enhance product
performance, and explore new business avenues. This approach
helps us maintain a competitive edge, drive growth, and adapt to
evolving customer needs.
• To meet emerging industry trends and consumer preferences for
low-carbon sustainable products, we are increasing investment in
energy-efficient and environmentally friendly products. Our R&D
focuses on delivering high-performance sustainable offerings. We
have also tied up with 4 international research houses for R&D on
polymers.
• Polycab analyses market requirements for sustainable products and
uses R&D to achieve product differentiation. This strengthens our
ability to offer unique value propositions to consumers, distributors,
and institutional customers.
5. Water Risk • Water availability and quality are crucial for Polycab’s operations. • We are committed to sustainable water Negative
Management Water scarcity risks disruptions, supply chain challenges, rising management, especially in water-stressed
costs, and health/safety issues for employees and communities. operational areas.
Competing for water resources with local communities jeopardises • Initiatives implemented include water
our social license to operate. recycling, rainwater harvesting across
• Water management is a key material issue, especially in water- plants, exploring alternatives, and
stressed areas. Water related issues leads to regulatory actions optimising consumption to reduce
impacting production capacities. Responsible water stewardship freshwater footprint.
through optimisation, minimising wastage, exploring alternatives,
and collaborating with stakeholders is essential to mitigate risks and
ensure operational continuity while maintaining our social license.
Statutory Reports
147
 Indicate Financial implications of
148

Sr. Material issue whether risk the risk or opportunity

Rationale for identifying the risk / opportunity In case of risk, approach to adapt or mitigate
No. identified or opportunity (Indicate positive or
(R/O) negative implications)
6. Waste Risk • Being a manufacturing companies, proper waste handling and • Polycab has established appropriate Negative
Management disposal are crucial to protect the environment, ensure safety, and waste management processes for proper
avoid penalties. Inappropriate waste management practices can collection, segregation, and safe disposal
result in fines, litigation risks, and operational disruptions due to of waste. We collaborate with vendors
non-compliance. approved and authorised by the Central
Pollution Control Board and State
Pollution Control Boards to ensure the
safe disposal of hazardous waste
• Responsible waste management is a
priority, aligning with our commitment to
environmental protection and regulatory
compliance. Our robust processes enable
efficient waste handling, minimising the
risk of legal fines or litigation associated
with improper disposal practices.
7. Diversity and Opportunity • Polycab is firmly committed to fostering diversity and inclusion NA Positive
Inclusion within its workforce, recognising the manifold benefits they offer.
• In line with this vision, Polycab has set specific targets to drive its
diversity and inclusion initiatives.
• At the heart of Polycab’s commitment to diversity and inclusion lies its
‘Equal Opportunity Policy,’ which serves as a cornerstone for promoting
non-discrimination across all facets of employment. Through this
policy, Polycab ensures fairness and equality in recruitment, promotion,
Business Responsibility & Sustainability Report

transfer, training, wages, and working conditions, fostering an

Polycab India Limited / Integrated Annual Report 2023-24

environment where every employee can thrive.

8. Responsible Risk • Polycab acknowledges the increasing demand from investors, • Polycab recognises the importance of Positive/
Supply Chain customers, and regulators to address ESG risks in supply chains. integrating ESG considerations into its Negative
Neglecting sustainable supply chain practices exposes companies supply chain to mitigate risks effectively.
to risks like labour disruptions, health and safety incidents, human We have significantly improved our
rights issues, and raw material shortages. Our supply chain includes supply chain management by diversifying
both local and global suppliers, with a significant portion of raw suppliers and implementing sustainable
materials sourced internationally. Sustainable sourcing of these sourcing practices.
materials is crucial for ensuring continuous supply and future • Polycab has developed enduring
business growth. relationships with key raw material
suppliers, many of whom adhere to
sustainability best practices. Before
entering into long-term contracts, we
conduct thorough due diligence on
potential suppliers and logistics partners.

Indicate Financial implications of

Sr. Material issue whether risk the risk or opportunity
Rationale for identifying the risk / opportunity In case of risk, approach to adapt or mitigate
No. identified or opportunity (Indicate positive or
(R/O) negative implications)
9. Labour Risk • As a manufacturing organisation, compliance with labour • Polycab has implemented a dedicated Positive/
Management management and labour laws is critical. Human rights represent software platform to ensure compliance Negative
a risk for Polycab due to its labour-intensive operations. Potential with all relevant labour rules and regulations.
occurrences of human rights violations or failure to comply with Additionally, the “equal opportunity policy”
statutory regulations can result in adverse financial and reputational guarantees that every employee has the
consequences. right to work in an environment that upholds
• Mechanism for labour management has been established by having the dignity, self-worth, and fundamental
all the checks and measures in place. human rights of all individuals.
• Polycab is committed to preventing human
rights violations, promoting a culture of
diversity and inclusion, and empowering
stakeholders. By prioritising human rights,
Polycab aims to establish a safe, fair, and
ethical work environment in line with global
best practices.
10. Product Opportunity • Product stewardship is central to Polycab’s responsible practices, NA Positive
Stewardship ensuring minimal environmental impact across the product life
cycle. We continuously enhance product design and processes to
promote safe, efficient, and sustainable use, reducing environmental
footprint. Polycab products follow European Union (EU) directives,
restriction of hazardous substances (RoHS), and registration,
evaluation, authorisation, and restriction of chemicals (REACH)
compliance.
• For instance, Polycab Green Wire utilises recyclable materials, lowers
carbon emissions, and meets stringent European sustainability
standards. Our various products, including Brush Less Direct Current
(BLDC) fans, offer energy-efficient cooling solutions for homes and
businesses, prioritising comfort and eco-friendliness. Additionally,
our premium products which include Polyshield’s Residual
Current Circuit Breaker (RCCB) and Miniature Circuit Breaker
(MCB) minimise fire risks and boast exceptional energy efficiency,
aligning with international standards. Product stewardship is a key
opportunity for Polycab to showcase its commitment to responsible
and sustainable practices, enhancing customer trust and market
differentiation.
• Polycab offers a wide range of eco-friendly solar energy solutions in
domestic and international markets.
11. Employee Opportunity • Ensuring consistent quality in our operations requires ongoing NA Positive
training and training and skill enhancement for our employees and workers. We
development provide job-specific and personal development training to nurture
their abilities. Additionally, a tailored leadership development
Statutory Reports

program identifies relevant growth opportunities aligned with our

strategic goals.
• We launched iLearn initiative to develop the skills of our employees and
149

workers, job specific and personal development training is provided.

 150

Section B – Management & Process Disclosures

Policy and Management Processes

Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1. a. Whether your entity’s policy/ Yes Yes Yes Yes Yes Yes Yes Yes Yes
policies cover each principle • Anti- • Quality • Code of Conduct • CSR • Human • Organisation - • Equal • Code of Conduct
and its core elements of the Bribery Policy • Whistle Blower Policy Policy Rights Policy Health Opportunity • Quality Policy
NGRBCs. (Yes/No) Policy Safety & Policy
• Human Rights Policy • Whistle • Equal • Data Protection &
• Conflict Blower Opportunity Environment • CSR Policy
• Organisation Health Policy (OHSE Privacy Policy
of Interest Policy Policy
Policy Safety & Environment Policy) • Whistle Blower
Policy (OHSE Policy) • POSH Policy Policy
• Supplier
• Policy for Prevention of Code of • Cyber Security Crisis
Fraud Conduct Management Policy
• Investigation Policy • Information Security
• Disciplinary Action Policy Policy

b. Has the policy been approved The policies/procedures are approved by the functional heads, and few of them have been adopted by the Board/ Board Committees
by the Board? (Yes/No)
c. Web Link of the Policies, if Policies are available on the website of the Company i.e., https://polycab.com/investors/corporate-governance/. Policies which are
available internal to the Company are available on the intranet of the Company.
2. Whether the entity has translated Yes Yes Yes Yes Yes yes Yes Yes Yes
the policy into procedures. (Yes/No)
Business Responsibility & Sustainability Report

3. Do the enlisted policies extend to Yes Yes Yes Yes Yes Yes Yes Yes Yes
your value chain partners? (Yes/No)
Polycab India Limited / Integrated Annual Report 2023-24

4. Name of the national and • ISO 9001: 2015 (QMS) covers all production locations of Polycab. • Importer – Exporter Code (IEC)
international codes/certifications/ • ISO 14001: 2015 (EMS) covers the major production locations of Polycab. • Underwriter laboratories (UL) certifications
labels/standards (e.g. Forest
• ISO 45001: 2018 (OHMS) covers all the major production locations of Polycab. • Restriction of Hazardous Substances in
Stewardship Council, Fairtrade,
• ISO 50001: 2018 (EnMS) covers the major production locations of Polycab. Electrical and Electronic Equipment (RoHS)
Rainforest Alliance, Trustea)
• ISO 17025: 2017 & Registration, Evaluation, Authorisation and
standards (e.g. SA 8000, OHSAS,
• IATF 16949: 2016 Restriction of Chemicals (REACH) compliant
ISO, BIS) adopted by your entity
and mapped to each principle • British Approval Service for Cables (BASEC)
5. Specific commitments, goals and We believe that our commitment to environmental sustainability enhances resilience of our business, the quality of service we provide and
targets set by the entity with value creation for our diverse groups of stakeholders, both internal and external. To create a tangible difference for our communities &
defined timelines, if any. environment and to support our sustainability strategy, we have internally set targets across critical areas such as climate change, water
6. Performance of the entity stewardship, waste and circular economy, responsible supply chain, diversity & inclusion, employee training and CSR.
against the specific To meet these targets effectively, we have implemented robust management systems and are monitoring progress to ensure alignment
commitments, goals and with the roadmap. Through these strategic initiatives, Polycab remains committed to driving sustainability across its operations while
targets along-with reasons in advancing its environmental and social impact goals. Our commitment to sustainability extends beyond our operations to our value chain
case the same are not met. partners as well. Our comprehensive sustainability strategy is closely aligned with the United Nations Sustainable Development Goals
(UNSDGs) to contribute meaningfully to global change. The company will continue to enhance the strategy and roadmap, striving to
update our goals and streamline processes for greater efficiency.

Governance, Leadership and Oversight

7. Statement by director responsible Polycab’s commitment to sustainability is deeply rooted in our mission to promote sustainable living. Our products are designed to meet our
for the business responsibility customers’ evolving needs whilst minimising our environmental footprint. We firmly believe that sustainability is not just ethical but also essential
report, highlighting ESG for long-term success. Over recent decades, significant changes have occurred in the natural ecosystem, atmosphere, communities, governments,
related challenges, targets and and businesses, necessitating immediate climate action. As a conscientious entity, we are resolutely dedicated to contributing to this imperative
achievements (listed entity has cause through our proactive measures.
flexibility regarding the placement
Our sustainability strategy serves as a roadmap, guiding us in integrating sustainability across our operations which is essential for building resilience
of this disclosure)
in the business, transforming culture and for long-term value creation of all our stakeholders. To actualise this vision, we have outlined a series of time-
bound internal goals spanning key areas like environmental conservation, waste reduction, Water management, equity, diversity, and inclusion. These
goals rest on three foundational pillars: ensuring planetary health, enhancing human well-being, and fostering a more inclusive and equitable society.
Along with that various initiatives have been taken in the past year to reduce our GHG emissions and overall environmental impact.
We have strategically enhanced our commitment by launching comprehensive ESG awareness programs, revamping policies and procedures,
propagating principles of ESG, focusing on human rights, formalising grievance redressal systems and promoting safe and fair working conditions.
These initiatives are designed to educate and engage our value chain partners on the importance of sustainable practices and the role they play
in promoting environmental stewardship, social responsibility, and ethical governance. Additionally, we have implemented rigorous health and
safety protocols alongside human rights assessments across our value chain. We have also begun health, safety, and environmental checks for our
partners. We now include a review of their sustainability efforts when they engage with us. We regularly communicate with our partners through
surveys to understand their priority areas and align the same with ours.
This approach not only helps in identifying and mitigating potential risks but also ensures that our partners adhere to our high standards of
operational excellence and ethical compliance. These measures are integral to our ongoing efforts to foster a responsible and sustainable business
ecosystem that aligns with our core values and enhances our long-term corporate reputation and profitability.
8. Details of the highest authority The Board of Directors
responsible for implementation (For additional information – Refer page 110-111)
and oversight of the Business
Responsibility policy (ies).
9. Does the entity have a specified The Board of Directors Board Level Committee: Corporate Social Responsibility and ESG Committee
Committee of the Board/Director (For additional information – Refer page 110-111)
responsible for decision making
on sustainability related issues?
(Yes/No). If yes, provide details.

10. Details of Review of NGRBCs by the Company

Indicate whether review was undertaken by Director/Committee
of the Board/Any other Committee Also indicate Frequency
Subject for Review (Annually/Half yearly/Quarterly/Any other – please specify)
P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above policies and follow up action
Indicate whether review was undertaken by Director/Committee of the Board/Any other Committee Yes
Frequency (Annually/Half yearly/Quarterly/Any other – please specify) Annually/Periodically
Compliance with statutory requirements of relevance to the principles, and rectification of any non-compliances
Indicate whether review was undertaken by Director/Committee of the Board/Any other Committee Yes
Frequency (Annually/Half yearly/Quarterly/Any other – please specify) Annually/Periodically
11. Has the entity carried out independent assessment/evaluation of the working of its policies by an external agency? (Yes/No). If yes, provide name of the agency.
Independent Assessment/Evaluation of our policies P1 P2 P3 P4 P5 P6 P7 P8 P9
Yes, independent assessment of our policies is carried out by MMJC Consultancy LLP.
Statutory Reports

12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Not Applicable
151
152 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 153

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Section C – Principle Wise Performance Disclosure 4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and
if available, provide a web link to the policy.
Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner that Yes. Polycab is dedicated to upholding the highest ethical standards and conducting business fairly. In line with
is Ethical, Transparent and Accountable. that, the Company has developed an “Anti-Bribery Policy” in accordance with the legal and regulatory laws
governing bribery and corruption in India. The Anti-Bribery policy ensures a business environment that is free
Essential Indicators of corruption through reporting and redressal mechanisms. It serves as a guidance document for everyone
associated with Polycab. It also provides direction to deal with any improper solicitation bribery and other
1. Percentage coverage by training and awareness programmes on any of the principles during the corrupt activities and issues that may arise while doing business. Zero-tolerance for any violations of this policy
financial year: is enforced, leading to thorough investigations and disciplinary measures. The Anti-Bribery Policy extends to
all permanent and temporary staff, subsidiaries, joint venture partners, associate companies, and third-party
Total number %age of persons
of training and in respective entities affiliated with the Company.
Segment awareness Topics / principles covered under the training and its impact category covered
To follow the policy, we strive to understand bribery & corruption and its forms, identify related risks, and
programmes by the awareness
held programmes recognise compliance requirements. We use system tools to help with compliance, report concerns in an
Board of 20 • Polycab organised orientation sessions covering a wide range of subjects. 100% BoD organised way, carry out investigations, and ensure independent audits, assurance, and due diligence to build
Directors These include the principles of the National Guidelines on Responsible presentation a strong governance structure.
& Key Business Conduct (NGRBC), factory tours, updates on legislative and The Company’s “Code of Conduct” also covers aspects relating to anti-corruption and anti-bribery. .Further,
Managerial regulatory developments, and meetings with institutional investors.
according to the Company’s ‘Supplier Code of Conduct’ (SCoC), all suppliers and service providers must follow
Personnel • During the financial year 2023-24, the directors and KMP of the Company the Company’s Anti-Bribery policy and conduct their business in an ethical and fair manner.
were familiarised on the whistle policy, company code of conduct, ethics and
anti-bribery policy, environment awareness, diversity and inclusion, talent 5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by
retention and engagement, risk management and mitigation, cybersecurity
and information systems, innovation and strategic thinking, health and any law enforcement agency for the charges of bribery/ corruption:
safety, CSR strategy initiatives of the company, and the ESG framework. There were no instances of any disciplinary action taken by any law enforcement agency for the charges of
They also received prevention of sexual harassment (POSH) training. bribery/corruption against Directors/ KMPs/ employees/ workers.
• In addition to the above, the directors of the Company attended an ‘ESG
Strategy & BRSR compliance’ session, where the Company’s ESG goals and 6. Details of complaints with regard to conflict of interest:
initiatives were discussed/reviewed.
There were no complaints received in relation to issues of conflict of interest of the Directors and KMPs during
Employees 353 • Polycab believes that investing in human capital training enables the 100% the reporting period FY 2023-24.
other than Company to create a highly skilled, effective and efficient workforce.
BoD and Continuous learning and development for our employees sets the tone for 7. Provide details of any corrective action taken or underway on issues related to fines/penalties/
KMPs enhancing sustainability within organisation. Employees are encouraged
consistently to improve their skillsets, competencies, and knowledge.
action taken by regulators/law enforcement agencies/judicial institutions on cases of corruption
and conflicts of interest.
• During the financial year 2023-24, employees of the Company were
familiarised on occupational health and safety & wellness, environment Not applicable
awareness, communication & interpersonal skills, enhancing IT skills, IT
security and data privacy, compliances, Code of Conduct, Ethics and Anti- 8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods and services
Bribery, HR policies, practices, and codes, ethical and social behaviour, procured) in the following format:
team building and other human rights related aspects. They also received
prevention of sexual harassment (POSH) training. FY 2023-24 FY 2022-23
Number of days of accounts payables 66 53
Workers 697 • Trainings are conducted on topics such as ethics, health and safety, quality 100%
system, HR policies and practices, environment, fire drills and safety,
prevention of sexual harassment, importance of safety (PPE) tools and 9. Open-ness of business
safety kits, readiness for accidents and preventive reporting of dangerous Provide details of concentration of purchases and sales with trading houses, dealers, and related parties
occurrences. along-with loans and advances & investments, with related parties, in the following format:
Parameter Metrics FY 2023-24 FY 2022-23
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in
Concentration a. Purchases from trading houses as % of total purchases 0.16% 0.20%
proceedings (by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ of Purchases b. Number of trading houses where purchases are made from 4 5
judicial institutions, in the financial year, in the following format (Note: the entity shall make c. Purchases from top 10 trading houses as % of total purchases from trading houses 100% 100%
disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing Obligations Concentration a. Sales to dealers / distributors as % of total sales 77.32% 81.85%
and Disclosure Obligations) Regulations, 2015 and as disclosed on the entity’s website): of Sales b. Number of dealers / distributors to whom sales are made 3,790 4,523
There have been no instances of any material (monetary and non-monetary) fines/ penalties/ punishment/ c. Sales to top 10 dealers / distributors as % of total sales to dealers / distributors 26.90% 25.60%
award/compounding fees/ settlement amount paid in proceedings (by the entity or by directors/ KMPs) with Share of RPTs a. Purchases (Purchases with related parties / Total Purchases) 1.8% 1.4%
regulators/ law enforcement agencies/ judicial institutions, in the financial year FY 2023-24. in b. Sales (Sales to related parties / Total Sales) 3.3% 0.6%
c. Loans & advances (Loans & advances given to related parties / Total loans & advances) 98.8% 85.4%
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases d. Investments (Investments in related parties / Total Investments made)* NIL NIL
where monetary or non-monetary action has been appealed. * For loans and advances and Investments, transactions undertaken with related parties during the year have been considered.

Not Applicable An independent assurance has been carried out by KPMG Assurance and Consulting Services LLP on the
FY 2024 indicators in the above table.
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Leadership Indicators Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe
1. Awareness programmes conducted for value chain partners on any of the Principles during the
financial year Essential Indicators
Total number %age of value chain partners covered 1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to
of awareness Topics/ principles covered under the training (by value of business done with such
programmes held partners) under the awareness programmes improve the environmental and social impacts of product and processes to total R&D and
One program with Trainings conducted by Polycab on: 91.7% of entire purchase turnover capex investments made by the entity, respectively.
multiple suppliers • Business Sustainability Particulars FY 2023-24 FY 2022-23 Details of improvements in environmental and social impacts
• ESG Awareness
R&D 26.83% 77% Polycab is continually harnessing R&D capabilities to develop innovative
• ESG Reporting input materials, providing superior performance and fire-resistant features to
Capex 0.34% 31%
• Supplier Code of Conduct envisaging human rights improve the safety of products. Polycab continues to develop cutting-edge,
energy-efficient products, such as BLDC fans and green wires, to promote
Recognising the integral role of value chain partners in the ecosystem, the Company encourages them to exhibit sustainability and reduce its carbon footprint.
responsible corporate citizenship and uphold sustainable practices. The Company has facilitated discussions
and capacity building/awareness sessions for its key value chain partners to educate and increase knowledge
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
on key areas like human rights, labour practices and sustainability.
The Company has integrated sustainability in the procurement process through its ‘Supplier Code of Conduct
The Company has developed a ‘Supplier Code of Conduct’ to encourage fair & socially responsible business Policy’, establishing the standards required from all the suppliers who do business with us. We have aligned
practices and ensure compliance with applicable laws, rules, and regulations concerning business integrity, our vendor onboarding process to integrate ESG factors, prioritising suppliers with sustainable practices.
human rights, labour practices, and environmental stewardship across its supply chain. It’s also implementing
a process to confirm suppliers’ acceptance and adherence to the ‘Supplier Code of Conduct’. Polycab manufactures products that are RoHS and REACH compliant, thus, reducing use of restricted
raw materials. Raw materials are predominantly sourced from reputable suppliers who are well known
2. Does the entity have processes in place to avoid/ manage conflict of interest involving members for their commitment to sustainability and have mature ESG practices. Our Supplier outreach program
of the Board/KMPs? (Yes/No) If yes, provide details of the same. assists MSMEs and smaller suppliers in their ESG journey. Polycab is also compliant with ISO 50001:2018,
ISO 45001:2018, ISO 14001:2015, and ISO 9001:2015. However, our journey doesn’t end here, we are
Yes, Polycab’s Code of Conduct requires the Directors, senior management and employees to avoid situations
continuously making efforts to further enhance sustainability within our supply chain.
in which their personal interests could be in conflict with the interests of the Company. The Company reinforces
its ‘Conflict of Interest’ (‘CoI’) Policy aimed at detecting any real or potential conflicts that may involve Polycab,
2. b. If yes, what percentage of inputs were sourced sustainably?
its Directors, and staff during business dealings. To address, reduce, and avert these conflicts, the Company
has put in place organisational and administrative structures, complemented by escalation processes. As of April 2024, an impressive 83.7% of our input material has been sourced sustainably. This underlines
our commitment to sustainability not just in our own operations but with our value chain partners as well.
CoI Policy provides direction for dealing with situations that are in conflict with the best interest of the Company.
Employees and Vendors are required to disclose in writing or through the HR system / Vendor creation forms 3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing
actual, potential or perceived CoI in the format prescribed by the Company. Stakeholders are encouraged at the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d)
immediately upon becoming aware of COI event relating to other stakeholders that have not been disclosed Other waste
by the relevant stakeholders must inform the compliance officer at speakup@polycab.com.
Polycab has established procedures and systems for handling the waste , including the identification, collection,
Process for disclosure and evaluation of conflicts: segregation, and disposal of both hazardous and non-hazardous waste. The Company disposes hazardous
waste from its manufacturing facilities through vendors authorised by the Central Pollution Control Board
– Conflict of Interest Disclosures shall be provided by contemplated candidates through application form,
(CPCB).
existing employees through HRMS, vendors (existing or contemplated) in the vendor creation form, dealers
/ distributors through dealer registration form and other third parties through written disclosures during Polycab is committed to enhancing its strategies on identification, assessment, and safe management of
their initial interaction with the Company or as and when they develop conflicting interests. product disposal processes.
– The disclosures received from the employees / third parties shall be evaluated by Human Resource Head Polycab has intensified its focus on circular design philosophy that aims to minimise waste and reduce
and / or Procurement Head in consultation with respective Business / Function Heads as the case may be. environmental impacts whilst managing product lifecycle for its main products on cradle-to-cradle design
approach wherein the input materials is repurposed or recycled indefinitely,
– Post evaluation, the reported conflicts, findings and recommendations by the HR Head & Procurement
Head is placed before the Compliance Officer for approval.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes/No). If
– Compliance Officer shall review and either approve, reject, or provide recommended actions for the yes, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR)
disclosed conflict of interest plan submitted to Pollution Control Boards? If not, provide steps taken to address the same.
Governance systems and tools have been established to provide guidance and ensure adherence to the ‘Conflict- Yes, Extended Producer Responsibility (EPR) applies to Polycab. We are actively working on broadening our
of-Interest Policy.’ By utilising internal mechanisms, the process involves structured reporting of concerns, waste collection strategy to align with the guidelines. Our focus is to maintain efficient and effective waste
investigations, audits, assurances, and due diligence, resulting in comprehensive end-to-end issue management. management and simultaneously raise awareness about the importance of responsible waste disposal practices.
We are optimistic about the positive impact these initiatives will have on our environmental stewardship efforts.
Further, the Directors of the Company are required to disclose to the Board, on an annual basis, whether they,
directly or indirectly or on behalf of third parties, have material interest in any transaction or matter directly
affecting the Company. Furthermore, if any such conflicts arise, the Directors abstain from participating in
discussions or decision-making regarding agenda items at Board or Committee Meetings in which they have
a personal or perceived interest.
156 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 157

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Principle 3: Businesses should respect and promote the well-being of all employees, including Others –
NIL NIL
Please Specify
those in their value chains

Essential Indicators 3. Accessibility of workplaces

Are the premises/offices of the entity accessible to differently abled employees and workers, as per the
1. a. Details of measures for the well-being of employees: requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken
% of employees covered by the entity in this regard.
Health Life/Accident Maternity Paternity Day Care
The Company has ensured workplace accessibility for individuals with disabilities, in line with the Rights of
Category Total Insurance Insurance Benefits Benefits Facilities
(A) Number
Persons with Disabilities Act, 2016. In accordance with our commitment to inclusivity and accessibility, our office
% Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A) is equipped with ramps at entry points and lobbies to accommodate individuals using wheelchairs. Ongoing
Permanent Employees efforts include enhancing infrastructure to improve accessibility in workspaces, restrooms, common areas, and
circulation zones at all locations for differently abled individuals.
Male 2,777 2,777 100% 2,777 100% NA NA 0 0% 0 0%
Female 188 188 100% 188 100% 188 100% NA NA 188 100%
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities
Total 2,965 2,965 100% 2,965 100% 188 100% 0 0% 0 0% Act, 2016? If so, provide a web-link to the policy.
Other than Permanent Employees
Yes, the Company has a ‘Equal Opportunities Policy’ which emphasises on equal & inclusive treatment along
Male 1,662 1,662 100% 1,662 100% NA NA 0 0% 0 0% with zero tolerance for discrimination.
Female 39 39 100% 39 100% 39 100% NA NA 39 100%
Total 1,701 1,701 100% 1,701 100% 39 100% 0 0% 0 0%
“Respect” is a core value at Polycab, where we celebrate individuals for their unique qualities and prioritise their
well-being, while also acknowledging and appreciating their efforts and contributions. We nurture an inclusive
Note: NA – Not Applicable. We provide 100% coverage for Day Care facilities but there have been no beneficiaries in FY 2023-24.
culture that embraces diversity and does not discriminate based on race, gender, religion, ethnicity, colour,
age, disability, marital status, pregnancy, political opinion, social origin or others. The Company is committed
b. Details of measures for the well-being of workers:
to ensuring that all employees, job applicants, and workers are treated fairly in an environment free from
% of employees covered discrimination based on the above mentioned criteria.
Health Life/Accident Maternity Paternity Day Care
Category Total Insurance Insurance Benefits Benefits Facilities The guiding principles of the policy include promoting equal opportunity and non-discrimination that guarantees
(A) Number % Number % Number % Number % Number % a continuous improvement in the abilities and skills of professionals. It also demonstrates equitable treatment
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A) that promotes the personal and professional progress of employees across various fields.
Permanent workers
The policy promotes inclusion, diversity, and gender equality in compliance with the law and in alignment with
Male 1,877 1,877 100% 1,877 100% NA NA 0 0% 0 0% the UNSDGs. Equal working conditions are encouraged under the policy.
Female 1 1 100% 1 100% 1 100% NA NA 0 0%
Polycab is dedicated to being an equal opportunity workplace with gender-neutral compensation policies and
Total 1,878 1,878 100% 1,878 100% 1 100% 0 0% 0 0%
norms. Additionally, we actively promote diversity and inclusion through training programs/ awareness, support
Other than Permanent Workers
networks, and community initiatives by defining roles and responsibilities of all the stakeholders in the company.
Male 8,940 8,940 100% 8,940 100% NA NA 0 0% 0 0%
Female 255 255 100% 255 100% 255 100% NA NA 0 0% 5. Return to work and retention rates of permanent employees and workers that took parental leave.
Total 9,195 9,195 100% 9,195 100% 255 100% 0 0% 0 0%
Permanent Employees Permanent Workers
Benefits
Note: NA – Not Applicable Return to Work rate in % Retention rate in % Return to Work rate in % Retention rate in %
Male NA NA NA NA
c. Spending on measures towards well-being of employees and workers (including permanent and Female 87.50% 50.00% NA NA
other than permanent) in the following format: Total 87.50% 50.00% NA NA

FY 2023-24 FY 2022-23
6. Is there a mechanism available to receive and redress grievances for the following categories of
Cost incurred on well-being measures as a % of total revenue of the company 0.05% 0.03%
employees and worker? If yes, give details of the mechanism in brief.
An independent assurance has been carried out by KPMG Assurance and Consulting Services LLP on the Particulars Yes/No (If Yes, then give details of the mechanism in brief)
FY 2024 indicators in the above table. Permanent Workers Yes, Polycab has an established grievances redressal mechanism in place. The Company upholds
Other than Permanent transparency by promoting open dialogue between employees and their managers, irrespective of
2. Details of retirement benefits for current and previous financial year Workers their employment status. This commitment to transparency and ethical conduct is reinforced through
Permanent Employees various policies accessible on the Polycab Intranet, including the ‘Code of Conduct’, ‘Whistleblower
FY 2023-24 FY 2022-23 Policy’, ‘Human Rights Policy’, ‘Disciplinary Action Policy’, ‘OHSE Policy’, and ‘Policy for Prevention
Other than Permanent
No. of employees No. of workers Deducted and No. of employees No. of workers Deducted and of Fraud’. These policies serve as channels for employees, workers, suppliers, customers, and
Benefits Employees
covered as a % of covered as a % deposited with the covered as a % of covered as a % deposited with the other stakeholders to report any inappropriate or illegal practices. Polycab’s open-door practices
total employees of total workers authority (Y/N/N.A.) total employees of total workers authority (Y/N/N.A.) encourage an amicable and fair resolution of grievances.
PF
Gratuity 100% 100% Yes 100% 100% Yes
ESI
158 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 159

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Particulars Yes/No (If Yes, then give details of the mechanism in brief) 7. Membership of employees and worker in association(s) or Unions recognised by the listed entity.
Multiple communication lines are available for employees and workers to voice their concerns,
including: Polycab does not have any employees or worker unions or associations. However, in line with the Policy on
• email at speakup@polycab.com
Respect for Human Rights, the Company recognises right to freedom of association.
• In case of letters (protected disclosure) submitted by hand-delivery, courier or by post addressed
to the Chairman of the Audit Committee at address T. P. Ostwal & Associates LLP, Chartered 8. Details of training given to employees and workers:
Accountants Suite # 1306-1307, Lodha Supremus, Opp. Kamla Mills Compound, Senapati Bapat FY 2023-24* FY 2022-23
Marg, Lower Parel, Mumbai – 400013. On Health and On Skill On Health and On Skill
Category Total safety measures Total safety measures
The Speak-Up decision tree has been demonstrated below: Upgradation Upgradation
(A) (D)
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Can you speak to your reporting manager about your concern? Contact your reporting manager
Employees
Can you speak to your Skip level manager about your concern? Contact your Skip level manager Male 5,775 4,800 83% 2,327 40% 3,455 570 16% 1,903 55%
Female 282 199 71% 83 29% 192 79 41% 156 81%
Can you approach your Business Head/Function Head for your concern? Contact your BU/Function Head Total 6,057 4,999 83% 2,410 40% 3,647 649 18% 2,059 56%
Can you speak to your Business HR partner for your concern? Contact your Business HR partner
Workers
Male 14,844 14,844 100% 3,288 22% 8,785 3,168 36% 2,514 29%
Is the concern related to reportable matter under Whistle Blower Policy? Report to the Whistle Officer Female 313 313 100% 192 61% 207 24 12% 30 14%
Total 15,157 15,157 100% 3,480 23% 8,992 3,192 35% 2,544 28%
Contact your Business HR partner
* In FY 2023-2024, the total count includes all employees and workers associated with Polycab throughout the year. Meanwhile, the data
Yes No
for FY 2022-2023 reflects the training details of employees and workers as of 31 March 2023.

Complaints are managed and resolved by designated authorities, such as the Business Unit Head,
Chief Human Resource Officer, Internal Complaint Committee, and Whistle Officer, ensuring 9. Details of performance and career development reviews of employees and workers
fair treatment for complainants as per the policies. Furthermore, the Company is committed to
FY 2023-24 FY 2022-23
providing a safe and conducive work environment for all employees and workers. Category
Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
The grievance resolution process is as follows: Employees
Complaints Received ‘speakup@polycab.com’ Male 2,777 2,777 100% 3,455 3,455 100%
Female 188 188 100% 192 192 100%
Total 2,965 2,965 100% 3,647 3,647 100%
Segregation by Whistle Officer/External agency Maintain record of all complaints received
Workers
Male 1,877 1,877 100% 8,785 8,785 100%
IC HR Employee Consumer/Product Whistle Committee (WC) Female 1 1 100% 207 207 100%
POSH COC Respective BU Heads All Other Violations
Total 1,878 1,878 100% 8,992 8,992 100%

Only Permanent Employees and Workers have been considered.

Investigation by IC/HR/BU Head Investigation by WC as per Investigation Policy
10. Health and Safety management system:
Disciplinary Committee (DC) Decide Disciplinary DC Decide Disciplinary Action for Complaints
Action for IC/HR/Consumer Investigated by WC a. Whether an occupational health and safety management system has been implemented by the
entity? (Yes/No). If yes, the coverage of such system?
(a) 
The Stakeholders are encouraged and aided to raise genuine concerns about possible
Yes, Polycab recognises the importance of identifying work-related hazards to ensure the safety of
improprieties in the business conduct to the Whistle Officer/Committee of the Company as per
the procedure laid down in the Whistle Blower Policy. its personnel. The Company’s manufacturing facilities are ISO 45001:2018 compliant, demonstrating
commitment to occupational health and safety. In addition, Polycab has implemented an occupational
(b) Based on nature of case, the investigation authority takes immediate steps to stop the
violation or conflict, protect parties involved and begin the investigation. The investigation for health and safety management system at all its locations.
most cases is completed within 90 days. The proceedings of the case are kept confidential to Operational Review are conducted at all the locations. Further, mental wellbeing campaigns and Safety
protect the Company’s interest and respect the rights of stakeholders.
sessions are also conducted to improve the overall wellbeing of employees and workers. An improvement
(c) 
The whistle officer categorises complaints (minor, HR, consumer, harassment, serious plan for Health & Safety is developed, which includes monthly safety themes, targets and action plans to
misconduct). The whistle committee then assesses the complaint’s nature and severity to
enhance practices. Various entertainment programmes, fire and safety drills, demonstrations, competitions
determine disciplinary action.
and sports events are organised with the motto of educating the employees and workers on aspects
(d) After the investigation, the Company’s Disciplinary Committee will take appropriate steps
relating to health and safety.
based on the severity of the misconduct as laid down in Disciplinary Action Policy.
In addition to this process, Polycab continuously reviews and updates its grievance redressal b. What are the processes used to identify work-related hazards and assess risks on a routine and
mechanism to ensure effectiveness and fairness, and regularly conducts training and awareness non-routine basis by the entity?
programs for employees on these policies and procedures.

Yes, Polycab’s ‘Occupational Health, Safety, and Environment (OHSE) Policy’ aims to achieve excellence
The Company promulgates the base principles of ‘Zero Fear of retaliation’, wherein grievances are and leadership in health, safety, and environmental protection through continuous improvement in its
encouraged, tracked and redressed with transparency and uniformity. management system. Hazard identification is crucial to mitigate risks to as low as reasonably possible for
routine processes and a Permit to Work system ensures safety for non-routine tasks.
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The Company is committed to having safe and healthy operations around the world to protect the life 11. Details of safety related incidents, in the following format:
and health of its employees and the community surrounding its operations, to protect its assets, to ensure
Safety Incidents/Numbers Category FY 2023-24 FY 2022-23
business continuity and to engender public trust. On a routine basis, the Company ensures that health,
Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours worked) Employees 0 0
safety & environmental required tests, inspections and monitoring of devices, equipment, process systems,
Workers 0.08 0.13
and facility systems are conducted per the required frequencies and procedures. We also ensure that
Total recordable work-related injuries Employees 0 0
results are assessed for potential risks and, if necessary, a remedial plan and schedule are developed. On
Workers 2 2
non-routine basis, the Company ensures appropriate health, safety & environmental risk assessments,
No. of fatalities Employees 0 0
studies, classifications, and clearances are completed by appropriately trained or qualified persons before Workers 0 0
commissioning. We also ensure appropriate measures, including engineering and administrative controls, High consequence work-related injury or ill-health (excluding fatalities) Employees 0 0
have been incorporated in the design and construction of facilities and operating systems to meet legal Workers 0 0
requirements and protect employees, the community and the environment from physical, health and
An independent assurance has been carried out by KPMG Assurance and Consulting Services LLP on the
environmental hazards.
FY 2024 indicators in the above table.
The Company has prioritised HSE Risk Mitigation to establish a strong safety system across all its
12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
facilities. This framework includes continual risk identification, assessment, and mitigation processes,
with active participation from the workforce. Polycab plants implement Hazard Identification and Risk Polycab places paramount importance on the safety and well-being of its employees and workers. Polycab’s
Assessment (HIRA) protocols to identify hazards, assess risks, and establish controls for diligent HSE robust safety management system includes processes for identifying, mitigating, and eliminating risks, along
operations. Procedures are in place for incident investigation, on-site emergency plans, communication with contingency plans for emergencies. Statistical information and analysis of safety-related incidents and
and consultation procedures, monitoring and performance management procedures, operational control near-miss events are prominently displayed on the shop floor, fostering transparency and accountability across
procedures, job safety analysis, risk assessment and the Permit to Work procedure. Measures such as the organisation.
hazard spotting tours, suggestion schemes, daily briefings, and periodic HSE committee meetings involve Additionally, the Company holds safety awareness campaigns, internal and external training sessions, and
employees and workers. HSE requirements are integrated at the design stage for all new investments, ensures the implementation of visual controls like signs and ‘Do’s and Don’ts’. The company’s commitment to
and compliance during the construction phase is ensured through project HSE management systems. In safety is aligned with the International Standard for Occupational Health and Safety (ISO 45001), ensuring
the operation phase, established HSE management systems, with designated roles and responsibilities trust and operational efficiency.
for competent resources, ensure compliance at Polycab units, warehouses, offices, and plants.
To cultivate a culture of zero harm, lean safety principles such as the ‘5S - Sort, Set in order, Shine, Standardise,
Polycab conducts monthly HSE audits to identify latent risks and ensure compliance with standards. The and Sustain’ are integrated into operations. Employees actively participate in decision-making processes
company promotes a safety-first culture through behavioral change programs, employee training, and to drive health and safety initiatives. Continuous safety improvement is ensured through regular cross-unit
investment in technology and human capital. Our commitment to providing a safe and healthy workplace safety audits and reviews, with events like National Safety Week, National Fire Week, and Road Safety Week
is recognised through national awards and certifications. reinforcing safety awareness through various activities like fire drills and hazard hunts.

c. Whether you have processes for workers to report the work-related hazards and to remove In line with the Organisation Health Safety & Environment Policy (OHSE), Polycab prioritises worker safety and
themselves from such risks. (Y/N) health through continuous improvement. All its employees and workers whether temporary or permanent are
trained on health and safety related aspects and are expected to adhere to the safety and security procedures,
Yes, at Polycab, workers have internal channels like the Safety Committee meetings (which constitutes of
as well as applicable laws and regulations.
50% of worker representation) to report work-related hazards. Employees are empowered to pause and
excuse themselves from unsafe situations. They receive training to recognise hazards. The Company undertakes various fundamental measures such as:
Joint inspections by factory managers and workers are conducted regularly on the shop floor. Corrective and Fire Safety Measures:
preventive measures are then taken to mitigate identified risks. To promote transparency and openness, • Installation of fire hydrants and fire extinguishers to address the major contingency of fire.
employees are encouraged to discuss safety-related issues in forums like periodic HSE Committee meetings
• Conducting regular fire and safety drills.
and Departmental Open Forums.
Machine and Equipment Safety:
The Company expects every worker who becomes aware of, or suspects, any unsafe working conditions or
other safety issues, to report the situation to their immediate superior or factory manager or respective • Installation of machine guards, guard rails, and fencing.
site safety leader or occupier immediately. Adequate measures are taken to mitigate any work related • Regular equipment inspections to identify and address safety hazards.
hazards promptly. • Machine cleaning, inspection, lubrication, and tightening during the shift handover
Emergency Preparedness:
d. Do the employees/worker of the entity have access to non-occupational medical and healthcare
services? (Yes/No) • Displaying emergency exit signages with location indicators.
Yes, our workers / employees’ health and well-being are our top priority. We are committed to fostering • Providing hazard training for employees and implementing ISO 45001 standards.
a workplace environment that encourages our employees and workers to be the healthiest and happiest General Safety Measures:
versions of themselves. Employees and workers have access to medical and healthcare services apart from • Ensuring the use of Personal Protective Equipment (PPE) according to the PPE matrix.
which they also have access to non-occupational medical and healthcare service and are also covered under
• Visual management controls like signages, posters, and banners
the company’s health insurance policy.
• Maintaining adequate lighting as per IS standards.
Polycab continues to strengthen its safety processes, adopting globally recognised best practices to ensure
facilities are designed, constructed, operated, and maintained in an inherently safe manner.
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13. Number of complaints on the following made by employees and workers 2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted
No complaints were made on working conditions and health and safety conditions by employees and workers and deposited by the value chain partners.
during safety committee meetings. The Company ensures that statutory dues are deducted and deposited by its value chain partners through
various measures. One such measure involves meticulous oversight of labour contractors. Each month, the
14. Assessments for the year labour contractor submits a Service Charge Release Letter along with their compliance certificate and document
to the Unit HR. The Unit HR verifies the compliance document, ensuring that all statutory dues have been
Type % of your plants and offices that were assessed (by entity or statutory authorities or third parties)
deducted as required by law. Once verified, both the Service Charge Release Letter and compliance document
Health and safety practices 100%
are forwarded to the Accounts department. This rigorous process guarantees the timely release of held service
Working Conditions 100% charges, thereby maintaining smooth operations, and ensuring compliance with statutory regulations.
The majority of our manufacturing locations are covered under the ISO 45001/2018: Occupational Health and Compliance by Suppliers: The Company sources most of its material from renowned suppliers who have their
Safety Management Systems. Complying with safe working condition is an essential aspect of EHS management own diligent compliance checks and we trust them to fulfil statutory obligations and make timely payments.
systems. In addition, our units undergo periodic Environment, Health & Safety audits at all divisions to verify We engage with our suppliers during onboarding, requiring them to declare compliance with statutory dues.
compliance with Standards. The Company emphasises the importance of timely payment of dues. The Company’s finance department
verifies GST payments from our supply chain partners using the GST portal every quarter. Any non-compliance is
15. Provide details of any corrective action taken or underway to address safety-related incidents (if escalated to the relevant purchase manager for action. The Suppliers Code of Conduct requires the stakeholders
any) and on significant risks/concerns arising from assessments of Health & Safety practices and to adhere strictly to statutory and regulatory requirements concerning labour and deficiencies thereunder are
working conditions. linked with deductions and termination of agreement.
Risks are identified on the job and corrective and preventive measures are implemented based on workers
concerns, machine manuals, hazardous raw materials, process reviews and audit findings. In-depth investigations 3. Provide the number of employees/workers having suffered high consequence work related injury/
are carried out into all accidents to identify root causes and prevent recurrence, with findings and measures ill-health/fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated
presented to the Management Committee and the Board. Lessons learned from accidents are disseminated and placed in suitable employment or whose family members have been placed in suitable
across the organisation periodically for horisontal deployment, along with obtaining formal compliance. Internal employment:
audits are regularly conducted at Manufacturing Units within Polycab, to ensure compliance with health and There were no cases of the employees/workers having suffered high consequence work-related injury/ill-health/
safety standards. fatalities, needing rehabilitation or placement in suitable employment.
In line with the company’s safety commitment, Polycab’s health and safety team conducts exercises to identify
4. Does the entity provide transition assistance programs to facilitate continued employability and
actual, potential and perceived safety related incidences, hazards, occupational health issues, environmental
the management of career endings resulting from retirement or termination of employment?
impact and associated risks for all processes, handling, systems, machines and premises within the company’s
(Yes/ No)
operations. Root cause analyses are performed, and aspect-impact and risk-opportunity registers are maintained
for all processes, reviewed periodically to identify, and mitigate risks while capitalising on opportunities. Yes. Polycab extends its support to retiring employees through insightful sessions, enabling them to share their
Corrective actions suggested based on root cause analysis are disseminated across our manufacturing locations experiences and providing assistance with financial planning, if required.
for implementation. Continuous improvement efforts including regular training sessions, safety drills, and We recognise the value of employees even after retirement, offering opportunities for advisory roles or
fostering a culture of safety awareness among workers and employees for overall well-being. retainerships, leveraging their wealth of experience to contribute effectively to our organisational objectives.
Leadership Indicators 5. Details on assessment of value chain partners:
1 Does the entity extend any life insurance or any compensatory package in the event of death of The Company has implemented a Supplier Code of Conduct for Business Partners, mandating a safe and
(A) Employees (Y/N) (B) Workers (Y/N) healthy workplace and compliance with local Occupational Health and Safety laws and regulations, possessing
Yes, Polycab provides comprehensive support for its employees (A), Workers (B), and their families in case of all necessary permits, licenses, and permissions from relevant authorities.
unfortunate events: The Company conducts internal evaluations of its suppliers based on their environmental impact, social
Group Life Insurance: All employees and workers are covered under group life insurance to provide financial
 responsibility, and corporate governance practices, including factors such as carbon footprint, labour standards,
support to their families in the event of the death. diversity and inclusion policies, and ethical business conduct. During the current financial year, the Company
conducted evaluation of over 80% of our input material suppliers (in value), which are reputable international
Demise Policy: The company has a dedicated Demise Policy to support the families of employees in the event of
 companies, based on their publicly available sustainability reports. The majority of our suppliers are well known
their untimely demise while working for Polycab. Polycab ensures that all employees are aware of the benefits for their commitment to sustainability and have mature ESG practices.
and procedures under the Demise Policy, providing clarity and support during challenging circumstances.
The Company has also initiated various informal and formal awareness programs for its value chain partners and
Additional Support: In addition to group life insurance, Polycab may offer additional benefits or support to
 are in the process of initiating assessments of its business associates, , dealers, distributors, influencers amongst
assist the aggrieved family during such difficult times. its customers to assess Environment, Health, Safety, and Human Rights risks in value chain. Additionally, the
The above comprehensive approach underscores Polycab’s commitment to the well-being and security of its Company is proactively providing trainings and seeking confirmations from its suppliers and customers to
employees and their loved ones. ensure ESG compliance across its supply chain.

6. Provide details of any corrective actions taken or underway to address significant risks/concerns
arising from assessments of health and safety practices and working conditions of value chain
partners.
No significant impact/risks have been observed.
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Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders. Whether Frequency of
Channels of communication
identified as engagement
(Email, SMS, Newspaper, Purpose and scope of engagement including
Key Vulnerable & (Annually/
Essential Indicators Stakeholder Marginalised
Pamphlets, Advertisement,
Community Meetings, Notice
Half yearly/
key topics and concerns raised during such
engagement
Group (Yes/ Quarterly/others
Board, Website), Other
1. Describe the processes for identifying key stakeholder groups of the entity. No) – please specify)

Polycab has a robust stakeholder engagement strategy aimed at identifying key stakeholder groups crucial Shareholders/ No • Investor Presentations On-going, Polycab prioritises consistent value creation for
investors and • Investor Relations Quarterly, its shareholders. Key areas of interest:
to our operations. We prioritise meeting the needs and expectations of diverse stakeholders to drive mutual
Analysts Webpage Annual • Financial performance and dividends,
value creation.
• Annual General Meeting • Business updates
The stakeholder identification process involves determining stakeholders who influence our business and vice (AGM) • Corporate Governance and Ethical
versa, including employees, shareholders, channel partners, influencers, consumers, government agencies, • Quarterly condensed practices
regulatory bodies, environment, communities, and vendors. We believe in actively listening, connecting, and financial Statements & • ESG Disclosures
partnering with these stakeholders to mitigate risks, enhance credibility, and build trust. We engage both internal Annual report
• Long-term viability and sustainable
and external stakeholders through surveys, interviews, and consultations to understand their expectations and • Broker Conferences growth
concerns related to our operations and sustainability practices. • Press Releases • Timely disclosures and regulatory
Polycab believes in maintaining an ongoing dialogue with its stakeholders to keep track of their evolving • Media briefings conducted compliance
quarterly/annually and on • Queries and feedback from investors to
needs and expectations through regular surveys, feedback forms, meetings, and other channels. The company need basis understand their requirements.
engages with each stakeholder group, outlining objectives, strategies, and activities to align with their interests
• Email Communications
and concerns.
Channel No • Surveys and feedback Ongoing, Channel partners play a pivotal role in
partners, sessions Periodic expanding our market reach, amplifying our
2. List stakeholder groups identified as key for your entity and the frequency of engagement with distributors, brand presence, and driving sales growth
• Conferences
each stakeholder group. retailers and through their extensive networks and influence
• Digital platforms
influencers within target markets. Key areas of interest:
Whether Frequency of
Channels of communication • Meetings
identified as engagement • Providing information regarding products
(Email, SMS, Newspaper, Purpose and scope of engagement including • Relationship building
Key Vulnerable &
Pamphlets, Advertisement,
(Annually/
key topics and concerns raised during such
and services
Stakeholder Marginalised Half yearly/ activities.
Community Meetings, Notice engagement • Rewards, Recognition & Incentive schemes
Group (Yes/ Quarterly/others
Board, Website), Other
No) – please specify) • Technical knowledge exchange and other
collaborations
Employees No • Surveys and Feedback On-going, Polycab strives to enable its human capital
(on-roll and Quarterly, to maximise its true potential as they are • After sales services & grievance redressal
• Employees connect
contractual initiative Annual the backbone of our organisation; driving • Sharing long-term growth prospects
workforce) innovation, productivity and ultimately, our • Fair and transparent terms and conditions
• Goal setting
success. Key areas of interest:
• Performance appraisal End No • In-house and third-party Continuous The end consumer is the ultimate recipient
• Rewards and recognition
• Continuous feedback consumers Market research surveys engagement of our products, making their satisfaction
• Wellness & Safety and meetings and loyalty paramount. Understanding their
process
• Career Development • Engagement through preferences, needs, and feedback is crucial for
• Townhall meetings delivering value, driving repeat purchases, and
• Diversity and equal opportunity Website, social media and
• Emails in-store promotions building long-term brand advocacy. Key areas
• Trainings and Skill Upgradation of interest:
• Webcasts • Brand campaigns
• Performance management • Affordability, accessibility, quality,
• Intranet portals conducted regularly,
• Employee relationships during festive seasons reliability, and safety
• Newsletters
• Policy and Process Changes and sales promotions. • Information on innovative and sustainable/
• Circulars
• Employee Benefits • Customer feedback environment friendly products
• Leave announcements. • Customer service helpline • Enhancing products health & Safety
quotient
• Long Service Awards • Other marketing
activities • Efficient complaints & grievances
• Organisational culture/ workplace, and
mechanism
grievances redressal
• New product launches
• Company’s growth plans & performance
• Annual Budget / Operating Plan
• Business Reviews
• Celebrations and Annual Family Day
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Whether Frequency of In addition, engagement with broader stakeholder community is undertaken by respective functions in
Channels of communication
identified as engagement consultation with the leadership team and overseen by the ESG & CSR Committee. The Board, through the
(Email, SMS, Newspaper, Purpose and scope of engagement including
Key Vulnerable & (Annually/
Stakeholder Marginalised
Pamphlets, Advertisement,
Half yearly/
key topics and concerns raised during such CSR and ESG Committee, inter alia, reviews, monitors and provides strategic direction to the Company’s CSR
Community Meetings, Notice engagement and sustainability practice. The scope of existing and new social value creation initiatives is worked out every
Group (Yes/ Quarterly/others
Board, Website), Other
No) – please specify) year upon consultation with community representatives. The Board also engages with management to discuss
Government No • Disclosures and filings for Periodic and Government and regulatory bodies are vital for long-term strategic issues, including growth strategies, innovation, sustainability and ESG initiatives.
agencies, compliance reporting need basis ensuring compliance with laws and regulations,
regulatory fostering transparency, and running business The Business Head/Function Heads during the familiarisation programs and presentations to the Board/Board
• Meetings with authorities
bodies for permissions/approvals operations smoothly. committees provide an insight into their interaction with their respective stakeholders.
and local Key areas of interest:
• Regulatory audits/
authorities • Compliance & Disclosures 2. Whether stakeholder consultation is used to support the identification and management of
inspections
• Tax payments. environmental, and social topics (Yes/No). If so, provide details of instances as to how the input
• Policy advocacy received from stakeholders on these topics were incorporated into policies and activities of the
• Collaboration on national agendas, entity.
• Adopting sustainable business practices Yes. The Company engaged with various stakeholders to identify and manage Polycab’s material issues. We
Communities Yes • CSR and ESG initiatives Continuous As a responsible corporate citizen, engaging engage with our internal and external stakeholders on sustainability issues by way of surveys and training,
and • Meetings & Field visits engagement with the community is essential for addressing encouraging employee participation and feedback. The input received from stakeholders on environmental and
environment social concerns and contributing to positive social topics are incorporated into standard operating processes, policies and initiatives. The Company conducts
• Group discussions.
societal & environmental impact. Key areas of awareness sessions, knowledge sharing events and training programs on material ESG and sustainability topics
• Training & skill building interest:
sessions. for its stakeholders including employees, customers, and suppliers, amongst others. These sessions foster
• CSR project planning and development deliberations, evaluations, discussions and serve as basis for review/amendments to the various policies, codes
• Complaint and grievance according to the need of the community
redressal mechanism and procedures adopted by the Company based on stakeholder inputs. ESG related aspects highlighted is
• Empower vulnerable/marginalised groups prioritised based on their impact on stakeholders and business operations. The company is also committed to
through CSR activities.
capacitating its value chain partners in building resilient and sustainable business enterprises.
• Socio-economic development including
better education, health and sanitation The input that was received from stakeholders was incorporated during revamping our policies and procedures.
• Environment protection & conservation Introducing ESG awareness programs for our stakeholders, assessments, and vendor evaluation during
initiatives onboarding are a few examples of translating feedback into sustainability efforts.
• Monitoring and evaluation
Refer to “Our Stakeholders” and “Material Topics” section of the Integrated Report for further details.
• Grievance redressal (if any)
Vendors No • Capacity building and Continuous Vendors are key partners in ensuring product 3. Provide details of instances of engagement with, and actions taken to, address the concerns of
sustainability awareness engagement quality, supply chain reliability, and operational
sessions for suppliers efficiency. Key areas of interest:
vulnerable/marginalised stakeholder groups.
• Supplier code of conduct • Due-diligence during on-boarding Polycab has identified Communities and environment as its vulnerable/marginalised stakeholder group. Polycab
policies and standards • Periodic assessments of services and costs demonstrates responsibility within the communities neighboring its plants, emphasising local procurement,
community welfare, and the employment of local youth. Through a diverse range of CSR initiatives spanning
• Understand new market trends
healthcare, education, rural development, environment, employment generation and national heritage we aim
• Long term business relations and growth
to address the needs of vulnerable and marginalised communities.
• ESG consideration (Sustainability, safety
checks, human rights, compliances, ethical Our dedication to improving community well-being and livelihoods is underscored by efforts such as organising
behavior) healthcare camps, providing education support programs, and offering skill development opportunities
like electricians training and training in dancing to establish their own livelihoods. We also offer apprentice
Leadership Indicators opportunities specifically designed for individuals belonging to socially and economically disadvantaged
backgrounds. By prioritising inclusive practices, we contribute to creating a more equitable and prosperous society.
1. 
Provide the processes for consultation between stakeholders and the Board on economic,
environmental, and social topics or if consultation is delegated, how is feedback from such Particularly in rural areas we focus on enhancing village infrastructure and building cattle sheds alongside
consultations provided to the Board. provisions for animal husbandry and veterinary clinics aimed at bolstering agricultural practices. The village
Polycab believes that by engaging with stakeholders on environment and social topics, we align our strategies infrastructure encompasses construction of vital amenities such as toilet blocks, rainwater harvesting systems,
with their expectations to foster sustainable business practices. The company has a system in place for two- and street lighting, all of which contribute to improved public health and safety.
way communication between stakeholders and the Board on economic, environmental and social topics. Polycab diligently conducts identification needs exercise to undertake CSR activities which are approved by
The Board has delegated and defined responsibilities for each tier of the Structure through various Board the Board. Polycab implements the initiatives through Polycab Social Welfare Foundation (PSWF) or any other
Committees, Councils, Business/Function Heads and Working Groups. These delegates provide the gateway implementation agency approved by the Board. Through the identifications needs exercise Polycab prioritises
for a two-way communication between the Board and the stakeholders. The Board Committees perform tasks projects to contribute to enriching lives of vulnerable/marginalised communities.
enlisted in their respective terms of reference and present to the Board at regular intervals. The Governance
framework & Governance Policy provides the process and systems for stakeholder engagements with the Board
& its Committees.
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Principle 5: Businesses should respect and promote human rights b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
FY 2023-24 FY 2022-23
Essential Indicators Gross wages paid to females as % of total wages 5.69% 5.43%

1. Employees and workers who have been provided training on human rights issues and policy (ies) An independent assurance has been carried out by KPMG Assurance and Consulting Services LLP on the
of the Company: FY 2024 indicators in the above table.
FY 2023-24* FY 2022-23 Only Permanent Employees and Workers have been considered for the calculation.
Category Total No. of employees/ % Total No. of employees/ %
(A) workers covered (B) (B/A) (C) workers covered (D) (D/C)
Employees
4. Do you have a focal point (Individual/Committee) responsible for addressing human rights impacts
Permanent 3,580 3,199 89% 2,565 2,565 100%
or issues caused or contributed to by the business? (Yes/No)
Other than permanent 2,477 1,790 72% 1,082 1,028 95% Polycab is committed to preventing human rights abuses and maintaining a safe and productive work
Total 6,057 4,989 82% 3,647 3,593 99% environment. Polycab’s Whistle Committee is entrusted the responsibility of addressing human rights impacts
Workers or issues caused or contributed to by the business. The Whistle Officer as a part of her role and responsibilities
Permanent 1,925 1,900 99% 1,920 1,920 100% ensures adequate information is provided to the take necessary action required to address human rights issues
Other than permanent 13,232 13,232 100% 7,073 6,111 86% and provide redressal to the whistleblower. The Compliance Officer is responsible for addressing issues relating
Total 15,157 15,132 100% 8,993 8,049 90% to law enforcement. Each Policy is supported by a well defined standard operating procedure.
* In FY 2023-2024, the total count includes all employees and workers associated with Polycab throughout the year. Meanwhile, the data The Company has established its Governance Framework on five pillars viz. Governance Philosophy, Directives,
for FY 2022-2023 reflects the training details of employees and workers as of 31 March 2023.
Structure, Systems and Evaluation wherein the Philosophy being the foundation for designing the Directives,
codes and policies, enumerates the responsibility of each tier of the Structure right from management team to
2. Details of minimum wages paid to employees and workers:
persons associated with the Company and provides them Systems, standard operating process and trainings
FY 2023-24 FY 2022-23 modules that set the platform for effective implementation, monitoring, communication and evaluation.
Equal to More than Equal to More than
Category Total Total
Minimum Wage Minimum Wage Minimum Wage Minimum Wage The company has implemented key policies such as the ‘Human Rights Policy,’ ‘Equal Opportunity Policy,’
(A) (D)
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D) and ‘Prevention of Sexual Harassment Policy (POSH)’ to protect the dignity of all individuals involved with the
Employees organisation, including employees, suppliers, and service providers. A range of issues, including sexual harassment,
Permanent misuse of managerial authority, human trafficking, workplace safety, dignity protection, child and forced labour, equal
Male 2,777 0 0% 2,777 100% 2,397 0 0% 2,397 100% opportunity, inclusion, anti-bullying, and harassment are addressed by Polycab’s Whistle Officer/Whistle Committee/
Female 188 0 0% 188 100% 168 0 0% 168 100% Internal Committee. The company adheres to a zero-tolerance policy regarding human rights violations. To ensure
Other than permanent everyone understands these guidelines, Polycab holds training sessions on the implications of human rights issues. In
Male 1,662 0 0% 1,662 100% 1,058 0 0% 1,058 100% case of a violation, stakeholders are encouraged to make protected disclosures through the email: speakup@polycab.
Female 39 0 0% 39 10% 24 0 0% 24 100% com. Polycab continues to enhance and implement effective systems to ensure these policies are upheld and applied.
Workers
Permanent 5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
Male 1,877 0 0% 1,877 100% 1,919 1 0.05% 1,918 99.95%
Polycab has established a clear internal mechanism to address human rights grievances efficiently under our
Female 1 0 0% 1 100% 1 0 0% 1 100%
‘Human Rights Policy’, openly available to all stakeholders, and applicable to all employees, directors, and
Other than permanent
officers, as well as for subsidiaries, joint ventures, and associated companies. This policy is rooted in the core
Male 8,940 4,958 55% 3,982 45% 6,866 2,888 42% 3,978 57.93%
principles of the United Nations’ Universal Declaration of Human Rights and the ILO Declaration. It addresses
Female 255 179 70% 76 30% 207 196 94% 11 6%
a wide range of issues including sexual harassment, misuse of authority, human trafficking, workplace safety,
dignity, child and forced labour, equality, anti-bullying, and harassment.
3. Details of remuneration/salary/wages
a. Median remuneration/wages: Polycab believes in taking feedback from its stakeholders and also has a redressal mechanism for dealing with
the grievances. The feedback and grievances reported by the employees and stakeholders are confidential and
Male Female
secure. The grievance mechanism is provided to all stakeholders 24X7 to raise grievances and to report any
Median remuneration/salary/ Median remuneration/salary/
Number Number breaches of policies and procedures in the company.
wages of respective category wages of respective category
Board of Directors (Executive Directors) 5 2,48,59,872 - - To ensure adherence to these standards, Polycab has implemented a Disciplinary Action Policy, which is accessible
Board of Directors (Independent Directors) 3 39,05,834 2 37,25,000 to all employees and details the steps to address serious misconduct. This policy is managed by a disciplinary
Key Managerial Personnel - - 1 57,41,800
committee consisting of senior company officials who evaluate cases and determine necessary actions, with
Employees other than BoD & KMP 2,777 7,93,127 187 7,94,418
their decisions being final. Employees can report issues confidentially through email speakup@polycab.com.
Workers 1,877 2,85,963 1 1,89,825
Additionally, Polycab has set up robust policies such as the Whistle Blower Policy and the Sexual Harassment
Redressal Policy to provide secure ways for stakeholders to express grievances at any time where complaints
are handled by a designated Whistle Officer or committee.
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Polycab also promotes open communication within the organisation to tackle human rights concerns. We All Suppliers are expected to meet the requirements of this Code and comply with laws and international
foster an environment which encourages employees to voice their concerns and participate in the ongoing standards covering environmental, social, and governance aspects, such as working conditions, anti-harassment,
improvement of human rights practices within the company. and labour practices. Polycab prioritises social and environmental factors in supplier evaluation, ensuring
adherence to ESG standards. We have initiated supplier awareness programs and the formal acceptance of
6. Number of complaints on the following made by employees and workers: the SCoC to ensure compliance.
There have been no complaints related to sexual harassment, discrimination at workplace, child labour, forced
labour/ involuntary labour, wages or any other human rights related issues during FY 2023-24 by employees / 10. Assessments for the year
workers. However, complaints relating to misconduct, insubordination and violation of code of conduct have % of your plants and offices that were assessed
Particulars
been duly addressed. (by entity or statutory authorities or third parties)
Child Labour 100%
7. Complaints filed under the sexual harassment of women at workplace (Prevention, Prohibition Forced Labour/Involuntary Labour 100%
and redressal) Act 2013 in the following format. Sexual Harassment 100%
There have been no complaints reported under the Sexual Harassment on of Women at Workplace (Prevention, Discrimination at workplace 100%
Prohibition and Redressal) Act, 2013 (POSH), in FY 2023-24 and 2022-23.
Wages 100%
Others -
8. Mechanism to prevent adverse consequences to the complainant in discrimination and harassment
cases.
11. Provide details of any corrective actions taken or underway to address significant risks/concerns
Polycab works on the principle of ‘Zero fear of retaliation’ which is demonstrated and propagated by all
arising from the assessments at Question 9 above.
its stakeholders.
The Company conducted awareness programs aimed at educating all our workers, suppliers, and employees
Polycab is committed to a workplace free of harassment, including sexual harassment at the workplace, and on societal issues. No complaints related to child labour, forced labour, involuntary labour, or discriminatory
has zero tolerance for such unacceptable conduct. We have a well-defined process to address Code of Conduct employment were received during the reporting year, and none are pending at the end of the reporting year.
violations, Human Rights, discrimination, harassment, and POSH related complaints. All cases are handled in
a confidential manner by designated committee members who have been appointed and trained to manage To mitigate and avoid any potential risk which may arise, the company has robust policies in place. Our training
complaints in accordance with our policies and grievance redressal mechanism. We regularly educate and raise programs ensure that employees are equipped with the necessary knowledge to identified risks and concerns
awareness about these policies and processes to ensure their effectiveness. effectively. Internal audits, assessments and ISO certifications help us remain vigilant in identifying and
addressing any risks or concerns.
Our Whistleblower Policy ensures the confidentiality of complaints, allowing anonymity, if desired. The
whistleblower will not be at risk of losing her/ his job or business or adverse impact or suffer loss in any other Leadership Indicators
manner like transfer, rejection, termination, demotion, refusal of promotion, or the like including any direct or
indirect use of authority to obstruct the Whistle-Blower’s right to continue to perform his/her duties/functions 1. Details of a business process being modified / introduced as a result of addressing human rights
including making further Protected Disclosures, as a result of reporting under this Policy. A complainant may grievances/complaints.
file a written complaint under Protected Disclosure to the Chairman of the Audit committee. While we have not received any specific complaints, the organisation acknowledges the importance of
addressing Human Rights as is evident through the mandatory training on topics like Code of Conduct,
Similarly, our POSH Policy includes an Internal committee with a female member for additional support to victims,
respecting diversity, and inclusivity at workplace. Our Whistleblowing mechanism serves as a guide in dealing
advising parties to avoid communication during investigations. We’re committed to preventing retaliation,
with improper behavior, and we have introduced appropriate channels to all our stakeholders enabling them
harassment, or reprisals against complainants or witnesses, maintaining confidentiality when necessary.
to report any ongoing misconduct.
Polycab has an Internal Committee dedicated to promptly addressing cases of sexual harassment. The Internal
The Company has integrated sustainability in the procurement process through its ‘Supplier Code of Conduct
Committee is constituted by the management and consists of a presiding officer, minimum of two employee
Policy’, establishing the standards required from all the suppliers who do business with us. We have aligned our
members committed to the cause of women or who have experience in social work or have legal knowledge,
vendor onboarding process to integrate ESG factors, prioritising suppliers with exemplary human rights practices.
and a member from an NGO/lawyer/any external body. The committee is responsible to inquire into every
formal written complaint of sexual harassment, make appropriate recommendations and remedial measures The Vendor Selection Process & Employee Selection Process includes environmental, social and governance
to respond to any substantiated allegations of sexual harassment, discourage and prevent employment-related criteria where we prioritise suppliers which publicly disclose performances and uphold human rights.
sexual harassment. The Internal Committee will thereafter provide advice or extend support as requested and
Our Human Rights Policy recognises protecting the dignity of all human beings and has been drafted as
will conduct inquiry to resolve the matter. It ensures confidentiality is maintained for all complaints and the
per fundamental principles illustrated in the United Nations Universal Declaration of Human Rights and the
complainant is protected against any form of victimisation and discrimination.
International Labour Organisation’s Declaration on Fundamental Principles and Right at Work.
9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes. The business agreements, purchase orders and contracts with our suppliers include our Supplier Code of
Conduct (SCoC). The SCoC is applicable to all our suppliers. ‘Supplier’ here includes suppliers, service providers,
vendors, traders, agents, consultants, contractors, dealer, distributors, business associates and joint venture
partners, third parties including their employees, agents and other representatives, who have a business
relationship with and provide, sell, seek to sell, any kinds of goods or services to the Company or any of its
subsidiaries, affiliates or divisions.
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2. Details of the scope and coverage of any Human rights due diligence conducted. Principle 6: Businesses should respect and make efforts to protect and restore the environment
Most of Polycab’s facilities are assessed with ISO 45001 which covers key requirements related to labour,
working conditions and human rights. Our international clients conduct audits at our facilities and expect us Essential Indicators
to provide assurances regarding our compliance with human rights standards. These standards encompass
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the
various aspects including discrimination, child labour, forced labour, sexual harassment, workplace harassment,
following format:
working hours, and minimum wages.
Parameter FY 2023-24 FY 2022-23
3. Is the premise/office of the entity accessible to differently abled visitors, as per the From renewable sources
requirements of the Rights of Persons with Disabilities Act, 2016? Total electricity consumption (A) 1,26,522 1,24,136
In accordance with our commitment to inclusivity and accessibility, our head office is equipped with ramps at Energy fuel consumption (B) 0 0
entry points and lobbies to accommodate individuals using wheelchairs. Ongoing efforts include enhancing Energy consumption through other sources (C) 0 0
our infrastructure to improve accessibility for differently-abled employees and visitors across all areas of our
Total energy consumed from renewable sources (A+B+C) 1,26,522 1,24,136
premises, including workspaces, restrooms, common areas, and circulation zones at all locations for differently
From non-renewable sources
abled individuals.
Total electricity consumption (D) 7,89,124 6,20,211
4. Details on assessment of value chain partners: Total fuel consumption (E) 3,16,559* 1,08,936
The Company has implemented a Supplier Code of Conduct for Business Partners, mandating all business Energy consumption through other sources (F) 0 0
partners to comply with local and national occupational labour laws and human rights laws and regulations, Total energy consumed from non – renewable sources (D+E+F) 11,05,683 7,29,147
possessing all necessary permits, licenses, and permissions from relevant authorities. Suppliers are expected to Total energy consumed (A+B+C+D+E+F) 12,32,205 8,53,283
treat all employees with respect and exhibit zero tolerance for unacceptable conduct such as sexual harassment, 68.26 61.34
Energy intensity per rupee of turnover (GJ/I Crore)
workplace discrimination, child labour, or forced/involuntary labour. They are also expected to provide their (Total energy consumed/Revenue from operations)
employees with safe and humane working conditions.
Energy intensity per rupee of turnover adjusted for Purchasing Price Parity (PPP)# 1,562 1,403
The Company conducts internal evaluations of its suppliers based on their environmental impact, social (GJ/K Crore)
responsibility, and corporate governance practices, including factors such as carbon footprint, labour standards, (Total energy consumed/Revenue from operations adjusted For PPP)
diversity and inclusion policies, and ethical business conduct. During the current financial year, the Company * The increase is primarily attributed to the introduction of Low Sulphur Heavy Stock (LSHS) fuel.
conducted evaluation of over 80% of our input material suppliers (in value), which are reputable international #  he revenue from operations has been adjusted for PPP based on the latest PPP conversion factor published for the year 2022 by World
T
companies, based on their publicly available sustainability reports. The majority of our suppliers are well known Bank for India which is 22.88.
for their commitment to sustainability and have mature ESG practices.
 nergy intensity in terms of physical output is not calculated because the diverse products from the Wires & Cables and FMEG businesses
E
The Company has also initiated various informal and formal awareness programs for its value chain partners and have different measurement metrics.
are in the process of initiating assessments of its business associates, dealers, distributors, influencers amongst
its customers to assess Environment, Health, Safety, and Human Rights risks in value chain. Additionally, the Note: if any independent assessment/evaluation/assurance has been carried out by an external agency?
Company is proactively providing trainings and seeking confirmations from its suppliers and customers to (Y/N) If yes, name of the external agency:
ensure ESG compliance across its supply chain. Yes, the independent assurance has been carried out by KPMG Assurance and Consulting Services LLP.

5. Provide details of any corrective actions taken or underway to address significant risks/concerns 2. Does the entity have any sites/facilities identified as designated consumers (DCs) under the
arising from the assessments at Question 4 above. Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose
No significant impact/risks have been observed. whether targets set under the PAT scheme have been achieved. In case targets have not been
achieved, provide the remedial action taken, if any.
Not applicable, as Polycab does not fall under PAT scheme of Government of India.
174 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 175

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3. Provide details of the following disclosures related to water: 5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its
Parameter FY 2023-24 FY 2022-23
coverage and implementation.
Water withdrawal by source (in kilolitres) Polycab follows a Zero Liquid Discharge (ZLD) mechanism and ensures compliance as per applicable regulatory
laws. Only in-house primary treatment of effluent is carried out in the units after which the neutralisation
(i) Surface water 0 0
effluent is sent to a common facility approved by State Pollution Control Board. Polycab continuously strives
(ii) Groundwater 2,30,834 7,52,685
to implement sustainable practices to minimise environmental impact and promote responsible waste
(iii) Third party water 15,877 9,918 management throughout its operations.
(iv) Seawater/desalinated water 0 0
(v) Others 17,280 0 6. Please provide details of air emissions (other than GHG emissions) by the entity
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 2,63,991 7,62,603 Parameter Please specify unit FY 2023-24 FY 2022-23*
Total volume of water consumption (in kilolitres) 2,51,583 7,62,603 NOx PPM (Considering Highest emission values 28.3 23
Water intensity per rupee of turnover (Total water consumption/Revenue 13.94 55 amongst all stacks)
from operations) (KL/K Crore) Sox PPM (Considering Highest emission values 29 18
Water intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP)# 319 1,258 amongst all stacks)
(KL/K Crore) Particulate matter (PM) mg/m³ (Considering Highest emission values 76.5 89
(Total Water Consumption/Revenue from Operations adjusted for PPP) amongst all stacks)
#  he revenue from operations has been adjusted for PPP based on the latest PPP conversion factor published for the year 2022 by World
T Persistent organic pollutants (POP) - -
Bank for India which is 22.88. Volatile organic compounds (VOC) - -
Water intensity in terms of physical output is not calculated because the diverse products from the Wires & Cables and FMEG businesses Hazardous air pollutants (HAP) - -
have different measurement metrics. Others – please specify - -
Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external * PY number have been restated due to change of methodology.
agency? (Y/N) If yes, name of the external agency.
Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external

Yes, the independent assurance has been carried out by KPMG Assurance and Consulting Services LLP. agency? (Y/N) If yes, name of the external agency.
No. However, we undertake third party lab testing for each of these air emission parameters including NOx
4. Provide the following details related for water discharge:
and SOx for all locations periodically to ensure the parameters are within permissible limits. We also submit the
Parameter FY 2023-24 reports to the concerned authority.
Water discharge by destination and level of treatment (in kilolitres)
(1) To Surface Water 7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity:
– No treatment - Parameter Unit FY 2023-24 FY 2022-23
– With treatment – please specify level of treatment - Total Scope 1 emissions Metric tonnes 22,568* 6,528
(2) To Groundwater (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, of CO2 equivalent
if available)
– No treatment -
Total Scope 2 emissions Metric tonnes 1,56,937 1,23,181
– With treatment – please specify level of treatment - (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if of CO2 equivalent
(3) To Seawater available)
– No treatment - Total Scope 1 and Scope 2 emission intensity per rupee of turnover Metric tonnes 9.94 9.32
(MTCO2e/K Crore) of CO2 equivalent
– With treatment – please specify level of treatment -
(Total Scope 1 and Scope 2 GHG emissions/Revenue from operations)
(4) Sent to third parties
Total Scope 1 and Scope 2 emission intensity per rupee of turnover Metric tonnes 228 213
– No treatment - adjusted for Purchasing Power Parity (PPP)# (MTCO2e/K Crore) of CO2 equivalent
– With treatment – primary 5,309 (Total Scope 1 and Scope 2 GHG emissions/Revenue from operations
adjusted for PPP)
(5) Others
– No treatment 7,099 * The increase is primarily attributed to the introduction of Low Sulphur Heavy Stock (LSHS) fuel.

– With treatment – please specify level of treatment - # The

 revenue from operations has been adjusted for PPP based on the latest PPP conversion factor published for the year 2022 by World
Total water discharged (in kilolitres) 12,408 Bank for India which is 22.88.

Since this was not an essential indicator for the year ended 31 March 2023, the information for said year was Emission intensity in terms of physical output is not calculated because the diverse products from the Wires & Cables and FMEG businesses
have different measurement metrics.
not maintained by the Company.
Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external
agency? (Y/N) If yes, name of the external agency. agency? (Y/N) If yes, name of the external agency.

Yes, the independent assurance has been carried out by KPMG Assurance and Consulting Services LLP. Yes, the independent assessment has been carried out by KPMG Assurance and Consulting Services LLP
176 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 177

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8. Does the entity have any project related to reducing Green House Gas emission? If yes, then Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external
provide details. agency? (Y/N) If yes, name of the external agency
Polycab has set targets to reduce GHG Emissions. Accordingly, actions are being undertaken to reduce Yes, the independent assessment has been carried out by KPMG Assurance and Consulting Services LLP
greenhouse gas emissions by investing in energy efficiency, increasing share of renewable energy and investing
into new technologies. The entity has undertaken several initiatives to mitigate Greenhouse Gas emissions, 10. Briefly describe the waste management practices adopted in your establishments. Describe the
underscoring its commitment to sustainability: strategy adopted by your company to reduce usage of hazardous and toxic chemicals in your
(a) Planned project for installation of 3.3 MW of solar power capacity in Daman and Halol, reflecting a proactive products and processes and the practices adopted to manage such wastes.
stance towards renewable energy adoption. Polycab is dedicated to reducing waste generation across the entire lifecycle of its products. The company has
(b) Installed a 0.72 MW solar rooftop system in Daman, significantly contributing to the reduction of the implemented robust systems and processes for waste management, segregation, collection, and disposal,
company’s carbon footprint. ensuring both efficiency and environmental friendliness. At every stage, from production to end-of-life disposal,
(c) Polycab has also installed Energy Efficient Motors in new machines. Polycab is committed to sustainable practices. The company carefully chooses disposal methods that align with
environmental stewardship, working with authorised agencies to responsibly manage waste.
(d) Our BLDC fans combine energy efficiency, advanced technology, and convenient features to provide
comfortable and eco-friendly cooling solution for residential and commercial spaces. Polycab also offers a green wires portfolio that exclusively utilises lead-free, non-carcinogenic, and non-hazardous
(e) Achieved reduction in overall energy consumption through the implementation of solar power, demonstrating raw materials and is RoHS and REACH compliant. By prioritising waste reduction, responsible disposal, and the
a strategic focus on enhancing energy efficiency. use of eco-friendly materials, Polycab demonstrates its dedication to protecting the environment and promoting
sustainability in its operations.
(f) Executed modifications to compressors in machinery, resulting in substantial energy savings of 1,075,000
kWh. This underscores the company’s dedication to minimising both energy consumption and emissions.
11. If the entity has operations/offices in/around ecologically sensitive areas (such as national
parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal
9. Provide details related to waste management by the entity
regulation zones etc.) where environmental approvals/clearances are required.
Parameter FY 2023-24 FY 2022-23
None of our operating locations are in/around ecologically sensitive areas.
Total Waste generated (in metric tonnes)
Plastic waste (A) 4,937 63 12. Details of environmental impact assessments of projects undertaken by the entity based on
E-waste (B) 0 1 applicable laws, in the current financial year
Bio-medical waste (C) 0 0
The activities of the Company are reviewed as per applicable laws. The Company has not conducted any
Construction and demolition waste (D) 0 0 Environmental Impact Assessment during the year 2023-24.
Battery waste (E) 0 0
Radioactive waste (F) 0 0 13. Is the entity compliant with the applicable environmental law/regulations/guidelines in India;
Other Hazardous waste. Please specify, if any. (G) 3,429 1,923 such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of
Other Non-hazardous waste generated (H). Please specify, if any. 8,950 7,132 Pollution) Act, Environment protection act and rules thereunder (Y/N). If not, provide details of
(Break-up by composition i.e. by materials relevant to the sector) all such non-compliances.
Total (A+B + C + D + E + F + G + H) 17,316 9,120
Yes.
Waste intensity per rupee of turnover 0.96 0.66
(Total waste generated/Revenue from operations) (MT/K Crore) Leadership Indicators
Waste intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP)# 22 15
(MT/K Crore) 1. Water withdrawal, consumption, and discharge in areas of water stress (in kilolitres)
(Total waste generated/Revenue from operations adjusted for PPP)
For each facility/plant located in areas of water stress, provide the following information:
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations
(in metric tonnes) (i) Name of the area: Daman
Category of waste
(i) Recycled 7,380 0 (ii) Nature of operations: Production and manufacturing of wires
(ii) Re-used 0 0
(iii) Other recovery operations 0 0
Total 7,380 0
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration 45 0
(ii) Landfilling 865 0
(iii) Other disposal operations 9,026 9,112
Total 9,936 9,112
# The
 revenue from operations has been adjusted for PPP based on the latest PPP conversion factor published for the year 2022 by World
Bank for India which is 22.88.
Waste intensity in terms of physical output is not calculated because the diverse products from the Wires & Cables and FMEG businesses
have different measurement metrics.
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(iii) Water withdrawal, consumption, and discharge in the following format: 3. If the entity has undertaken any specific initiatives or used innovative technology or solutions
Parameter FY 2023-24 FY 2022-23
to improve resource efficiency, or reduce impact due to emissions/effluent discharge/waste
generated, please provide details of the same as well as outcome of such initiatives:
Water withdrawal by source (in kilolitres)
The Company has undertaken a number of initiatives, and also deployed innovative technologies across its
(i) Surface water 0 0
operations for improving resource efficiency and minimising environmental impact:
(ii) Groundwater 19,923 21,686
(iii) Third party water 3,684 0 Sr. Initiative Details of the initiative
No. undertaken (Web link, if any, may be provided along-with summary)
(iv) Seawater/desalinated water 0 0
1. Effluent 1. Plans are chalked out and being executed for effluent recycling plants to reuse the industrial
(v) Others 0 0 Recycling waste-water. These plants aim to recycle industrial wastewater, allowing for its reuse rather than
Total volume of water withdrawal (in kilolitres) 23,607 21,686 Plants discharging it into the environment.
Total volume of water consumption (in kilolitres) 23,607 21,686 2. Achieving approximately 80% recovery of industrial wastewater implies a significant reduction
in water extraction from natural resources. This not only conserves water but also minimises
Water intensity per rupee of turnover (Water consumed/turnover) (KL/Crore) 1.31 1.56
pollution of water bodies.
Water discharge by destination and level of treatment (in kilolitres) 3. By recycling wastewater, industries can reduce their reliance on freshwater sources by
(i) Into Surface water about 20-25%, which is a substantial conservation effort.
– No treatment - - 2. Renewable 1. Utilising renewable energy sources like solar and windmills for energy needs is a sustainable
– With treatment – please specify level of treatment - - Energy approach that reduces dependence on fossil fuels.
Harvesting 2. Polycab’s implementation of energy harvesting through solar and windmills, with a capacity of
(ii) Into Groundwater (Solar & up to 24MW, indicates a significant shift towards clean energy generation.
– No treatment - - Windmills)
3. This initiative not only reduces greenhouse gas emissions but also contributes to energy security
– With treatment – please specify level of treatment - - and cost savings in the long term.
(iii) Into Seawater
– No treatment - - 4. Does the entity have a business continuity and disaster management plan? Give details in 100
– With treatment – please specify level of treatment - - words/web link.
(iv) Sent to third-parties Polycab is strongly committed to maintaining a safe and secure operational environment. The company has
– No treatment - - implemented various business continuity and disaster management measures. The health and safety protocols
and effective communication channels ensures the safety of employees and minimise the impact on operations
– With treatment – please specify level of treatment - -
due to external business risks. Insurance coverage is also in place to protect against damage to business assets
(v) Others or loss of materials during extreme weather events. Risk Management is incorporated in our operations and
– No treatment - - manufacturing is spread across multiple locations.
– With treatment – please specify level of treatment - -
Total water discharged (in kiloliters) - - 5. Disclose any significant adverse impact to the environment arising from the value chain of the
entity. What mitigation or adaptation measures have been taken by the entity in this regard?
Water intensity in terms of physical output is not calculated because the diverse products from the Wires
As of now, no significant impact/risks have been observed.
& Cables and FMEG businesses have different measurement metrics.
Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external 6. Percentage of value chain partners (by value of business done with such partners) that were
agency? (Y/N) If yes, name of the external agency. assessed for environmental impacts.
Yes, the independent ‘assurance has been carried out by KPMG Assurance and Consulting Services LLP. The Company has implemented a Supplier Code of Conduct for Business Partners which encourages the
suppliers to reduce environmental impact through efficient use of resources and environmentally friendly
2. With respect to the ecologically sensitive areas reported at Question 11 of Essential Indicators technologies, as well as efforts such as minimising deforestation, minimising greenhouse gas emissions and
above, provide details of significant direct and indirect impact of the entity on biodiversity in such waste, and using resources efficiently. It also mandates compliance with international, national, and local
areas along with prevention and remediation activities. environmental laws and regulations.
Not Applicable The Company conducts internal evaluations of its suppliers based on their environmental impact, social
responsibility, and corporate governance practices, including factors such as carbon footprint, labour standards,
diversity and inclusion policies, and ethical business conduct. During the current financial year, the Company
conducted evaluation of over 80% of our input material suppliers (in value), which are reputable international
companies, based on their publicly available sustainability reports. The majority of our suppliers are well known
for their commitment to sustainability and have mature ESG practices.
The Company has also initiated various informal and formal awareness programs for its value chain partners and
are in the process of initiating assessments of its business associates, dealers, distributors, influencers amongst
its customers to assess Environment, Health, Safety, and Human Rights risks in value chain. Additionally, the
Company is proactively providing trainings and seeking confirmations from its suppliers and customers to
ensure ESG compliance across its supply chain.
180 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 181

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Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a Principle 8: Businesses should promote inclusive growth and equitable development
manner that is responsible and transparent
Essential Indicators
Essential Indicators
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on
1. a. Number of affiliations with trade and industry chambers/associations. applicable laws, in the current financial year.
The Company maintains several affiliations with trade and industry chambers and associations to foster Not Applicable
collaboration, share industry insights, and contribute to policy advocacy efforts. Our interactions with
relevant authorities are guided by core values of commitment, integrity, and transparency, ensuring a 2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is
balance of diverse stakeholder interests. We are affiliated with 9 industry chambers/associations. being undertaken by your entity.
Not Applicable
b. List the top 10 trade and industry chambers/associations (determined based on the total
members of such body) the entity is a member of/affiliated to: 3. Describe the mechanisms to receive and redress grievances of the community
Sr.
Name of the trade and industry chambers/ associations
Reach of trade and industry chambers/ Polycab India Limited established the Polycab Social Welfare Foundation (PSWF) in 2020 as a not-for-profit
No. associations (State/National)
organisation dedicated to community development and fulfilling CSR commitments. PSWF addresses various
1. The Federation of Indian Chambers of Commerce and Industry National social causes, including malnutrition, healthcare, education, women’s empowerment, environment, skill
2. The Associated Chambers of Commerce and Industry of India National development, disaster management, agriculture, animal husbandry, sanitation, national heritage, and culture.
3. Confederation of Indian Industry National PSWF also partners with non-governmental organisations (NGOs) that visit communities, interact with the
4. Federation of Indian Export Organisations National people, to address grievances and supports Polycab to create a positive impact amongst the local communities.
CSR governance at Polycab employs a two-tier system, where the CSR and ESG committee recommends
5. Bombay Chamber of Commerce and Industry National
and monitors the CSR Annual Action Plan which is subject to annual approval and review by the Board of
6. Indian Fan Manufacturers Association National
Directors. Effective mechanisms, including a dedicated email address (cs@polycab.com), are in place to address
7. Fire & Security Association of India (FSAI) National community queries and redress grievances concerning CSR projects, programs, and activities.
8. Consulting Electrical Engineers Association of Maharashtra (CEEAMA) National
PSWF adopts a community-centric approach, placing community needs and priorities at the forefront of
9. National Federation of Engineers for Electrical Safety (NFE) National
its interventions. Regular interactions between our CSR teams and implementing partners facilitate the
identification and resolution of community issues, complaints, and grievances related to our interventions. PSWF
2. Provide details of corrective action taken or underway on any issues related to anti-competitive has formalised the process of documenting these interactions to comply with BRSR, ensuring timely resolution
conduct by the entity, based on adverse orders from regulatory authorities. of grievances. Notably, no grievances concerning program commitments were recorded; instead, requests
No corrective action has been taken/ or is needed regarding any issues related to anti-competitive conduct, as for expanding existing programs predominated. Our CSR teams have duly acknowledged these concerns
there have been no adverse orders from regulatory authorities. and incorporated relevant actions into plans for the upcoming year. During 2023-24, 66 such community
engagements were held across all major states where CSR programmes are implemented.
Leadership Indicators
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers
1. Details of public policy positions advocated by the entity:
Particulars FY 2023-24 FY 2022-23
Polycab engages with industry associations on a regular basis to assess and analyse the impact of proposed
laws and regulations on the sector. Directly sourced from MSMEs/small producers 9% 8%#
Directly from within India 48% 60%*
# Figures for FY 2022-23 have been restated in accordance with the ‘Input Material’ definition as specified by BRSR Core.

* Pursuant to the new requirements of the BRSR Core, previous year figure has been restated to include all domestic purchases within
India, rather than solely those sourced directly from within the district and neighboring districts.

An independent assurance has been carried out by KPMG Assurance and Consulting Services LLP on the
FY 2024 indicators in the above table.

5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or
workers employed on a permanent or non-permanent/on contract basis) in the following locations,
as % of total wage cost
Location FY 2023-24
Rural 13.80%
Semi-urban 0.27%
Urban 42.46%
Metropolitan 43.47%

Pursuant to the new requirements of the BRSR Core, we have initiated tracking of this information from the current year.

An independent assurance has been carried out by KPMG Assurance and Consulting Services LLP on the FY 2024 indicators in the above table.
182 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 183

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Leadership Indicators No. of % of

No. of beneficiaries beneficiaries
persons from from
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Sr.
CSR Project benefited vulnerable vulnerable Brief write-up
Impact Assessments (Reference: Question 1 of Essential Indicators above) No.
from CSR and and
Projects marginalised marginalised
Not Applicable groups groups
4. Camps – 794 794 100% Based on the OPD Findings of Ghoghamba MMU, the camps are
2. Provide the following information on CSR projects undertaken by your entity in designated Goghamba/ conducted in Ghoghamba & Jambughoda Taluka where village
aspirational districts as identified by government bodies Jambughoda people are informed to take advantage of the Service arranged, with
Nil the objective of providing treatment. Different types of camps like
Ortho Camp, ENT Camp, Eye Checkup, etc. are conducted and as per
the detected problems treatment is given.
3. (a) Do you have a preferential procurement policy where you give preference to purchase from 5. i Breast 4,141 4,141 100% iBreast Camp for Women of Halol Taluka was a project initiated by
suppliers comprising marginalised/vulnerable groups? (Yes/No) – Camps & PSWF Team after understanding the fact that women are not aware
Polycab is committed to responsible and sustainable procurement and supply chain practices. It provides Follow-up about Breast Cancer, and they feel shy talking about it. Women are
Treatment provided with facility of regular check-ups for Breast Cancer by Shri
equal opportunity to all its procurement partners and suppliers.
Halol Stree Samaj in collaboration with PSWF. If needed the women
are also taken for the treatment at Goraj Muniseva Ashram, where
(b) From which marginalised/vulnerable groups do you procure? at minimal cost, the treatment is provided. This expense is borne by
Not Applicable PSWF. This year 10 women were found positive and after getting
their permission they were taken for the treatment. Some of them are
undergoing treatment by themself.
(c) What percentage of total procurement (by value) does it constitute? 6. De Addiction 14 14 100% Addiction is very rampant in the Tribal Belt of Halol Taluka. To address
Not Applicable Session this, we have picked one Village on a Pilot Study basis. A Specialist
on Deaddiction has been active with the Addicts of the Village, Juni
Bhat. He began with Counselling Session, identifying the addicts &
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by
then their treatment distribution of nicotine patches, guidance to
your entity (in the current financial year), based on traditional knowledge use the patches and family counselling. To take their minds off the
Our organisation does not hold any Intellectual Property Rights derived from Traditional Knowledge. Gutka, Padidki, Liquor Sports facility has been arranged. Matches are
conducted so that they get engrossed in other activities. A follow-up
session is also conducted to learn about the experience, applicability
5. Details of corrective actions taken or underway, based on any adverse order in intellectual and learning of previous session. The project is still going on.
property related disputes wherein usage of traditional knowledge is involved. 7. Girl Child 420 420 100% This project is taken up for the girls of 6 to 12 years for promoting and
Not Applicable Health maintaining their health and hygiene. It aims to encourage the good
Awards health of a girl child by giving them awards and gifts. Its purpose is to
6. Details of beneficiaries of CSR Projects encourage parents of girls to look after their girl’s health and hygiene.
Those girls who have registered, health of these Girls is monitored by
No. of % of doctors for 6 months, evaluated on shared parameters followed by
No. of beneficiaries beneficiaries Award.
persons from from
Sr. 8. PADSAD 6 4 67% Padsad Apang Upchar and Punarvasan Kendra was founded by
CSR Project benefited vulnerable vulnerable Brief write-up
No. DEAF & Sucheta Tai in Nashik in 1991 with an aim to provide Educational &
from CSR and and
Projects marginalised marginalised Mute school - Vocational training to hearing impaired and children with special
groups groups ADOPTED _ needs from the economically backward class of the society and make
Nashik themselves independent. This year as per the appeal received from
1. Halol MMU 20,483 20,483 100% A Mobile Medical Unit is running in 21 villages of Halol with the aim of
PADSAD, PSWF decided to provide hearing impaired children with
“Serve the Underserved”. It is operated by a Qualified Doctor, Nurse,
hearing aids. 6 children were provided with a pair of hearing aids and
and a driver. It operates regularly in 21 villages providing primary
were helped to “Listen to the World”.
healthcare facilities to the tribal people who are not able to access
healthcare in nearby regions and are not getting any basic health 9. Multi 330,000 231,000 70% Under this project, PSWF supported Dr. Hedgewar Hospital,
facility. The MMU covers all the villages twice a week and provides Specialty Aurangabad. The hospital is working towards the construction of
medications and treatment as per the detected illness/disease. Hospital Hospital for the medical students. There is a shortage of healthcare
(Aurangabad) workers and to reduce this, a Medical College with a hospital is being
2. Ghoghamba 14,965 14,965 100% After the success of Halol MMU, a second MMU was started
constructed to provide society with dedicated healthcare workers.
MMU facilitating 20 villages of Ghoghamba & Jambughoda Taluka with
This project will be a great facility for the poor and needy patients.
the same aim “Serve the Underserved”. It is operated by a Qualified
The hospital attached to this Medical College will be Dr. Hedgewar
Doctor, Nurse, and a driver. The MMU operating as a health mobiliser
Hospital which is known for its services to poor and needy patients of
works regularly covering all 20 villages twice in a week and providing
the society and has already treated 10 million poor patients till date.
basic healthcare facilities, medications, and treatment as per the
detected disease. 10. TB Patients 456 456 100% Under Prime Minister Narendra Modi’s plan to eradicate T.B by 2025
Nutrition Kits across the nation, several programs have been initiated to support
3. Girl Child 2,002 2,002 100% As a fall-out of the OPD Findings of Halol MMU, the camps are
this initiative. One such initiative is known as “Community Support
Health Award conducted in the villages of Halol Taluka where people are re informed
to T.B Patients” with an endeavor to make a healthy, strong and fit
to take advantage of the Service arranged. If any health problem is
community. An appeal was received from Govt. Hospital of Godhra,
detected further treatment is given. Camps like Eye Checkup Camps,
to support this initiative by providing Nutritious Kit, prescribed by
ENT Camps, Skin Camps, etc. are held for tribal people. Malnutrition
doctors. PSWF took an initiative to provide Protein Powder to T.B
camps and follow-up treatment for aged 6yrs to 19 years are also
Patients for their healthy recovery from T.B. 152 patients will be
conducted regularly to help fight malnutrition and get healthier.
provided with Protein Powder for a period of 3 months.
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No. of % of No. of % of
No. of beneficiaries beneficiaries No. of beneficiaries beneficiaries
persons from from persons from from
Sr. Sr.
CSR Project benefited vulnerable vulnerable Brief write-up CSR Project benefited vulnerable vulnerable Brief write-up
No. No.
from CSR and and from CSR and and
Projects marginalised marginalised Projects marginalised marginalised
groups groups groups groups
11. Manav Sewa 300 210 70% Manav Sewa is a trust working for people who are suffering from 17. Martial Arts 41 10 25% 3 batches of Martial Arts Course are running in Halol Taluka for girls.
temporary disability due to accident or illness or due to aging issues training for This training equips them with the capability to handle adverse and
& also, provision for the rituals during the time of death. The trust Girls challenging situations. This is a three-year Course leading to Black
provides equipment like walker, walking sticks, cycle, backrest, bed, Belt. The objective of this course is to develop courage and confidence
stool, chair, etc. to the person who requires it for a temporary period in girls to fight for themselves thereby instilling Self-Confidence.
after suffering from an accident or such cause. The equipment is The course covers different Self-defense techniques like Kata, Kick
provided on a depository basis and once the need is fulfilled the practice, New Maigiri Kick, etc. This year 15 girls participated in All
equipment is to be returned and the depository amount is paid back India Shitoryu Shotokan Open National Championship-2023 and
to the utiliser. have won Gold, Silver and Bronze Medals along with the Best Fighter
12. ANP Care 10,534 - - ANP Care is a foundation that provides free dialysis to patients from Award. Overall, 42 girls are enrolled for this training course.
the physically and economically disadvantaged sections of society 18. Dance classes 34 7 21% A classical dance class course - Bharat Natyam, is running in Halol.
who are suffering from diabetes and kidney-related ailments. ANP for Girls The dance class was initiated to make people aware about the
Care foundation currently has 10 Dialysis Machines installed, with cultural roots of India and to preserve the dance form. 3 batches
each machine performing an average of 3 dialyses per day. Dialysis are running where 30 girls are enrolled. It’s a 5-year course leading
is performed on an average of 23-30 patients per day. The material to ‘Visharad’. This year, the 3rd year girls participated in Kala
cost of each dialysis is about Rs.1100. They have added another 8 Mahakumbh Competition of Taluka Level and won 1st & 3rd rank. 5 girls
machines, and the cost of additional dialysis has increased. PSWF is also performed in the event- Panchmahotsav 2023 of Panchmahal
supporting ANP Care by providing monthly consumables required for District. an Annual Feature which a platform to showcase the Tribal
these dialysis machines. Art & Culture.
13. 4 C Health 235 206 88% 4C Health Programme Daman is a project which provides Nutrition 19. Skill 143 143 100% Under this project, several initiatives are taken up where women of
Programme Kits to patients of TB, Anaemia, Leprosy, Malnutrition & HIV. 4C Development villages are given trainings to acquire different skills. It begins with
Daman denotes- Collaborative, Community Care through Corporate Social in Village identifying their interest areas and then making a Self-Help Group.
Responsibility. This Kit contains Nutritious Food like Flour, Pulses, This year 2 initiatives were started - Agarbatti Making and Sanitary
Protein Powder, Chikki, Cooking Oil, etc. made on a monthly basis. Napkins. The group of women were given training on how to make
This Kit is prescribed by Medical Practitioners. agarbatti and sanitary napkins by qualified personnel and were also
14. Tajpura 6,743 4,000 60% Tajpura Hospital is a well-known Eye Hospital which serves Tribals provided with required resources. Several marketing and selling ideas
& Others coming from not only Gujarat, but also from neighbouring were taught so that the final products could be sold in the market
States, like Rajasthan, Madhya Pradesh. The hospital provides and the women can earn . The project has made women become
treatment related eyes and provides free cataract operations. Around independent and have developed entrepreneurial skills in them.
200 to 230 cataract operations are conducted each day, completely 20. Science Lab 716 716 100% Under this project, several schools of Halol and Ghoghamba/
free of cost. The patients are also given free meals while they are (STEM) Jambughoda which needed Science Labs were provided with
staying in the hospital, and also for one person who is assisting. This infrastructure facilities. As per the requests received from different
year PSWF has supported the hospital by providing a Operation schools, PSWF has taken this initiative to construct Science Labs
Theatre for performing surgeries and operations. This will bring down for students to make the understanding of the subject easier.
the waiting list which at present is 2-3 months. This approach is particularly beneficial in enhancing students’
15. SKill 59 59 100% Advance Sewing Classes for Girls of Halol Taluka are operational understanding of theoretical concepts and their practical applications
Development in collaboration with Shri Halol Stree Samaj. Interested girls from in science, developing interests in students to focus on their “Inner
different villages of Halol are enrolled in this course where they learn Scientists”.
sewing from basic till advance. The girls are given training by qualified 21. Smart Classes 102 102 100% This project was taken up after understanding the need for smart
teachers and are provided with resources like sewing machines, class in this technology driven generation. With the help of audio-
sewing materials, etc. The girls on completion of the course are given visuals, students can grasp faster and thereby learn faster & retain
certificates. It is a 6-month’s Course. Presently 2 batches are running longer. Smart classes have built a positive environment for students
under which in Basic Course 29 girls are enrolled and under Advance and so the retention rate has increased. Attendance of both students
Course 25 girls are enrolled. The girls have mastered in making shirts, & Teachers has improved. There is a higher degree of Engagement in
pants, chaniyacholis, dresses, etc. and are now either stitching for Teachers. 2 schools are selected this year for Smart Class.
own homes of for others - a small step towards self sufficiency. 22. Aanganwadis 105 38 37% Aanganwadi is the Cradle for Learning- from where children start
16. Computer 42 42 100% Computer classes are running in Halol Taluka for Girls in premises of their journey of education. Thus it is necessary to provide children
Classes to Shri Halol Stree Samaj. Classes for Basic Computer and Diploma in with a well-equipped Aanganwadi wherein Children learn and engage
students Computer Application are functional where 12 girls in each course are themselves. PSWF, on the basis of appeals, and in recommendation of
enrolled and are given training. The girls on completion of the course ICDS received ,have worked on the construction on new aanganwadis
are given certificates. MS Word, MS Excel, Smart Art, Grouping, etc. of renovation of existing aanganwadis. The infrastructural facilities are
are taught to students which have helped girls to land up with jobs a provided along with required resources like toys, books, digital facility
small step towards self sufficiency. etc. which makes it a better place to learn.
23. Educational 1,434 1,434 100% Orphan students in Halol Taluka are struggling to get the basic
Kits amenities they need for school, like notebooks, pencils, school bags
because they don’t have adequate resources to buy. PSWF noticed
this problem and has taken up the initiative to provide these students
with educational kits which includes items required in school like bags,
stationery materials, notebooks, etc.
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No. of % of No. of % of
No. of beneficiaries beneficiaries No. of beneficiaries beneficiaries
persons from from persons from from
Sr. Sr.
CSR Project benefited vulnerable vulnerable Brief write-up CSR Project benefited vulnerable vulnerable Brief write-up
No. No.
from CSR and and from CSR and and
Projects marginalised marginalised Projects marginalised marginalised
groups groups groups groups
24. Schools 944 920 98% On the basis of appeals received from various schools of Halol 30. Talent 471 471 100% In Villages. Community Activities were rolled out for people to come
(Classes) and Ghoghamba/Jambughoda Taluka, PSWF learned about the Development together & celebrate - Navratri Celebration (Garba Competition),
deteriorated condition of schools. There were schools which needed - Sports, Art n Diwali Celebration. During Navratri, in Shivrajpur High School, Navratri
new classrooms, toilet blocks, renovation of classrooms, prayer halls, Craft, Tuitions, Celebration was held where students of nearby schools were also
canteen room, compound wall, etc. All these conditions some way or Career invited. People danced to the tunes of Garbas, Prizes for best dressed,
the other was affecting the performance of students. Thus, PSWF Counselling best performance were awarded and gifts were distributed to all who
supported these schools by providing infrastructural facilities as per participated. Diwali was celebrated in different villages of Halol &
the requirement and also gave required resources. Ghoghamba/Jambughoda Taluka where different competitions like
25. LEAAD in 602 602 100% Leadership Enrichment for Adolescent through Assessment & Mehendi Competition, Rangoli Competition and Hairstyle Competition
Schools Development is a project to build leadership qualities in students were conducted. Resources like mehendi cones, colours, etc. were provided.
of Schools, for expressing themselves or get over their inhibitions. Talent development is a vast big field. This year ifocus was on Sports.
Foundation for Capability (a NGO of Naman Associates) is an A Sports Coach identified sports talent in 5 Residential Schools &
organisation with whose help this project was started in different coached them the whole year round. Culmination was in participation
Residential Schools (Aashramshalas). The students are given training in KhelMahakumbh. Students participated in different sports. Students
through different activities which develops their potential and build also participated in Taluka Level Sports Competition and won medals.
leadership skills. Students of these Schools have started becoming Science Tuition Class for Girls is an ongoing activity were girls who
more participative, overcoming their inhibitions. belong to poor background, are dropouts or orphans who are weak in
Science subject are given coaching everyday. PSWF team includes a
26. Education 3,004 3,004 100% Hari Aum Charitable trust with PSWF is working towards providing
Science Teacher who provides coaching to these girls. 20 to 25 girls are
accessories various facilities in schools to provide a better environment for students
given coaching. Facility for practicals is also provided.
to study. The appeal received from them mentioned the requirements
of different resources for students like sandals, medicines, bedsheets, 31. Project Pashu 401 401 100% The project Pashu Arogya Sathi is a step towards animal welfare.
water filters, etc. for maintaining health and sanitation of students. Arogya Saathi It’s an initiative for Cattle who are to be given First Aid Treatment,
PSWF this year has provided items like Bedsheets, Patanjali Items and a treatment before a doctor can Visit. Villages are involved in animal
Solar Plants for supporting their initiative to help schools. husbandry and so need to take care of these animals .4 villages,
having a high number of Cattle were taken as a Pilot Project. These
27. Uniform for 80 80 100% Sarvajanik Girls High School is located in Halol and children are from
were Two Volunteer from each Village were trained in a three days
Sarvajanik marginalised or belong from a underserved community. The school
programme by Experts & Doctors from Aurangabad. Seeing the
Girls High is operating in a one storey house for 9th and 10th std. students.
positive effect of this, was replicated in 4 other Villages this year.
School Approximately 80 to 90 students are studying in that school. On
Volunteers of these 4 Villages were trained by qualified veterinary
receiving an Appeal from them, PSWF has provided with school
doctors and were given the responsibility of taking care of animals in
uniforms. PSWF collaborated with Sewing Class Students, running at
their neighbourhood. They treat the village Cattle, giving them First
Shri Halol Stree Samaj and gave them this order to make 80 school
aid. And train others who are interested. Awareness Sessions on Good
uniforms. They were paid for this.
Cattle Practices were also conducted by these Sathis.
28. Organic 95 95 100% The farmers who are using chemical fertilisers and pesticides to grow
32. Skill - - - Young Volunteers Organisation works with various non-profit
Farming & its crops were facing issues like infertility of soil, reduced crop growth,
Development organisations to help the deprived communities and empower
Promotion insects eating crops, less production, and a general deterioration
the socially marginalised by providing access to livelihood services
in the Quality of Soil. A very tried, proved, effective and economical
and imparting skills leading to employment, health and education
alternative to Chemical Pesticide and Fertiliser is Vermicompost - an
facilities. PSWF is supporting their activities and be a medium for
Organic Alternate. As they were in Dire Straits, it was not too difficult
better livelihood and development of marginalised people.
to convince them especially after pilot demonstration and it’s effect
on Crops. In this project of Organic Farming, Vermicompost is an 33. Plant 200 200 100% This project was initiated to bring awareness in people to protect the
initiative taken up by PSWF where the farmers of different villages Conservation/ environment. In Bhat village, 2,000 saplings of Jamun and Guava
were made aware of its benefits-of Organic/Natural Farming. This Environment Trees were distributed & planted. Geo Tagging was done for each plant,
is also very well received as most of the raw material is all available wherever possible, in others simple tagging has been done for tracking.
on their Farm. The farmers are taught the process of Vermicompost, This is a significant step to forward our mission to promote environmental
where they make fertilisers on their own and use them in their farms sustainability and ecological balance within our community.
which provides a better yield and soil fertility is also improved. Farmers 34. Waste 340 300 89% Under the Swachh Bharat Mission the decentralised solid waste
have benefitted by this project. management management project is being carried out in Baska Village of Halol Taluka.
29. Govt Schemes 3,590 3,590 100% Government Scheme is a project under which the tribal or marginalised PSWF took this initiative by collaborating with implementing agency
people of the villages are given the opportunity to enroll themselves Concept Biotech for this project & third-party Group Panchayat. PSWF
in different Govt. Scheme and take benefits given by the government. aimed to inspire and educate the community to build, restore, preserve
There are several schemes which at the grass-roots, people are and improve the environment through active participation allowing
unaware. Different schemes like Ma Card Yojana, Election Card, prosperity for now and future generations. “Kachre Se Azadi” concept
Aadhar Card, KYC, etc. are introduced to people and are explained is working as a project for community development and is promoting
about the benefits of these schemes. They are provided with all the eco-friendly concepts which are sustainable and in line for environment
needed guidance and support to enroll themselves as beneficiaries protection. Under this project door to door collection of waste is done.
of Govt. Schemes. Camps, are organised wherein people can register This is taken to a pre allotted site where the collected waste is then
themselves under different Schemes. segregated, processed, recycled and new items like benches, bricks, tiles,
chairs, etc are made. This project has proved to be very beneficial for
village cleanliness and thereby to keep people healthy.
188 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 189

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No. of % of Principle 9: Businesses should engage with and provide value to their consumers in a responsible manner
No. of beneficiaries beneficiaries
persons from from
Sr.
No.
CSR Project benefited vulnerable vulnerable Brief write-up Essential Indicators
from CSR and and
Projects marginalised marginalised 1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
groups groups
A robust system is in place for dealing with consumer feedback and complaints, incorporating a multichannel
35. Pond 800 45 6% An appeal has been received to support in pond deepening of pond
Deepening located in Pratapura village of Waghodia Taluka. The objective approach for accessibility. Consumers are provided multiple options to connect with the Company through
of this activity is to deepen the existing Water bodies which will email, telephone, website, social media, feedback forms, etc. In addition, the Company’s Businesses have
increase the storage capacity of water providing various benefits dedicated consumer response cells to respond to their queries and receive feedback on products to enable
to neighbourhood areas-increasing water facility for longer period continuous improvement of its products and services. Customers can submit product-related grievances via
of time, taking two crops, rise in water level. PSWF supported this
initiative by helping in excavation and deepening of the pond. • Online emails Email ID: customercare@polycab.com
36. Fort Garden An appeal was received from Collector of Daman stating the
Daman condition of Fort Garden at Daman, which mentioned that a lot • Web Base Servitium CRM Portal: https://care.polycab.com
of repairing/renovation work was required to rebuild the garden
• Mobile app: https://play.google.com/store/apps/details?id=com.servitiumcrm.technician
and make it accessible for public use. The infrastructure including
pathways, benches, recreational areas, etc. showed signs of wear and • WhatsApp Chatbot (QR code through Chatbot to raise issues complaint registration, warrant registration)
tear and it was necessary to repair these areas. Also many things like
playground equipment’s, gathering spots for community, exercise • On line service request on Polycab web site : www.polycab.com
stations, etc. were missing in the garden. PSWF stepped in to reform
this Municipal Garden and develop it to make it a safe, vibrant and • Polycab Tollfree/Helpline number: 1800 267 0008
recreational spot for visitors. Several infrastructure facilities like
Jogging Paths, Concrete Walls, Park for Children, Brickwork, etc. were • Check complaint status: 7304485540
provided to make this garden a better place.
Upon receipt, our centralised CRM portal efficiently registers complaints and assigns unique registration
37. Public Digital 35 per day Foot fall Damanwada Group Gram Panchayat had requested to establish a
numbers for tracking purposes. Our dedicated customer care executives promptly investigate and resolve issues,
Library_ Digital Library in Public Library of Daman for the use of Public. Library
Daman itself is a great concept for learning and exploring new things and with utilising online solutions or on-site assistance as needed, ensuring timely resolution. Throughout the process,
advancing technologies, Digital Library is a great concept to learn with customers are kept informed, and upon satisfactory resolution, representatives request the “HAPPAY” code for
joy! Digital library or E-library will consist of equipment’s like Tablet, closure, maintaining systematic documentation. We systematically analyse customer feedback to determine
Computers, Laptop and Scanner. People will be using this E-Library to recurring trends and areas for improvement.
learn new things in a new way. Audio-visuals will be the most effective
platform for learning, especially for children. PSWF has provided
equipment like 5- Tablets, Desktops, 1-Barcode Scanner Laptop for 2. Turnover of products and/ services as a percentage of turnover from all products/service that
transforming the traditional library to a digital library. carry information about:
38. Hadala 30 per day Foot fall Hadala High School had requested to provide with an infrastructure Particulars As a percentage to the total turnover
Library facility for library in Hadala High School, Bhavnagar. The school has
a site in the premises for library, but there is no help to construct it. Environmental and social parameters relevant to the product 79%
The school had mentioned that there is no library in the nearby area, Safe and responsible usage 100%
which affects the educational opportunities for all. Construction
Recycling and/or safe disposal -
of this library has proved to be beneficial for approximately 400
students of nearby schools and villages and especially for students
who are aiming for competitive exams and are willing to learn more. 3. Number of consumer complaints in respect of the following:
For this project, PSWF has supported by providing Electrification of
Library, Furniture, Smart Boards and Digitalisation of Library which FY 2023-24 FY 2022-23
included repairing and fixing work of different equipment’s, enhancing Received Pending Received Pending
the benefits of library for children and people around. during resolution at Remarks during resolution at Remarks
the year the end of year the year the end of year
Data privacy
Zero complaints received concerning
Advertising breaches of customer privacy,including
Cyber-security complaints received from outside No consumer complaints received
parties and substantiated by the against these parameters during the
Delivery of essential services organization, complaints from reporting period.
Restrictive Trade Practices regulatory bodies, leaks, thefts, or
losses of customer data.
Unfair Trade Practice
Customer complaints - - - - - -
Other 3,64,206 369 0.10% pending 3,37,022 861 0.26% pending &
for 2 days 99.74% resolved
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Business Responsibility & Sustainability Report

4. Details of instances of product recalls on account of safety issues 2. Steps taken to inform and educate consumers about safe and responsible usage of products
Zero incidents of non-compliance with regulations and/or concerning the health and safety impacts of products and/or services.
and services within the reporting period, resulting in a fine or penalty, warning, voluntary codes. As a responsible corporate citizen, it is crucial not only to conduct business with customers but also to educate
them and raise awareness about what could benefit or harm them. Our commitment to customer education and
5. Does the entity have a framework/policy on cyber security and risks related to data privacy? safety encompasses various initiatives. We go beyond legal requirements by displaying comprehensive product
(Yes/No) If available, provide a web-link of the policy. information on our labels, ensuring customers have access to essential details. Detailed product manuals are
Yes, we have extensive cyber security and data privacy policies, which are applicable to the entire organisation. provided, covering installation, usage, and maintenance procedures in depth. Additionally, online video tutorials
We respect the privacy of all individuals including employees and consumers and their personal data. The offer practical guidance on safe handling practices, enhancing customer understanding and confidence.
company has implemented Data Protection and Privacy Policy to establish, implement, monitor, and To further promote safety, our packaging includes clear warning labels highlighting key precautions. We
continuously enhance our information security, with a strong focus on customer information privacy and data collaborate with our dealers to host workshops and training sessions on safe usage practices. Through these
security. The Policy serves as the cornerstone of the company’s information security program, designed to initiatives, we ensure that our customers are well-informed and equipped to use our products responsibly and
safeguard the company’s IT infrastructure and information assets. This policy outlines the minimum-security safely, thus fostering trust and loyalty in our brand.
measures deemed appropriate for securing information and supersedes all previous documents on the subject.
We have developed specific learning modules on the Code of Conduct for Data Privacy, which are mandatory 3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential
for all employees. The entire workforce has undergone training on Data Protection & Confidentiality, covering services.
general privacy principles, practices, processes, and expected behaviours.
Polycab is not directly involved in providing essential services, as defined in ‘The Essential Services Maintenance
Alternative policies include Cyber Security Crisis Management Policy and Information Security Policy. Act, 1981’. However, we supply products to customers who may be providers of essential services.
We maintain continuous communication with our customers to ensure smooth operations. Any risk of disruption
6. Provide details of any corrective actions taken or underway on issues relating to advertising,
is promptly communicated, as service levels are specified in contracts. In addition to regular communication,
and delivery of essential services; cyber security and data privacy of customers; re-occurrence of
we actively engage with stakeholders through webinars and seminars to address potential risks and ensure
instances of product recalls; penalty/action taken by regulatory authorities on safety of products/
mutual understanding of our commitment to service excellence. Customers can easily reach out to us through
services.
various channels, including our Customer Care hotline, email, WhatsApp, and the Polycab Mobile App, for swift
Not applicable, as there were no reported instances of non-compliance or penalties/regulatory action levied resolution of any issues or concerns.
in respect of issues pertaining to advertising, safety regulations, marketing standards, labelling, delivery of
essential services, cybersecurity, data privacy breaches, or product recalls. 4. (a) Does the entity display product information on the product over and above what is mandated as
per local laws? (Yes/No/Not Applicable) If yes, provide details in brief.
7. Information relating to data breaches:
Yes. Polycab displays product information on the product label as mandated by law and also to provide
a. Number of instances of data breaches: No instance of data breach occurred during the FY 2023-24 important information to consumers regarding safety, health, proper usage and appropriate precautions.
All Polycab products carry details with regards to safe handling and usage. Moreover, on product packaging,
b. Percentage of data breaches involving personally identifiable information of customer: Not Applicable
the Company engraves markings relevant to ‘recycling, fragile, umbrella, etc.’ and relevant compliances
c. Impact, if any, of the data breaches: Not Applicable such as RoHS, REACH, etc.
Leadership Indicators (b) Did your entity carry out any survey with regard to consumer satisfaction relating to the major
1. Channels/platforms where information on products and services of the entity can be accessed products/services of the entity, significant locations of operation of the entity or the entity as a whole?
(provide web link, if available) (Yes/No)
Polycab’s commitment to accessibility and transparency is evident through our strategic initiatives. Our Yes. We monitor consumer sentiments to receive overall feedback on issue resolution and products/services.
corporate website’s product section (https://polycab.com/products) provides stakeholders with comprehensive We also evaluate consumer experiences and have achieved 98% of Customer Satisfaction Ratio through
details, including catalogues and informative films. Additionally, the Company also publishes Integrated Annual customer calls and feedback forms.
Report, engages on social media platforms and releases media advertisements/publications. We’ve expanded
our market presence through partnerships with major e-commerce platforms like Flipkart and Amazon. Our
active engagement on social media platforms ensures stakeholders stay updated on new product launches
and features. Additionally, our products receive regular reviews from both print and online media, reinforcing
our dedication to accountability and excellence. Please find the relevant links below:
Facebook – https://www.facebook.com/PolycabInd
Instagram – https://www.instagram.com/polycabindia
Twitter – https://twitter.com/PolycabIndia
LinkedIn – https://www.linkedin.com/company/13473490
YouTube – https://www.youtube.com/user/PolycabInd
192 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 193

Board’s Report
To The Company’s international business stood at period from April 2023 to October 2023, copper prices
The Members of Polycab India Limited H14,360 million, contributing to 8% of the Company’s experienced a significant decline before gradually
total revenues. The Company has received good recovering by March 2024. Similarly, aluminium prices
Your Directors take pleasure in submitting the 28th Annual Report of the business and operations of the Company
amount of business from regions such as USA, followed a parallel trajectory, descending during the
(‘the Company’ or ‘PIL’) and the Audited Financial Statements for the financial year ended 31 March 2024.
Middle East, Europe and Australia. During the year, same period before rebounding. The price of PVC
the Company has expanded its global footprint to compound, essential for wire and cable insulation,
1. Financial & Operations Highlights of the Company 79 countries. With tremendous increase in spends showcased notable fluctuations over the past year,
(H in million) globally in sectors such as Renewables, Oil & Gas experiencing lump of 18% from June to September
Standalone Consolidated and Infrastructure, the Company is poised to grow 2023, then dropping 16% and finally rebounding
Sr.
Particulars 31 March 2023 31 March 2023 its the international business further, strengthening by 6% by the end of fiscal year 2024. In contrast,
No. 31 March 2024 31 March 2024
(Restated) (Restated) its foothold in various international markets. steel prices exhibited comparatively minimal
1. Revenue from Operation 180,509 139,135 180,394 141,078 volatility, predominantly showing a downward trend
FMEG business revenue saw a modest increase,
2. Earnings before Interest & Depreciation 24,365 18,110 24,918 18,429 throughout the year. Meanwhile, Indian rupee saw a
reaching H12,828 million in FY 2023-24, up from
Other Income 2,198 1,358 2,209 1,333 2% depreciation by the end of FY 2023-24, marking
H12,512 million in FY 2022-23, despite facing
a notable improvement from the 7% depreciation
Finance Cost 1,004 561 1,083 598 challenges like subdued consumer sentiment and
observed in the previous year, credited to favourable
Depreciation 2,371 2,057 2,450 2,092 heightened inflation. The Company’s proactive
domestic and global conditions, alongside efficient
3. Profit before Tax and exceptional items 23,187 16,850 23,593 17,073 measures, including expanding the distribution
management by the RBI.
Exceptional items - - - -
network and focusing on new product development,
have positioned it well for future growth. Intensified Looking ahead, the Indian W&C industry will
4. Profit before tax 23,187 16,850 23,593 17,073
brand-building efforts, such as sponsoring ICC events continue to grow as it plays a crucial role in
Income tax expenses 5,490 4,160 5,564 4,242 and increasing advertising, reflect the Company’s supporting various sectors including construction,
5. Profit for the year 17,697 12,690 18,029 12,831 commitment to enhancing its market presence and telecommunications, automotive, real estate and
6. Earnings Per Share (in H) consumer engagement. Furthermore, recognising power distribution, fuelled by ongoing infrastructure
Basic 117.97 84.81 118.93 84.93 the evolving landscape of electrical solutions, the development, urbanisation, and increasing
Company underwent a strategic brand refresh. demand for electricity and connectivity across the
Diluted 117.53 84.54 118.49 84.66
This initiative aimed to effectively communicate nation. The government’s focus on infrastructure
The standalone as well as the consolidated financial statement have been prepared in accordance with the the Company’s renewed vision, aspirations, development is evident in its capex growth, which
Indian Accounting Standards (Ind AS). and unwavering commitment to innovation has increased 17% year-on-year on FY 2023-24RE,
and change. In line with the Company’s growth reaching H11.11 trillion in FY 2024-25, taking capex as
Wires and Cables (W&C) revenue grew strongly by strategy, advertising and promotional expenditures a percentage of GDP ratio to an unprecedented 3.4%
Consolidated:
27% YoY to H1,58,922 million, accounting for 88% witnessed a significant uptick, increasing by 60% in FY25 BE, up from 1.7% in the pre-COVID period
During the year, PIL posted a consolidated turnover during the fiscal year. Importantly, this increase (FY18-FY20). This allocation translates directly into
of total sales in FY 2023-24. This remarkable
of H1,80,394 million rising by H39,317 million YoY remained well within the company’s guided range heightened demand for cables and wires utilised
performance was underpinned by strong volume
from H1,41,078 million in the previous year. The of 3% - 5% of the B2C top-line, ensuring prudent across various infrastructure endeavours:
growth in both domestic distribution and
consolidated EBITDA (excluding other income) and financial management while aggressively pursuing
institutional businesses. The impetus behind this • The uptick in investment in power generation,
profit after tax stood at H24,918 million and H18,029 growth opportunities.
surge stemmed from the substantial infrastructure transmission, and distribution is poised to drive
million as against H18,429 million and H12,831 million
investments by the government, increasing private Despite the progress made, the Company the demand for power cables and control cables.
in the previous year. The Company achieved several
capex, heightened real estate activities, and the acknowledged recent shortcomings in FMEG Moreover, as part of the Paris Agreement, the
significant milestones in FY 2023-24, such as all-time
effective execution of various internal strategic business execution. To address these issues Indian government has announced its target to
high annual revenue and profitability. Overall
initiatives. These initiatives encompassed a relentless effectively, a comprehensive action plan has been achieve net zero emissions by CY70, alongside
top-line surpassed H1,80,000 million, clocking 18%
dedication to execution excellence, proactive devised. A key component of this plan involves plans to install 500GW of renewable energy
CAGR in last 5 years. International business too
investments in brand augmentation, prioritisation the creation of separate product-level verticals, capacity by CY30, which is likely to involve a
clocked an all-time high sale of H14,360 million,
of customer centricity, judicious pricing actions, and aimed at enhancing focus, streamlining processes, massive investment of approximately H2.4 trillion.
making Polycab one of the largest exporter of wires
steadfast efforts towards digital transformation. and optimising performance within each product India’s energy demand is expected to surge over
and cables in India. Fast Moving Electrical Goods
The Company gained significant market share in category. By aligning resources more effectively and the years, propelled by rising nuclearisation,
(FMEG) business was steady above the H12,800
domestic W&C industry, consolidating its position facilitating targeted decision-making, the company higher disposable income, and an increase in
mark. The Company also churned out record cash
as the leading manufacturer of W&C in India. In the anticipates stabilising the business this year and industrial activities. Government initiatives
with negligible debt levels. The record profitability
W&C segment, strong growth was witnessed across resuming its growth trajectory. such as ‘power for all’ and the ‘integrated power
achieved this year further strengthened Polycab’s
all portfolios, with cables outpacing wires, primarily development scheme’ should further stimulate
position as the most profitable Company in the In FY 2023-24, commodity prices were less volatile
driven by HDC and LDC cables. demand growth for cables and wires.
consumer electrical space. than in the previous two years, with prices peaking
in the first half, then declining to lows, and finally • The industry would also benefit from government
experiencing a steady recovery with significant policies encouraging domestic manufacturing
upward momentum by the fiscal year-end, driven by and offering Production-Linked Incentives (PLI)
fluctuations in global economic activities. Over the for components.
194 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 195

Board’s Report

• Government of India (GoI) aims to achieve 30% Standalone: 4. Change in Share Capital
electrification of the entire vehicle fleet, leading
On standalone basis, the Company has recorded a No. of Face Value Paid-up share capital
to an anticipated increase in demand for EV Particulars
growth in turnover of 30% YoY from H139,135 million Equity Shares (K) (K)
charging infrastructure.
to H1,80,509 million in FY 2023-24. The EBITDA Paid up Capital of the Company as on 01 April 2023 14,97,65,278 10/- 1,49,76,52,780
• Furthermore, the surge in data consumption is H24,365 million as against H18,110 million for Equity Shares allotted under ESOP during the year under review 4,71,117 10/- 47,11,170
prompts the need for more data centers, the previous year. Standalone Profit after tax is
Paid up Capital of the Company as on 31 March 2024 15,02,36,395 10/- 1,50,23,63,950
consequently driving up the demand for cables H17,697 million as compared to H12,690 million of the
in these sectors as well. preceding year.
Authorised Share Capital
• Additionally, the real estate and construction The authorised share capital of the Company had been increased from H1,86,25,00,000 (divided into
Capex and Liquidity
boom, encompassing both residential and 18,62,50,000 equity shares of face value of H10 each) to H1,89,25,00,000 (divided into 18,92,50,000 equity
commercial projects, continues to fuel the need During the year under review, the Company on
shares of face value of H10 each) on account of Amalgamation of Silvan Innovation Labs Private Limited
for electrical wires. There could also be a shift a standalone basis spent H8,189 million against
(“Transferor Company”) with Polycab India Limited (“Transferee Company”) vide NCLT order number
to organised players from unorganised ones, H4,680 million in the previous financial year towards
C.P.(CAA)/19(AHM)2023 in C.A.(CAA)/61(AHM)2022, effective from 05 September 2023.
recognised for their superior quality and safety capital expenditure. This mainly comprises of regular
standards. This possible shift would further capital expenditure at various plant locations &
benefit the bigger players going forward. Company offices/warehouses, manufacturing 5. Subsidiaries, Joint Ventures & Associates:
capacity expansion and construction of new head Subsidiaries
Indian economy continues to outperform global office building. 5.1. Details of Subsidiaries
counterparts, buoyed by a plethora of high-frequency
indicators that demonstrate robust resilience. The Company’s liquidity position on a consolidated As on 31 March 2024, the Company had 8 (Eight) Subsidiaries as detailed below:
These include strong forex reserves, improving basis is H21,408 million as on 31 March 2024,
Sr. Date of creation
industrial production, higher tax collections, better comprising cash and cash equivalent, deposits with Name of the Subsidiary Nature of interest Location
No. of Interest
fertiliser sales, increased auto sales, and broader bank, short term investments net off borrowings.
1. Tirupati Reels Private Limited (‘TRPL’) 21 January 2015 Subsidiary India
credit growth. Both manufacturing and services
2. Dowells Cable Accessories Private Limited (‘Dowells’) 01 December 2015 Subsidiary India
PMI readings are hovering near multi-year highs, 2. Transfer to Reserve
with services activity spurred by accelerated 3. Polycab USA LLC (‘PULLC’) 27 January 2020 WOS2 USA
The Company has transferred H2.02 million to
new business, indicative of robust demand, while 4. Polycab Electricals and Electronics Private Limited (‘PEEPL’)1 19 March 2020 WOS2 India
the General Reserve on account of unexercised
manufacturing PMI activity fueled by higher employees stock options. 5. Polycab Australia Pty Limited (‘PAPL’) 01 July 2020 WOS2 Australia
output and new orders for goods. GDP growth in 6. Polycab Support Force Private Limited (‘PSFPL’) 13 March 2021 WOS2 India
FY 2023-24 was at 8.2%, faster than 7.2% growth The Company does not propose to transfer any
7. Uniglobus Electricals and Electronics Private Limited (‘Uniglobus’) 24 March 2021 WOS2 India
registered last year. amounts to Reserves except as stated above.
8. Steel Matrix Private Limited (‘Steel Matrix’)1&3 11 November 2021 WOS2 India
The trend of India’s outperformance is expected
to persist into the foreseeable future as well.
3. Dividend Note:
1 Yet to commence business operations
This trajectory is propelled by several key factors, The Board of Directors at their meeting held on
2 WOS - Wholly-owned Subsidiary
including robust government-led infrastructure 10 May 2024, have recommended a dividend
3  n 29 June 2023, the Company acquired additional 25,000 shares at face value of H10 each of Steel Matrix Private Limited for a
O
development, a notable upswing in manufacturing @ H30/- (300%) per equity share of the face
purchase consideration of H0.25 million making it a wholly owned subsidiary of the Company.
activities, stable inflation, a balanced external value of H10/- each for the financial year
account, and improving consumer spending. 31 March 2024 subject to approval of the members None of the subsidiaries mentioned above is a material subsidiary as per the threshold laid down under the
Anticipated normal monsoon conditions and the of the Company at the ensuing Annual General Listing Regulations as amended from time to time.
onset of La Nina phenomena present favourable Meeting. The total cash out flow on account of
prospects for the agriculture sector, consequently payment of dividend would be approximately The financial performance of the subsidiaries of the
5.2. Financial Performance of Subsidiaries
bolstering rural demand. Furthermore, the H4,507 million. The members whose names appear Company are detailed below:
as beneficial owners as at the end of the business Pursuant to Section 129(3) of the Act, a statement
expanding ambit of private sector investments,
hours on Tuesday, 09 July 2024 (Record date) will be containing salient features of the Financial
coupled with escalating capacity utilisation rates (i) Tirupati Reels Private Limited (‘TRPL’)
eligible for receipt of dividend. Statements of each of the subsidiaries and Joint
and robust corporate balance sheets, augur well TRPL was incorporated as a Private Limited
Venture Company in the prescribed Form AOC-1 is
for heightened private sector participation in The dividend, if approved by the members will be Company on 21 January 2015 under the
set out in Annexure [A] to this report. The financial
investment ventures. Additionally, the enduring paid on or before 30 days from the date of Annual Companies Act, 2013. Its registered office is in
statements of the subsidiaries are available for
growth in capital expenditure allocation underscores General Meeting. New Delhi, India. TRPL is engaged, inter-alia,
inspection by the members at the registered
the government’s steadfast dedication to cultivating in the business of manufacturing, exporting,
The dividend recommendation is in accordance office of the Company pursuant to the provisions
productive assets, with infrastructure development importing, dealing and distributing reels,
with the Dividend Distribution Policy (“Policy”) of of Section 136 of the Act and also available on the
serving as its cornerstone. Given this confluence of drums, pallets, packaging material made of
the Company. The Policy is available on Company’s Company’s website and accessible through weblink.
favourable factors, India is firmly poised to realise wood/steel or any articles and its by-products.
its ambitions of ascending to the rank of the world’s website and is accessible through weblink.
third-largest economy by 2027.
196 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 197

Board’s Report

TRPL supplies cables packing drums to PIL. During the year under review, the financial During the year under review, the financial on 29 June 2023 and completed the acquisition
The Company holds 55% equity shares in performance of PULLC is as follows: performance of PSFPL is as follows: formalities thereby rendering Steel Matrix
TRPL. TRPL is market leader in the line of (H in million) (H in million)
a wholly-owned subsidiary of the Company.
manufacturing of Pinewood Reels in India for Sr. 31 March 31 March Sr. 31 March 31 March
The Company holds 100% equity shares in
Cable, Wire & Wire Ropes Industries since 1961. Particulars Particulars Steel Matrix.
No. 2024 2023 No. 2024 2023

During the year under review, the financial a. Income from operations 357.28 - a. Income from operations 78.92 24.44
5.3 Joint Venture: Techno Electromech Private
performance of TRPL is as follows: b. Profit/(Loss) before tax 3.04 (0.16) b. Profit before tax 0.89 0.37
Limited (Techno)
(H in million) c. Profit/(Loss) after tax 3.04 (0.16) c. Profit after tax 0.58 0.70
Techno was incorporated as a private limited
Sr. 31 March 31 March
Particulars company on 25 January 2011 at Vadodara under
No. 2024 2023 (iv) Polycab Electricals and Electronics Private (vii) Uniglobus Electricals and Electronics
the Companies Act, 1956. Its registered office is in
a. Income from operations 1,552.45 1387.10 Limited (‘PEEPL’) Private Limited (‘Uniglobus’)
Gujarat, India. Techno is involved in the business
b. Profit before tax 132.11 108.35 PEEPL was incorporated as a Private Limited Uniglobus was incorporated as a wholly-owned of, inter alia, manufacturing of light emitting
c. Profit after tax 97.44 83.73 Company on 19 March 2020 under the subsidiary on 24 March 2021. Its registered diodes, lighting and luminaires, and LED driver. The
Companies Act, 2013, having its registered office situated office is situated in Gujarat, India. Company holds 50% shares in Techno.
(ii) Dowells Cable Accessories Pvt. Ltd (‘Dowells’) in Maharashtra, India. PEEPL was incorporated Uniglobus is presently engaged in the business
with an objective of manufacturing and trading of trading and manufacturing of fast moving During the year under review, the financial
Dowells was incorporated as a Private Limited performance of Techno is as follows:
of wires & cables and Electricals and Electronics electricals and electronics goods. The Company
Company on 01 December 2015 under the
consumer products. PEEPL is yet to commence holds 100% equity shares in Uniglobus. (H in million)
Companies Act, 2013, having its registered
its business operation. The Company holds Sr. 31 March 31 March
office in Gujarat, India. Dowells is engaged, Uniglobus is a Research & Development center Particulars
100% equity shares in PEEPL. No. 2024 2023
inter-alia, in the business of manufacturing, for the Company’s FMEG segment and provides
a. Income from operations 2,320.82 1,949.00
designing, importing and exporting of innovative solutions for FMEG products
(v) Polycab Australia Pty. Limited (‘PAPL’) b. Profit/(Loss) before tax (36.45) (255.53)
soldering or other types of cable sockets for launched by the Company.
electrical wires, connectors, lugs, glands and Polycab Australia Pty. Ltd. was incorporated c. Profit/(Loss) after tax (36.45) (274.60)
as a wholly-owned subsidiary on 01 July 2020, During the year under review, the financial
accessories. The Company holds 60% equity
having its registered office is in Australia. PAPL performance of Uniglobus is as follows:
shares in Dowells. 5.4 
Amalgamation of Silvan Innovations Labs
is involved in a business of trading of electrical (H in million) Private Limited (‘Silvan’) with the Company
Dowells is a market leader in terminal cables and wires, optical fibre cables and Sr. 31 March 31 March
technology with accumulated experience in Particulars As mentioned in the previous Annual Report, the
consumer electrical goods. The Company holds No. 2024 2023
the line of manufacturing of cable terminals, Board of Directors of Company at its meeting held
100% equity shares in PAPL. a. Income from operations 1,555.84 695.36
connectors, cable glands, crimping system on 18 October 2022, subject to requisite approvals/
During the year under review, the financial b. Profit/(Loss) before tax (109.85) (44.67) consents, approved the Scheme of amalgamation
and accessories since 1961. Dowells is presently
performance of PAPL is as follows: c. Profit/(Loss) after tax (91.00) (37.49) of Silvan Innovation Labs Private Limited with
increasing its product range to include in- house
manufacturing of cable glands and capacity (H in million)
the Company and their respective shareholders
expansion of all types of lugs. Sr. 31 March 31 March
(viii) Steel Matrix Private Limited (‘Steel Matrix’) (“Scheme”) under the provisions of sections 230
Particulars to 232 and other applicable provisions of the
No. 2024 2023 Steel Matrix was incorporated as a Private
During the year under review, the financial Companies Act, 2013.
a. Income from operations 2,264.29 618.93 Limited Company on 11 November 2021 under
performance of Dowells is as follows:
b. Profit before tax 53.78 16.30 the Companies Act, 2013. Its registered office is The Scheme was made effective from 05 September
(H in million) in Gujarat, India. Steel Matrix was incorporated
c. Profit after tax 36.21 11.35 2023 upon receipt of approval from the Hon’ble
Sr.
Particulars
31 March 31 March with the objective of securing dependable National Company Law Tribunal, Ahmedabad
No. 2024 2023
supply of quality packing materials, improving Bench (“NCLT”) and such other statutory/
a. Income from operations 1,603.04 1,190.30 (vi) Polycab Support Force Private Limited
control over the supply chain and increase the Government authorities as directed by the NCLT.
(PSFPL)
b. Profit before tax 485.28 285.76 overall operating efficiencies. Steel Matrix is yet The appointed date of the Scheme was 1 April 2022
c. Profit after tax 362.23 213.29
Polycab Support Force Private Limited was to commence its business operations. and the entire assets and liabilities of Silvan had
incorporated as a wholly-owned subsidiary on
The Board of Directors at its meeting held on been transferred to and recorded by the Company
13 March 2021. Its registered office is situated
(iii) Polycab USA LLC (‘PULLC’) 12 May 2023 had approved the acquisition as per applicable accounting standards. Accordingly,
in Gujarat, India. PSFPL is engaged in the
PULLC was incorporated on 27 January 2020, of balance 25,000 equity shares (25%) of the amalgamation of Silvan with the Company
business of staffing solution. The objective of
as a Limited Liability Company. Its registered face value of H10 each held by Bootbhavani stands completed and Silvan ceased to be wholly
incorporating PSFPL is to provide manpower
office is situated in USA. PULLC was Fabricators in Steel Matrix Private Limited at owned subsidiary of the Company.
support to the Company and other group
incorporated with the objective of trading companies. PSFPL provides manpower to the a consideration of H2.50 Lakhs. Subsequently,
of wires & cables and electricals consumer the Company executed Share Purchase and 5.5 Associate
Company. The Company holds 100% equity
products in U.S.A Territory. The Company holds shares in PSFPL. Termination Agreement with Bootbhavani The Company does not have any Associate Company.
100% interest in PULLC. Fabricators and Steel Matrix Private Limited
198 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 199

Board’s Report

6. Directors and Key Managerial Personnel (c) 

Re-appointment of Mr. R. S. Sharma as offered himself for re-appointment. Based on to familiarise the Independent Directors with their
Independent Directors for second term performance evaluation and recommendation roles, rights and responsibilities, strategy planning,
(‘KMPs’): of Nomination and Remuneration Committee, manufacturing process, subsidiaries business
The Nomination and Remuneration Committee
6.1 Re-appointment of Mr. Inder T. Jaisinghani the Board of Direc tors recommends his strategy, amendments in law, Company’s codes
(‘NRC’) inter-alia, on the basis of performance
as Managing Director re-appointment as Executive Director of the and policies, environmental aspects, CSR site
evaluation of Mr. R. S. Sharma (DIN: 00013208)
Company, liable to retire by rotation. visit, nature of the industry in which the Company
Mr. Inder T. Jaisinghani (DIN: 00309108) was and taking into account the knowledge,
operates, ESG goals/targets, amongst others.
re-appointed as Managing Director by the members experience, substantial contribution made
6.5 Meetings of the Board of Directors
of the Company at the 23 Annual General Meeting by him during his tenure and his willingness The details of the familiarisation programme
held on 26 June 2019 for a period of 5 (Five) years to be re-appointed as an Independent The meetings of the Board and its Committees conducted during the financial year under review
commencing from 28 August 2019 to 27 August 2024. Director for further period of 2 years, the are held regularly to review, discuss deliberate are explained in the Corporate Governance Report.
members re-appointed him for a further and decide on various business, strategies, risk The same is available on the Company’s website and
The tenure of Mr. Inder T. Jaisinghani (DIN: 00309108) management, audit and assurances governance
period of 2 consecutive years commencing are accessible through weblink.
as Managing Director would lapse on 27 August 2024 policies, financial matters and other matters as
from 20 September 2023 to 19 September 2025
and is being eligible for re-appointment. The Board proposed by the Chairman or Member(s) of the
(both days inclusive). 6.8 Separate Meeting of Independent Directors
of Directors on the basis of recommendation of Board/Committee from time to time. The schedule
Nomination and Remuneration Committee (‘NRC’) Subsequently, the members approved the During the year, the Independent Directors met
of the Board/Committee meetings is proposed and
has proposed the re-appointment of Mr. Inder T. aforesaid appointment(s) and re-appointments thrice i.e. 18 January 2024 (twice in a day) and
approved a year in advance thus ensuring cent
Jaisinghani as Managing Director for a further as stated under S.no. (a), (b) and (c) vide special 13 February 2024 inter alia to discuss the matters
percent attendance and effective participation at
period of 5 consecutive years commencing from resolution passed at the 27th Annual General arising out of the agenda of the Board and Board
the meetings.
28 August 2024 to 27 August 2029 (both days inclusive) Meeting held on 30 June 2023. committees, Company’s performance, operations
subject to approval of members of the Company at During the year, 5 Board meetings were convened and other critical matters. The Independent
the ensuing 28th Annual General Meeting. Necessary (d) Cessation of Director and held, the details of which are given in the Report Directors identified areas where they needed
resolution along with explanatory statement seeking on Corporate Governance, which forms part of clarity or information from the Management and
Mr. Pradeep Poddar completed his term
re-appointment and remuneration payable to Mr. Inder the Annual Report. The gap between two board conducted independent discussions and deliberation
of service as Independent Director on
T. Jaisinghani as Managing Director Managing Director meetings did not exceed 120 days as per Section without the presence of the Management Team. At
19 September 2023 and ceased to be an
forms part of the AGM Notice. 173 of the Act. The directors had attended all the the recommendation of Independent Directors, an
Independent Director of the Company owing
meetings of the Board and its Committees held independent third-party review was conducted on
to efflux of time.
6.2. Appointment, Re-appointment and during the financial year 2023-24. The composition certain aspects related to the income tax search. As
Cessation as Directors: of the Board and other details relating to the on the date of issuance of this report, the Company
6.3 Key Managerial Personnel (KMP)
Meetings of the Board & its Committee(s) have has not received any written communication from
(a) Appointment of Mr. Bhaskar Sharma as The following are the Whole-time Key Managerial been provided in the Corporate Governance Report. the department regarding the outcome of the
Independent Director Personnel of the Company pursuant to Sections search. The Independent Directors also met the
2(51) and 203 of the Companies Act, 2013 read with 6.6 Declaration by Independent Directors Statutory Auditors, Internal Auditors and Secretarial
On the recommendation of the Nomination
the Companies (Appointment and Remuneration of Auditors of the Company without the presence of
and Remuneration Committee and considering The Independent Directors have confirmed that
Managerial Personnel) Rules, 2014: the Management/Executive Directors on scope,
expertise, knowledge, experience and skills there had been no change in the circumstances
of Mr. Bhaskar Sharma (DIN:02871367), the affecting their status as Independent Directors of performance, and effectiveness of audit process
Name Designation Date of Appointment
Members had appointed him as an Independent the Company and that they continue to be qualified and issues if any faced during the audit process.
Mr. Inder T. Chairman & 20 December 1997
Director for a first term of 3 consecutive years Jaisinghani Managing Director to be appointed as Independent Directors under the
commencing from 12 May 2023 to 11 May 2026 provisions of the Act and the relevant regulations. 6.9 Board Performance Evaluation
Mr. Gandharv Executive Director 31 May 2020 (CFO)
(both days inclusive), at 27th AGM held on Tongia & CFO 19 January 2023 The Independent Directors had submitted their Pursuant to the provisions of the Act and Listing
30 June 2023. (ED & CFO) disclosures to the Board that they fulfil the Regulations, the Board at its meeting held on
Ms. Manita Company 24 January 2021 requirements as stipulated under Section 149(6) of 10 May 2024, had conducted annual performance
(b) Re-appointment of Mr. T. P. Ostwal as Carmen A. Secretary & Vice the Act and Regulation 25(8) of Listing Regulations evaluation of its own performance, the Directors
Independent Directors for second term Gonsalves President – Legal and declaration under Rule 6(3) of the Companies individually as well as the evaluation of the working
The Nomination and Remuneration Committee (Appointment and Qualification of Directors) Rules, of its Audit, Nomination & Remuneration and other
There has been no change in the KMPs of the
(‘NRC’) inter-alia, on the basis of performance 2014 confirming compliance with Rule 6(1) and (2) of Committees. The process of performance evaluation
Company over the past three financial years
evaluation of Mr. T. P. Ostwal (DIN:00821268) the said Rules that their names are registered in the is conducted through structured questionnaires
including the year under review.
and taking into account the knowledge, databank as maintained by the Indian Institute of which cover various aspects of the Board’s
experience, substantial contribution made by Corporate Affairs (“IICA”). functioning such as adequacy of the composition of
6.4 Directors retiring by rotation
him during his tenure and his willingness to the Board and its Committees, Member’s strengths
In accordance with the provisions of Section 6.7 Familiarisation Programme and contribution, execution and performance
be re-appointed as an Independent Director,
152 and other applicable provisions, if any, of of specific duties, obligations and governance.
the members re-appointed as an Independent In compliance with the requirements of Listing
the Act and the Articles of Association of the The details of performance evaluation have been
Director for a further period of 5 consecutive Regulations, the Company has put in place a
Company, Mr. Nikhil R. Jaisinghani (DIN: 00742771) mentioned in the Corporate Governance Report.
years commencing from 20 September 2023 framework for Directors’ Familiarisation Programme
is liable to retire by rotation at the ensuing
to 19 September 2028 (both days inclusive) at
Annual General Meeting and being eligible has
27th AGM held on 30 June 2023.
200 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 201

Board’s Report

6.10 Committees of the Board b. the Directors had selected such accounting 7.2 Cost Auditors of the Company’s ESG Framework, establishing
policies and applied them consistently and ESG Management Systems, and governance of
The Company has duly constituted the following The Board of Directors on the recommendation of
made judgments and estimates that are ESG matters hence in accordance thereto the
mandatory Committees in terms of the provisions of the Audit Committee, appointed R. Nanabhoy &
reasonable and prudent so as to give a true and nomenclature of the Committee was changed to
the Act & Listing Regulations read with rules framed Co., Cost Accountants (Firm Registration Number
fair view of the state of affairs of the Company CSR & ESG Committee.
thereunder viz. 000010), as the Cost Auditors of the Company for
as on 31 March 2024 and of the profit of the
a. Audit Committee: the Financial Year 2024-25 under Section 148 of The CSR Obligation for the financial year 2023-24
Company for the year ended as on that date;
the Companies Act, 2013. R. Nanabhoy & Co., Cost was H257.44 million and the Company had spent
b. Nomination and Remuneration Committee;
c. the Directors had taken proper and sufficient Auditors have confirmed that their appointment H259.01 million for carrying out the CSR projects.
c. Stakeholders’ Relationship Committee; care for the maintenance of adequate is within the limits of Section 141(3)(g) of the
The Annual Report on CSR is set out in Annexure [C]
d. 
Corporate Social Responsibility & ESG accounting records in accordance with the Companies Act, 2013 and have also certified that
to this report. The CSR Policy is available on the
Committee; and provisions of Act, for safeguarding the assets of they are free from any disqualifications specified
Company’s website and accessible through weblink.
e. Risk Management Committee. the Company and for preventing and detecting under section 141(3) and proviso to Section 148(3)
fraud and other irregularities; read with section 141(4) of the Companies Act, 2013.
The Composition of all above Committees, number CSR Impact Assessment Report
of meetings held during the year under review, brief d. 
the Directors have prepared the annual As per the provisions of the Companies Act, 2013, In terms of the provisions of Rule 8(3)(a) of the
terms of reference and other details have been accounts on a going concern basis; the remuneration payable to the Cost Auditors Companies (Corporate Social Responsibility Policy)
provided in the Corporate Governance Report are required to be placed before the members in a Rules, 2014 (‘Rules’), every company having average
e. the Directors had laid down internal financial
which forms part of this Annual Report. All the General Meeting for their ratification. Accordingly, CSR obligation of H10 crore or more in pursuance
controls to be followed by the Company and
recommendations made by the Committees were a resolution seeking members’ ratification for the of subsection (5) of section 135 of the Act, in the
such internal financial controls are adequate
accepted by the Board. remuneration payable to R. Nanabhoy & Co., Cost three immediately preceding financial years,
and are operating effectively; and
Auditors forms part of the AGM Notice. shall undertake impact assessment, through an
Audit Committee f. the Directors had devised proper systems to independent agency, of their CSR projects having
ensure compliance with the provisions of all 7.3 Secretarial Auditors outlays of one crore rupees or more, and which
The Audit committee of the Board of Directors of the
applicable laws and that such systems are Pursuant to the provisions of Section 204 of the have been completed not less than one year before
Company comprises of 4 (Four) members namely:
adequate and operating effectively. Act read with the Companies (Appointment and undertaking the impact study.
Sr. Name of the
Category Designation Remuneration of Managerial Personnel) Rules,
In view of the above, the Board of Directors at its
No. Director
7. Auditors and their Report 2014, BNP & Associates, Company Secretaries,
meeting held on 12 May 2023 had appointed MMJC
i. Mr. T. P. Ostwal Independent Director Chairman (Firm Registration No.: P2014MH037400), were
& Member 7.1 Statutory Auditors Consultancy LLP for undertaking CSR Impact
appointed as the Secretarial Auditors of the
ii. Mr. R. S. Sharma Independent Director Member Assessment of the completed projects having
B S R & Co. LLP, Chartered Accountants, (Firm Company to conduct the Secretarial Audit for the
outlays of H1.00 crore or more commencing from
iii. Mr. Inder T. Managing Director Member Registration No.: 101248W/W-100022), were financial year ended 31 March 2024.
Jaisinghani (Non-Independent) Financial Year 2020-21 upto 2022-23. The CSR
appointed as the Statutory Auditors of the
The Secretarial Audit Report (MR-3) for the Impact Assessment report received from MMJC
iv. Mrs. Sutapa Independent Director Member Company at the 23 rd Annual General Meeting
Banerjee
Financial Year ended 31 March 2024, is set out Consultancy LLP is available on the Company’s
of the Company held on 26 June 2019, for a term
in Annexure [B] to this report. The Secretarial website and are accessible through weblink.
of 5 consecutive years commencing from the

The Committee comprises of majority of Audit Report does not contain any qualification,
conclusion of 23rd Annual General Meeting till the
Independent Directors. reservation or adverse remark or disclaimer. 8. Risk Management
conclusion of 28th Annual General Meeting to be

During the year under review, all the held for financial year 2023-24. Further, they have 
Fur ther, the Board of Direc tors on the The Company has in place a mechanism to identify,
recommendations made by the Audit Committee confirmed their eligibility under Section 141 of the recommendation of the Audit Committee had assess, monitor, and mitigate various risks to
were accepted by the Board. Act and the Rules framed thereunder. As required re-appointed BNP & Associates as Secretarial key business objectives. Major risks identified by
under Listing Regulations, the Auditors have also Auditors of the Company to conduct Secretarial the businesses and functions are systematically
6.11 Directors’ Responsibility Statement (‘DRS’) confirmed that they hold a valid certificate issued by Audit for the financial year ending 31 March 2025. addressed through mitigating actions on a
In addition to the certificate received under the Peer Review Board of the Institute of Chartered continuing basis.
Regulation 17(8) of the Listing Regulations, the Accountants of India. The Auditors’ Report on 7.4 
Corporate Social Responsibility (CSR) &
The Company’s internal control encompasses various
Director Responsibility Statement was also placed Standalone and Consolidated Financial Statements Environment Social & Governance (ESG)
management systems, structures of organisation,
before the Audit Committee. The Audit Committee for the financial year 2023-24 issued by B S R & Co. As per the requirements of Section 135 of the standard and code of conduct which all put
reviewed and confirmed the said DRS. LLP Chartered Accountants, does not contain any Act pertaining to Corporate Social Responsibility together help in managing the risks associated with
qualification, observation, disclaimer, reservation, (“CSR”) the Company has duly constituted a
Thereafter the DRS was placed before the Board the Company. With a view to ensure the internal
or adverse remark. Furthermore, the Company has Corporate Social Responsibility Committee (“CSR
of Directors. Accordingly, the Board of Directors control systems are meeting the required standards,
obtained a certificate on Corporate Governance from Committee”).
hereby state that: the same are reviewed at periodical intervals. If
B S R & Co. LLP, Chartered Accountants, certifying
The Board had at its Meeting held on 12 May 2023 any weaknesses are identified in the process of
a. in the preparation of the annual accounts for the compliances with the applicable clauses
approved amending the terms of reference of review the same are addressed to strengthen the
the financial year ended 31 March 2024, the of Corporate Governance as stipulated under
the CSR Committee to include expectations and internal controls which are also in turn reviewed at
applicable accounting standards had been Listing Regulations.
requirements surrounding ESG such as adequacy frequent intervals.
followed and there were no material departures;
202 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 203

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The key attributes of Risk Management Framework Further, all transactions with related parties part of this Annual Report. The Nomination The LTIP comprises Employee Stock Option Plans
of the Company are: during the year were on arm’s length basis and in and Remuneration Policy including criteria for (ESOPs), performance-based cash payouts as well
the ordinary course of business. The details of the determining qualifications, positive attributes, as monetary support towards skill development for
(i) A well-defined risk management policy;
material related‑party transactions entered into independence of a Director and other matters eligible employees, currently rolled out for a 5-year
(ii) Periodic assessment and prioritisation of risks during the year as per the policy on RPTs approved provided u/s 178(3) of the Act is available on the duration from May 2023 to May 2028.
that affect the business of the Company; by the Board have been reported in Form no. AOC-2 Company’s website and accessible through weblink.
is set out in Annexure [D] to this report. 17. Credit Ratings
(iii) 
D evelopment and deployment of risk
mitigation plans; 14. Policy on Board Diversity During the year under review, the credit ratings of
11. Annual Return In compliance with the Listing Regulations, the the Company for Bank Facilities as follows:
(iv) Focus on both the results and efforts required
The Annual Return of the Company as on 31 March Company has formulated the policy on diversity of
to mitigate the risks; Particulars CRISIL India Rating
2024, in form MGT-7 in accordance with Section 92(3) Board of Directors.
(v) Defined review and monitoring mechanism of of the Act read with the Companies (Management a. Total Bank H5,000 crore H5,000 crore
The Company recognises the benefits of having Facilities
risk registers; and Administration) Rules, 2014 is available on
a diverse Board and sees increasing diversity at Rated
Company’s website and accessible through weblink.
(vi) Presentations by the risk owners at the Risk Board level as an essential element in maintaining b. Long Term CRISIL AA+/ IND AA+/Rating
Management Committee Meeting. a competitive advantage. The Company believes Ratings Positive watch with Negative
12. Particulars of Employees that a truly diverse Board will leverage differences (Reaffirmed) Implication
The Company, through its risk management process,
Disclosure pertaining to remuneration and other in thought, perspective, knowledge, skill, regional c. Short term CRISIL A1+ IND A1+/Rating
aims to contain the risks within its risk appetite. Ratings (Reaffirmed) watch with Negative
details as required under Section 197(12) read with and industry experience, cultural and geographical
There are no risks which in the opinion of the Board Implication
Rule 5(1) of the Companies (Appointment and background, age, race and gender, which will ensure
threaten the existence of the Company. However,
Remuneration of Managerial Personnel) Rules, 2014 that the Company retains its competitive advantage. d. Date of 03 August 2023 18 January 2024
some of the risks which may pose challenges are rating
is set out in Annexure [E] to this report.
set out in the Management Discussion and Analysis
which forms part of this Annual Report. In accordance with the provisions of Sections 15. Employees Stock Option Schemes
197(12) & 136(1) of the Act read with the Companies (ESOP) 18. 
Conservation of Energy, Technology
The Risk Management Policy is available on
(Appointment and Remuneration of Managerial The Company has following ESOP Schemes: Absorption and Foreign Exchange
the Company’s website and are accessible
Personnel) Rules, 2014, the list pertaining to the Earnings and Outgo
through weblink. (a) Polycab Employee Stock Option Performance
names and other particulars of employees drawing
Scheme 2018; and The information on conservation of energy,
remuneration in excess of the limits as prescribed
9. Particulars of Loan Given, Investments technology absorption and foreign exchange
under Rule 5(2) of the Companies (Appointment and (b) 
Polycab Employee Stock Option Privilege earnings and outgo stipulated under Section 134(3)
made, Guarantee Given and Securities Remuneration of Managerial Personnel) Rules, 2014 Scheme 2018. (m) of the Act read with Rule 8 of the Companies
provided under Section 186 of the Act. is available on Company’s website and accessible
During financial year 2023-24, there had been no (Accounts) Rules, 2014 is set out in Annexure [F] – to
through weblink.
Particulars of the loans given, investments made or change in the Employee Stock Option Schemes of this report.
guarantees given covered under the provisions of the Company. The ESOP Scheme(s) is in compliance
Section 186 of the Act, are provided in the Note No. 13. Company’s Policy on Appointment and with SEBI (Share Based Employee Benefits and 19. Research and Development
36 (D,E & F) of the Standalone Financial Statements. Remuneration of Directors Sweat Equity) Regulations, 2021 (‘the SBEB During the year under review, the Research &
The Company has in place a Nomination and Regulations’). Development activities carried out by the Company
10. Particulars of Contracts or Remuneration Policy with respect to appointment
Further, the Company has obtained a certificate from is set out in Annexure [G] to this report.
Arrangements with Related Parties and remuneration of Directors, Key Managerial
BNP & Associates, Company Secretaries, Secretarial
Personnel and Senior Management Personnel. The
The Company has formulated a Policy on Related
appointment of Directors on the Board is subject
Auditors of the Company under Regulation 13 of 20. 
Details of Establishment of Vigil
party transactions which is available on the website SBEB Regulations stating that the scheme(s) has Mechanism for Directors and Employees
to the recommendation of the Nomination and
of the Company and accessible through weblink. been implemented in accordance with the SBEB
Remuneration Committee (NRC). Based on the The Company is committed to highest standards
This policy deals with the review and approval of Regulations is available on the Company’s website
recommendation of the NRC, the remuneration of of ethical, moral, compliance and legal conduct of
related party transactions. The Board of Directors and accessible through weblink.
Executive Director is proposed, in accordance with its business. In order to ensure that the activities of
of the Company has approved the criteria to grant
the provisions of the Act which comprises of basic Further, the disclosure under Regulation 14 of SBEB the Company and its employees are conducted in a
omnibus approval by the Audit Committee within
salary, perquisites, allowances and commission, for Regulations is also available on the Company’s fair and transparent manner by adoption of highest
the overall framework of the policy on related
approval of the members. Further, based on the website and accessible through weblink. standard of responsibility, professionalism, honesty
party transactions. All related party transactions
recommendation of the Board, the remuneration of and integrity, the Company has Whistle Blower
are placed before the Audit Committee for review
Non-Executive Directors for increased commission 16. Long Term Incentive Plan Policy in compliance with the provisions of Section
and approval. Prior omnibus approval is obtained for
in accordance with the provisions of Act is proposed 177 (9) and (10) of the Act and Regulation 22 of the
related party transactions which are of repetitive The Company rolled out a Long-Term Incentive Plan
for approval of the members. Listing Regulations and encourages complaints/
nature. The related party transactions for the (LTIP) to incentivise high performers, who through
grievances to be registered at designated e-mail id:
financial year are insignificant in Commensurate The salient features of the Nomination and their skills and performance have played a vital role
speakup@polycab.com.
with the turnover of the Company. Remuneration Policy of the Company are outlined in the success of the Company and are considered
in the Corporate Governance Report which forms core drivers for the future growth of the Company.
204 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 205

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The Audit Committee of the Company oversees vigil Redressal) Act, 2013 (POSH Act). This policy applies 24. Corporate Governance Report A detailed Management Discussion and Analysis
mechanism process of the Company pursuant to the to all employees full-time, part-time, trainees and forms an integral part of this report and gives an
Corporate Governance Report along with a
provisions of the Act. The Chairman of the Audit those on contractual employment of the Company update, inter alia, on the following matters:
certificate from the Statutory Auditors of the
Committee has direct access to the designated at their workplace and to the employees of its (i) Industry structure and developments;
Company confirming corporate governance
e-mail id: speakup@polycab.com for receiving the business associates (“associated parties”) who visit
requirements as stipulated under Regulation 27 of (ii) Opportunities and Threats;
Complaints under Whistle Blower Policy. workplace for official duties.
Listing Regulations forms part of report. (iii) Segment–wise or product-wise performance;
During the year under review 8 complaints were During the year under review, no complaints were
(iv) Outlook;
received out of which 7 were resolved and 1 was received under the POSH Act. To build awareness 25. Environmental, Social and Governance
under investigation as on 31 March 2024. Summary in this area, the Company has been conducting (v) Risks and concerns;
of the findings along with closure report were placed induction/refresher programmes in the organisation
(ESG) and Business Responsibility and (vi) Internal control systems and their adequacy;
before the Audit Committee for their noting. on a continuous basis. During the year, the Company Sustainability Report (vii) Human Resources;
organised online training sessions on the topics of As a responsible corporate citizen, the Company
During the year the Company had organised online (viii) 
Details of significant changes in key
POSH for the employees. is acutely aware of its environmental and societal
training sessions for employees to build awareness financial ratios.
responsibilities. The Company firmly embraces the
in the respective area.
22. Compliance Management conviction that the integration and adherence
The Whistle Blower Policy is available on the to Environmental, Social and Governance 27. Material Changes and Commitments, if
The Company has in place a Compliance Tool for
Company’s website and are accessible through
tracking the compliances of all applicable laws.
(ESG) principles within business operations are any, post Balance Sheet date
weblink. paramount in fostering resilience, nurturing No material changes and commitments have
System generated reminders are sent to the
an inclusive culture, and generating enduring occurred between end of the financial year of the
concerned function responsible for the Compliance
21. 
Disclosures under Sexual Harassment value for all stakeholders. Sustainability lies at Company to which the financial statements relate
activity. Compliance reports are being generated
the core of business philosophy. The Company’s and the date of this report which may affect the
of Women at Workplace (Prevention, on monthly basis and the same is shared with the
sustainability strategy comprehensively addresses
management for taking necessary actions, if any. financial position of the Company.
Prohibition & Redressal) Act, 2013 key ESG factors that exert significant influence
The Company has in place a Policy on Prevention The Board of Directors reviews the compliance over our business operations and stakeholders.
of Sexual Harassment at Workplace in line with certificates pertaining to all laws applicable to the The Company meticulously assess opportunities
28. Adequacy of Internal Financial Controls
the requirements of the Sexual Harassment of Company as well as steps taken by the Company to and risks, formulating both short-term and The policies and procedures adopted by the
Women at Workplace (Prevention, Prohibition and rectify instances of non-compliances. Compliances long-term strategies to ensure the sustainable Company for ensuring the orderly and efficient
Redressal) Act, 2013. The Company has constituted and completeness of tool is reviewed on quarterly growth of our organisation. By embracing conduct of its business, including adherence to
Internal Committees under the Sexual Harassment basis as a part of the Internal Audit Process by Ernst sustainable development and going beyond Company’s policies, the safeguarding of its assets,
of Women at Workplace (Prevention, Prohibition and and Young LLP, Internal Auditors of the Company. minimum information disclosure requirements and the prevention and detection of frauds and errors,
regulatory compliance – we aim to deliver value the accuracy and completeness of the accounting
to our employees, customers, suppliers, partners, records, and the timely preparation of reliable
23. Investor Education and Protection Fund shareholders and society as a whole. The Company financial information.
During the year under review, there is no amount which is required to be transferred to the Investors Education has developed a robust ESG framework that will The Audit Committee also periodically reviews
and Protection Fund as per the provisions of Section 125(2) of the Act. align the Company to the best global standards the adequacy and effectiveness of internal
However, pursuant to Section 124 (5) of the Act, the unpaid dividends that will be due for transfer to the Investor and serve as a guide for the implementation of control systems and provides guidance for further
Education and Protection Fund are as follows: sustainable business practices. strengthening them.
Business Responsibility and Sustainability Report During the year under review, no material
Type and year of Dividend Date of Declaration % of Dividend Unclaimed Dividend Amount as Due for transfer
declared/Paid of Dividend Declared to face value on 31 March 2024 (Amount in K) to IEPF for the financial year under review, as stipulated observation has been made by the Internal Auditor
Final Dividend 2018-19 26 June 2019 30% 1,32,798 01 August 2026 under Regulation 34(2)(f) of Listing Regulations is or Statutory Auditors of the Company in relation to
presented in a separate section forming part of the the efficiency and effectiveness of such controls.
Interim Dividend 2019-20 03 March 2020 70% 6,86,644 09 April 2027
Annual Report along with reasonable assurance
Dividend 2020-21 21 July 2021 100% 3,05,791 26 August 2028
report of the BRSR Core and Global Reporting
Dividend 2021-22 29 June 2022 140% 3,88,407 04 August 2029 Initiative (GRI) Standards 2021 carried out by KPMG
29. Investor Relations (IR)
Dividend 2022-23 30 June 2023 200% 5,21,447 05 August 2030 Assurance and Consulting Services LLP. In compliance with Regulation 46 of the Listing
Regulations, the Company promptly disseminates
The details of the unclaimed/unpaid dividend as required under the Act read with Investor Education and press releases and presentations regarding
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (hereinafter referred to as
26. 
Management Discussion and Analysis its performance on its website for the benefit
“IEPF Rules”) for all the unclaimed/unpaid dividend accounts outstanding (drawn up to the Twenty Eighth Report of investors, analysts, and other shareholders
Annual General Meeting held on 16 July 2024) have been uploaded on the Company website and accessible The Management Discussion and Analysis Report immediately following the communication of
through weblink. The members of the Company, who have not yet encashed their dividend warrant(s) or those for the financial year under review, as stipulated financial results to the Stock Exchanges. Additionally,
who have not claimed their dividend amounts, may write to the Company’s Registrar and Share Transfer Agent under Regulation 34(2)(e) of Listing Regulations is the Company publishes quarterly financial results in
i.e. Kfin Technologies Limited at einward.ris@kfintech.com. presented in a separate section forming part of the prominent business newspapers and on its website.
Integrated Annual Report.
206 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 207

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Moreover, the Company conducts an investor call, to take well informed decisions and have a better (d) raising of funds through preferential allotment 35. Cautionary Statement
following the declaration of financial results, to offer understanding of the Company’s long term or qualified institutions placement;
Statements in the Annual Report, including those
insights into its performance. This call, attended perspective. The report also touches upon aspects (e) significant or material order passed by the which relate to Management Discussion and
by the Chairman & Managing Director, Executive such as organisation’s strategy, governance Regulators or Courts or Tribunals which impact Analysis describing the Company’s objectives,
Director & CFO, and the Head of Investor Relations, framework, performance and prospects of value the going concern status and Company’s projections, estimates and expectations, may
is promptly transcribed, and audio recording is made creation intellectual capital, human capital, social operations in future; constitute ‘forward looking statements’ within
available on the Company’s website. capital and natural capital.
(f) 
pendency of any proceeding against the meaning of applicable laws and regulations.
Furthermore, the Company maintains regular the Company under the Insolvency and Although the expectations are based on reasonable
communication channels with investors via email, 32. 
Secretarial Standards Issued by the Bankruptcy Code, 2016; assumptions, the actual results might differ.
telephone, and face-to-face meetings, including Institute of Company Secretaries of (g) instance of one-time settlement with any bank
investor conferences, one-on-one meetings, India (ICSI) or financial institution; 36. Acknowledgment
and roadshows.
The Company has followed the applicable Secretarial (h) fraud reported by Statutory Auditors; and The Directors would like to place on record their
Recognising the importance of transparent Standards, with respect to meetings of the Board of (i) change of nature of business. sincere appreciation to its customers, vendors,
communication, the Company ensures that material Directors (SS-1) and General Meetings (SS-2) issued dealers, suppliers, investors, business associates,
developments related to the Company, which could by the Institute of Company Secretaries of India. bankers, Government Authorities for their continued
potentially impact its stock price, are disclosed to support during the year.
stock exchanges in accordance with the Company’s 33. Events The Directors truly appreciates the contribution
Policy for Determination of Materiality of events
The Income-Tax authorities (‘the department’) had made by employees at all levels for their hard work,
or Information. The Company adheres to a policy
conducted search activity during the month of solidarity, co-operation and support.
of not selectively disclosing unpublished price-
December 2023 at some of the premises, plants and
sensitive information
residences of few of the employees of the Company.
Please refer to the section on “Analyst/Institutional The Company extended full cooperation to the
Investors Presentation” in the Corporate Governance Income­tax officials during the search and provided For and on behalf of the Board of Directors of
section for details of number of Investor/Analyst required details, clarifications and documents. As on Polycab India Limited
Interactions held during the year. date of this report, the Company has not received
any written communication from the department.
30. 
Occupational Health, Safety and Further, a cyber security incident occurred in Inder T. Jaisinghani
Environment (OHSE) March 2024 wherein the Company’s IT infrastructure Place: Mumbai Chairman & Managing Director
was targeted by a ransomware attack. However, the Date: 10 May 2024 DIN: 00309108
The Company has in place OHSE Policy to protect
the environment and provide safer and healthy incident has not impacted the core systems and
working conditions for all stakeholders of the operations of the Company.
Company. Various annual events like Road Safety
Week, National Safety Day/Month and Fire Service 34. General
Week were celebrated to advocate health and safety During the year, there were no transaction requiring
as one of the primary focus areas of the Company. disclosure or reporting in respect of matters
The training programs were leveraged with new relating to:
topics followed by on-the-job training (OJT) and
(a) details relating to deposits covered under
virtual reality (V.R.) programs for competency
Chapter V of the Act;
building were deployed to train all stakeholders of
the Company. (b) issue of equity shares with differential rights as
to Dividend, voting or otherwise;
31. Integrated Report (c) issue of shares (including sweat equity shares)
to employees of the Company under any
The Company has voluntarily provided Integrated
scheme, save and except Employee Stock
Report, which encompasses both financial and
Options Schemes referred to in this report;
non-financial information to enable the members
208 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 209

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Annexure (A) to Board's Report (b) Joint Ventures

Form AOC-1 Name of Joint Ventures TEPL
Statement containing salient features of the Financial Statement of Subsidiaries/Associate companies/Joint ventures Latest audited Balance Sheet Date 31 March 2024
Shares of Joint Ventures held by the company on the year end
Pursuant to first proviso to sub-section (3) of section 129 read with Companies (Accounts) Rules, 2014)
Number of shares Number 4,040,000
(a) Summary financial information of Subsidiary Companies Amount of Investment in Joint Ventures* H in million 105.20
(H in million) Extend of Holding % % 50%
Particulars TRPL Dowells PEEPL PAPL Description of how there is significant influence Through shareholding
Reporting Currency INR INR INR INR Reason why the Joint Venture is not consolidated Not applicable as the financials
Exchange Rate NA NA NA NA NA NA NA NA of this entity is consolidated in
Financial year 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
the Company’s Consolidated
Financials using Equity method
Share Capital 60.00 60.00 90.00 90.00 1.00 1.00 11.66 11.66
Networth attributable to Shareholding as per latest audited Balance Sheet H in million (113.42 )
Reserves & surplus 378.00 280.92 817.87 455.64 (0.07) (0.04) 62.75 23.52
Profit/Loss for the year H in million (35.94 )
Total Assets 1,317.31 864.89 1,060.33 601.09 0.94 0.97 357.87 667.28
Considered in Consolidation H in million -
Total Liabilities 879.31 523.97 152.45 55.45 0.01 0.01 283.46 632.09
Not Considered in Consolidation H in million (35.94 )
Investments 38.09 - 149.63 - - - - -
Turnover 1,552.45 1,387.10 1,603.04 1,190.30 - - 2,264.29 618.93 * The above investment in Joint venture of H105 million is impaired in the books and carrying value as of 31 March 2024 is Nil.

Profit before tax 132.11 108.35 485.28 285.76 (0.03) (0.03) 53.78 16.30
Provision for taxation 34.67 24.61 123.05 72.48 - - 17.57 4.95
For and on Behalf of the Board of Directors of
Profit after taxation 97.44 83.73 362.23 213.29 (0.03) (0.03) 36.21 11.35 Polycab India Limited
Proposed Dividend - - - - - - - -
% of shareholding 55% 55% 60% 60% 100% 100% 100% 100%
Inder T. Jaisinghani
(H in million) Place: Mumbai Chairman & Managing Director
Particulars Uniglobus Steel Matrix PSFPL Polycab USA Date: 10 May 2024 DIN: 00309108
Reporting Currency INR INR INR INR
Exchange Rate NA NA NA NA NA NA NA NA
Financial year 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23 2023-24 2022-23
Share Capital 90.00 90.00 1.00 1.00 2.60 2.60 - -
Reserves & surplus (152.17 ) (61.16) (0.08) (0.04) (0.09) (1.00) (20.24) (0.16)
Total Assets 1,400.93 714.03 0.93 0.97 26.34 15.59 4,410.66 90.44
Total Liabilities 1,463.10 685.19 0.01 0.01 23.83 13.99 4,430.90 90.60
Investments - - - - - - - -
Turnover 1,555.84 695.36 - - 78.92 24.44 357.28 -
Profit before tax (109.85) (44.67) (0.05) (0.03) 0.89 0.37 3.04 (0.16)
Provision for taxation (18.85) (7.18) - - 0.31 (0.34) - -
Profit after taxation (91.00) (37.49) (0.05) (0.03) 0.58 0.70 3.04 (0.16)
Proposed Dividend - - - - - - - -
% of shareholding 100% 100% 100% 75% 100% 100% 100% 100%

Subsidiaries which are yet to commence operations:

Polycab Electricals & Electronics Private Limited (PEEPL)
Steel Matrix Private limited (Steel Matrix)
210 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 211

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Annexure (B) to Board’s Report 1.2 During the audit period, and also considering the (a) The Electrical Wires, Cables, Appliances and
compliance related actions taken by the Company Protection Devices and Accessories (Quality
FORM MR-3
after 31 March 2024 but before the date of issue Control) Order, 2003 (the ‘Quality Control
SECRETARIAL AUDIT REPORT of this report, the Company has, to the best of our Order’) and the BIS Standards Related with
For the financial year ended 31 March 2024 knowledge and belief and based on the records, Manufacturer of Wires and the Bureau of
information, explanations and representations Indian Standards (Certification) Regulations,
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule.9 of the Companies (Appointment and Remuneration
furnished to us: 1988 and any rules, notifications, guidelines
of Managerial Personnel) Rules, 2014]
and all other applicable laws.
i. Complied with all applicable provisions of the
To, maintained by the Company during the year in aforesaid Acts, Rules, Regulations, Guidelines (ii) BASEC PCR, BS Standard, Fire Prevention and
The Members, terms of the applicable provisions/clauses of: and Standards as mentioned above. Life Safety Measures Act
Polycab India Limited ii. 
Complied with the applicable provisions/ (iii) The Trademarks Act, 1999.
(i) The Companies Act, 2013 (‘the Act’) and the
We have conducted the Secretarial Audit of the Rules made thereunder; clauses of:
compliance of applicable statutory provisions and the (a) 
The Act and rules mentioned under 2. Board processes of the Company:
(ii) Securities Contracts (Regulation) Act, 1956 and
adherence to good corporate practices by Polycab paragraph 1.1 (i); and We further report that:
the Rules made thereunder;
India Limited having CIN: L31300GJ1996PLC114183 (b) The Secretarial Standards on meetings
(hereinafter called ‘the Company’/‘Company’) for (iii) The Depositories Act, 1996 and the Regulations 2.1 The Board of Directors of Company as on 31 March
of the Board of Directors (SS-1) and
the audit period covering the financial year ended on and Bye-laws framed thereunder; 2024 comprised of a total of 10 (Ten only) Directors,
Secretarial Standards on General Meetings
31 March 2024 (the ‘audit period’). and it is duly constituted with proper balance of
(iv) Foreign Exchange Management Act, 1999 and (SS-2) mentioned under paragraph 1.1 (vi)
Executive Directors, Non-Executive Directors and
We conducted Secretarial Audit in a manner that the Rules and Regulations made above in respect of meetings of the Board
Independent Directors, as given below:
provided us with a reasonable basis for evaluating and Committees constituted by the Board
(v) thereunder to the extent of Overseas Direct held during the audit period, and for the 27 (i) 
Five Independent Directors including two
the corporate conducts/statutory compliances and
Investments, to the extent applicable; Annual General Meeting of its members independent women directors as under:
expressing our opinion thereon.
(vi) 
The following Regulations and Guidelines held on 30 June 2023. (a) Mr. T. P. Ostwal (DIN: 00821268)
We are issuing this report based on:
prescribed under the Securities and Exchange 1.3 During the period under review, provisions of the (b) Mr. R. S. Sharma (DIN: 00013208)
(i) Our verification of the Company’s books, papers, Board of India Act, 1992 (‘SEBI Act’): following Acts/Regulations were not applicable to
minute books, forms and returns filed, statutory (c) Mr. Bhaskar Sharma (DIN: 02871367)
the Company and it was consequently not required
records provided physically as also through (a) Securities and Exchange Board of India (d) Mrs. Sutapa Banerjee (DIN: 02844650)
to maintain any books, papers, minute books or
electronic means and other records maintained by (Listing Obligations and Disclosure
other records or file any form/returns thereunder: (e) Mrs. Manju Agarwal (DIN: 06921105)
the Company; Requirements) Regulations, 2015 (LODR);
(i) 
Securities and Exchange Board of India (ii) Three Whole Time Directors i.e.,
(ii) Compliance certificate confirming compliance with (b) Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018;
corporate laws applicable to the Company given by (Substantial Acquisition of Shares and (a) Mr. Bharat A. Jaisinghani (DIN: 00742995)
(ii) 
Securities and Exchange Board of India
the Key Managerial Personnel/Senior Managerial Takeovers) Regulations, 2011; (b) Mr. Nikhil R. Jaisinghani (DIN: 00742771)
(Issue and Listing of Debt Securities)
Personnel of the Company and taken on record by (c) Mr. Rakesh Talati (DIN: 08591299)
(c) Securities and Exchange Board of India Regulations, 2008;
the Company’s Board of Directors; and
(Prohibition of Insider Trading) Regulations, (iii) Securities and Exchange Board of India (Issue (iii) One Managing Director i.e.
(iii) Representations made, documents produced and 2015;* and Listing of Non-Convertible Securities) Mr. Inder T. Jaisinghani (DIN: 00309108).
information provided by the Company, its officers,
(d) Securities and Exchange Board of India Regulations, 2021;
agents and authorised representatives during our (iv) One Whole Time Director and CFO i.e.,
conduct of Secretarial Audit. (Registrars to an Issue and Share Transfer (iv) 
S ecurities and Exchange Board of India Mr. Gandharv Tongia (DIN: 09038711).
Agents) Regulations, 1993; (Delisting of Equity Shares) Regulations, 2021;
We hereby report that in our opinion, during the audit 2.2 The processes relating to the following changes in
(e) Securities and Exchange Board of India (v) The Securities and Exchange Board of India
period covering the financial year ended on 31 March the composition of the Board of Directors, during
(Share Based Employee Benefits and (Issue of Capital and Disclosure Requirements)
2024 the Company has: the year, were carried out in due compliance with
Sweat Equity) Regulations, 2021 Regulations, 2018;
the provisions of the Act and LODR.
(i) 
complied with the statutory provisions listed (vi) Foreign Exchange Management Act, 1999 and
hereunder, and * The Company has also maintained a Structured (i) Re-appointment of Mr. Bharat Jaisinghani
the Rules and Regulations made thereunder
Digital Database (“SDD”), pursuant to the (DIN: 0 07429 95), as Non- E xe cut ive,
(ii) Board-processes and compliance mechanism are in to the extent of Foreign Direct Investments,
requirement/s of regulation 3 (5) and 3 (6) of the Non-Independent Director, who retired by
place to the extent, in the manner and subject to External Commercial Borrowings.
Securities and Exchange Board of India (Prohibition rotation and was re-appointed, at the 27th Annual
the reporting made hereinafter. of Insider Trading) Regulations 2015. 1.4 
We have examined, on test check basis, the General Meeting held on 30 June 2023.
relevant documents and records maintained by
(vii) 
S ecretarial Standards relating to Board (ii) 
R e-appointment of Mr. T. P. Ostwal
1. Compliance with specific statutory the Company, according to the following laws,
Meetings and General Meetings issued by (DIN: 00821268), as an Independent Director,
provisions applicable specifically to the Company:
The Institute of Company Secretaries of India for a second term, commencing from
We further report that: (Secretarial Standards) and notified by the (i) The Bureau of Indian Standards Act, 2016 20 September 2023 to 19 September 2028,
Central Government under Section 118 (10) of (‘BIS Act’), at the 27th Annual General Meeting held on
1.1 We have examined the books, papers, minute
the Act which have mandatory application to 30 June 2023.
books, forms and returns filed and other records
the Company.
212 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 213

Board’s Report

(iii) 
R e-appointment of Mr. Radhey Shyam 3. Compliance mechanism: Annexure A
Sharma (DIN: 00013208), as an Independent
There are adequate systems and processes To,
Director for a second term, commencing from
prevalent in the Company, which are commensurate The Members
20 September 2023 to 19 September 2025,
with its size and operations, to monitor and Polycab India Limited.
at the 27th Annual General Meeting held on
ensure compliance with all applicable laws, rules,
30 June 2023. Our Secretarial Audit Report of even date is to be read along with this letter.
regulations and guidelines.
(iv) 
A ppointment of Mr. Bhaskar Sharma 1. The Company’s management is responsible for maintenance of secretarial records and compliance with the
(DIN: 02871367), as an Independent Director 4. Specific events/actions: provisions of corporate and other applicable laws, rules, regulations and standards. Our responsibility is to
for the first term, commencing from 12 May express an opinion on the secretarial records produced for our audit.
4.1 No major corporate event has occurred during the
2023 to 11 May 2026, at the 27th Annual General
year which has a bearing on the company’s affairs 2. We have followed such audit practices and processes as we considered appropriate to obtain reasonable
Meeting held on 30 June 2023.
in pursuance of applicable laws, rules, regulations, assurance about the correctness of the contents of the secretarial records.
(v) Completion of term of office by Mr. Pradeep guidelines, standards etc. except for the following:
3. We have verified the secretarial records furnished to us on a test basis to see whether the correct facts are
Narendra Poddar (DIN: 00025199), as an (a) Consequent upon the acquisition of 25,000 reflected therein. We also examined the compliance procedures followed by the Company on a test basis. We
Independent Director of the Company, on equity shares of face value of H10/-each, believe that the processes and practices we followed, provides a reasonable basis for our opinion.
19 September 2023. additionally, a Company named Steel Matrix
Private Limited became a Wholly owned Subsidiary 4. We have not verified the correctness and appropriateness of financial records and Books of Accounts of
2.3 Adequate notices of the meetings of the Board and
of the Company during the financial year. the Company.
its Committees were sent to all the Directors to
enable them to plan their schedule for the meetings (b) 
T he Hon’ble National Company Law 5. We have obtained the management’s representation about the compliance of laws, rules and regulations and
of the Board or its Committees, at least seven days Tribunal, Ahmedabad Division Bench, happening of events, wherever required.
in advance except for the meetings which were (NCLT-Ahmedabad) vide its Order dated 08
6. Our Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy
convened at shorter notice, with the consent of the August 2023, had approved the Scheme of
or effectiveness with which the management has conducted the affairs of the Company.
Directors/members of the Committee/s, to transact Amalgamation (Scheme) of Silvan Innovation
urgent business, at which at least one Independent Labs Private Limited with the Company and
Director was present as required under Section 173 their respective shareholders and creditors
For BNP & Associates
(3) of the Act and SS-1. (Scheme) and 05 September 2023, was fixed
Company Secretaries
as the effective date, as per the said Scheme.
2.4 Agenda and detailed notes on agenda were sent to [Firm Regn. No. P2014MH037400]
the Directors at least seven days before the meetings (c) The Company has allotted: [PR No.: 637/2019]
of the Board and its Committees, other than in (i) 1,500 equity shares of H10/- each to the
respect of a few meetings which were convened at a eligible employees of the Company,
shorter notice to transact urgent business for which pursuant to the exercise of stock options CS B. Narasimhan
necessary compliance as required under Section 173 granted to them under the Polycab Partner
(3) of the Act and SS-1 was ensured. Employee Stock Option Privilege Scheme FCS No.: 1303/COP
(ii) 4,69,617 equity shares of H10/- each to Dated: 10 May 2024 No.: 10440
2.5 
A genda and detailed notes on agenda
the eligible employees of the Company, Place: Mumbai UDIN: F001303F000341676
in respect of matters in the nature of
Unpublished Price Sensitive Information (UPSI), pursuant to the exercise of stock options
were either circulated separately at shorter notice granted to them under the Polycab
less than seven days before or at the meetings of Employee Stock Option Performance
the Board and its Committees and consent of the Scheme updated
Board for so circulating them was duly obtained, as
required under SS-1.
For BNP & Associates
2.6 We note from the minutes examined that, at the Company Secretaries
meetings of the Board and its Committees held [Firm Regn. No. P2014MH037400]
during the year, decisions were taken through [PR No.: 637/2019]
the requisite majority and no dissenting views
were expressed by any member of the Board or
its Committees, on any of the subject matters CS B. Narasimhan
discussed, which were required to be captured and Partner
recorded as part of the minutes. FCS No.: 1303/COP
Dated: 10 May 2024 No.: 10440
Place: Mumbai UDIN: F001303F000341676
Note: This report is to be read with our letter of even date which is
annexed as Annexure A and forms an integral part of this report.
214 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 215

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Annexure (C) to Board’s Report (e) CSR amount spent or unspent for the Financial Year:

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES Amount Unspent (in K)
Total Amount
Spent for the Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII
[Pursuant to Section 134(3)(o) of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Financial Year Account as per subsection (6) of section 135 as per second proviso to sub-section (5) of section 135
Policy) Rules, 2014, as amended] (K in million)
Amount Date of transfer Name of the Fund Amount Date of transfer
259.01 - - - - -
1. Brief outline on CSR Policy of the Company:
The CSR Policy lays down the guiding principles for undertaking various projects, programs or activities by or on (f) Excess amount for set off, if any :
behalf of the Company relating to CSR. The Company is committed to play a broader role in the communities (H In million)
in which it operates by supporting various social initiatives through funding and volunteering activities. The S.
Particular Amount
Company has developed this policy encompassing its philosophy for being a responsible Corporate House. The No.
policy entails mechanisms for identification, need assessment, fund allocation, implementation of Projects and (i) Two percent of average net profit of the company as per section 135(5) 257.44
impact assessment are detailed in the CSR Policy. (ii) Total amount spent for the Financial Year 259.01
Polycab, through its various CSR initiatives and programs continues to invest in addressing the most pressing (iii) Excess amount spent for the financial year [(ii)-(i)] 1.57
needs of the community. The primary focus areas are Health, Education, Rural Development, Environment and (iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any -
National Heritage, Art & culture. (v) Amount available for set off in succeeding financial years [(iii)-(iv)] 1.57

2. Composition of CSR Committee: 7. Details of Unspent CSR amount for the preceding three financial years:
Number of meetings of Number of meetings of Amount transferred to any fund specified under
Sr. Amount remaining
Name of Director Designation/Nature of Directorship CSR Committee held CSR Committee attended Preceding Amount transferred to Amount spent in the Schedule VII as per section 135(6), if any
No. to be spent
during the year during the year Financial Unspent CSR Account reporting Financial
Name of in succeeding
Year under section 135 (6) (in K) Year (in K) Amount (in K) Date of transfer
a. Mr. Inder T. Jaisinghani Chairman & Managing Director – Chairman 2 2 the Fund financial years (in K)
b. Mr. Rakesh Talati Executive Director – Member 2 2 Not Applicable
c. Mr. Gandharv Tongia Executive Director – Member 2 2
d. Mrs. Sutapa Banerjee Independent Director – Member 2 2 8. 
Whether any capital assets have been created or acquired through Corporate Social Responsibility amount
e. Mrs. Manju Agarwal Independent Director – Member 1 1 spent in the Financial Year: No
f. Mr. Bhaskar Sharma Independent Director – Member 1 1 Yes No
If Yes, enter the number of Capital assets created/acquired
3. 
Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the
board are disclosed on the website of the Company.: Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility
amount spent in the Financial Year:
Composition of CSR Committee is available on Company’s Website and is accessible through weblink
1 2 3 4 5 6
CSR Policy is accessible through weblink
Short particulars of the Pincode Amount Details of entity/Authority/beneficiary of the registered owner
CSR Projects is accessible through weblink S. property or asset(s) of the Date of of CSR
No. [including complete address property creation amount CSR Registration
Name Registered address
and location of the property] or asset(s) spent Number, if applicable
4. 
Provide the executive summary along with web-link(s) of Impact Assessment of CSR Projects carried out in
Not Applicable
pursuance of sub-rule (3) of rule 8, if applicable.: The Company had appointed MMJC Consultancy LLP to carry
out independent Impact Assessment studies of the completed CSR projects commencing from FY 2020-21 to (All the fields should be captured as appearing in the revenue record, flat no, house no, Municipal Office/Municipal Corporation/Gram
2022-23. The Executive summary of the projects forms part of this Annexure and available on the company’s panchayat are to be specified and also the area of the immovable property as well as boundaries)
website and accessible through weblink.
9. 
Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per
5. (a) Average net profit of the company as per sub-section (5) of section 135: H12,872.09 million section 135(5). – NIL
(b) Two percent of average net profit of the company as per section 135(5): H257.44 million
(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: NIL
On behalf of the Board of Directors
(d) Amount required to be set off for the financial year, if any: NIL of Polycab India Limited
(e) Total CSR obligation for the financial year 2023-24[(b) + (c) – (d).: H257.44 million
Inder T. Jaisinghani
6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): H247.57 million Chairman and Managing Director
(b) Amount spent in Administrative Overheads: H10.99 million Date: 10 May 2024 (DIN: 00309108)
(c) Amount spent on Impact Assessment, if applicable: H0.45 million Place: Mumbai Chairman of CSR & ESG Committee
(d) Total amount spent for the Financial Year (a+b+c): H259.01 million
216 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 217

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Executive Summary of Impact Assessment Report Moreover, within the community, particularly affecting Digital learning including the installation of digital
children and women, health concerns arose from a boards in the classrooms: As per survey, respondents felt
Polycab India Limited (“Polycab”) initiated four major CSR projects focusing on Education, Healthcare, Rural
combination of insufficient awareness and unhygienic that education had become interesting, interactive and
Development, and Environmental Conservation, each undergoing thorough independent impact assessments. These
environmental conditions. In response, Polycab organised involving leading to regular attendance at school.
projects were implemented across diverse locations including Halol, Jambughoda, and Ghoghamba in Gujarat, as
a series of health camps held at schools and Anganwadi
well as Aurangabad in Maharashtra and Silvassa in Daman, showcasing the company’s commitment to making Increased Awareness of Health: Health camps
centres to address these pressing issues.
a significant difference in various communities and regions. With this extensive reach, Polycab’s CSR endeavors organised by Polycab created an outstanding impact
have positively impacted ~ 180,000 direct beneficiaries. These initiatives reflect Polycab’s dedication to tackling and increased awareness in health and change in habits
Findings of the study:
important social issues while aligning with global sustainability objectives. of students which directly reduced the health problems
• 100% of the respondents agreed that there was in the students and also helped in early detections of
The independent impact assessments not only evaluated the effectiveness of these initiatives but also highlighted an improvement in the student’s education due to various illnesses and diseases.
their contribution to advancing UN Sustainable Development Goals (SDGs). Construction and Renovation of Schools.
• 100% respondents experienced improvements in Healthcare Program:
themselves due to educational support provided out of Polycab in collaboration with Polycab Social Welfare
which, 67.08% of the respondents felt that education Foundation (PSWF) undertakes healthcare initiative. This
Research Methodology
had become more interesting, interactive and involving endeavour encompasses mobile medical services aimed
leading to regular attendance at BAPS school. at preventive care, sanitation initiatives through the
Year of Total organisation of diverse medical camps, and substantial
Sector
Implementation
Stakeholders Tool
Respondents
Location • 82.76% of the respondents are utilising various digital
support for hospital expansion, including the provision
resources like smart boards, projectors, computer
Education Students & Parents 325 Halol & Daman of essential medical equipment and machinery. Polycab
2020-2021
systems provided by Polycab to enhance digital
Healthcare Community people, Doctor & Nurses Survey 145 Halol, Daman & Aurangabad took proactive steps by launching various healthcare
2021-2022 learning experience and environment.
Rural Development Community people, Government officials, & FGD 144 Halol & Daman initiative in the rural areas of Gujarat, Aurangabad
2022-2023
Sarpanch & Panchayat Members • 98% of the respondents found the Science and and Daman. Treatment was provided free of charge to
Environment 48 Halol
computer labs necessary for enhancing education while individuals holding a Government Ayushman Card.
85% of them affirming the labs’ ease of accessibility.
Polycab’s intervention in Gujarat MMU’s, organising
Education Program: enduring legacy of constructive influence in Gujarat
• After the construction and renovation of Anganwadi’s, several health checkup camps, providing health cards,
Polycab in collaboration with Polycab Social Welfare and Daman.
85% of respondents expressed that the School’s and support to hospitals, construction of Blood bank centre
Foundation (PSWF) undertakes educational initiatives During the impact assessment, approximately 325 Anganwadi’s condition has improved as compared to and General ward in these rural areas. In Aurangabad,
which are aimed at eliminating hunger, poverty, and students from Daman and Halol participated in the the previous poor conditions. the Company identified a critical healthcare need
malnutrition, while fostering education through various survey. Among these, 80% of Daman participants in addressing hearing impairments. As part of its
initiatives such as the construction and refurbishment • 100% of the respondents agreed (including 25%
engaged in the education intervention, notably the commitment, it facilitated the provision of 50 cochlear
of schools and Anganwadi’s. These efforts include the somewhat agree) that smart classes have improved
establishment of a military school, were aged between implants for children, significantly improving their
integration of smart classrooms, computer and science the learning efficiency of the students in Halol.
10 to 15 years, while the majority of respondents from auditory capabilities. In Daman, the Company distributed
labs, and skill development programs, aiming to uplift Halol, comprising 78% of the total, fell within the age • 88% respondents reported observing changes in nutritional kits to the underprivileged community.
communities and empower future generations. bracket of up to 20 years old. The literacy rate in Halol students as a result of the newly provided learning
During the impact assessment 27% of respondents were
The Company has constructed 7 schools and renovated stands at 71.83%, as compared to Daman’s higher facilities, and out of above respondents 90% noted
in the age group of 21 to 30 years, another 27% were
4 schools in Gujarat benefiting 2073 students and 56 literacy rate of 91.01%. an enhancement in the teaching and learning process.
in the age group of 31 to 40 years, while the remaining
teachers in between FY 20-21 to FY 22-23. Additionally, Polycab’s mission to uplift underprivileged communities belonged to various other age ranges.
43 Anganwadi’s were newly constructed and 24 were Impact created:
is evidenced by the demographics: 61% of respondents
renovated benefiting 3,627 students and 67 teachers in Change in Lives: By providing financial support, Polycab in Gujarat had initiated two MMUs with all
from Halol identify as Scheduled Tribes, and 40% of
between FY 20-21 to FY 22-23. developing infrastructure, offering digital literacy necessary equipment’s for primary treatment. 259
respondents from Daman belong to Other Backward
classes, and establishing sports facilities, the company health camps were conducted in the rural areas of
Essential infrastructure and amenities were extended Classes (OBCs). These initiatives are poised to empower
has fostered a transformative change in the lives of Gujarat like Breast Cancer Detection Camps, medical
to schools and Anganwadi’s, encompassing smart these communities, equipping them to thrive in today’s
individuals. These initiatives have indirectly led to the camps for physiotherapy and especially abled, Skin and
classrooms equipped with digital boards, scientific competitive landscape.
creation of collaborative learning environments within eye checkup camps. In Daman, where people faced
apparatus, computer labs, toilet construction, and the My Dream School, Asoj and BAPS School- Swami Narayan nutrient deficiencies due to limited access to nutritious
communities, resulting in a notable enhancement in the
LEAAD Programme, aimed at elevating the educational Vidyamandir, Bodeli are constructed and renovated by food and low income, providing nutritional supplement
overall quality of education.
standards for children. the Company. Prior to the intervention the school was in kits was crucial. Thus, Polycab distributed kits in
Asoj was in bad shape with old buildings and not enough Upskilling Students: Polycab’s LEAAD skill development these communities.
Additionally, the Company facilitated the provision of
good stuff inside whereas school in Bodeli lacked support program has played a crucial role in upskilling students
benches and water purifiers to schools, thereby enriching Blood Bank Centres in Gujarat were constructed by
to enhance students’ education. Post the intervention for future job opportunities, empowering them with life
the learning ambiance with comfortable seating Polycab which had received blood donations from
by Polycab, more students started coming to school skills, vocational training, and career guidance.
arrangements and guaranteeing access to safe drinking ~ 1718 individuals. The Kailash Cancer Hospital and
water. Through targeted interventions the Company has regularly. The classrooms also got prettier with nice Digital Literacy: This initiative helps bridge the gap Research Centre was established to serve the nearby
not just attended to immediate necessities, but also walls, inside and outside. They even built new bathrooms between rural and urban students, ensuring that tribal community, filling a gap in healthcare services.
established a robust groundwork for sustained viability for boys and girls. Now, the school is really nice and lots all students have access to important technological Patient numbers, particularly for cancer and kidney
and community empowerment, thereby creating an of kids want to come here, even from far places. resources for their learning and future career life.
218 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 219

Board’s Report

issues, surged, overwhelming the limited operation Impact created: the spread of diseases and improve overall hygiene Findings of the study:
theatres. To address this, Polycab stepped in, facilitating standards. Rainwater harvesting systems help address
Improved Access to Healthcare: Health camps and • 100% respondents utilised the provided cattle sheds,
the expansion with additional operation theatres and the challenges by capturing and storing rainwater
medical mobile units reached remote and underserved out of which 86% respondents used on daily basis
cutting-edge medical equipment, enhancing efficiency for various uses such as irrigation, household chores,
areas where access to healthcare services is limited. while the remaining on weekly basis.
and patient care. and drinking water. Streetlights illuminate roads and
This helped in addressing the healthcare needs of
pathways, reducing the risk of accidents and crimes but • 100% respondents gave positive response regarding
These efforts showcase the Company’s dedication marginalised communities who may otherwise lack
also provide a sense of security to the villagers. the positive impact on livelihood and income due to
to tackling distinct healthcare challenges within access to medical facilities.
cattle shed program.
various rural areas, where communities face financial Furthermore, their initiatives extend to Village
Preventive Healthcare: Health camps often include
constraints that impede access to essential services. construction endeavour’s, including land acquisition • On scale of 1 to 5, all respondents gave a rating of 4.42
screenings for various health conditions such as diabetes,
This underscores the importance of the healthcare for town halls, the creation of public libraries, and the in respect of the changes observed in the health and
hypertension, and infectious diseases. Early detection
initiatives implemented, making them more pertinent development of sports facilities, fostering community well-being of the cattle’s since the implementation of
and prevention led to better health outcomes and reduce
to the communities they serve. engagement and cohesion. Community town halls are the cattle shed program.
the burden on the healthcare system.
dynamic hubs, fostering unity and collaboration through
• 100% respondents agreed on increase in income
Findings of the study: Emergency Response: Medical mobile units serve as gatherings, celebrations, and meetings. Libraries serve
out of which, 65% experienced a surge in income
• 100% of the respondents agreed that the microscopic emergency response units during natural disasters as vital educational resources, empowering individuals
exceeding 10,000 annually due to the cultivation of
machines provided by Polycab gave proper treatment or outbreaks, providing timely medical assistance to with knowledge and opportunities for personal growth.
multiple crops.
and cured the cataracts in Tajpura Eye Hospital. affected populations. The village sports CSR program extends beyond
infrastructure, promoting active participation, skill • 100% respondents experienced various benefits out
• 98% of respondents’ families agreed that resources Blood Donation and Transfusion Services: Blood bank
development, and healthy lifestyles, uniting villagers of which, 55% confirmed that rainwater harvesting
offered proper guidance and were equipped with centres plays a crucial role in ensuring the availability
through awareness activities. led to an increase in borewell water levels, while the
necessary equipment. of safe blood for transfusions. By establishing blood
rest acknowledged its other benefits like conserving
bank centres, the project contributes to saving lives Additionally, they promote sustainable agricultural
• 100% respondents agreed on overall services rainwater and enhancing overall water availability.
in emergencies, surgeries, and treatments for various practices through initiatives like Organic farming,
provided by MMU. Out of which, between 95% to 98% medical conditions. complemented by awareness sessions. They support • After the establishment of the public library, 94% of
respondents agreed on the satisfaction of services methods of farming that are environmentally friendly respondents noted a significant increase in literacy
which included easy access to treatment at doorstep, Nutritional Support: Supplying nutrition kits address
and prioritise the health of the soil and surrounding rates or a greater enthusiasm for reading.
improvement in overall healthcare situations, and malnutrition and improve the overall health of vulnerable
ecosystem. Organic farming avoids synthetic pesticides
detection of health issues. populations, such as children, pregnant women, and • Majority of respondents rated the sports facility
and fertilisers, instead relying on natural techniques
the elderly. Proper nutrition is essential for growth, as 4.89 on scale of 1 to 5 indicating high level
• 92% respondents agreed that MMU facilities provided like crop rotation and composting. They also educate
development, and immunity. of satisfaction.
through Polycab has overall improved the health people about these practices through awareness
conditions of the community people. Positive Economic Impact: Improving the health sessions to encourage more widespread adoption • 100% respondents agreed that awareness sessions
of communities have broader economic benefits by and understanding. helped them access new markets and sell agricultural
• Through discussions with respondents, it was reducing healthcare costs, increasing productivity, and products at better prices. Moreover, 94% reported
revealed that 88% of respondents reported having Fur thermore, their commitment to Women’s
contributing to overall socio-economic development. increased income and cost savings in farming due to
a family member or acquaintance struggling with empowerment is evident through various targeted
awareness sessions.
malnutrition. Furthermore, all respondents confirmed programs. Through mentorship, skill-building workshops,
Rural Development Program:
that the individuals affected were identified through and financial literacy training, women are empowered • 100% directly benefited from the Mushroom farming
Polycab in collaboration with Polycab Social Welfare to unlock their full potential, contribute to the economy, awareness program and it has boosted their income
the Company’s initiative implemented at the centre.
Foundation (PSWF) under takes various Rural and lead fulfilling lives. by successfully selling mushroom crops.
• 100% respondents praised the resources provided for Development initiatives. These encompass the
their excellent post-operative care and rehabilitation establishment of Cattle sheds, alongside provisions They also undertake projects such as Pond deepening, • 100% respondents acquired various skills out of which,
services for the children to whom cochlear was for animal husbandry and veterinary clinics, aimed at which not only revitalises natural resources but also 68% of the women secured sufficient employment
implanted. Out of the above respondents, 90% bolstering agricultural practices and ensuring the well- serves as a sustainable water management solution for opportunities based on the skills they have acquired.
mentioned that the training offered helped in being of livestock. Polycab has constructed 4 cattle rural communities. By deepening these ponds, several
• 92% confirmed experiencing an increase in income due
developing new communication strategies to aid sheds in Gujarat, out of which in 3 cattle shed having positive outcomes are achieved. Firstly, it revitalises
to acquiring new skills. 96% noted that their income
the child. capacity of 92 cattle’s. As a part of veterinary clinic 38 natural resources by improving the quality and quantity
had risen by up to Rs. 5,000 as a result of these skills.
medical livestock camps were organised in a year. of water available. This is particularly beneficial for
• 100% of the respondents agreed that the access to rural communities that rely on these water sources • 100% respondents agreed on various training provided
nutrition kit was easy and Out of the above, 88% They also focus on enhancing Village infrastructure, for various purposes such as drinking, irrigation, and out of which, 68% confirmed that training in sewing
respondents expressed that nutrition kits were encompassing the construction of vital amenities such livestock watering. Secondly, pond deepening serves as techniques was provided as a key component of the
distributed on monthly basis. as toilet blocks, rainwater harvesting systems, and street a sustainable water management solution, as it helps empowerment initiative.
lighting, all of which contribute to improved public health to regulate water flow, prevent droughts, and mitigate
• 100% the respondents rated 4.82 out 5 for the • Post intervention, women respondents rated their
and safety. Access to clean and hygienic sanitation the impact of climate change. Overall, this project not
health card facility which gave access in getting personal empowerment and socio-economic status
facilities is fundamental for maintaining public health. only addresses environmental concern but also directly
treatment for free at various government and private impressively at 4.52 out of 5.
The construction of toilet blocks ensures that villagers benefits the communities by ensuring access to clean
healthcare facilities.
have proper sanitation facilities, which can prevent and reliable water resources for their livelihoods. • 100% respondents agreed that pond deepening
contributed to reduce the scarcity of overall water
220 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 221

Board’s Report

requirement. Out of these, 80% respondents agreed Environment Program: • 91% of respondents acknowledged an enhancement in Impact created:
that pond deepening improved access to hygiene access to hygiene and sanitation facilities within the
Polycab in collaboration with Polycab Social Welfare Improvement in water quality: Check dams constructed
and sanitation facilities for community people and community due to construction of check dams.
Foundation (PSWF) undertakes various Environmental to settle suspended solids and pollutants in runoff water
improved the crop yield.
initiatives. These initiatives encompass Water • 99% of respondents noted improvements in both the significantly improve water quality downstream in rivers,
conservation efforts such as the construction and quality and quantity of water available for drinking, streams, and reservoirs, benefiting both humans and
Impact created:
renovation of check dams, Waste management projects cooking, and sanitation purposes. aquatic ecosystems.
Livelihood support: Providing cattle sheds support the and Forest restoration.
livelihoods of farmers by offering shelter for their livestock. • 100% of respondents acknowledged the positive Mitigation of soil erosion: Check dams control soil
Check dams serve as vital infrastructural assets, impact of the newly constructed check dams on the erosion by reducing the velocity of water runoff,
Improved Milk Quality: All surveyed participants effectively managing water resources and mitigating soil community out of which 55% of the respondents which prevents the loss of fertile topsoil. This helps in
unanimously confirmed a 100% improvement in milk erosion in regions prone to drought and flooding. Such reported utilising the check dams for agricultural maintaining soil fertility and agricultural productivity in
quality subsequent to the animal husbandry intervention. initiatives not only enhance the resilience of ecosystems purposes, while the remaining stated using them for the surrounding areas.
Environmental Impact: Construction of toilet blocks can but also empower local populations by providing access domestic water needs for laundry purposes, and for
Reduced Landfill Waste: Proper waste management
contribute to environmental conservation by preventing to clean water for drinking and irrigation, thereby providing drinking water to cattle’s.
practices reduced the amount of waste sent to landfills,
contamination of water sources and soil. promoting socio-economic growth and environmental
• 100% of the respondents agreed that waste thereby conserving valuable landfill space and reducing
sustainability. Before the implementation of the
Improved overall health & well-being: The rainwater management program benefited the community with environmental pollution. Top of Form
intervention, the community encountered numerous
harvesting has proven instrumental in enhancing various sanitation facilities and improved the access
challenges in accessing adequate water facilities. Post Cost Savings: Efficient waste management practices
the overall health and well-being of communities in to clean drinking water.
the intervention, check dams have contributed to flood lead to significant cost savings by reducing waste
many ways. control, reducing the risk of devastating floods during • 87% of the respondents confirmed that they had disposal fees, purchasing of new materials, and
Education and Literacy: Public libraries provide access to the monsoon season. received awareness campaigns focused on hygiene energy consumption.
books, educational resources thereby promoting literacy and sanitation.
Investing in waste management infrastructure, such Improved Sanitation Facilities: Polycab’s efforts in rural
and education within rural communities. as recycling facilities and waste treatment plants, • Respondents rated their satisfaction with the and urban areas have enhanced sanitation facilities,
Promotion of Health and Fitness: Access to sports Companies contribute to the reduction of pollution and waste management program at 3.4 out of 5, citing resulting in decreased open defecation and better
facilities encourages villagers to engage in physical the promotion of cleaner, healthier communities. These improvements in community health and hygiene as hygiene practices, thereby improving public health.
activities, promoting better health and fitness levels CSR programs not only help in addressing environmental key factors.
Biodiversity: Restoring forests help preserve and
among community members. challenges but also create positive social impact by
• 100% respondents agreed on improvement in health enhance biodiversity by providing habitats for various
generating employment opportunities, improving
Soil Health: Organic farming practices improved soil and well-being, out of which 73% of the respondents species of plants, animals, and microorganisms.
public health, and raising awareness about waste
health by promoting the use of organic matter, crop agreed that the waste management program
management and sanitation practices. Additionally, Air and Water Quality: Trees play a vital role in purifying
rotation, and green manures. contributed to the overall improvement in public
active involvement in the Swachh Bharat mission aligns the air by absorbing pollutants and releasing oxygen.
health and well-being in the community and the
Healthier Food: Organic farming produces food that is with national efforts to improve sanitation and hygiene They also filter and regulate water quality by reducing
remaining somewhat agreed.
free from synthetic pesticides, hormones, and genetically standards across India. runoff and improving groundwater recharge.
modified organisms (GMOs), which can contribute to • 100% respondents experienced various improvements
Forests play an indispensable role in maintaining
better public health. due to Waste Management program, out of which, Conclusion:
ecological balance, mitigating climate change,
90% respondents noticed improvements in air quality, Polycab’s CSR initiatives cover various areas like
Employment Opportunities: Women empowerment conserving biodiversity, and providing essential
while the remaining also noticed improvement in education, healthcare, rural development, and
programs provide training and job opportunities, leading ecosystem services such as clean air, water, and soil
water quality, greenery and reduced pollution. environmental conservation. They are committed
to increased female participation in the workforce and fertility. Forest restoration involves activities aimed at
restoring degraded or deforested areas to their original or • 100 of the respondents rated the usefulness of the to making long-lasting changes and improving
economic growth.
healthier state. This may include tree planting programs, forest restoration program between 4 and 5 on a scale communities. In education, they’ve set up computer
Income Generation: Empowered women often have erosion control measures, removal of invasive species, of 5. labs, Smart Classrooms, and Science labs, making
higher earning potential, which lead to increased and habitat restoration efforts. Polycab has planted learning more exciting for students and helping them
household income and improved living standards. • 100% of the respondents agreed that forest learn better. This has improved education in Gujarat and
over 10,000 trees, including fruit-bearing and flowering
restoration program benefited the community by Daman. In healthcare, they work with others to provide
Biodiversity Conservation: Deeper ponds support a plants, to enrich the biodiversity of the area.
enhancing cattle grasing areas, increasing income medical services through health camps, mobile medical
more diverse range of aquatic life by providing habitats generation, and improving access to drinking water
Findings of the study: units, and blood bank centres, especially for people who
for fish, amphibians, and other aquatic organisms. for livestock. don’t have easy access to these services. They also give
• Prior to the intervention, 82% of respondents primarily
Agricultural Benefits: Deeper ponds can serve as water • 100% of the respondents rated the quality of trees out food kits to help fight hunger. They’re also working on
used a nearby lake for water, despite its distance.
reservoirs for irrigation, particularly during dry seasons, post-intervention, ongoing support during the forest improving rural areas by building things like cattle sheds,
Others collected rainwater or limited their usage due
thereby supporting agricultural productivity and food restoration program, and assistance with irrigation vet clinics, and systems to collect rainwater and light
to concerns about water scarcity.
security in the region. activities as Excellent to Very Good. up streets. They’re also building libraries, sports places,
• 100% of the respondents agreed regarding the positive and helping farmers with sustainable practices. They’re
Environmental Benefits: Enhanced water storage
impact of check dam construction on augmenting doing all this while taking care of the environment too,
in ponds can mitigate the risk of floods by absorbing
water availability. like building dams, managing waste, and planting trees.
excess rainwater, thus reducing soil erosion and
Their efforts are helping society grow while protecting
downstream flooding.
the environment for the future.
222 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 223

Board’s Report

Annexure (D) to Board’s Report Annexure (E) to Board’s Report

Form AOC – 2 Statement of Disclosure of Remuneration under Section 197(12) of the Companies Act, 2013 and
(Pursuant to Section 134(3)(h) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014) Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
(i) Ratio of the remuneration of each Executive Director to the median remuneration of the Employees of the
Form for disclosure of particulars of contracts/arrangements entered into by the Company with related parties
Company for the financial year 2023-24, the percentage increase in remuneration of Chief Financial Officer
referred to in Section 188(1) of the Companies Act, 2013 including certain arm’s length transactions under fourth
and other Executive Director(s) and Company Secretary during the financial year 2023-24.
proviso thereto:
Ratio of remuneration of each
Sr. % increase in
Name of Director(s)/KMP’s Designation Director to median remuneration
1. Details of contracts or arrangements or transactions not at arm’s length basis: No.
of employees (MRE)*
remuneration#

(a) Name(s) of the related party and nature of relationship 1. Mr. Inder T. Jaisinghani Chairman and Managing Director 711.53 36%
(b) Nature of contracts/arrangements/transactions 2. Mr. Bharat A. Jaisinghani Executive Director 58.58 15%
(c) Duration of the contracts/arrangements/transactions 3. Mr. Nikhil R. Jaisinghani Executive Director 58.58 15%
(d) Salient terms of the contracts or arrangements or transactions including the value, if any 4. Mr. Rakesh Talati Executive Director 56.91 10%
NA 5. Mr. Gandharv Tongia Executive Director and CFO 100.06 10%
(e) Justification for entering into such contracts or arrangements or transactions
6. Mr. T. P. Ostwal Independent Director 11.92 34%
(f) Date(s) of approval by the Board
7. Mr. R. S. Sharma Independent Director 10.72 26%
(g) Amount paid as advances, if any
8. Mr. Pradeep Poddar% Independent Director 4.25 -51%
(h) Date on which (a) the requisite resolution was passed in general meeting as required under first proviso to 9. Mrs. Sutapa Banerjee Independent Director 9.13 12%
Section 188 of the Companies Act, 2013
10. Mrs. Manju Agarwal$ Independent Director 8.77 351%
11. Mr. Bhaskar Sharma^ Independent Director 8.05 NA
2. Details of material contracts or arrangement or transactions at arm’s length basis: 12. Ms. Manita Gonsalves Company Secretary and Vice President – Legal 13.80 32%
(As defined under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and adopted by the * MRE – Median Remuneration of employees
Board of Directors in the Related Party Transactions Policy of the Company, “Material Related Party Transactions” # The Percentage increase in remuneration for FY 24 is as approved by Nomination and remuneration committee
means a transaction with a related party if the transaction/transactions to be entered into individually or taken % Mr. Pradeep Poddar ceased to be independent director w.e.f. 20 September 2023.
together with previous transactions during a financial year, exceeds H1,000 crore or 10% of the annual consolidated $ Mrs. Manju Agarwal joined the Company as an Independent Director on 19 January 2023, therefore remuneration is not comparable.
turnover of the company as per the last audited financial statements of the Company whichever is lower.) ^ Mr. Bhaskar Sharma joined the Company as an Independent Director on 12 May 2023, therefore remuneration is not comparable.

(a) Name(s) of the related party and nature of relationship (ii) The details given herein above are on accrual basis. Gross Remuneration includes basic salary, allowances,
(b) Nature of contracts/arrangements/transactions commission/bonus and perquisites and excludes the value of share exercised under ESOP Scheme. The term
(c) Duration of the contracts/arrangements/transactions remuneration has the meaning assigned to it in the explanation to section 198 of the Companies Act, 2013.
NIL
(d) Salient terms of the contracts or arrangements or transactions including the value, if any (iii) Independent Directors remuneration includes commission payable to them for the financial year ended 31 March
(e) Date(s) of approval by the Board, if any 2024. Sitting fees paid to Directors are as per statutory provisions.
(f) Amount paid as advances, if any
(iv) The median remuneration of employees (MRE) excluding KMP’s was H4,16,181/- and H3,63,823 /- in fiscal 2024
All related party transactions are in the ordinary course of business and on arm’s length basis and are approved and fiscal 2023 respectively. The increase in MRE excluding the KMP’s in fiscal 2024 as compared to fiscal 2023
by Audit Committee of the Company. is 14.39%.
(v) The number of employees on the rolls of the Company as of 31 March 2024 and 31 March 2023, was 4,843 and
4,485 respectively.
For and on Behalf of the Board of Directors
of Polycab India Limited (vi) The average percentile increase in salaries of employees was 17% as compared to an average percentile
increase of 29% (excluding Commission of Chairman & Managing Director) of managerial remuneration. The
increase in the managerial remuneration is in line with Nomination and Remuneration Policy, market trends
Inder T. Jaisinghani and performance criteria as determined by the Board of Directors.
Date: 10 May 2024 Chairman & Managing Director
Place: Mumbai DIN: 00309108 There had been no exceptional circumstances for increase in the managerial remuneration during the year.
(vii) It is hereby affirmed that the remuneration paid is as per the remuneration policy of the Company.

For and on Behalf of the Board of Directors

of Polycab India Limited

Inder T. Jaisinghani
Date: 10 May 2024 Chairman & Managing Director
Place: Mumbai DIN: 00309108
224 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 225

Board’s Report

Annexure (F) to Board’s Report existing systems, which are crucial for our continued the local economy, ensure supply chain stability, cut
growth. This commitment encompasses scaling costs, and strengthen our market position against
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE up our manufacturing capacities and bolstering global disruptions.
EARNINGS AND OUTGO investments in research and development. Our
overarching goal is to not only foster innovation For more details about the benefits derived from our
The details of Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are as follows: but also sustain technological leadership within R&D initiatives, please refer to the Manufacturing
our industry. Our initiatives prioritise leveraging and Innovation Highlights section within our
(A) Conservation of Energy: (b) Planned project for installation of 3.3 MW technology for user convenience and better control. Integrated Annual Report.
of solar power capacity in Daman and By seamlessly integrating Industrial Automation
(i) 
Steps taken or impact on Conservation of Halol, reflecting a proactive stance towards (iii) the expenditure incurred on Research and
Energy; and the Internet of Things (IIoT), we have created
renewable energy adoption. Development
a connected, agile, and intelligent production
The Company continues to focus on continual environment. This integration optimises processes, During the year, our R&D expenditure stood at
(c) Polycab has also installed Energy Efficient
improvement for optimum utilisation of resources, improves efficiency, and enables rapid adaptation to approximately H264 Mn. This substantial investment
Motors in new machines.
minimise consumption of energy, water and natural market fluctuations. Our operations have undergone underscores our commitment to technological
resources, reduce CO2 emission while maximising (d) Our BLDC fans combine energy efficiency, a transformative shift towards digitisation and innovation and continuous improvement. Over the
production volumes in an eco-friendly manner. advanced technology, and convenient features data analytics. Real-time analytics empower us years, our R&D expertise has led to a comprehensive
to provide comfortable and eco-friendly cooling with insights into market trends and inventory cable portfolio meeting diverse industry standards
The Company is committed to sustainable business optimisation, enhancing decision-making and
solution for residential and commercial spaces. worldwide. This includes cables compliant with US,
practices by contributing to environment protection operational efficiency. Our commitment to quality European and Australian regulations, marine cables
& considers energy conservation as one of the (e) 
A chieved reduction in overall energy is evident in our rigorous testing procedures. Every adhering to strict defense standards, and specialised
strong pillars of preserving natural resources. Our consumption through the implementation product undergoes thorough testing in advanced cables designed for railways, nuclear research
consciousness towards the environment inspire us of solar and wind power, demonstrating a laboratories to ensure flawless performance. This applications, and beyond. Our strategic roadmap
not to over utilise the resources and exploit them. The strategic focus on enhancing energy efficiency. dedication has resulted in an impeccable record for the next 1-3 years includes ambitious endeavors
manufacturing units of the Company are continuing The Company has installed a Windmill with of zero failures in market sample testing by BIS, such as the deployment of Manufacturing Execution
their efforts to reduce energy consumption. 8.1 MW capacity and a solar plant with reinforcing our reliability and customer satisfaction. Systems (MES) across 15 plants, leveraging IoT for
6.097 MW capacity.
Various steps taken by the Company in this regard real-time machine data capture and KPI tracking,
(ii) The benefits derived like product improvement, and integrating AI into quality control processes.
are given below: (f) Executed modifications to compressors in
cost reduction, product development, or import These initiatives are poised to optimise operational
machinery, resulting in substantial energy
1. 20.49 million KWH electricity consumed from
savings of 1,075,000 kWh. This underscores substitution efficiency and minimise disruptions through
Solar Wind Captive and 14.56 million KWH predictive and prescriptive maintenance protocols.
the company’s dedication to minimising both The absorption of advanced technologies at Polycab
electricity consumed from Wind-Solar bilateral.
energy consumption and emissions. India has yielded substantial benefits across various In conclusion, technology absorption at Polycab
2. Renewable energy consumption for FY 23-24 is dimensions. Our R&D centers in Roorkee, Halol, and India is not merely about adopting the latest
13.82%of total electricity consumed. This leads (ii) Additional investment made by the Company Bengaluru are at the forefront of developing cutting- advancements; it’s about leveraging them
to 14,670.92 tonnes CO2 emission reduction in FY 2023-24 edge products such as IoT-Enabled Ceiling Fans, effectively to drive innovation, enhance efficiency,
by Solar + Wind Captive and 10,422.01 tonnes 39.77 Lacs for Active Harmonic filter to improve Infinity Lamp and BLDC Super Premium Ceiling and deliver superior quality products to our
CO2 emission reduction by using bilateral power quality and harmonics distortion. Fans with Special Grade ABS Blades exemplify our customers. This strategy secures our position as
renewable energy. So, total 25,092.93 Tonnes commitment to superior product performance and industry leaders and ensures we continue to meet
CO2 emission reduction thereby lowering our (iii) The steps taken by the Company for utilising reliability. These advancements ensure that our the evolving demands of our market. By investing in
carbon footprint in FY 23-24. alternate energy sources : products meet and exceed customer expectations, technology and R&D, we are not only advancing our
further cementing our reputation for quality. Our capabilities but also reinforcing our commitment to
3. Installed 1350 KVAR +750A AHF Hybrid Power The Company had installed a Windmill with 8.1 MW NPD efforts are consistently delivering strong
Factor Control Panels to improve power quality excellence and customer satisfaction.
capacity and a solar plant with 6.097 MW capacity. outcomes, as evidenced by the introduction and
and harmonics distortion. The energy generated by the windmills and solar market acceptance of our latest wire ranges – Etira, (C) Foreign Exchange Earnings and Outgo:
plant are set off against energy consumed in Primma and Green Wire – over the past two years.
Polycab has set targets to reduce GHG Emissions. (H in million)
manufacturing units. By this we are consuming Additionally, our focus on innovation extends to cost-
Accordingly, actions are being undertaken to reduce Sr.
13.82% of the energy through renewable sources. effectiveness, exemplified by the compact socket Particulars Amount
greenhouse gas emissions by investing in energy No.
efficiency, increasing share of renewable energy design for switches that achieves a significant 37%
(iv) The capital investment in energy conservation 1. Earnings in Foreign Exchange 17,022.62
and investing into new technologies. The entity reduction in material and packaging costs. During the
equipment is detailed below: year, we have successfully registered 78 Intellectual 2. CIF Value of Import 80,493.38
has undertaken several initiatives to mitigate
Greenhouse Gas emissions, underscoring its An amount of H39.77 lacs were invested on energy Property Rights (IPRs) and submitted applications 3. Expenditure in Foreign Currency 382.07
commitment to sustainability: conservation equipment during financial year for 424 IPRs, reflecting our continuous pursuit of
2023-24. innovation and advancement. Furthermore, our
(a) 
A chieved reduction in overall energy lean manufacturing approach and conveyorised
consumption through the implementation (B) Technology Absorption: assembly lines ensure efficient single-piece flow and On Behalf of the Board of Directors
of solar and wind power, demonstrating a high productivity, reducing operational costs. These of Polycab India Limited
strategic focus on enhancing energy efficiency. (i) The efforts made towards technology absorption efficiencies translate to cost savings, which we can
The Company has installed a Windmill with pass on to our customers, making our products more
Polycab India maintains an unwavering commitment Inder T. Jaisinghani
8.1 MW capacity and a solar plant with 6.097 competitive in the market. Meanwhile, by enhancing
to technological advancement. Over the years, Date: 10 May 2024 Chairman & Managing Director
MW capacity. manufacturing and focusing on high-quality local
we have diligently pursued the absorption of Place: Mumbai DIN: 00309108
advanced technologies and the enhancement of products, we reduce import dependency, support
226 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 227

Board’s Report Corporate Governance Report

Annexure (G) to Board’s Report 6. Approval from European Organisation for Nuclear Pursuant to Regulation 34(3) read with Section C of Schedule V of SEBI (Listing Obligations and Disclosure
Research (CERN) on control cables. Requirements) Regulations, 2015 (Listing Regulations), as amended, a Report on Corporate Governance for the
Research & Development 7. Construction Product Regulation (CPR) and Product financial year ended 31 March 2024, is presented below:
Quality of Polymer compound used in Wire and Cable has Certification Requirement (PCR) from BASEC
the major impact on its overall performance. Different against different British Standards. 1. Governance at a glance:
types of Polymers are in use as per National and According to United Nations Development Programme, “Good Governance is, among other things, participatory,
International standards and against specific customer New Development Completed During 2023-24 transparent, and accountable. It is also effective and equitable. And it promotes the rule of law. Good governance
requirements based on its end application. Keeping this in
1. Peroxide cross-linkable Tree Retardant XLPE (TR- ensures that political, social, and economic priorities are based on broad consensus in society and that the
mind, Polycab has started dedicated Polymer R&D Centre
XLPE) Insulation compound for CCV application voices of the poorest and the most vulnerable are heard in decision making over the allocation of development
nearly one decade ago where a highly qualified experienced
suitable for MV cables (up to 33 kV) confirming to resources.”
team is working continuously for the development of
new Polymer compounds and its final implementation in IEC 60502.
different areas of wire and cable application. This Polymer 2. Peroxide cross linkable XLPE Insulation compound 1.1. Governance and its forms:
R&D centre is approved and certified by the Department for CCV application suitable for HV cables (up to 66 The Company strongly believes that ‘Governance’ is the manner in which power is exercised by the Management
of Science and Industrial Research (DSIR, Government of kV) confirming to IEC 60502. of the Company for achieving economic growth in conjunction with social development. The concept of
India). Our Research & Development vision has always 3. 
Peroxide cross linkable EPR based Insulation governance adopted by the Company conveys, most importantly, a diverse view of authority and its exercise
been to ensure that everything we do adds value to all compound for CCV application suitable for MV through the various forms of governance. These forms of governance provide a base for categorisation, efficient
our stakeholders, especially the clients we serve and the cables (up to 35 kV) confirming to IEC 60502. implementation, monitoring and reporting of governance.
community that we’re a part of. The R&D centre works in
line with sales and market requirement to support with 4. Thermoplastic extremely high flame-retardant PVC
Forms of Governance:
all aspects of the research process and offer expertise outer sheath compound for LAN cables as per UL
444 and other cable with Euro class Cca requirement. The Company has based on its business activities, economic resources, stakeholders’ aspirations, social values
in design, performance and project management. And
and acknowledgment, identified various forms of governance generally applicable to the Company.
we are constantly developing innovative compounds 5. Thermoplastic extremely high flame-retardant low
and materials to provide superior performance while halogen bedding/filler compound for LAN cables as
ensuring compliance with all National and International per UL 444 Corporate
standards and striving to create new benchmarks in 6. Extremely high hydrocarbon oil resistant NBR-PVC Governance
safety and sustainability.
TPE sheath/Jacket compound (TM5) suitable to
The quality management system implemented is very operate at low temperature (up to -40°C) confirming Good 1 Participatory
much well proven where we are using in-depth monitoring to BS EN 50363-4-1. Governance Governance
system. This helps to achieve high quality consistent
7. HDPE based flame retardant zero halogen low
product. The analytical test equipment installed at
R&D centre are the most advanced version available smoke sheath compound (ST12) with termite and 7 2
globally. As far as new material sourcing is concerned, rodent resistance property for MV cable outer jacket
our internal acceptance criteria is in line with relevant confirming to IEC 60840.
National and International standards. To sustain and to 8. Limited Hazard Type Electron Beam Cross-Linkable
improve further, stringent quality audit system at regular sheath compound to be used in Cables Suitable Forms of
intervals is in place. Our strong focus is on environmental For -40° to 120°C Operation with improved Fire Governance
and safety in all our activities. Resistance for Train-18 (Vande Bharat) railway
We have designed and implemented a stringent quality application as per BS EN 45545. 6 3
assurance system, which ensures that every step, right
from the purchase of the basic raw materials to final Future Projects Global Environmental
output, is well planned, quality controlled, and checked. Governance Governance
1. 
Moisture curable HDPE based track resistant
Ongoing random testing and mechanisms for receiving
covering/jacketing compound for MV cables as per
regular client feedback ensures that our products not
ICEA S-121-733-2016 and BS EN 50397-1.
just meet but exceed all expectations. 5 4
2. Electron beam cross linkable halogen free fire-
Some key qualification like, retardant low smoke oil and fuel resistant compound
Social E-Governance
1. 
Different cables as per Australia and New suitable for low temperature application for railway
Governance
Zealand standards. rolling stock as per BS EN 50264-1.
2. Cables as per different UL standard to serve north
American markets. On Behalf of the Board of Directors
3. A wide range of cables for vehicle application for of Polycab India Limited
automotive markets.
4. 
Marine and Ship wiring cables as per Inder T. Jaisinghani
Defence standard. Date: 10 May 2024 Chairman & Managing Director
5. 
Thin wall cables for 3-phase electric railway Place: Mumbai DIN: 00309108
locomotives.
228 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 229

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The forms of Governance are enumerated as under:

Corporate Governance is based on strict compliance with law applicable to the Company supported Global governance derives relevance from the Company’s presence across the world as a global citizen.
1 by defined set of policies, structures, standard operating processes (SOPs), procedures, rules and codes. 6 Global governance encompasses international laws applicable to the Company including framework of
Corporate Every stakeholder is required to adhere strictly with the Governance Policy and its framework while Global international institutions like United Nations (UN), International Monetary Fund (IMF), World Bank, World
Governance interacting with or on behalf of the Company in both letter and spirit. Corporate Governance is based on Governance Trade Organization (WTO) including restrictions on sanctioned nations, powerful non-government bodies
the ‘Principle of strict Compliance’ with zero tolerace for non-compliance approach. global civil society and non-governmental organisations (NGOs). The increased exposure to cross border
 nactment: The Company has adopted various policies, support policies, codes and has further created
E transactions has created an increased and immediate compliance with international rules, norms and
corresponding Standard Operating Procedures together with training modules as part of Corporate procedures that facilitate collective action and co-operation among countries followed by governance
Governance strategy and in conjunction with the Governance Framework. thereto. Social Governance is based on the ‘Principle of Proliferation’.
Enactment: The Company is driving its business globally by following Global Governance and participates
into various global exhibitions and roadshows to meet the expectations of our global stakeholders. Further
Based on the ‘Principle of Inclusivity’, this form of governance lays emphasis on stakeholder involvement the Company under its role and responsibility as an international player adopts and propagates UN
2 in governance. It encompasses the processes in which stakeholders including shareholders, customers, recommendations, international laws and practices, GRI reporting, mapping of Sustainable Development
Participatory supplier, human capital, value chain partner voice their opinions with zero fear of retaliation. Circular Goals, international financial reporting standards amongst others.
Governance governance, being an integral part of Participatory governance, accords the opportunity to all the
stakeholders of the Company to be a part of the governance culture in the Company.
Enactment: The Company has enhanced its customer centricity through regular interactions with its Good governance is the ideal concept where values, procedures, culture and ethics are treated at par
7 with compliance under law and form part of Governance framework. Good governance practices include
stakeholders through meetings and surveys such as Employee Satisfaction Survey, Supplier Satisfaction
Survey etc. as a part of Participatory Governance. Feedback received from its stakeholders are tracked Good a set of defined processes, procedures and mechanisms to aid inculcate a culture of governance. Good
and suggestions implemented. Governance governance is based out of one of the main branches of Philosophy i.e. Principle of Logic reasoning and
argumentation.
Enactment: The Company strongly believes in good governance and endeavours adoption of all such
In view of a holistic approach, through Environmental Governance, the Company aims to administer processes and procedures, various voluntary and non-mandatory policies, disclosures, intimations to all
3 aspects relating to judicious management of natural resources, circular economy, human rights, our stakeholders, ethical practices, human rights issues, that are aligned with good governance.
Environmental sustainability, product stewardship and environment protection. It sets the background for proper
Governance utilisation of resources, better sustainable products, waste management, pollution control, reduce reuse
recycle of resources thereby securing sustainable development. Environment Governance is based on the Governance at Polycab is multifaceted ensuring that the Company conducts its affairs righteously, economically,
‘Principle of Sustainability’. and sustainably. The Company has combined the identified seven forms of governance to assist in achieving
Enactment: The Company has adopted Organisation, Health and Safety Policy which encompasses continual enhancement of the Governance Framework of the Company.
various environmental governance practices. Further the ESG targets and goals are devised to integrate
ESG into all the aspects of business. 
The Governance Framework goes beyond
1.2. Governance Strategy at Polycab:
just being a framework for compliances, but
As the Company continues to achieve its strategic
The Company under E-Governance encompasses aspects relating to utilisation of Information and encompasses within its ambit effective resource
4 objectives, effective governance serves as the
Communications Technology (ICT) as a tool for Governance at all levels of business management. Its utilisation, equitable treatment of stakeholders by
compass that guides the Company toward ethical
E-Governance purpose is to provide transparency, create accountability, accuracy, data management, audit trails, risk providing equal opportunities and stronghold for
management and systematic dissemination of information to all the stakeholders. Further, it invigilates conduct, effective growth and sustainable success.
long-term sustainable success based on the forms
compliance data management and efficiency in governance processes. E-governance is based on the Besides control, the governance strategy at Polycab
of governance.
‘Principle of Transparency’. focuses on compliance, reliability, transparency,
Enactment: The Company has adopted various IT tools, systems and processes to aid maintaining, and accountability. The Company recognises 
The Company established its Governance
retrieving and providing real-time MIS updates to all the functions and business of the Company. The ‘Governance’ as a continual process. Framework at Polycab on five pillars viz. Governance
Company has implemented BI tool, automation of systems and processes relating to various functions Philosophy, Directives, Structure, Systems and
such as legal, compliance, value chain management, risk management, market intelligence, AI, cyber The Company gallops on its growth journey amidst
Evaluation wherein the Philosophy being the
security, digital meeting app amongst many others. challenges and it continues enroute to renew its
foundation for designing the Directives, codes and
commitment to excellence in corporate governance
policies, enumerates the responsibility of each tier
Social governance has its roots deeply embedded in ethical business practices. The Company recognises and redefine its Governance Framework. The
of the Structure right from management team to
5 social responsibility as an ethical focus for the Company whereby the Company is accountable for Company upholds and strengthens its Framework
persons associated with the Company and provides
Social practices that benefit society at large. Social governance has become increasingly important to the to safeguard the integrity, enhance governance
them Systems, standard operating process and
Governance Company who seeks development that not only is profitable but also contributes to the welfare of society standards and prevent deviations, thus ensuring
and the environment. Social Governance is based on the ‘Principle of Coherence’. trainings modules that set the platform for effective
greater transparency and ethical business conduct.
Enactment: The Company has adopted Corporate Social Responsibility and Environment Social implementation, monitoring, communication and
Governance Policy and SOPs thereunder to connect profitability with social responsibility and ethical Evaluation of the framework.
practices aimed towards the overall development of society at large. The SOPs envisage adoption of
need assessment, vendor selection process, project monitoring, constant evaluation, assessments and
analysis for duplication.
230 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 231

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1.3. Evaluation of the Governance Framework • define the roles, responsibilities and relationships During the year under review, the Company focused 
Action: The Company reviewed and revamped
among the Board of Directors, management, on strengthening its existing Governance Framework its Directives i.e. Codes and Policies keeping
The 5 Pillars of the Governance Framework were
shareholders’ and other stakeholders. Pillars by expanding the horizon of each pillar. The in mind stakeholder interest, amendments in
documented at length in the Corporate Governance
pillars were assessed based on measurability criteria laws, business strategy, risk mitigation, good
Report FY2023 which continues to stand as the • enhance the Company’s reputation, credibility
vis-à-vis action taken to strengthen the pillars. The industry practices and adoption of best-in-
foothold of governance culture of the Company and long-term value creation by promoting sound
action and the assessment are detailed below: class governance practices. The Company
enumerated in the ‘Governance Policy’ (Weblink). corporate governance practices.
• Philosophy on Code of Governance established support policies and procedures
The Company adopted the Governance Policy with During the year under review, the Management to ensure uniformity of action, inaction and
the purpose to: advanced further in governance by evaluating the Your Company’s philosophy is creation of long- reaction by the Company whilst addressing
pillars using defined ‘measurability’ criteria further term stakeholder value through adoption of challenges faced by stakeholders. Compliance
• establish clear principles and practices for ethical
ensuring that the pillars undergo constant structural best-in class Corporate Governance Framework is at the heart of governance and adequacy of
conduct, accountability and transparency in all
review, repair and rejuvenation from time to time. and adherence thereto in true letter and spirit policies and procedures would determine the
aspects of the Company’s operations.
always. The Company continually strives to sustainability of the Company. The Company
enhance governance tools for supporting has further obtained confirmations from
PHILOSOPHY the framework which ensures accountability, reputed firms on the adequacy of policies
Measuribility: Relevance transparency and fairness in all transactions in and codes adopted under governance by
Defines the principle and basis for achieving best in class the widest sense. the Company.
Corporate Governance Practices A ction: The Company promulgated its Measurability – Adequacy: The Company
philosophy on achieving best-in-class Corporate revived and revitalised its codes and policies
1 Governance to all its internal and external to achieve greater transparency and ensure
stakeholders. The Company utilised various adequacy of compliance modules.
mediums and platforms for demonstrating
and inculcating good governance culture • Structure
across its business and advocating the same The Company continues to be governed
EVALUATION DIRECTIVES to all its internal and external stakeholders. through a multi‑tier Governance Structure with
Measuribility: Transparency 5 2 Measuribility: Adequacy The Company endeavours at achieving best- the Shareholders at the apex of the pyramid
& Information Exchange Five Pillars of Comprises of well-defined in-class governance by encouraging all its followed by the Board and its Committees,
Corporate Governance policies, codes and stakeholders to adhere to the principles of good Management Team led by Chairman &
Includes oversight mechanism
Framework at Polycab practices which helps in governance and further propagate the same to Managing Director and other Stakeholders
for internal and external
effective and efficient their individual stakeholders with a mandate who ensure governance through a well-defined
stakeholders to provide
conduct of business to ensure compliance and an urge to thrive to Governance Directives embedded in the role
feedback, recommendations,
achieve good governance. and responsibilities of each tier of the structure.
grievance, and receive
effective redressal Measurability – Relevance: The Philosophy The Structure, comprising of internal and
continued to be relevant and commensurate external stakeholders including Board, key
4 3 to the business principles and strategy of managerial personnel, senior managerial
the Company. personnel, business unit heads, function heads,
• Directives employees, customers, vendors, amongst
SYSTEMS STRUCTURE
other stakeholders are aligned with the
Measuribility: Process Management Measuribility: Accountability Our Corporate Governance Directives comprises expectations of the Company for achieving
Comprises of Standard Operating Processes Establishes a Multi‑tier Governance of well-defined principles, codes, policies, best-in-class corporate governance. Each
and practices aiding structured control, Structure for effective implementation standard operating processes, systems and good tier is empowered to exercise independent
monitoring and reporting of compliances of policies, codes and practices practices that enables the Company to perform judgement and promote good governance in
its business efficiently whilst abiding by law and accordance with the Framework. The Company
adopting environmental, social and governance assigned additional responsibilities to each tier
related aspects. The essence of the directives of the structure in accordance with economic,
lies in achieving highest standards of integrity, business, environmental, social and governance
transparency, accountability, sustainability and goals of the Company to ensure as well as
safety. The Governance Matrix is reviewed and promulgate governance in letter and spirit.
revamped at regular intervals keeping in mind
the amendments in laws and adoption of Best Measurability – Accountability: Rewards and

Corporate Governance practices. The Directives is recognitions are devised for achievement key
advocated and adherence is solicited at all levels. performance indicators (KPIs) defined under
the Framework.
232 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 233

Corporate Governance Report

• Systems: without the fear of retaliation from the 1.4.2 Outcome of Evaluation of Polycab’s Governance and continually with its stakeholders through
Company. Stakeholder access to relevant, Framework vis-à-vis G20 – OECD Principles of various mediums to provide uniform and prompt
The Company, as a part of its ongoing process, timely and reliable information is advocated. updates and information thus minimising
Corporate Governance:
continued to formulate, utilise and advocate conflicts of interest that may compromise the
standard operating processes, mechanisms and Measurability – Transparency & Information The Company delved further into its Governance
integrity of their analysis. The Company further
detailed training modules using information exchange: The Company promulgated and framework vis-à-vis principles outlined by OECD
engages effectively with their investors, such
technology, digital tools and e-learning encouraged two-way communication between for evaluating its current processes and for
as proxy advisors, analysts, brokers, ESG rating
modules wherever feasible to aid systematic the Company and its stakeholders resulting in steering the Company’s strategic objectives and
and data providers, credit rating agencies and
and effective implementation, monitoring and increased number of grievances establishing stakeholder aspiration whilst continuing to focus
index providers and act on the advice provided
evaluation of the Directives i.e. Codes and and demonstrating the concept ‘zero tolerance’ on sustainable growth.
by them from time to time. The methodologies
Policies. The SOPs are designed individually for and of ‘zero fear’ of retaliation amongst its
The outcome of the evaluation as detailed below used by the stakeholders are transparent and
each code and policy to integrate the elements stakeholders.
not only aided in evaluating the existing framework, publicly available.
of the framework and its 5 pillars independently further set the grounds for upgradation:
for each Directive laid down by the Company. 1.4. 
Governance Framework at Polycab 4.  isclosure and Transparency: Transparency
D
Each Policy is supported by an SOP which corroborated with OECD Principles 1.  ffective Corporate Governance Framework:
E being the cornerstone of good governance,
enumerates the roles and responsibilities of During the year 2023-24, G20 governments together The Company had during the previous financial the Company provided accurate and timely
identified stakeholders together with the with by the Organisation for Economic Co-operation year revamped its Corporate Governance disclosures / information about their financial
requisite processes to be undertaken by them and Development (‘OECD’) and United Nations Framework which promotes transparent and performance, governance structure and other
to ensure strict adherence to the Directive. The Conference on Trade and Development (UNCTAD) fair markets, and the efficient allocation of material disclosures thereby empowering
Systems are enhanced further using software, Secretariats had jointly prepared their report resources. Further, the Framework embedded stakeholders to make informed decisions. The
applications, artificial intelligence and online and documented measures under G20 - OECD requirements consistent with the rule of OECD requires the framework to ensure that
platforms that enhance productivity in Principles of Corporate Governance to help evaluate law and support effective supervision and proper, timely and accurate disclosure is made
various fields of communication, collaboration, and improve legal, regulatory and institutional enforcement which forms part of the OECD uniformly to all on all material matters. The
learning and design. The Company, with the framework for Corporate Governance. The principles. The framework had been evaluated Company has incorporated in its framework
support of subject matter experts focused on principles were identified as key building blocks during the current financial year as detailed adequate checks and balances for disclosures
creating awareness on statutory compliances for a sound corporate governance framework and above in this Report. regarding the Company, including the financial
and associated risk. The Company has moved offered guidance on companies’ sustainability situation, material events, performance,
2. quitable Treatment of Shareholders:
E
swiftly on its digital transformation journey and resilience, to manage environmental and sustainability, ownership and governance of the
Fair treatment and protection of rights of
creating an online interactive and corroborative social risks, with insights on disclosure, role and Company. The Company keeps its stakeholders
shareholders regardless of their size or influence,
space for transactions and interaction between rights of shareholders as well as stakeholders informed on the update emanating from within
being at the heart of corporate governance,
a business and stakeholders. It encompasses and corresponding responsibilities of the Board the Company and external factors affecting
formed the essence for conducting and
effective and efficient process of governance. of the Company. Further, the revised G20/OECD the Company.
managing the overall affairs of the Company
Principles of Corporate Governance provided such as the Meetings, framing policies, and 5.  esponsibilities of the Board: The OECD
R
Measurability - Process Management: The

recommendations on how to ensure the rights and procedures. The OECD principles resonated Principles reckons that the Governance
Company improvised and formalised its
responsibilities of shareholders, board members, protection and facilitation of exercise of framework should ensure strategic guidance
Standard Operating Processes, procedures
managers and other stakeholders are protected. shareholders’ rights further ensuring equitable and effective monitoring of governance by
and training modules making them self-
explanatory and accessible through digitisation. treatment of all shareholders, including minority the Board, and the Board’s accountability to
1.4.1. Evaluation of Polycab’s Governance Framework and foreign shareholders. The Company had the Company and the stakeholders including
Confirmations and declarations were sought
vis-à-vis G20 – OECD Principles of Corporate correspondingly in its framework endowed the its shareholders be documented. The Board
from relevant stakeholders.
Governance stakeholders with opportunity to exercise their of Directors play a pivotal role in governance
• Evaluation The Company evaluated its Governance framework rights and obtain effective redress for violation which is well documented in the Governance
The evaluation process is further streamlined in conjugation with the following six evaluative of their rights at a reasonable cost and without Framework under the pillar ‘Structure’. The
to include systematic and documented parameters of the OECD Principles to gauge that excessive delay. The shareholders are constant Board is entrusted with the task of overseeing
oversight mechanism, grievance redressal, business aspirations were achieved in an ethical made aware of their rights which are further the Company’s strategic direction ensuring
two-way communication, feedback from all manner that fosters transparency, accountability enumerated in this Report. its social and legal compliance. The Board
stakeholders aimed at achieving excellence and equitable treatment: exercises discretion recognising its fiduciary
3. Institutional investors, stock markets, and
in Corporate Governance. Expert opinions, duty lies not just with the Company but also
• Effective Corporate Governance framework other intermediaries: The OECD principles
remedial measures and case study analysis extends to its shareholders. The Structure in
• Rights and equitable treatment of shareholders emphasises the need of incorporating sound
and precedents learnings are documented the CG Framework adopted by the Company
and key ownership functions incentives throughout the investment chain
for retrieval, training and future reference. defines the role of each tier of the Structure
and provides for stock markets to function
The Company promulgates ‘Zero tolerance’ • Institutional investors, stock markets and other including the Board. The Board demonstrates
in a way that contributes to good corporate
policy from Company’s perspective together intermediaries effective governance by reviewing and guiding
governance. The Corporate Governance
with ‘Zero fear of Retaliation’ policy from • Disclosure and transparency the corporate strategy, aligning it with the
Framework of the Company encourages two-
the stakeholders’ perspective at all levels Company’s long-term goals and values. The
• Responsibilities of the board way communication and involves actively
encouraging internal and external stakeholders Board serves as an ombudsman, ensuring that
• Sustainability and resilience
to communicate freely with the Company
234 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 235

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Management team’s actions are in line with 2.1 Board Structure 2.2 Board Composition
the Company’s objectives through regular
The Board comprises of 10 (Ten) Directors out The composition of the Board, including attendance at AGM and the number of Board/Committees of other
interactions, evaluation, and monitoring,
of which 5 (Five) are Executive Directors and 5 companies in which the Director is a member or chairperson as on 31 March 2024 are as under:
thus mitigating risks and ensuring that the
(Five) are Non-Executive Independent Directors Committee Position in
company is on the right track. Accountability Attendance Board
including 2 (Two) Women Directors. Amongst the of Last AGM Position other Board Name of Listed entities in which he/she
is a central tenet of governance. The board is Name Category
5 (Five) Executive Directors, 3 (Three) Executive held on in other As As holds Directorship along with Category
further accountable to both the Company and 30 June 2023 Companies Member Chairperson
Directors are from Promoter / Promoter Group and
its stakeholders. This means that they must
2 (Two) Executive Directors are professionals from Mr. Inder T. Jaisinghani P, E, NI1 Yes 1 - - -
answer for their decisions and actions, fostering
specialised fields of manufacturing and finance. The Mr. Bharat A. Jaisinghani P, E, NI1 Yes - - - -
a culture of responsibility.
Board has an optimum combination of Executive Mr. Nikhil R. Jaisinghani P, E, NI1 Yes - - - -
6.  ustainability & Resilience: The OECD
S and Non-Executive Directors with half of the Board Mr. Rakesh Talati E, NI1 Yes - - - -
guidelines resonated that CG framework comprising of Independent Directors. The Board Mr. Gandharv Tongia E, NI1 Yes 1 - - -
should provide incentives for companies and encompasses members that collectively brings in Mr. T. P. Ostwal NE, I1 Yes 3 5 3 Oberoi Realty Ltd (NE, I1)
their investors to make decisions and manage requisite skills, expertise and competencies that Mankind Pharma Ltd. (NE, I1)
their risks alongside their sustainability goals, allow them to make effective contribution to the Mr. R. S. Sharma NE, I1 Yes 6 8 3 Jubilant Industries Ltd. (NE, I1)
in a way that contributes to the overall growth Board and its Committees as required in connection Mr. Pradeep Poddar NE, I1 Yes NA NA NA NA
of the Company. The Framework adopted by with the business, strategy and transparency
Mrs. Sutapa Banerjee NE, I1 Yes 7 8 2 Godrej Properties Limited (NE, I1)
the Company provides platform for making ensuring good corporate governance. JSW Holdings Limited (NE, I1)
well-informed decisions and taking informed Camlin Fine Sciences Limited (NE, I1)
risks that promote efficient allocation of Category wise – Percentage Zomato Limited (NE, I1)
capital whilst supporting companies’ long-term Ideaforge Technology Limited (NE, I1)
of total number of Directors
sustainability and resilience aspirations. The Mrs. Manju Agarwal NE, I1 Yes 6 6 3 Gulf Oil Lubricants India Ltd. (NE, I1)
framework further describes risk vis-à-vis risk (%) Glenmark Life Sciences Ltd. (NE, I1)
management in conjugation with preparedness Mr. Bhaskar Sharma NE, I1 Yes - - - -
for threats, absorption of impacts, recovery 1. “P” – Promoter & Promoter group, “E” - Executive, “NI” – Non-Independent, “I” - Independent , “NE” – Non-Executive Director
and adaption following a disruptive event. The 2. Mr. Pradeep Poddar ceased to be an Independent Director of the Board w.e.f. 20 September 2023, owing to efflux of time.
Framework further embraces sustainability Note: Number of other Directorship held does not include Directorships of private limited companies, foreign companies and companies
and resilience by embedding environmental, registered under Section 8 of the Companies Act 2013 (Act). Further, in accordance with Regulation 26 of Listing Regulations, Memberships/
social and governance related aspects into Chairmanships of only Audit Committee and Stakeholders Relationship Committee in all public Companies have been considered. The number
of Committee Memberships/Chairmanships of all Directors are within the respective limits prescribed under Act and Listing Regulations.
business goals.

2. Board of Directors 2.3 Brief Profile (b) Mr. Bharat A. Jaisinghani

The Company recognises the significance of a diverse Mr. Bharat A. Jaisinghani joined the Company
(a) Mr. Inder T. Jaisinghani:
and effective Board whose wisdom and strength Executive Directors 50% in 2012 and thereafter in 2021 was appointed
Mr. Inder T. Jaisinghani, Chairman & Managing as Executive Director. He holds a Master’s
leverages stakeholder value, protects stakeholder Non-Executive Independent Directors 50% Director (CMD) of the Company, has been degree in Operations Management from
interests and transparency through best-in-class
working with the Company since its inception. the University of Manchester. He has also
governance. The Board of Directors of the Company
Board Diversity He was appointed as CMD of the Company completed his Executive Education Programme
is an ideal mix of knowledge, subject matter
(%) on 20 December 1997 and was subsequently for Leadership Development from Harvard
expertise, strategic, perspective, professionalism,
re-appointed as CMD with effect from Business School and an Executive Programme
divergent thinking, and reservoir of experience. The
28 August 2019. He has played a vital role from Singularity University. He has worked
uniqueness of the Board of the Company lies in
in different areas of Strategy Planning and in different areas of sales, business segment
the fact that the Board balances deliverables and
Implementation, Business Leadership, Sales & leadership, consumer-centric innovation,
achieves sound corporate governance thus creating
Marketing including Global Business, Corporate marketing, IT and digitalisation, production and
stakeholder value with a long run objectives in a
Governance, Ethics & ESG, Operational other support services and currently working on
promoter-driven organisation.
Experience and Financial Acumen & Risk growth and strategic initiatives.
Assessment and under his leadership and
guidance the Company has completed over
27 glorious years of success.

Male 80%
Female 20%
236 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 237

Corporate Governance Report

(c) Mr. Nikhil R. Jaisinghani Award by Assocham in 2023, D&B Finance Elite (h) Mrs. Sutapa Banerjee (j) Mr. Bhaskar Sharma
award in 2023, FE Influencer of the year Award
Mr. Nikhil R. Jaisinghani joined the Company Mrs. Sutapa Banerjee joined the Company Mr. Bhaskar Sharma is a business leader and
2023, Leading CFO Award by CII in 2022, CFO
in 2012 and thereafter in 2021 was appointed as an Independent Director with effect from marketing expert with a passion for accelerating
Excellence Awards in 2021 by CII for excellence in
as Executive Director. He holds a Master’s 13 May 2021. Mrs. Banerjee has over 30 years of business growth in companies, particularly in
digital transformation; and with the ‘Best CFO
degree in Business Administration (MBA) from professional experience and has spent 24 years emerging markets across Asia Pacific, Africa
of India – Midcap’ award for the year 2019-20 by
Kellogg School of Management, Northwestern in the financial services industry across 2 large and Middle East. His depth of experience in the
the Dalal Street Journal. Before joining Polycab,
University, Illinois, USA. He has worked in multinational banks (ANZ Grindlays and ABN region includes general management expertise,
Mr. Tongia was associated with the Indian
different areas of sales, marketing, strategy AMRO) and a boutique Indian Investment bank holistic market development and building
member firms of Big 4 Audit firms, namely, Ernst
planning, operations, IT and digitisation, (Ambit) where she built and headed several high performance teams. He is appointed as
& Young and Deloitte Haskins and Sells; where
production and other support services and businesses. Mrs. Banerjee is a gold medallist in an Additional Director on the Board of EBG
he was responsible for providing assurance and
currently oversees the power & special cables Economics from the XLRI school of Management Federation. In his previous role as Director and
consultancy services to large corporates, both in
business along with working as change agent in India and an Economics major from Presidency Chief Executive Officer of Red Bull India, he has
India and overseas. Mr. Tongia is a fellow member
for the Company. College Kolkata. She is an Advanced Leadership built global brand and new category in India.
of the Institute of Chartered Accountants of
Fellow (2015) at Harvard University and was a He holds Masters in Management Studies and
India (ICAI) and has also completed Professional
(d) Mr. Rakesh Talati visiting faculty with IIM - Ahmedabad. She is Masters of Science from Mumbai University.
Programme Examination held by the Institute of
Mr. Rakesh Talati has been associated with also an adjunct faculty with Indian Institute of Over past 15 years, Mr. Bhaskar has built a high
Company Secretaries of India.
the Company since 2014 and thereafter in Corporate Affairs - the Government of India think caliber team, brought Red Bull’s iconic global
2021 was appointed as Executive Director. He tank under the Ministry of Corporate Affairs. marketing mix to India and developed strong
(f) Mr. T. P. Ostwal:
heads the Wires and Cables manufacturing She also serves as an Independent Director local marketing assets building key brand indices
Mr. T. P. Ostwal is a qualified Chartered on the Board of Zomato (Chairperson Audit among Indian youth. He had led the complete
and responsible for Administration, Industrial
Accountant from the Institute of Chartered Committee), Godrej Properties (Chairperson set-up of the Red Bull’s Sales and Distribution
Relations (IR) for wires and cables segment.
Accountants of India since 1978. He is a NRC), JSW Cement, Ideaforge Technology network. The journey also involved hands on
He is responsible for Greenfield and Brownfield
Practicing Chartered Accountant and is a Senior (Chairperson NRC) and others. navigation through complex yet rewarding
Projects at Country level for all the business
Partner with T. P. Ostwal and Associates LLP. policy and regulatory environment of India, and
segments including aspects relating to CSR &
He is a partner at DTS & Associates, Chartered (i) Mrs. Manju Agarwal creating an organisation fully compliant with
ESG sustainability. He holds a Diploma in Civil
Accountants. He has served as a member of the global standards, ready for accelerated ascent,
Engineering and Interior Design Course from Mrs. Manju Agarwal has been a career banker
advisory group for advising and establishing resulting in profitable twenty-five-fold growth.
the Maharaja Sayajirao University of Baroda. with 34 years of experience in India’s largest
Transfer Pricing Regulations in India set up by Mr. Bhaskar’s previous roles as Vice President,
Bank, State Bank of India in leadership positions
the Central Board of Direct Taxes, Ministry of Marketing Operations for Asia, Africa, Middle
(e) Mr. Gandharv Tongia where she was responsible for Policy, Strategy,
Finance, Government of India. He is a member East and Turkey with Unilever Asia, based in
Mr. Gandharv Tongia, the Executive Director Business and Operations. Her core expertise
of all sub-committee on Transfer Pricing for Singapore; as Managing Director Unilever
and Chief Financial Officer of Polycab India and key achievements include Retail Banking,
Developing Countries of United Nations. He Foods based in Taiwan and extensive years in
Limited, is associated with the Company since Financial Inclusion and Digital initiatives. She
is professor at Vienna University teaching Unilever in SE Asia and Far East, have given
2018. In his current role, he is responsible for all led SBI’s partnership with Reliance Industries
International Tax for LLM studies. He is ranked him a rich spectrum of interfaces, internally
aspects of the Company’s financial, strategy, Limited to set up Jio Payment Bank Ltd. She had
11th out of top 50 Tax Professionals of the world with global stakeholders in a matrix structure,
legal & secretarial, investors relations as well as been the team lead which conceptualised and
by the UK Business Magazine. He serves as an and externally with Joint Venture partners and
information technology functions. He has played launched YONO, SBI’s Digital Bank, Financial
Independent Director on the Board of Oberoi franchisees in various countries.
a pivotal role in getting the company listed in Superstore & Online market place (one of its
Realty, Intas Pharmaceuticals, Mankind Pharma
2019 and is instrumental in spearheading the kind in the Industry). She headed SBI’s Debit
amongst others. He is also a regular speaker 2.4 Disclosure of relationships between Directors
Company in its ongoing transformational Card Strategy, Merchant Acquiring business,
on international Tax in India and Abroad. He is inter-se
journey. He has taken number of strategic Government business and Transaction Banking
also a life member of Institute of Independent
initiatives to prep up Polycab, for its next big Business. She led SBI’s Jan Dhan program Except, Mr. Inder T. Jaisinghani who is paternal
Directors, a statutory body created under law.
leap in the highly competitive and fast paced during 2014 and was associated with setting uncle of Mr. Bharat A. Jaisinghani and Mr. Nikhil
digital age and this includes the flagship up of SBI’s Pension Fund Subsidiary in 2007. R. Jaisinghani and Mr. Bharat A. Jaisinghani &
(g) Mr. R. S. Sharma
‘Project Leap’. Under his leadership, Polycab She is a Postgraduate from the University of Mr. Nikhil R. Jaisinghani being cousin brothers none
Mr. R. S. Sharma joined the Company as an Allahabad, 1978 and an Associate of the Indian of the Directors are related to each other.
has been recognised for ‘Excellence in Financial
Independent Director with effect from 20 Institute of Bankers, 1989. She is currently
Reporting: 20-21’ in the Plaque category by The
September 2018. He holds a Bachelor of serving on the Board of various entities including 2.5 Board membership criteria & Board Skill Matrix
Institute of Chartered Accountants of India
Arts’ degree from University of Delhi. He has Gulf Oil Lubricants India Ltd., Glenmark Life
(ICAI). The Company’s Annual Report has won The Board has identified core skills, expertise and
passed the final certificate examination from Sciences Ltd., IndiaIdeas.Com Limited, Switch
several awards such as Asia’s Best Integrated competencies required by the Board keeping in mind
the Institute of Cost and Works Accountants Mobility Automotive Ltd. and Hinduja Leyland
Report 2021 [Bronze] and Asia’s Best Integrated the present and future aspiration of the Company
of India and the Associate examination from Finance Limited.
Report (Design) 2021 [Gold] awards, Asia’s Best and its stakeholders. The Board membership
the Indian Institute of Bankers. Prior to joining
Integrated Report (Integrated Thinking) Awards criteria are based on the Board skills defined under
the Board, he has served as Chairman and
2023. In recognition of his contribution, he has the guidance of Nomination and Remuneration
Managing Director at Oil and Natural Gas
been conferred with several awards such as CA Committee of the Company.
Corporation Limited, besides being on Board
Business Leader Award by ICAI in 2024, Best CFO
of various other companies.
238 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 239

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The Board consists of eminent individuals having expertise and experience in various fields who understand 2.6 Board membership selection process: its stakeholders. The Board members, based on
and respect their roles and responsibilities towards stakeholders of the Company, including the duties and their independent skills, acumen, expertise and
The Company believes that a diverse Board provides
powers prescribed under the provisions of the Companies Act, 2013 (‘the Act’), and any other applicable laws, industrywide experience, exercise discretion pointing
versatility in thought, perspective, knowledge, skill,
and strive to meet their expectations. The Board mix provides a combination of professionalism, knowledge, the Company’s Management in the ‘right’ direction.
regional and industry experience, cultural and
skills, expertise, industry and business understanding and experience as required in the industry and further
geographical background, age and gender, which The Board plays a pivotal role in embedding the
meets the criteria prescribed under the Board Diversity Policy adopted by the Board.
ensures retention of its competitive advantage. vision, mission and philosophy of the Company
Board Skill The Company further believes that a diverse into business activities to achieve both profitability
Board Skills
Distribution Board contributes towards driving business results, and sustainability simultaneously. The Board works
Business Leadership adoption of best Corporate Governance practices, towards ensuring that the Company is managed
Experience of leading Business of large organisations with deep understanding of complex business 100% responsible decision-making capability, further in a well-balanced manner fulfilling stakeholders’
processes, regulatory and governance environment, and expertise on adaptation to Industry Standard. ensure sustainable development, and enhance the aspirations. The Board frames the terms of
Corporate Governance, Ethics & ESG reputation of the Company. reference for each of the Board Committee(s) and
Familiarisation with aspects and industry practices associated with compliance of law, sustainability 100% seeks recommendation for diligent and effective
workplace health and safety, asset integrity, good governance policies and practices, environment Process for appointment of Director: discharged their roles. Duties assigned to them by
and social responsibility, and community development for management accountability, protecting
The Nomination and Remuneration Committee the Board of Directors in their respective ‘Terms of
shareholder interests, and observing appropriate governance practices.
(“NRC”) evaluates suitable candidate(s) for the Reference’ and recommended governance directives,
Strategy Planning & Implementation systems and processes. The Committees further
Expertise in devising and implementing strategies for sustainable and profitable growth of the 100%
Board, based on the board skills, criteria laid down
Company. Ability to assess the strength and devise strategies to gain competitive advantage. Good in the Nomination & Remuneration Policy (weblink) assign role and responsibilities to sub-committees
business instincts and acumen, set priorities and focus energy and resources towards achieving goals. and Board Diversity Policy (weblink). While selecting and councils that aid in execution of the scope of
Financial Acumen & Risk Assessment a candidate, the NRC evaluates skills, knowledge, work assigned to them by the Board committees
In depth understanding of financial data/statements, financial controls, proficiency in financial 90% integrity and experience of the candidate vis-à-vis from time to time such as CSR Management
management and reporting process, expertise in dealing with complex financial transactions. existing acumen of the Board and identified areas Committee, ESG Finance & Operations Committee
Experience in identifying and evaluating the significant risk exposures to the business strategy of the of expertise. On identifying a suitable candidate, Council amongst others.
Company.
NRC based on set criteria and evaluation process The Board further provided direction and goals
Operational Experience recommends his/her appointment to the Board for
Effective management of business operations, ability to guide on complex business decisions, 80%
to the management team focused at attaining
anticipate changes, setting priorities, aligning resources towards achieving goals and protecting and
their approval and for further recommendation to sustainable growth and best corporate governance
enhancing stakeholder value. the shareholders for their approval. practices. The Board, in their role as the tier that
Sales & Marketing including global business links shareholders at the apex of the Structure
Experience in driving business success in markets around the world with in-depth understanding 70%
Process for re-appointment of Director: Pyramid with Management Team led by Chairman
of diverse business environments, global economic conditions, cultures and a broad perspective on While considering re-appointment of existing & Managing Director and other Stakeholders
global market opportunities. Expertise in sales and marketing with understanding of brand equity to Directors, in addition to the foregoing, the NRC approves the Directives i.e. Codes and Policies
provide guidance in developing strategies for increasing sales and enhancing brand value customer
considers the outcome of performance evaluation, thereby assigning roles and responsibilities and
satisfaction across the globe
attendance at Board and Committee meetings, establishing process for ensuring systematic,
Consumer insights & Innovation
skill, expertise, experience, ability to challenge views efficient and effective implementation of the
Ability to get to the crux of the issue of consumers, experience in understanding trends of consumer 70%
preference, taking actions towards the better consumer experience and customer-centric innovation. of others in a constructive manner, familiarisation governance directives together with stakeholder
with the business, industry knowledge and grievance redressal.
Information Technology & Digitalisation
global trends, valuable contribution made by the
Significant background in technology resulting in knowledge of how to anticipate technological trends, 50% The Board members keep themselves well informed
generate disruptive innovation, and extend or create new business models and digital transformation. Director, engagements with large organisations,
about the internal affairs and external environment
preparedness and participation at the Board/
in which the Company operates and deliver well
The skills of the Board Members as on the date of this report are as follows: Committee Meetings, support independent views,
calibrated and independent guidance. With a view
guidance and solutions provided to the Board and
Corporate Financial Sales & to empower the Independent Directors to take
Strategy Consumer Information the Management during deliberations and decision
Name of Directors
Business Governance,
Planning &
Acumen Operational Marketing
insights & Technology & well deliberated and informed decisions and to
Leadership Ethics & & Risk Experience Global making for attaining the business and governance
Implementation Innovation Digitalisation deliver discretionary views. In addition to access
ESG Assessment Business objectives of the Company, present and required
of information and personnel, the Management
Mr. Inder T. Jaisinghani        - future acumen of the Board based on the goals and
provides the Independent Directors requisite
Mr. Bharat A. Jaisinghani         aspirations of the Company.
support thorough regular reviews by independent
Mr. Nikhil R. Jaisinghani         experts, freedom to approach any stakeholder of the
2.7 Role of the Board of Directors
Mr. Rakesh Talati    -  - - - Governance Structure including the employees of
The Board is the apex body appointed by the the Company and its subsidiaries. The Independent
Mr. Gandharv Tongia        
shareholders and is responsible for strategic Directors are further familiarised on the Company
Mr. T. P. Ostwal      -  -
supervision, advice and direction to the management and its strategies through various familiarisation
Mr. R. S. Sharma       - - performance and governance of the Company on programmes and strategy meetings.
Mrs. Sutapa Banerjee     -   - behalf of the stakeholders. Driven by the principles
Mrs. Manju Agarwal     - - -  of Corporate Governance Philosophy, the Board Based on the instructions of the Board, Management,
works in the best interests of the Company and Chairpersons of various Board Committees, the
Mr. Bhaskar Sharma        
matters placed before the Board inter-alia include:
240 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 241

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(a) Strategic matters v. Grant of loan, guarantee or investment in ii. ESG embedded in business. the Committees of the Board are provided with
Subsidiaries, Associate or Joint Venture. the relevant information, details and documents
i. Appointment and remuneration of Key iii. BRSR Reporting and Core Assurance.
required for decision making. The Chairperson of
Managerial Personnel(s) and Senior vi. 
Opinions, reviews, audit s, health
iv. 
Review of ESG target and goals and the Board/Board Committee(s) and the Company
Managerial Personnel(s) and others. checks, assurances, in addition to
achievement thereto. Secretary determine the agenda for every meeting
mandatory requirements
ii. 
Corporate re-structuring activities in consultation with the Managing Director and
v. Review of Complaints and redressal thereto.
including merger, acquisition, joint venture, vii. 
Dividend, investments CFO of the Company.
incorporation of new subsidiaries in India vi. 
Confirmation on assessment and
viii. Subsidiaries’ operations, financials and 
The detailed Board meeting procedure is
or abroad. review of policies and procedures to
compliances. explained below.
address various ESG issues including
iii. Discussions on new business, substantial
Anti-bribery, Human Rights, Sustainability,
business augmentation, setting up of (d) Governance matters Pre-Board Meeting:
Environment protection.
new factory unit/plan strategic projects, i. Noting minutes of meetings of the Board, (a) Agenda of the Board/Committee Meetings
incentive plans, new products launch board committees, and unlisted subsidiaries. vii. Health and Safety compliances. is prepared by the Company Secretary in
amongst others. consultation with the CMD, Executive Directors,
ii. 
Noting of statutory disclosures and 2.8 Board Procedure
iv. 
Intellectual Property Rights, capacity Chairman of the respective Committee(s)
declarations received from the directors.
addition, Product Launch, new business, The Board, Committees of Board and Independent and recommendations provided by the
succession planning, marketing strategy. iii. Reviewing quarterly compliance certificate. Directors meetings are pre-scheduled and annual Management/Board/Committees are also
calendar of these meetings is circulated to the taken into consideration. While preparing the
v. 
Agreement including proposals iv. Approval on corporate social responsibility,
Directors and Committee members generally a year agenda, explanatory notes, draft resolutions,
for investment , brand/intellec tual environment social and governance.
in advance, to facilitate them to plan their schedules reference of laws, amendments, management
property acquisition. v. Appointment of auditors and fixation and to ensure participation in the meetings. In case proposals, presentations, minutes of the
vi. Sale of investment, subsidiaries or assets of remuneration. of unforseeble and urgent business matters, the meeting(s), adherence to the Act and the
which are material in nature. Board/Committee(s) approval is taken by passing a Rules made thereunder, Listing Regulations,
vi. Performance evaluation of the Board,
resolution by circulation, as permitted by law, which Secretarial Standards issued by the Institute
vii. Discussions with SMPs, Business Heads board committees and directors.
is noted and then confirmed in the next Board/ of Company Secretaries of India (“ICSI”) and
and Function Heads on various aspects vii. Reviewing risk management framework. Committee meeting. other applicable laws is ensured. With a view to
relating to business strategy and ensure confidentiality of the agenda and other
industry benchmarking. viii. 
R eviewing significant transactions or In order to facilitate effective discussions at the
Board papers and to leverage technology and
arrangements by subsidiary companies. meetings of the Board, the agenda is bifurcated
eliminate paper consumption, the Company
(b) Operational matters into items as detailed above requiring strategic
ix. Listing regulations. circulates the agenda and explanatory notes
decisions, operational review, governance, approval,
i. 
Annual operating plans and capital to the Directors/Committee members, through
x. 
Prevention of Insider trading and environment and social aspects for which are to be
budgets. a web-based application which can be securely
Unpublished Price sensitive information. taken note of by the Board and/or are circulated for
accessed by the Directors/Committee members
ii. Investments and Capex matters the information of the members.
xi. 
C o m p l i a n ce s a n d repor ting of through their hand-held devices, laptop, i Pads
iii. Regular business/function updates. deviations thereunder. The Board also deliberates on strategic succession and browsers. This application meets high
planning of the Board, its committees and key standards of security that are required for
iv. Significant labour problems and their xii. 
A ction Items as per Board/Board
managerial personnel, senior management storage and transmission of documents for
proposed solutions. Committee discretion.
personnel, strategic planning, governance & Board/Committee meeting.
v. Any significant development on the human xiii. Annual Report: Board Report, Corporate regulatory matters, financial position, declaration
(b) All material information is circulated to the
resources/industrial relations front. Governance Report, BRSR. & recommendation of dividend, progress of ESG
Directors in compliance with law before the
commitments of the Company and such other
vi. Arrangements for strategic, technical, xiv. 
P olicies, codes, standard operating meeting, including minimum information
matters as required under the Act, the Listing
manufacturing or marketing tie-up. procedures, training modules, processes required to be made available to the Board
Regulations and other applicable laws.
and related implementation strategy. as prescribed under Part A of Schedule II of
(c) Financial matters The Board reviews the strategy, budgets & the Listing Regulations. With the unanimous
xv. Independent assessment and discussions
i. 
Quarterly/Annual consolidated and business plans, capital expenditure on an annual consent of the Board, all information which is
between Independent Directors with
standalone result s and f inancial basis. It provides guidance and strategic direction in the nature of Unpublished Price Sensitive
the Auditors.
statements of the Company. to the management in the light of the economic Information (“UPSI”), is circulated to the
xvi. Confirmation on assessment and review of developments, both locally and internationally, Board and its Committees at a shorter notice
ii. 
Quarterly review of Related Party policies and procedures to address various sectoral changes, competition, government before the commencement of the meetings.
Transactions. statutory and regulatory requirements. regulations, etc. The Management makes concerted efforts to
iii. 
Interim Quarterly consolidated and continuously upgrade the information available
The Board has unrestricted access to all Company
Standalone Financial Statements. (e) Environment & Social matters to the Board for decision making and the Board
related information including to members of the
i. CSR Projects selection, implementation, members are updated on all key developments
iv. Quarterly details of foreign exchange management and all other stakeholders. The
monitoring and impact assessment. relating to the Company.
exposures and hedging. Company Secretary ensures that the Board and
242 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 243

Corporate Governance Report

At the Board Meeting Post Board Meeting review and updates, Compliance tools, BI tool, • Compliance mapping and certifications by each
Digital Meeting App amongst others. In addition, function all aimed at achieving excellence in
(a) Requisite facilities are provided for obtaining (a) The Company Secretary drafts the minutes in
dedicated email addresses for whistle blower corporate governance in the Company wherein a
cent percent attendance. Further necessary consultation with the Chairman of the meeting
complaints i.e. speakup@polycab.com and Compliance certificate is obtained from relevant
information is provided for open discussions, and ensures that the minutes give a true and
escalation matrix with direct access to AC Chair Function/Business Head and consolidated
due deliberations aiding informed well fair summary of the discussions and decisions
for external vigilance and transparency. Compliance Certificate encompassing deviations
deliberated, calibrated, and informed at the meetings. Concerns, if any, are addressed
have been presented to the Board.
unanimous decisions at the meetings. by the Board and to the extent that they are • Key Performance Indicators Cent percent
not resolved, their dissent is recorded in the compliance of applicable laws, compliance tool The Board with a view to creating of long-term
(b) Management representatives, KMPs, SMPs,
minutes of the meetings of Board. Further, for continuous review of compliances, periodic stakeholder value through adoption of best-
domain experts, Nominee Directors of
the certified true copy of the minutes is also presentations of dashboard of gaps and in class Corporate Governance Framework and
subsidiary companies, external consultants,
circulated to the Board and Committee(s) in corrective actions in conjunction with risk analysis adherence thereto in true letter and spirit during
assurers, internal and external stakeholders,
accordance with SS – 1. and management. the year considered, reviewed, and approved
professionals amongst others who can provide
various governance practices which acted as tools
additional information, address queries and (b) The Company Secretary, after incorporating • Transparent rewards and recognitions
for supporting the framework and which ensured
provide insights into the agenda items being comments, if any, received from the Directors/ mechanism wherein the process of evaluation, key
accountability, transparency and fairness in all
deliberated upon are invited at the meeting to Members, records the minutes of each Board/ performance indicators, Employee Stock Option
transactions in the widest sense.
facilitate unanimous consent. Committee meeting within 30 days from Plan, increments are documented in HRMS and
conclusion of the meeting. The Board decisions based on pre-agreed key performance indicators The Board with a mindset to revisit the business
(c) 
At each Board meeting, Chairperson of
are disseminated to the concerned departments and target which include compliances. mission every three years to keep pace with the rapidly
respective Committees briefs the Board
promptly for their noting and action. changing times introduced evaluation mechanism
on matters discussed by the Committee • Grievance and solution-oriented redressal
which is aimed at enhancing the Company’s digital
at their respective meetings and their (c) Relevant instruction and action items arising wherein the Audit Committee chair used his direct
quotient, prioritising people and fostering a new
recommendations thereto. from the Agenda and discussions at the access to the email address created specifically
work culture that aligns the organisation goals
meeting are tracked and shared with the for redressing all suggestions, recommendations,
(d) 
T he Directors take active part in the with individual aspirations creating a conducive and
relevant stakeholders for their further action complaints and reports his findings directly to
deliberations at the Board and Committee favourable work environment.
and reporting at the subsequent meeting. the Board.
meetings and provide guidance and advice
to the management on various aspects of
Post-meeting follow-up system
business, governance, compliance, strategy, 2.10 Number of Board meetings
finance, risk amongst others. The important decisions taken at the Board and
During the year, the Board met 5 times i.e., on 12 May 2023, 18 July 2023, 18 October 2023, 11 January 2024
Board committee meetings are tracked till their
(e) 
Systematic and timely dissemination of and 18 January 2024. The attendance details of the Directors present at the meetings (in person or through
closure and an ‘action taken report’ is placed before
information/disclosures on material information Audio-Visual means) is detailed below:
each Board and Committee meetings for their
were made available to the Board on quarterly noting at their subsequent meetings. Board meeting dates and mode of attendance
basis including updates on compliances relating
Name of Directors 12 May 2023 18 July 2023 18 October 2023 11 January 2024 18 January 2024 % of attendance
to Prevention of Insider Trading compliances, 2.9 Board Monitoring Process In-Person In-Person In-Person Audio-Visual means In-Person of Director
Complaints relating to Whistle Blower &
In addition to performing the role and responsibilities Mr. Inder T. Jaisinghani      100%
Prevention of Sexual Harassment, Corporate
defined under law, the Board used various good
Social Responsibility, Related party transactions, Mr. Bharat A. Jaisinghani      100%
governance practices and tools to support the
Business Responsibility and Sustainability Mr. Nikhil R. Jaisinghani      100%
Governance system and Governance structure
Reporting, ESG Targets and goals, including Mr. Rakesh Talati      100%
which included:
other items detailed in point 2.7. above.
Mr. Gandharv Tongia      100%
• Third party health checks, assurance review
(f) 
The Company Secretary attends all the Mr. T. P. Ostwal      100%
and review/consultation by renowned firms
meetings of the Board and its Committees Mr. R. S. Sharma      100%
on aspects relating to ESG, risk management,
and is, inter alia, responsible for recording the
taxation, secretarial procedures, compliances, Mr. Pradeep Poddar*   NA NA NA 100%
minutes of such meetings.
cyber security, data protection BRSR Reporting, Mrs. Sutapa Banerjee      100%
(g) Awareness sessions on various amendments in confirmation on the related parties’ transactions Mrs. Manju Agarwal      100%
law and governance are presented to the Board amongst others.     
Mr. Bhaskar Sharma 100%
by various internal and external stakeholders.
• Utilisation of digital platforms/digitisation for
* Mr. Pradeep Poddar ceased to be an Independent Director of the Board w.e.f. 20 September 2023, owing to efflux of time.
(h) Independent Directors are invited to the Board data assimilation and presentation of dashboards
NA – Not Applicable
Committee Meetings with the permission of at the Board & Committee Meeting(s) eg.
the Chair and their participation is encouraged. Management Information System, CSR Project
244 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 245

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All Directors were present throughout the Board (b) Mr. T. P. Ostwal and Mr. R. S. Sharma had been The Company pays sitting fee of H80,000/- per Independent Director for attending the Independent Directors
Meeting(s) including the 27th AGM of the Company re-appointed as the independent Directors for a meeting. The attendance details of the Independent Directors present at the meetings (in person or through
held on 30 June 2023. All recommendations made second term of 5 years and 2 years respectively Audio-Visual means) is detailed below:
by the Committees were duly accepted by the Board. by the members at the 27th Annual General
Meeting Dates & Mode of Attendance
The maximum interval between any two meetings Meeting (‘AGM’) held on 30 June 2023.
18 January 2024 18 January 2024
held during the year did not exceed 120 days. Further, Name of Independent Directors
at 09.00 AM at 5.00 PM
13 February 2024 % of Attendance
(c) 
Mr. Bhaskar Sharma had been appointed
during the year under review, one Board meeting In-Person In-Person Audio-Visual means
as an Independent Director for a first term
was conducted at a shorter notice for discussing the   
of 3 consecutive years with effect from Mr. T. P. Ostwal 100%
Income Tax search proceedings and one resolution
12 May 2023 to 11 May 2026 (both days Mr. R. S. Sharma    100%
passed by the Board through circulation. All decisions
inclusive) by the members at the 27th AGM held Mrs. Sutapa Banerjee    100%
of the Board were passed with unanimous consent
on 30 June 2023. Mrs. Manju Agarwal    100%
and therefore no dissenting views were captured and
recorded as part of the minutes. Mr. Bhaskar Sharma    100%
2.13 Independent Directors Meeting
2.11 Independent Directors and their confirmation During the year, the Independent Directors met manufacturing processes, subsidiaries’ business
2.14 
Non-Executive Directors with materially
thrice i.e. 18 January 2024 (twice in a day) and strategies, legal amendments and adherence to the
The rich and varied experience of the Independent significant, pecuniary or business relationship
13 February 2024 inter alia to discuss the matters company’s codes and policies.
Directors has contributed to the success of the with the Company
arising out of the agenda of the Board and Board
Company. Each independent director, at the time Except for the sitting fees and commission payable to The Company has over a couple of years, conducted
committees, Company’s performance, operations
of appointment and thereafter at the beginning of the Non-Executive Directors annually in accordance various familiarisation programs for Independent
and other critical matters. The Independent
each financial year, submits a declaration confirming with the applicable laws and with the approval of Directors to familiarise them about the Company
Directors identified areas where they needed
their independence under Section 149 (6) of the Act the Board and shareholders, there is no pecuniary and their role, rights and responsibilities in the
clarity or information from the Management and
read with the rules made thereunder and Schedule or business relationship between the Non-Executive Company. The details of Familiarisation Programme
conducted independent discussions and deliberation
IV and Regulation 16(1)(b) of the Listing Regulations. Directors and the Company. imparted during the financial year 2023-24 is
without the presence of the Management Team.
The Independent Directors under Regulation 25(8) available on the website of the Company and can
The Independent Directors also met the Statutory Mr. T. P. Ostwal, Independent Director of the Company,
of the Listing Regulations have confirmed that they be accessed through weblink.
Auditors, Internal Auditors and Secretarial Auditors is the Designated Partner of T. P. Ostwal & Associates
are not aware of any circumstance or situation,
of the Company without the presence of the LLP from which the Company takes professional As part of the ongoing familiarisation, various
which exists or may be reasonably anticipated, that
Management/Executive Directors to conduct services. For details pertaining to transactions with business/functional heads, domain experts,
could impair or impact their ability to discharge their
independent discussion with them on the scope, T. P. Ostwal & Associates LLP, during the financial external consultants amongst others make
duties with an objective, independent judgement
performance and effectiveness of audit process year 2023-24, (Refer Note no. 36(G) to the standalone presentations at the Board Meetings on business,
and without any external influence.
amongst other areas. Thereafter, the independent financial statements of the Company forming part of strategy, human resource aspects, new product,
Based on the declaration(s) received from the directors expressed their unanimous satisfaction this Integrated Annual Report). business development and compliances. The
Independent Directors, supported by a certificate on scope, performance and effectiveness of audit Business/Function Heads who act as nominee
from Company Secretary in practice, the Board process amongst other. The quantum of fees paid to T. P. Ostwal &
director(s) of the subsidiary present the financial
has confirmed the veracity of such disclosures and Associates LLP. is an insignificant portion of their

The Independent Direc tors reviewed the and overall business performance of their respective
confirmed that the Independent Directors fulfil the total revenue, thus T. P. Ostwal & Associates LLP, is
performance of the Board as a whole as well as that subsidiaries together with their compliance reports.
conditions of independence specified in the Act not construed as having any material association
of Non-independent Directors and the Chairman The Board members are kept updated on important
and the Listing Regulations and are independent with the Company.
after taking into consideration, the views of regulatory amendments together with analysis on
of the management of the Company. Each of the their applicability and impact on the Company
Executive and Non-executive Directors. They also 2.15 Familiarisation Programme for Independent
independent directors have registered their names by the presentations at the Board Meeting. The
assessed the quality, quantity, effectiveness and Directors
on the online databank maintained by the Indian Directors are provided regular updates on press
promptness of the flow of information between the
Institute of Corporate Affairs. In compliance with the requirements of Listing releases made to the stock exchanges, analyst
Company’s Management and the Board.
Regulations, the Company has put in place a reports, key achievements and material information
None of the Independent Directors of the Company
The minutes of the meeting of the Independent framework for Directors’ Familiarisation Programme of subsidiary companies. The Company further
serves as an independent director in more than
Directors were shared with the CMD and the CMD to familiarise the Independent Directors with facilitates imparting trainings through third party
seven listed companies or as a whole-time director
apprised the Board on the satisfaction of the their roles, rights and responsibilities vis-à-vis consultants and sponsorship for outbound training
in any listed company or as Chairman in any other
Independent Directors on the overall performance the Company. programs with detailed and exhaustive programs
Company as disclosed by them in their annual
and functioning of the Company. The Lead on various topics including Environment Social
disclosures and declarations. The Company consistently endeavours to keep
Independent Director briefed the Board on the Governance & National Guidelines on Responsible
Independent Directors updated of business
proceedings of the Independent Directors’ Meeting Business Conduct (NGRBC) principles, factory visit,
2.12 Appointment/Re-appointment/Cessation performance, operations and manufacturing
and the matters requiring attention at the Board or product gallery – experience centres, awareness
of Independent Directors processes across all the verticals. This involves
Management level. related to statutory and regulatory changes, CSR
During the year, the following changes took place delivering presentations through in-house
programs or participation in third-party organised Project visits, amongst others. It also included
on the Board:
events. Independent Directors undergo thorough familiarisation training for i-Power, Code of
(a) 
Mr. Pradeep Poddar, ceased to be an familiarisation covering their roles, rights, Conduct, core values and business purpose to the
Independent Director of the Company w.e.f. responsibilities, as well as strategic planning, Independent Directors of the Company.
20 September 2023, owing to efflux of time.
246 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 247

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Various interactive sessions with subject matter and policies, new policies based on Board/third- Senior Management:
experts on Companies Act, Taxation laws, SEBI party recommendations, litigation updates,
Particulars of senior managerial personnel (SMP) including the changes therein since the close of the previous
Regulations, Related Party Transactions, Project compliance reporting.
financial year:
Leap, Environment, Social & Governance amongst
others are conducted. 5. Auditors Presentation on Updates in Law Sr.
Name Designation
No.
The Auditors present relevant compliances,
Feedback by Independent Directors on the regulatory updates and aspects, impacting the 1. Mr. Anil Hariani Director – Commodities (Non-board member)
familiarisation programme and development Company togetherwith industry benchmarks 2. Mr. Anurag Agarwal Executive President (Strategic Initiatives & New Businesses)
initiatives: information and global disclosures and further 3. Mr. Ashish D. Jain Executive President & Chief Operating Officer (Telecom Vertical)

Post the familiarisation programme, the provide trainings thereto. 4. Mr. Bhushan Sawhney Executive President & Chief Business Officer (LDC & HDC)
Independent Directors provide valuable feedback 5. Mr. Diwaker Bharadwaj President (Packaging Development)
on industry-based information technology, new 6. ESG Presentation: 6. Mr. Rishikesh Rajurkar President (Projects)
product development, independent assessment Detailed Presentations on various aspects 7. Mr. Ritesh Arora President – Chief Digital Officer
and reviews on amendments in law, experience in relating to ESG including embedding ESG 8. Mr. Sandeep Bhargava Executive President & Chief Procurement Officer
understanding trends of consumer preference, taking into business, ESG target and updates, ESG 9. Mr. Sanjeev Chhabra Executive President & Chief Treasury Officer
actions towards the better consumer experience roadmap, ESG related compliances were made 10. Mr. Ishwinder Singh Khurana Executive President & Chief Business Officer (Power BU) (Appointed w.e.f. 02 May 2023)
and customer-centric innovation and suggestions by external consultants. 11. Mr. Rohit Kumar President & Chief Business Officer (FMEG BU) (Resigned w.e.f. 04 December 2023)
for enhancing global presence by enhancing brand 12. Mr. Anil Shipley Executive President – Strategic Projects, Electricals and Electronics
value customer satisfaction across the globe. 7. Strategy Project:
(Resigned w.e.f. 05 December 2023)
Regular update on the strategic projects 13. Mr. Nilesh Malani Executive President and Chief Marketing Officer (Resigned w.e.f. 13 February 2024)
The Company recorded 100% attendance by Board
such as Leap, Project Neev-Oracle Upgrade 14. Mr. Rajesh Nair Executive President & Chief Human Resource Officer (Resigned w.e.f. 03 May 2024)
Members for the familiarisation programmes
implemented by the Company and
which include: 15. Mr. Ashish Kakkar Executive President & Chief Human Resource Officer (Appointed w.e.f. 21 May 2024)
amendments thereto.
1. Presentations by BU – Heads, Function
Heads, Executive Directors: 8. CSR Site Visit: 2. The forms includes each Director providing
2.17 Board Evaluation
Detailed presentations by various Business Visit to CSR site by one of the CSR Committee scores on each aspect relating to overall Board,
In accordance with the provisions of the Act and
Heads, Function Heads, Executive Directors, Members regarding the CSR activity of independent Committee(s) and each Member
the Listing Regulations, the Board had carried
made to Independent Directors with indepth construction of their proposed Medical College of the Board.
out an annual evaluation of its own performance,
view of the achievements and challenges faced and Multi-Specialty Hospital in Aurangabad.
Committees as well as the individual directors. 3. The evaluation forms are submitted directly to
on day-to-day basis and mechanism adopted Performance evaluation is a continuous process the CMD for compilation and evaluation.
to address the same. 9. Presentations/Trainings by Experts from
wherein the Board Members jointly and severally
renowned firms: 4. 
CMD post evaluation and independent
undertake gap analysis of Board, its Committee(s)
2. Subsidiary Presentation: Presentations are made on various matters discussions presents a summary of the
and the Individual Board Members. The NRC has
The presentations made by the Nominee of relevance related to business, compliance, evaluation and assessment on ‘no name basis’ to
devised mechanism to perform the evaluation and
Directors of the Subsidiaries provided the legal updates, ESG related aspects, codes the Board with overall synopsis of the outcome,
communicate the outcome of the performance
Board with a perspective of the backward and policies of the Company, SOPs & training improvement areas and actions proposed to
evaluation (findings, gaps and improvement areas)
integration, loans and return on investments, modules adopted by the Company. improve the overall performance of the Board.
of Board, Committees and Individual Directors
requisite support sought from the Company to them. 5. The Board undertook various measures during
from time to time and deliverables achieved by 2.16 
Succession planning for Key Managerial the year based on the aforesaid deliberations
the subsidiary on strategy, compliance, finance Personnel and Senior Management Personnel 2.17.1. Mechanism for performance evaluation: the Board augmented the Board Committees,
and governance. Polycab’s Succession Management Plan for Key inducted new Board members based on
The NRC has a mechanism to communicate the
Managerial Personnel and Senior Management outcome of the performance evaluation (findings, the gaps identified in the Board skill matrix,
3. CFO Presentation:
Personnel helps in identifying and developing gaps and improvement areas) of Board, Committees, advocated creation of working committees
A detailed presentations on amendment in future leaders. It helps business to mitigate risk and eg. CSR Management Committee, ESG
and Individual Directors to them, whereby:
law impacting the risk and management to prepare for all contingencies by preparing high Council, finalised Annual calendars, additional
thereunder were deeply appreciated by the potential employees for advancement. 1. The Nomination and Remuneration Committee investments in compliances amongst others.
Board as it enumerated various aspects approved criteria, process, templates and
relating to product market, comparison with Polycab’s effective succession planning helps us to timelines for evaluation of the performance of 6. The Executive Directors, SMPs and Employees
peers, Long Term Incentive Plan, Analysis of maintain leadership continuity, reduce the risk of the Board of Directors including Independent were further evaluated based on the overall
Related Party Transaction. leadership vacuums and ensure a strong pipeline Directors, Individual Directors and Committees performance of the Company, their respective
of future leaders. The NRC reviews and oversees of the Board. The criteria devised were in the goals, Business Unit/Function goals and
4. CS Presentation: succession planning of select senior management form of questionnaire for annual evaluation achievement of strategic goals under Project
A detailed Presentations on prevention of positions. The NRC satisfies with the progress and on functioning and effectiveness of the Board, Leap together with sustainability targets under
insider trading, amendment in the listing Company’s preparedness. The Human Resource Committees and Individual Directors. the Environmental, Social and Governance
regulations, disclosures to the stock exchange, Team works with the Management Team on the (ESG) framework.
whistle complaints redressal, update on codes Succession planning of the top leadership positions.
248 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 249

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7. Independent Directors, in addition to the 2.17.3 Process of Performance Evaluation 9. Impressive performance by the management aligned to the requirements of the Company, taking
above, carry out annual performance team; into consideration the challenges faced by the
As per Company’s Policy on Evaluation of
evaluation of Chairman of the Board taking 10. Strategic Projects Leap. Company and its future growth imperative.
Performance of Board of Directors, Committees or
into account the views of the Executive and
Individual Directors, the Company Secretary and A detailed presentation is made at the Nomination
Non-Executive Directors. Key Recommendations
Compliance Officer had circulated the questionnaire and Re mune rat ion Commit te e Me et ing
duly approved by the Nomination and Remuneration 1. Separate Strategy Meeting for considering long benchmarking remuneration of industry and peers
2.17.2 Criteria for performance evaluation
Committee, to all the Directors of the Company term strategies, long term budgets and plans together with the achievements of the Company
includes:
for carrying out the evaluation of performance of and review of plant operations. against Project Leap and individual achievements
1. Board of Directors: Structure, Composition, Board, its Committees and Individual Directors for inline with the goals set for the organisation.
Board Meeting Schedule, Agenda, Governance, 2. Succession planning for Key roles identified
the financial year 2023-24. All the Directors had
progress towards strategic goals and from time to time. The Process is transparent, documented and based
provided their feedback about the performance
assessment of operational performance and on scientific methods and calculations which were
evaluation of the Board, its Committees and Further, the Board took note of the observations
overall effectiveness of the Board. presented at the committee meetings for review.
Individual Directors for the financial year 2023-24. of its members regarding the effectiveness of
2. Board Committee(s): Composition, terms of the documents, attendance, participation during The criteria of making payment to Non-Executive
reference compliance, role and responsibilities, 2.17.4 
Actions taken on key recommendations discussions, deliberations, preparedness for Directors is available on the website of the Company
information flow, effectiveness of the meetings arising out of Board evaluation for discussion, quality of contribution and guidance, and can be accessed through weblink which
and feedback to the management. FY 2022-23 engagement with fellow Board members, KMPs and include corresponding increase in time devoted,
SMPs, knowledge sharing and approachability and level of expertise, market trend, performance
S.
3. Individual Directors: Attendance, deliberations, Recommendation Action Taken responsiveness to the need of Company, effective and contribution.
No.
preparedness for discussion, quality of participation of all Board members in the decision-
1. Reconstitution of the Board Committees were
contribution, engagement with fellow Board making process and expressed their satisfaction 2.18.1 Remuneration to Independent Non-Executive
Board Committees reconstituted at the
members, KMPs and senior management, Board Meeting held on with the Board’s effectiveness. The Board Members Directors
knowledge sharing and approachability and 12 May 2023. acknowledged that the Board and Committees had The Non-Executive Directors of the Company
responsiveness to the need of Company, 2. Increase in frequency Frequency of meetings have spent sufficient time on (i) review of financial and are paid remuneration by way of sitting fees
effective participation of all Board members in of Committee and been increased by 33% over operational performance related matters, (ii) future and commission. The Non-Executive Directors
the decision-making process. Board Meetings the previous years strategies and short term & long-term growth plans are entitled to receive sitting fees of H100,000/-
4. Chairman: Effective leadership, moderatorship and (iii) compliances, governance and controls. (Rupees One Lakh only) per Board Meeting and
and conduct of impartial discussions, seeking 2.17.5 Outcome of Performance Evaluation of H80,000/- (Rupees Eighty Thousand only) per
The Directors were satisfied with the Board’s
participation from Board members and the Current Year Committee Meeting including Independent
overall composition, quality of meetings, board
promoting a positive image of the Company. Based on feedback received on the questionnaires, effectiveness, experience, diversity and expertise, Directors’ Meeting. Commission to Independent
the Chairman & Managing Director (CMD) briefed etc. The Board committees were also found to be Directors is paid as recommended by the Board
5. Independent Directors: Independence from
the Board of Directors at the Board Meeting held effective in terms of its composition, functioning of Directors and approved by the members. The
the Management, exercising independent
on 10 May 2024 and the Board discussed the and contribution. travel expenses for attending meetings of the
judgement in decision-making and fulfilment
evaluation report and various suggestions received Board of Directors or a Committee thereof, for
of independence criteria under applicable law.
in the Board evaluation process and agreed on the 2.18 Remuneration to Directors site visits and other related expenses incurred by
The Board and Committees spends sufficient time necessary action. the Independent Directors from time to time are
The Company believes that the remuneration paid
on, amongst others: borne by the Company. The criteria of making
to its Executive Directors & Independent Directors
Board Evaluation – Key Positives & Recommendations payment to Non-Executive Directors is available on
(i) review of financial and operational performance should be reflective of the size of the Company
the website of the Company and can be accessed
related matters, Key Positives and complexity of the sector/industry/Company’s
through weblink.
1. Board follows good corporate governance operations and should be consistent with recognised
(ii) future strategies and short term & long-term
practices; best practices. The remuneration of the Executive Whilst appreciating the time and efforts spent
growth plans and
Directors is divided into Fixed pay and variable pay. by Non-Executive Independent Directors in
2. Full and common understanding of the roles
(iii) compliances, governance and controls. reviewing agenda, conducting Committee
and responsibilities of the Board; Further, variable Pay of the executive Director is
meetings, reviewing and signing of minutes and

During the year under review, the CMD 3. 
Board Committees enables focus on the linked with individual’s performance as against
representing the Committees before the Board,
communicated the observation of Board evaluations important issues faced by the Company; the pre-agreed objectives for the year. The
considering the evolving trends in industries it
of the previous financial year to the Board and the Non-executive Directors of the Company are being
4. Open and transparent conduct; is proposed to pay additional commission upto
respective members of the Board and the action paid sitting fees and Commission (not exceeding
5. 
Good performance of the Company and H0.50 million to the Chairperson(s) (NED) of
taken/proposed implemented during the current 1% of the net profit of the Company), considering
buoyancy in the share price; Audit Committee, Risk Management Committee,
year. The Board members during the performance the contribution made by them in growth of
Nomination and Remuneration Committee and
evaluation for current year included accolade 6. Transparency and governance; the Company.
upto H0.25 million per annum to the non-executive
on aspects relating to vision of the Company, 7. distinct improvement in quality and timeliness The overall remuneration of Executive and Non- chairperson of other Committee(s) in addition
transparency and quality of information provided of flow of information; executive Director does not exceed 5% of the to the existing Commission of upto H2.50 million
to the Board, detailed presentation on strategic
8. 
Appreciation on involvement of and net profit of the Company and are reasonable & (Rupees Two million Five hundred thousand only)
projects and open discussions.
contribution by all the directors particularly the sufficient to attract, retain and motivate Directors per annum to each Independent director, subject
independent directors; to the approval of the members of the Company.
250 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 251

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The Commission payable to the Non-Executive Independent Directors shall be in accordance with the 2.23 Criteria for Remuneration to Key Managerial 2.24 Board committees:
Nomination and Remuneration Policy and within the limit of 1% of the net profit of the Company computed in Personnel, Senior Managerial Personnel & The Board has constituted the various Committees
accordance with Section 198 of the Companies Act 2013. Other Employees and endowed them with specific roles and
The total compensation for Key Managerial responsibilities as enumerated in their ‘Terms of
Details of Remuneration paid/payable to the Non-Executive Directors for the financial year 2023-24%
Personnel & Senior Managerial Personnel consists reference’. The Board Committees operate under
(H in million)
of fixed compensation, variable compensation in the direct supervision of the Board. Generally,
Sitting Fee
Name of Non-Executive Independent Commission the form of annual incentive, benefits work-related the Committee meetings are held prior to the
Board @ K 100,000 Committees & IDs Meeting @ Total
Director payable # facilities and perquisites. In addition, certain Board meeting and the chairperson of the
per meeting K 80,000 per meeting
selected senior executives are eligible for long-term respective Committee reports to the Board about
Mr. T. P. Ostwal 0.50 0.96 3.50 4.96
incentive plan in the form of ESOPs as per the ESOP the deliberations and decisions taken by the
Mr. R. S. Sharma 0.50 0.96 3.00 4.46
scheme(s) in force from time to time. Grants under committees. On certain matters, the Committees
Mrs. Sutapa Banerjee 0.50 0.80 2.50 3.80
the ESOP scheme is approved by the Nomination seek indulgence of the Board members and invite
Mrs. Manju Agarwal 0.50 0.48 2.75 3.73 and Remuneration Committee. The performance them to the Committee meetings.
Mr. Bhaskar Sharma 0.50 0.56 2.29 3.35 of Key Managerial Personnel, Senior Managerial
Mr. Pradeep Poddar* 0.20 0.32 1.25 1.77 The following are the Board Committees constituted
Personnel and other employees are evaluated in
in accordance with law:
Notes: line with the performance criteria, key performance
* Ceased to be an Independent Director of the Company w.e.f. 20 September 2023 owing to efflux of time.. indicators, goals and targets entailed in ‘Project 2.24.1 Audit Committee (AC)
# Includes additional commission of H0.50 million payable to the Chairperson(s) of Audit Committee, Risk Management Committee, Leap’ which forms part of the Annual Report of
Nomination and Remuneration Committee and H0.25 million per annum to the Non-Executive Chairperson of Stakeholders Relationship the Company. 2.24.2 Nomination and Remuneration Committee
Committee, subject to approval of members of the Company. (NRC)
%
No loans/advances in the nature of debt was given
 he remuneration paid to Non-Executive Directors includes Commission payable for FY 2023-24 and Sitting fees paid towards attending
T 2.24.3 
Stakeholders Relationship Committee
the Board Meeting, Audit Committee Meeting, Nomination and Remuneration Committee Meeting, Corporate Social Responsibility to firms/companies in which Directors are interested.
Meeting, Stakeholders Relationship Committee Meeting, Risk Management Committee Meeting and Independent Directors Meeting held
(SRC)
during the financial year 2023-24. None of the Non-Executive Independent Directors hold any equity shares of the Company. Further, the
2.24.4 Corporate Social Responsibility & Environment
Company had not granted any Employee Stock Option to its Non-Executive Independent Directors. Hence, the disclosure of the same
is not applicable. Social and Governance Committee (CSR &
ESGC)
2.19 Criteria for Remuneration to Executive 2.20 Service Contracts, Severance fees and Notice 2.24.5 Risk Management Committee (RMC)
Directors: Period for Executive Directors
The compensation paid to the Executive Directors The tenure of the office of Managing Director and 2.24.1 Audit Committee (AC)
(including Managing Director) is within the scale Executive Directors is 5 (Five) years from respective
approved by the shareholders. The elements of the dates of their appointment and the notice period, in Composition
total compensation, approved by the Nomination case of resignation, is as per the Act, for terminating The Audit Committee comprises of 4 Directors out of which 3 are Non-Executive Independent Director and 1 is
and Remuneration Committee are within the overall the service contract of Managing Director and Executive, Non-Independent Director.
limits specified under the Act. The Nomination and Executive Director. Further, there is no separate
Remuneration Committee determines the annual provision for payment of severance fees. All Meetings & Attendance
variable pay compensation in the form of annual Executive Directors (except Chairman & Managing The Audit Committee met 5 times during the year under review i.e. on 11 May 2023, 12 May 2023, 18 July 2023,
incentive and annual increment for the Executive Director) are liable for retirement by rotation. 18 October 2023 and 18 January 2024. The attendance details of the Committee members present at the
Director based on Company’s and individual’s meetings (in person or through Audio-Visual means) is detailed below:
performance as against the pre-agreed objectives 2.21 Employee Stock Option Details (ESOP) for
for the year. Executive Directors Meeting Dates & Mode of Attendance
% of
During the year under review, Mr. Rakesh Talati and 11 May 12 May 18 July 18 October 18 January
The remuneration paid/payable to the CMD for Name of member Category
2023 2023 2023 2023 2024
attendance
Financial Year 2023-24 are as follows: Mr. Gandharv Tongia, Executive Directors (EDs) of member
In-Person In-Person In-Person In-Person In-Person
had been granted Employee Stock Options under
(H in million) Mr. T. P. Ostwal Chairman      100%
the respective ESOP Schemes of the Company. The
Name of Executive Salary & Commission     
Director Perquisite payable
Total details of ESOP granted, vested and exercised by Mr. R. S. Sharma Member 100%
the Executive Directors is available on the website of Mr. Inder T. Jaisinghani Member      100%
Mr. Inder T. 63.89 239.57 303.46
the Company and can be accessed through weblink. Mrs. Sutapa Banerjee# Member NA NA    100%
Jaisinghani
Mr. Pradeep Poddar$ Member    NA NA 100%
The remuneration paid/payable to other Executive 2.22 Directors and Officers Insurance:
Directors during financial year 2023-24 is available In line with the requirements of Regulation 24(10) Notes:
on the website of the Company and can be accessed of the Listing Regulations, the Company has in (a) The intervening period between 2 consecutive Audit Committee meetings was well within the maximum allowed gap of 120 days.
through weblink. place a Directors and Officers Insurance Policy (b) # Mrs. Sutapa Banerjee was appointed as a member of the Committee w.e.f. 12 May 2023.
(c) $ Mr. Pradeep Poddar ceased to be the member of the Committee w.e.f. 20 September 2023.
(‘D&O’) for all its Directors (including Independent
Directors) and members of the Senior Management (d) The Company Secretary acts as Secretary to the Committee.
for such quantum and for such risks as determined (e) NA – Not Applicable
by the Board.
252 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 253

Corporate Governance Report

Governance Sr.
Terms of Reference Frequency
No.
(a) The composition and terms of reference of the (d) 
T he Commit tee meet s quar terly for 16. Approving payments to statutory auditors for any other services rendered by the statutory auditors; Event Based
Audit Committee are in line with the applicable consideration of financial results, review and
17. Reviewing, with the management, the annual financial statements and auditors’ report thereon before Annually
provisions of the Listing Regulations and approval of related party transactions. submission to the Board for approval, with particular reference to:
the Act. (a) Matters required to be included in the Director’s Responsibility Statement to be included in the
(e) 
The relevant functional heads of the
(b) The Audit Committee meets the Statutory department are invited to the Audit Committee Board’s report in terms of clause (c) of sub-section 3 of Section 134 of the Companies Act;
Auditors, Internal Auditors and Secretarial meeting for presenting their views on internal (b) Changes, if any, in accounting policies and practices and reasons for the same;
Auditors independently without the presence auditors observation(s). (c) Major accounting entries involving estimates based on the exercise of judgment by management;
of any members of the management at least (d) Significant adjustments made in the financial statements arising out of audit findings;
(f) The Statutory Auditors, Internal Auditors and
once in a year. (e) Compliance with listing and other legal requirements relating to financial statements;
other Directors who are not members of the
(f) Disclosure of any related party transactions;
(c) The members of the Audit Committee are Committee are the permanent invitees to the
financially literate and have relevant experience Audit Committee. (g) Modified opinion(s) in the draft audit report; and
in financial management. (h) Reviewing, with the management, the quarterly, half-yearly and annual financial statements before
submission to the Board for approval.
Role of Audit Committee 18. Reviewing the utilisation of loans and/or advances from/investment by the holding company in the Event Based
subsidiary exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including
The Audit Committee acts as a link between the Management, the Statutory and Internal Auditors and the existing loans/advances/investments existing as on the date of coming into force of this provision.
Board. The Audit Committee monitors and effectively supervises the Company’s financial reporting process with 19. Consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger, Event Based
a view to provide accurate, timely and proper disclosure, maintain the integrity and quality of financial reporting. amalgamation etc., on the listed entity and its shareholders
20. Carrying out any other function as is mentioned in the terms of reference of the Audit Committee and Event Based
Terms of reference any other terms of reference as may be decided by the Board and/or specified/provided under the
Companies Act or the Listing Regulations or by any other regulatory authority.
The Charter of the Audit Committee, inter alia, articulates its role, responsibilities and powers as follows:
21. Recommending to the Board the appointment/remuneration of the Cost Auditors Annually
Sr.
Terms of Reference Frequency 22. Approving the payments of Cost Auditors towards other services rendered by them Event Based
No.
23. Consider and comment on rationale, cost-benefits and impact of schemes involving merger, demerger, Event Based
1. Overseeing the Company’s financial reporting process and disclosure of its financial information to Quarterly/
amalgamation etc., on the listed entity and its shareholders
ensure that its financial statements are correct, sufficient and credible. Half Yearly/
Yearly
2. Recommending to the Board the appointment, remuneration and terms of appointment of the Event Based In addition to the above roles and responsibilities, The minutes of the Audit Committee meetings
statutory auditor of the Company. the Audit Committee, inter alia, also reviews, from were noted by the Board. The Chairman of the
3. Reviewing and monitoring the statutory auditor’s independence and performance and effectiveness of Quarterly time to time: Audit Committee Meeting briefs the Board on the
audit process. discussions held during Audit Committee Meeting.
4. Reviewing with the management, the quarterly, half-yearly and annual financial statements before Quarterly/ i. Internal control procedures and accounting
submission to the Board for approval. Half Yearly/ policies; The recommendations of the Audit Committee
Annually have been accepted by the Board. As a part of
ii. 
Audited Financial Statement s of the
5. Reviewing with the management, the statement of uses/application of funds raised through an issue Event Based its annual process, the Committee reviewed the
(public issue, rights issue, preferential issue, etc.), the statement of funds utilised for purposes other
subsidiaries, in particular the investments, if
compliance status of its charter and noted that it
than those stated in the offer document/prospectus/notice and the report submitted by the monitoring any, made by them;
has comprehensively covered all the responsibilities
agency monitoring the utilisation of proceeds of a public or rights’ issue and making appropriate
iii. Compliances under SEBI (Prohibition of Insider assigned to it under the charter.
recommendations to the Board to take up steps in this matter. This also includes monitoring the use/
application of the funds raised through the proposed initial public offer by the Company. Trading) Regulations, 2015 and decisions on
6. Approval or any subsequent modifications of transactions of the Company with related parties. Event Based deviations if any thereunder; 
Meeting of the Audit Committee with
7. Scrutinising of inter-corporate loans and investments. Quarterly
the Auditors without the presence of the
iv. Complaints received under Whistle Blower Policy
Management
8. Valuation of undertakings or assets of the Company, wherever it is necessary. Event Based and adequacy of action taken thereunder;
9. Evaluating of internal financial controls and risk management systems. Annually As a part of good governance, the Audit Committee
v. 
Related Par t y Transac tions including conducts independent discussions with the
10. Establishing a vigil mechanism for directors and employees to report their genuine concerns or Quarterly
independent assessment and third party Statutory Auditors, Secretarial Auditors and Internal
grievances.
affirmation thereto; Auditors of the Company on scope, performance and
11. Reviewing with the management, the performance of statutory and internal auditors. Adequacy of the Annually
internal control systems vi. Performance of Secretarial and Cost Auditors effectiveness of audit process amongst other areas.
12. Discussing with internal auditors on any significant findings and follow up there on Quarterly and recommends their appointment and
13. Reviewing the findings of any internal investigations by the internal auditors into matters where there is Quarterly remuneration to the Board; Governing Policies for Audit Committee:
suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting (a) Related Party Transactions (‘RPT’)
the matter to the Board. vii. 
F inalise the scope, per formance and
effectiveness of audit process; and The Related Party Transaction Policy aims at
14. Looking into the reasons for substantial defaults in the payment to the depositors, debenture holders, Event Based
shareholders (in case of non-payment of declared dividends) and creditors. enhanced transparency and due process for
viii. Independent discussion with the Statutory, identification of related parties and approval
15. Approving the appointment of the chief financial officer or any other person heading the finance function Event Based Secretarial & Internal auditors.
or discharging that function after assessing the qualifications, experience and background, etc. of the of the related party transactions. In line with
candidate.
254 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 255

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the Act and Listing Regulations, the Related Related Party Transactions (“RPTs”): (b) Whistle Blower Policy: Complaints raised during the year:
Party Transaction Policy enumerates the
During the year under review: The Company has formulated a Whistle Blower During the year under review 8 complaints
minimum information to be provided by the
Policy to raise concerns about any violations of were received out of which 7 were resolved and
Management for the Audit Committee to i. All RPTs entered into by the Company, were
legal or regulatory requirements, incorrect or 1 complaint received in the last quarter of the
review the transactions. approved by the Audit Committee and were in
misrepresentation of any financial statements financial year 2023-24 was under investigation
the ordinary course of business and at arm’s
The details of all transactions with related and reports, suspected misconduct, unethical as on 31 March 2024. Summary of the findings
length basis.
parties are periodically placed before the behaviour, actual or suspected incidents of along with closure report were placed before
Audit Committee for their review and noting. ii. 
The Audit Committee also granted prior fraud or violation of Code of Conduct that could the Audit Committee for their noting. The
The Company had entered into related party omnibus approval for RPTs which would be in adversely impact the Company’s operations, Company affirms that no personnel was
transactions as set out in notes to accounts, the ordinary course of business and on an arm’s business performance and/or reputation, in a denied access to the Audit Committee/Audit
which do not have potential conflict with length basis and are repetitive in nature and secure and confidential manner. Committee Chair.
the interests of the Company at large. The also for unforeseen transactions, in line with
percentage of RPTs against the revenue the Policy on Dealing with and Materiality of Salient features of the Whistle Blower Policy: Accessibility:
is minuscule. Related Party Transactions and the applicable Whistle Blower Policy aims to provide secured The Whistle Blower Policy is available on the
provisions of the Act read with the Rules environment and requires all employees to act website of the Company and can be accessed
The related party transactions are reviewed
issued thereunder and the Listing Regulations responsibly to defend the reputation of the through weblink.
by external consultants on quarterly basis
(including any statutory modification(s) and/ Company and maintain public confidence. This
and their report is presented to the Audit
or re-enactment(s) thereof for the time being Policy intends to cover serious concerns that Grievance Redressal Mechanism:
Committee for their review.
in force). could have grave impact on the operations Any misconduct observed or reported within the
Process for approval of related party and performance of the business. The Audit
iii. The Audit Committee reviewed on a quarterly organisation shall be subject to investigation
transactions are as follows: Committee of the Company oversees vigil
basis, the details of RPTs, entered into by and disciplinary action.
i. A list of all the related parties identified the Company pursuant to the omnibus mechanism process of the Company pursuant
to the provisions of the Act. The Chairman (a) The Stakeholders are encouraged and
in relation to the Company, based on approval granted.
of the Audit Committee has direct access to aided to raise genuine concerns about
disclosures received from the Board
iv. The Company did not enter into any material the designated e-mail id: speakup@polycab. possible improprieties in the business
Members is updated from time to time.
RPTs nor did it enter into any significant com for receiving the Complaints under conduct to the Whistle Officer / Committee
ii. A list of all the related party transactions transaction with its related parties that may Whistle-Blower Policy. The Policy enumerates of the Company as per the procedure laid
to be entered by the Subsidiaries other have a potential conflict with the interests of the process for segregation by the Whistle down in the Whistle Blower Policy.
than Polycab India Limited (‘PIL’) which the Company. Officer of complaints received, investigation (b) The Whistle Officer categorises complaints
exceed 10% of annual standalone turnover by the Whistle Committee and reporting to
v. The RPTs undertaken by the Company were in (minor misconduct, HR issues, consumer
of the subsidiaries are approved by the the Audit Committee. The Company with a
compliance with the provisions set out in the complaints, sexual harassment, serious
Audit Committee of PIL. view to achieve good corporate governance
Act read with the Rules issued thereunder and misconduct) and forwards the complaints
iii. Basis the above mentioned list of related relevant provisions of the Listing Regulations encourages raising concern and reporting of to the relevant Committees viz. Whistle
parties, prior to entering into any contract incidents relating to malpractices and events Committee for Whistle Complaints,
vi. Pursuant to Regulation 23(9) of the Listing which have taken place / suspected to take
or arrangement with a related party, the Internal Committee for sexual harassment
Regulations, the Company has filed the half- place involving inter-alia financial irregularities,
Audit Committee ascertains whether complaints, HR Head for HR related
yearly reports on related party transactions including fraud, any unlawful act, employee
the proposed contract or arrangement matters, for investigation.
with the stock exchanges on which the shares misconduct, violations of the codes and policies
satisfies the criteria of arm’s length,
of the Company are listed. of the Company. The purpose of this Policy (c) The relevant Committee then conducts
ordinary course of business and purpose
is to encourage the stakeholders who have investigation guided by the Investigation
and effect benefits any related party vii. Report from an independent external firm
concern about suspected misconduct to come Policy adopted with an intent to create
iv. The contract/arrangement is entered into The Company has obtained a report from forward and express these concerns without uniformity for investigation.
based on approval mechanism prescribed an independent firm of consultants that the fear of punishment or unfair treatment, whilst (d) 
The investigation is conducted either
under this Policy as the case may be. Company’s process of determination that the providing anonymity and confidentiality. A internally or through third par ty
Compliance to this condition is strictly transactions with related parties are at arm’s report on the functioning of the mechanism, investigating agencies based on the
adhered to by the concerned department length and in the ‘ordinary course of business’, is including the complaints received and actions nature of the complaint and severity.
proposing the underlying contract appropriate and that relevant approvals under taken is presented to the Audit Committee
or arrangement. the Act and the Listing Regulations have been on a quarterly basis. The Stakeholders are (e) Based on nature of case, the relevant
obtained for such transactions. encouraged and aided to raise genuine concerns Committee takes immediate steps to
v. 
All the Related Par ty contrac t s/
about possible improprieties in the business stop the harassment, violation, conflict
arrangements require pre-approval of the
Accessibility: conduct to the Whistle Officer / Committee of and protect parties involved and begin
Audit committee.
The Related Party Transaction Policy is the Company as per the procedure laid down the investigation.
available on the website of the Company and in the Whistle Blower Policy. (f) 
The investigation for most cases is
can be accessed through weblink. completed within 90 days.
256 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 257

Corporate Governance Report

(g) The proceedings of the case are kept and recommendations of the (1) Understanding the speak-up mechanism • Right to be heard.
confidential to protect the Company’s various Committees that conducted and a whistleblower complaint: • Right & Duty towards confidentiality
interes t and respec t the right s the investigation.
If anyone encounters a situation that they
of stakeholders. • Zero tolerance & No fear of retaliation Policy
(i) The Company secures the interests of the believe is in violation of code of conduct or any
(h) Based on the outcome of the investigation, complainant and provides them necessary codes/policy of the Company, it’s essential to The proceedings of the investigation are
the Disciplinar y Commit tee takes support and protection. The Company report it using the mechanism as laid down confidential, and all reasonable steps will be
appropriate action as laid down in further propagates ‘Zero fear of retaliation’ in Whistle Blower Policy. This ensures that taken to protect the interests of the Company,
Disciplinary Action Policy based on policy to encourage raising of complaints. appropriate action can be taken. The Company to respect the rights of its employees, and to
the severit y, investigation repor t shall ensure that speak up mechanism is respect the confidentiality of the information
displayed at various locations and to impart involved. The investigation steps shall include
Speak Up Mechanism: training to create awareness about the whistle scrutiny of documents, interview of involved
Each one of us has a responsibility to speak up if we see something unsafe, unethical, retaliatory, or blower mechanism. The designated method parties, obtain circumstantial evidence and
potentially harmful. If you need help, seek clarity, want to raise a concern, please refer to the ‘SPEAK UP’ for reporting such concerns is through the seek information from third parties. The
decision tree below: speak-up mechanism enumerated in the Policy. interview proceedings can be recorded. Polycab
reserves the right to make any disclosures of
(2) Identification and segregation of complaint: the information learned in Investigations
Complaints Received ‘speakup@polycab.com’
Upon receiving a complaint, the Whistle as appropriate or necessary to protect the
Officer will segregate it into various types interests of the Company, seek advice, counsel
Segregation by Whistle Officer/External agency Maintain records of all complaints received or assistance from third parties in connection
such as minor HR incidents, consumer-related
complaints, sexual harassment complaints, or with the Investigation, and/or to comply with
serious misconduct. The segregation shall be applicable laws or regulations.
ICC HR Employee Consumer/Product Whistle Blower Committee (WBC)
POSH COC Respective BU Heads All Other Violations done within 7 days of receipt of complaint. The The investigation report shall be prepared
complaints of severe nature are delegated to by the relevant investigating committee. The
the Whistle Committee. Whistle Committee same shall be submitted to the Disciplinary
will then assess the nature and severity of Committee as may be applicable.
Investigation by ICC/HR/BU Head Investigation by WBC as per Investigation Policy
each complaint to determine the appropriate
disciplinary action within the requisite timelines. (4) Disciplinary action:
Disciplinary Committee (DC) Decide Disciplinary Decide Disciplinary Action for Complaints After conducting an investigation, the
Action for ICC/HR/Consumer Investigated by WBC (3) Investigation:
Company’s Disciplinary Committee will take
Based on nature of case, the investigation appropriate steps based on the severity of
authority should take immediate steps to stop the misconduct as laid down in Disciplinary
Can you speak to your reporting manager about your concern? Contact your reporting manager
the violation or conflict, protect parties involved Action Policy. This could involve issuing an
Can you speak to your Skip level manager about your concern? Contact your Skip level manager and begin the investigation. The proceedings initial warning, a caution letter, or a show cause
of the investigation are confidential in nature, notice, depending on the circumstances and
Can you approach your Business Head/Function Head for your concern? Contact your BU/Function Head and all reasonable steps will be taken to protect recommendation of the concerned investigating
Company’s interests, to respect the rights of its authority/department/committee. For more
Can you speak to your Business HR partner for your concern? Contact your Business HR partner employees and to respect the confidentiality serious or repeated infractions, a formal
of information involved. The investigation of warning letter may be issued, clearly outlining
Is the concern related to reportable matter under Whistle Blower Policy? Report to the Whistle Officer
sexual harassment related case shall be as per the consequences of further misconduct. In
Contact your Business HR partner
the process laid down in Prevention of Sexual cases of severe or irreparable misconduct,
Harassment Policy and the applicable Act. The such as breaches of company policies or ethical
Yes No investigation for all other cases related to HR standards, termination of employment may
matters, Business Unit/Function Heads, Whistle be recommended. The Human Resources is
The mechanism and SOP aiding Whistle-Blower Complaints Redressal, Investigation and Disciplinary Complaints shall be completed generally within responsible for maintaining thorough records of
Action includes: 90 days. all employees who undergo disciplinary action.
The principles of natural justice are a vital These records must be preserved for a minimum
1. Understanding the speak-up mechanism and Whistle-blower complaint.
element of any investigation process. The of eight years following the termination of their
2. Identification and segregation of complaint investigation proceeding shall ensure that all employment. This ensures compliance with legal
involved parties have: requirements and provides a valuable reference
3. Type of investigation
for future inquiries or legal proceedings.
4. 
Investigation process • Right for the proceeding are fair, reasonable
and equal. ‘Zero Tolerance’ coupled with ‘Zero fear of
5. 
Disciplinary action
• Right for a reasonable Notice of investigation. Retaliation’ Approach:
The Whistle Committee shall ensure that
• Right to present and know evidence.
no whistle blower/complainant suffers
258 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 259

Corporate Governance Report

detrimental treatment for refusing to (c) Code on Prevention of Insider Trading Governance
collaborate or reporting their suspicion in good
The Company had adopted a Code of Conduct (a) The composition and terms of reference of the Nomination and Remuneration Committee are in line with
faith on actual, contemplated or potential
to regulate, monitor and report trading by the applicable provisions of the Listing Regulations and the Act.
instances of bribery or other corruption forms.
Insiders for Prevention of Insider Trading
The Company shall not tolerate retaliation in (b) No business was transacted by NRC through circular resolution during the year.
in the shares of the Company. The code,
any form against anyone for raising concerns
inter-alia, prohibits purchase/sale of shares (c) The Independent Directors not being members of the Committee are the permanent invitees to the
or reporting what they genuinely believe to be
of the Company by Directors and Designated NRC meeting.
improper, unethical, or inappropriate behaviour
Persons while in possession of unpublished
and all the allegations shall be treated (d) Pursuant to the power delegated by the NRC to Finance and Operations Committee (FOC) for allotment
price sensitive information in relation to the
confidentially. The Company is committed to of shares under ESOPs, all FOC resolutions with respect to allotment of shares under ESOPs are regularly
Company and during the period when the
highest standards of ethical, moral, compliance placed before the NRC for their noting.
trading window is closed.
and legal conduct of its business. In order to
(e) External HR consultants are also invited to meeting as and when required.
ensure that the activities of the Company The Company has designated NSDL as its
and its employees are conducted in a fair and designated depository for system driven (f) All the Senior Management Personals appointments are placed before the NRC for their review and
transparent manner by adoption of highest disclosure in compliance of SEBI Circular recommendation to the Board.
standard of responsibility, professionalism, n o. SEB I/H O/ISD/ISD/CIR/P/2020/ 16 8
(g) Setting up the criteria for succession planning of Key Managerial Personnel and Senior management.
honesty and integrity. The Company dated September 09, 2020. Further, the
promulgates ‘Zero Tolerance’ Policy. There has PAN of the designated persons are freezed
Terms of Reference
been an increase in the number of complaints by NSDL at the time of closure of Trading
registered under whistle blower policy. window and continue to remain freezed till The Charter of the Nomination and Remuneration Committee, inter alia, articulates its role, responsibilities
During stakeholder engagements sessions 48 hours after the conclusion of the Board and powers as follows:
including Employee townhalls, Labour Safety Meeting as per SEBI Circular no. SEBI/ Sr.
Meetings, Dealer/Customer Meets, Nukkad HO/ISD/ISD-SEC-4/P/CIR/2022/107 dated Terms of Reference Frequency
No.
meets, Supplier Onboarding, CSR activities, 05 August 2022. 1. Formulating the criteria for determining qualifications, positive attributes and independence of a director Periodically
the stakeholders are made aware of the and recommending to the Board a policy, relating to the remuneration of the directors, key managerial
whistle blowing mechanism. The Supplier Accessibility: personnel, and other employees.
Code of Conduct of the Company is read and The Code for prevention of Insider Trading is 2. Formulating of criteria for evaluation of the performance of the independent directors and the Board. Event Based
confirmed by the Supplier prior to onboarding available on the website of the Company and 3. Devising a policy on Board diversity. Onetime
and confirmation thereto forms part of can be accessed through weblink. 4. Identifying persons who qualify to become directors or who may be appointed in senior management in Event Based
their Agreements. accordance with the criteria laid down, recommending to the Board their appointment and removal, and
carrying out evaluations of every Director’s performance.
2.24.2. Nomination and Remuneration Committee (NRC) 5. Determining whether to extend or continue the term of appointment of the independent director, on the Event Based
basis of the report of performance evaluation of Independent Directors.
Composition 6. Analysing, monitoring, and reviewing various human resource and compensation matters. Event Based
The Nomination and Remuneration Committee comprises of 5 Directors out of which 4 are Non-Executive, 7. Determining the company’s policy on specific remuneration packages for executive directors including Annually
Independent Directors and 1 is Executive, Non-Independent Director. pension rights and any compensation payment and determining remuneration packages of such Directors.
8. Determining compensation levels payable to the senior management personnel (as deemed necessary), Annually
which shall be market-related, usually consisting of a fixed and variable component.
Meetings & Attendance
9. Reviewing and approving compensation strategy from time to time in the context of the then current Event Based
The NRC met 2 times during the year under review i.e. on 11 May 2023 and 13 February 2024. The attendance Indian market in accordance with applicable laws.
details of the Committee members present at the meetings (in person or through Audio-Visual means) is 10. Performing such functions as are required to be performed by the compensation committee under the Event Based
detailed below: Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014, as amended.
Meeting Dates & Mode of Attendance 11. Performing such other activities as may be delegated by the Board and/or specified/provided under the Event Based
% of attendance Companies Act or the Listing Regulations, or by any other regulatory authority.
Name of member Category 11 May 2023 13 February 2024
of member
In Person Audio-Visual means
Mr. T. P. Ostwal Chairman   100% Governing Policies Accessibility:
Mr. R. S. Sharma Member   100% The Nomination and Remuneration Policy is
Mr. Inder T. Jaisinghani Member   100% (a) Nomination and Remuneration Policy
available on the website of the Company and
Mrs. Sutapa Banerjee Member   100% The Company had formed a Nomination can be accessed through weblink.
Mr.Pradeep Poddar$ Member  NA 100% and Remuneration policy in accordance with
Mrs. Manju Agarwal# Member NA  100% the provisions of the Act and the Listing (b) Board Diversity Policy
Regulations to ensure reasonableness and
Notes: The Company is committed to deal with
sufficiency of remuneration to attract, retain
(a) $ Mr. Pradeep Poddar ceased to be the member of the Committee w.e.f. 20 September 2023. all stakeholders with full transparency and
and motivate competent resources, a clear
(b) # Mrs. Manju Agarwal has been appointed as member of the Committee w.e.f. 12 May 2023. fairness, ensuring adherence to all laws and
relationship of remuneration to performance
(c) The Company Secretary acts as Secretary to the Committee. regulations and achieving highest standards of
and a balance between rewarding short and
(d) NA – Not Applicable corporate governance. In line with the above,
long-term performance of the Company.
260 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 261

Corporate Governance Report

the Nomination and Remuneration Committee of interview and selection process, the NRC 2.24.3. Stakeholders’ Relationship Committee (SRC)
had devised a policy on diversity of Board of reviews and recommends the appointment to
Directors for ensuring that the Board shall the Board, along with terms of appointment Composition
have an optimum combination of executive, and remuneration. Approval of shareholders, The Stakeholders Relationship Committee comprises of 5 Directors out of which 2 are Non-Executive,
non-executive and independent directors wherever required, is sought as per the Independent Directors and 3 are Executive, Non-Independent Directors.
in accordance with requirements of the provisions of applicable laws.
Companies Act, SEBI Listing Regulations and Meeting & Attendance
The following key criteria for selection of
other statutory, regulatory and contractual
Directors are as follows: The SRC met 1 time during the year under review i.e. on 18 January 2024. The attendance details of the
obligations of the Company.
Committee members present at the meeting (in person or through or Audio-Visual means) is detailed below:
1. 
Professional background, experience,
(c) Policy on Succession Planning of the Board qualifications and time commitment of Meeting date & mode of Attendance
and Senior Management the individual. Name of member Category 18 January 2024
% of Attendance
of Member
The Policy is applicable for succession planning 2. Skills, expertise and competencies relevant In-Person
of the managing director/whole-time/executive to the business of the Company Mrs. Manju Agarwal# Chairperson  100%
directors, non-executive directors, independent
3. Financial literacy/expertise, global market Mr. Bharat Jaisinghani Member  100%
directors and other members of the Board
awareness and other relevant factors as Mr. Nikhil Jaisinghani Member  100%
and senior management. The NRC reviews
the leadership and management needs of may be considered appropriate. Mr. Gandharv Tongia Member  100%
the Company from time to time. The NRC 4. Having a diverse Board, with diversity of Mr. Bhaskar Sharma Member  100%
assess the suitability of a person who is being gender, thought, experience, knowledge, Notes:
considered for appointment as a director of perspective and culture. #
(a) Mrs. Manju Agarwal has been appointed as Chairperson of the Committee w.e.f. 12 May 2023.
the Company, based on his/her educational
5. In case of appointment of Independent (b) The Company Secretary acts as Secretary to the Committee.
qualification, experience, expertise and track
record and shall recommend to the Board, the Directors:
Governance
terms and conditions of his/her appointment, (a) 
Satisfac tion of criteria of
including remuneration. The NRC may, at (a) The composition and terms of reference of the SRC are in line with the applicable provisions of the Listing
independence under applicable
its discretion, recommend to the Board, Regulations and the Act.
laws and independence from
appointment of suitable candidate(s) in senior the management. (b) No business was transacted by SRC through circular resolution during the year.
management level with a view to ensure a
continuous availability of managerial talent at (b) Skills and capabilities required for (c) The Directors not being members of the Committee are the permanent invitees to the SRC meeting.
senior levels to meet the organisational needs. the role and the manner in which
(d) Representative of the Registrar and Transfer Agent are present at the meeting for discussing the
The recommendations of the NRC are placed the proposed appointee meets
stakeholders grievances.
before the Board for its approval. such requirement
(e) Intimations via e-mail and physical letters are being sent to the shareholders requesting them to claim
(c) 
In case of re-appointment of an
Process and criteria for selection of Directors their dividend lying in Company’s unclaimed divided account.
Independent Director, outcome
The Company has a well-defined process and of performance evaluation and
Terms of Reference
criteria for selection of new Directors. The contributions made by such Director
NRC, in consultation with the management, during the first term. The Charter of the Stakeholders Relationship Committee, inter alia, articulates its role, responsibilities and
determines the essential and desirable skills, powers as follows:
6. The Company issues the appointment
competencies, expertise and experience Sr.
letter, subsequent to the appointment of Terms of Reference Frequency
required for the office of a Director and No.
an Independent Director. A formal letter
defines the role specifications for a Director. 1. Consider and resolve grievances of security holders of the Company, including complaints related to Event based
of appointment outlining the role, duties
Identification of the candidates is done by the transfer of shares, non-receipt of annual report, non-receipt of declared dividends to the satisfaction of
and responsibilities is placed on Company’s security holders.
management, who may use the services of an
Website and accessible through weblink.
external agency, if required. Upon completion 2. Investigating complaints relating to allotment of shares, approval of transfer or transmission of shares, Event based
debentures or any other securities.
3. Issue of duplicate certificates and new certificates on split/consolidation/renewal. Event based
4. Carrying out any other function as may be decided by the Board or prescribed under the Companies Event based
Act, 2013, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended, or by any other regulatory authority.
5. Review of adherence to the service standards adopted by the Company in respect of the working and Annually
rendering of various services by the Registrar and Transfer Agents of the Company
6. Review of measures taken for the effective exercise of voting rights by shareholders. Annually
7. Review of the various measures and initiatives taken by the listed entity for reducing the quantum of Annually
unclaimed dividends and ensuring timely receipt of dividend.
262 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 263

Corporate Governance Report

All the decisions and recommendations made by current status. The Company had registered itself 2.24.4. Corporate Social Responsibility & Environment Social and Governance Committee (CSR & ESGC)
the Committee during the year were approved by on the SCORES and every effort is made to resolve
Composition
requisite majority by the members of the Committee. investor complaints received through SCORES or
otherwise within the statutory time limit from the The CSR & ESGC comprises of 6 Directors out of which 3 are Non-Executive, Independent Directors and 3 are
The number of complaints received and redressed Executive, Non-Independent Directors.
receipt of the complaint.
during the financial year 2023-24 is given below:
No Shares are lying in Demat Suspense Account/ Meetings & Attendance
Nature of Complaint Received Resolved Pending
Unclaimed Suspense Account. Hence, the disclosure
Non-Receipt of 58 58 Nil The CSR & ESGC met 2 times during the year under review i.e. on 11 May 2023 and 18 January 2024. The
of the same is not required to be provided in
Dividend Warrant attendance details of the Committee members present at the meetings (in person or through or Audio-Visual
the report.
TOTAL 58 58 Nil means) is detailed below:
Online Dispute Resolution Portal (‘ODR’) Meeting dates and Mode of Attendance
% of Attendance of
Name of member Category 11 May 2023 18 January 2024
SEBI vide its circular dated 31 July 2023 has Member
Complaint Redressal In-Person In-Person
introduced common online dispute resolution  
(Nos.) portal for streamlining of existing dispute resolution
Mr. Inder T. Jaisinghani Chairman 100%
Mr. Bharat A. Jaisinghani@ Member  NA 100%
mechanism with support of Stock Exchanges and Mr. Nikhil R. Jaisinghani# Member  NA 100%
Depositories (collectively referred to as Market Mr. Rakesh Talati Member  NA 100%
Infrastructure Institutions (MIIs). All Investors Mr. Gandharv Tongia* Member NA  100%
250
and Listed Companies/Specified Intermediaries/ Mrs. Sutapa Banerjee Member   100%
Regulated entities under the ambit of ODR. In view Mr. Bhaskar Sharma$ Member NA  100%
thereof, the Company has registered itself on ODR Mrs. Manju Agarwal% Member NA  100%
portal for resolving the investor grievances.
Notes:
(a) @ Mr. Bharat A. Jaisinghani ceased to be the member of the Committee w.e.f. 12 May 2023.
Dividend Distribution Policy #
(b) Mr. Nikhil R. Jaisinghani ceased to be the member of the Committee w.e.f. 12 May 2023.
95 The Company has in place a Dividend Distribution (c) * Mr. Gandharv Tongia appointed as member of the Committee w.e.f. 12 May 2023.
58 Policy in accordance with Regulation 43A of the (d) $ Mr. Bhaskar Sharma appointed as member of the Committee w.e.f. 12 May 2023.
Listing Regulations. (e) % Mrs. Manju Agarwal appointed as member of the Committee w.e.f. 12 May 2023.
FY 2021-22 FY 2022-23 FY 2023-24 The dividend is determined on the basis of various (f) The Company Secretary acts as Secretary to the Committee.
parameters such as profits earned during the (g) NA – Not Applicable
SEBI Complaints Redressal Systems (SCORES) financial year, retained earnings, earnings outlook
for next three to five years, fund requirements for Governance
The investor complaints are processed in a
centralised web-based complaints redressal system future investments for growth and expected future (a) The composition and terms of reference of the CSR & ESGC are in line with the applicable provisions of the
formulated by SEBI. The salient features of this capital/liquidity requirements. Listing Regulations and the Act.
system are centralised database for all complaints, The Dividend Distribution Policy is available on (b) No business was transacted by CSR & ESGC through circular resolution during the year.
online upload of Action Taken Reports (ATRs) by the website of the Company and can be accessed
the concerned companies and online viewing by (c) The Directors not being members of the Committee are the permanent invitees to the CSR & ESGC meeting.
through weblink.
investors of actions taken on the complaint and its (d) The members of CSR Management Committee are the permanent invitees to the CSR & ESGC Committee.

Terms of Reference
The Charter of the CSR & ESGC, inter alia, articulates its role, responsibilities and powers as follows:
Sr.
Terms of Reference Frequency
No.
1. To formulate and recommend to the Board of Directors, the CSR Policy, indicating the CSR activities to Periodically
be undertaken as specified in Schedule VII of the Companies Act, 2013.
2. To recommend the amount of expenditure to be incurred on the CSR activities Annually
3. To monitor the CSR Policy and its implementation by the Company from time to time. Periodically
4. To perform such other functions or responsibilities and exercise such other powers as may be conferred Event Based
upon the CSR Committee in terms of the provisions of Section 135 of the Companies Act, 2013 and the
rules framed thereunder
5. Recommend ESG vision and goals on an ongoing basis Periodically
6. Monitoring the progress against the stated vision and goals Quarterly
7. Reviewing any statutory performance obligations on Sustainability/ESG. The purpose and responsibilities Periodically
of the Committee shall include such other items/matters prescribed under applicable law or prescribed
by the Board in compliance with applicable law from time to time.

All the decisions and recommendations made by the Committee during the year were approved by requisite
majority by the members of the Committee.
264 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 265

Corporate Governance Report

In addition to the above roles and responsibilities, (a) 

E mbedding ESG into the business of Governance systems and tools are devised to provide guidance and ensure compliance with the CSR policy
the CSR & ESG Committee, from CSR perspective the Company; which includes:
include, inter alia:
(b) BRSR reporting together with data assimilation, (a) Identification of CSR activities based on need assessment.
(a) Developing SOP for selection, implementation, peer benchmarking, policies and procedures
(b) Formulating of Annual Action Plan.
monitoring, evaluating of CSR Projects and aiding compliances, stakeholder engagement,
CSR activities undertaken thereunder; recommendations implementation, capacity (c) Implementation process.
building, stakeholder query resolution, trend
(b) Carry out Impact assessment through an (d) Monitoring and Evaluation of CSR activities.
analysis, certifications, amongst others;
independent agency of project(s) having an
(e) Reporting Framework.
outlay of H1.00 Crore or more and in respect (c) Finalising the goals and targets and strategy
of which a period of one year has elapsed since for achieving the objectives; (f) Sustainability.
completion of such project;
(d) 
ESG landscape vis-à-vis ESG journey and (g) Impact Study.
(c) Approving the Annual Action Plan and Projects way forward.
(h) Evaluation, conditions and restrictions.
based on the focus areas of the Company for
undertaking CSR; Governing policy
2.24.5. Risk Management Committee (‘RMC’)
(d) Review implementation of CSR activities within CSR policy
the applicable framework; The CSR Policy lays down the guiding principles in Composition
undertaking various projects, programs or activities The RMC comprises of 7 Directors out of which 3 are Non-Executive, Independent Directors and 4 are Executive,
(e) Approve the CSR disclosures that will form
by or on behalf of the Company relating to CSR. Non-Independent Directors.
part of the Annual Report, website of the
The Company is committed to play a broader role in
Company, etc;
the communities in which it operates by supporting Meetings & Attendance
(f) Formulate and recommend an Annual Action various social initiatives through funding and The RMC met 2 times during the year under review i.e. on 22 August 2023 and 16 January 2024. The attendance
Plan (including any revisions thereto) to the volunteering activities. The Company has developed details of the Committee members present at the meetings (in person or throughor Audio-Visual means) is
Board for its approval; this Policy encompassing its philosophy for being detailed below:
a responsible Corporate House. The policy entails
(g) Review the CFO Certificate on utilisation of
mechanisms for identification, need assessment, Meeting Dates & Mode of Attendance
% of
CSR Funds, spent during the year.
fund allocation, implementation of Projects and Name of member Category 22 August 2023 16 January 2024 Attendance
In addition to the above roles and responsibilities, impact assessment are detailed in the CSR Policy. of Member
Audio-Visual means Audio-Visual means
the CSR & ESG Committee, from ESG perspective undertaking various programs for the benefit of the Mr. T. P. Ostwal Chairman   100%
include, interalia: community at large. The CSR Policy is available on
Mr. Inder T. Jaisinghani Member   100%
the website of the Company and can be accessed
Mr. Bharat A. Jaisinghani Member   100%
through weblink.
Mr. Nikhil R. Jaisinghani Member   100%
CSR Focus areas
Mr. Gandharv Tongia Member   100%
Primarily, the CSR Focus areas are Health Care, Environment, Education, Rural Development, National Heritage Mr. R S Sharma# Member   100%
and Social Empowerment.
Mr. Bhaskar Sharma$ Member   100%

Notes:
Need Approval from CSR CSR (a) # Mr. R S Sharma appointed as member of the Committee w.e.f. 12 May 2023.
Appeal Assessment Management Committee (b) $ Mr. Bhaskar Sharma appointed as member of the Committee w.e.f. 12 May 2023.
Report Committee Recommendation (c) The Company Secretary acts as Secretary to the Committee.

Receiving Appeal Site Visit Check the Feasibility Proposal

Governance
from the Beneficiary Background Study & Aligned with Budget
(a) The composition and terms of reference of the RMC are in line with the applicable provisions of the Listing
Ensure whether its Gap Analysis CSR Policy
under CSR Norms Regulations and the Act.
Budgeting
(b) No business was transacted by RMC through circular resolution during the year.
(c) The meetings of the RMC are also attended by the Internal Auditors and Senior Management Personnel
Board of the Company as an invitee.
Completion Implementation
Meeting Approval
Handing Over the Project Detailed Plan Purchase Order CSR Budget
Taking Sign-off, Impact of Action Execution CSR Project
Assessment and Sustainability Vendor Selection Monitoring CSR Annual Action Plan
266 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 267

Corporate Governance Report

Terms of Reference Risks identification is effectuated in a number of no risks which in the opinion of the Board threatens
ways, such as the existence of the Company. However, some of the
The Charter of the Risk Management Committee, inter alia, articulates its role, responsibilities and powers
risks which may pose challenges are set out in the
as follows: • Brainstorming: Engage in open and uninhibited
Management Discussion and Analysis which forms
sessions where each group member is encouraged
Sr. part of this Annual Report.
No.
Terms of Reference Frequency to propose numerous ideas based on their
diverse knowledge. The Risk Management Policy is available on the
1. Managing and monitoring the implementation of action plans developed to address material business Periodically
risks within the Company and its business units, and regularly reviewing the progress of action plans website of the Company and can be accessed
• Interviews: Seek individuals’ insights and
through weblink.
2. Setting up internal processes and systems to control the implementation of action plans Periodically understanding of past and potential events.
3. Regularly monitoring and evaluating the performance of management in managing risk Periodically • Scenario analysis: Conduct risk assessments ESG covered under Risk Management:
4. Providing management and employees with the necessary tools and resources to identify and manage risks Periodically focused on specific threats, concerns, or hazards, The purpose of risk identification is to identify
5. Regularly reviewing and updating the current list of material business risks Periodically rather than assessing the vulnerability of the internal and external risks specifically faced by
6. Regularly reporting to the Board on the status of material business risks Periodically entire organisation. This approach evaluates the the Company, in particular including financial,
7. Ensuring compliance with regulatory requirements and best practices with respect to risk management - risk of specific scenarios unfolding. operational, sectoral, sustainability (particularly,
8. Evaluate risks related to cyber security and ensure appropriate procedures are placed to mitigate these Periodically • Workshops: Bring together individuals from ESG related risks), information, cyber security
risks in a timely manner various functions and levels to collaborate and risks or any other risk as may be determined by
9. Coordinate its activities with the Audit Committee in instances where there is any overlap with audit Annual Basis share expertise. the Committee and the events that can have an
activities (e.g. internal or external audit issue relating to risk management policy or practice). adverse impact on the achievement of the business
• Process analysis: Create a diagram of a process objectives. All risks identified are documented in the
10. Access to any internal information necessary to fulfil its oversight role. -
to comprehend the interrelationships among form of Risk Register.
11. Authority to obtain advice and assistance from internal or external legal, accounting or other advisors - inputs, tasks, outputs and responsibilities.
12. Review the risk management processes and practices of the Company and ensure that the Company is Periodically Governance of ESG efforts is reviewed by the
taking the appropriate measures to achieve prudent balance between risk and reward in both ongoing • Data tracking: Analyse past events to predict Board, through the CSR and ESG committee.
and new business activities and anticipate future occurrences. Further, for execution at ground level the ESG
13. Formulating a detailed risk management policy which shall include: Periodically • Key indicators: Utilise qualitative or quantitative Council & ESG Working Group has been established,
(a) A framework for identification of internal and external risks specifically faced by the listed entity, measures to identify changes to existing risks. which comprises of all relevant function heads.
in particular including financial, operational, sectoral, sustainability (particularly, ESG related risks), The implementation, monitoring and reporting
information, cyber security risks or any other risk as may be determined by the Committee. • Scanning of regulatory framework: Monitor the of our ESG initiatives are undertaken by the ESG
(b) Measures for risk mitigation including systems and processes for internal control of identified risks. regulatory framework under which the strategic Working Group.
(c) Business continuity plan. business unit (SBU) operates and stay informed
about competitors’ strategies. The Company has defined KRAs for each of these
14. Ensuring that appropriate methodology, processes and systems are in place to monitor and evaluate Periodically
topics and have linked the KPIs of the stakeholders
risks associated with the business of the Company; • Cognitive Computing: Collect and analyse data to achievement of these KRAs. The Company had
15. Monitoring and overseeing the implementation of the risk management policy including evaluating Periodically to detect emerging risks, uncover future trends, availed services of external consultants for ESG data
adequacy of risk management systems and challenge existing ones, thereby gaining analysis and gap assessment. Thereafter the BRSR
16. Reviewing the risk management policy, at least once in two years, including by considering the changing Periodically valuable insights. data assimilation was undertaken and reported in
industry dynamics and evolving complexity
Risk Monitoring: All risks identified are documented
 the BRSR report. The Company further obtained
17. Regularly reporting to the Board about the nature and content of its discussions, recommendations and -
in the form of Risk Register. Risks are reviewed, ESG Assurance Report as a part of the Annual
actions to be taken
assessed and updated on a regular basis. Reporting. The BRSR aspects were duly mapped
18. Coordinate its activities with the other Committees in instances where there is any overlap with -
over in the SDG and under GRI reporting framework.
activities of such other committee, as per the framework laid down by the Board. Risk Reporting: Summary of the same is presented

to the RMC. Risk is reviewed regularly by the Cybersecurity vis-à-vis Risk:
Governing policy and COSO 2017) have also been incorporated assigned risk owners and departmental/BU heads,
The Company has a comprehensive IT/cyber security
in the revised Risk Management Policy. The Risk in addition management periodically reviews risks
Risk Management Policy policy as part of its Enterprise Risk Management
Management policy details the risk identification and the mitigation plans. The Company’ internal
The Company has in place risk management system (ERM) Policy. This policy is designed to ensure
and monitoring process are as follows: control encompasses various managements
which takes care of risk identification, assessment the accuracy, integrity and security of the data,
systems, structures of organisation, standard and
and mitigation. The mechanism helps to identify, Risk Identification: The purpose of risk identification
 information and knowledge in possession of the
code of conduct which all put together help in
assess, monitor, and mitigate various risks to is to identify internal and external risks specifically Company. Cyber risks have been identified as a part
managing the risks associated with the Company.
key business objectives. Major risks identified by faced by the Company, in particular including of Enterprise Risk Management.
With a view to ensure the inter controls systems
the businesses and functions are systematically financial, operational, sectoral, sustainability are meeting the required standards, the same are The policy outlines stringent measures and best
addressed through mitigating actions on a (particularly, ESG related risks), information, reviewed at periodical intervals. If any weaknesses practices to safeguard confidential and sensitive
continuing basis. cyber security risks or any other risks as may be are identified in the process of review the same are data from unauthorised access, breaches and
determined by the Committee and the events that addressed to strengthen the internal controls which tampering. It includes the following key components:
The Company has adopted Risk Management Policy
can have an adverse impact on the achievement of are also revised at frequent intervals. The Company,
which has been approved by the Board. Aspects of 1. Access Controls: The policy defines clear
the business objectives. through its risk management process, aims to
Key Risk Management Standards (ISO 31000:2018 guidelines and procedures for granting user
contain the risks within its risk appetite. There are
268 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 269

Corporate Governance Report

access to the organisation’s systems, networks, The purpose of an internal audit is to examine and The Committee under guidance of the Board considered and approved Risk Management Process which included:
and data. It ensures that only authorised evaluate the internal controls and risks associated
• Key Business Goals: Based on the goals identified • Risk Assessment: Evaluating risks identified and
personnel have appropriate access privileges with the Company’s operations. It covers factories,
by the top management and Board and the level possible impact.
based on their roles and responsibilities. warehouses and centrally controlled businesses and
of acceptable risk, we place frameworks, processes
functions. While these controls comply with the • Risk Treatment: Mitigate, transfer, tolerate, or
2. Authentication and Authorisation: The policy and controls to facilitate their achievement.
terms of the Companies Act, 2013, and the globally terminate identified risks.
establishes robust authentication mechanisms,
accepted framework issued by the Committee of • Risk Identification: Determining uncertainties,
such as strong passwords or multi-factor • Monitoring & Reporting: Monitor and report risks
Sponsoring Organisations (COSO) of the Treadway which could potentially impact the achievement
authentication, to validate the identity of and their treatment strategies
Commission, they are also regularly tested by of business objectives.
users before granting access. It also specifies
statutory and internal auditors for their effectiveness.
authorisation rules that determine the level of
The framework is a combination of entity-level 3. General Body Meetings:
data or system access based on the individual’s
controls that include enterprise risk management,
job function. 3.1. Location and time, where last three Annual General Meetings (AGMs)* were held:
legal compliance framework, internal audit and
3. Data Encryption: The policy mandates the use anti-fraud mechanisms such as the Ethics Framework, Year Venue Date Time Special resolutions passed
of encryption techniques to protect sensitive Code of Conduct, Vigil Mechanism and Whistle Blower 2022-23 OAVM# 30 09.00 (a) Re-appointment of Mr. T.P. Ostwal (DIN: 00821268)
data both in transit and at rest. Encryption Policy, and process-level controls, IT based controls, Deemed Venue: June A.M. for a second term as an Independent Director
ensures that even if data is intercepted or period-end financial reporting and closing controls. Unit 4, Plot No. 105, Halol 2023** (b) Re-appointment of Mr. R.S. Sharma (DIN: 00013208)
for a second term as an Independent Director
accessed unlawfully, it remains unreadable and The Company has clearly defined the policies, Vadodara Road, Village Nurpura,
Taluka Halol, Panchmahal, (c) Appointment of Mr. Bhaskar Sharma (DIN: 02871367)
unusable without the proper decryption keys. SOPs, Financial & Operation RAPID (Delegation of as an Independent Director
Gujarat – 389350
Authority), and organisational structure to ensure
4. Regular Data Backup: The policy requires 2021-22 OAVM# 29 09.00 (a) Continuation of appointment of Mr. Inder T. Jaisinghani
smooth conduct of its business. Technologies are
regular and secure backups of the organisation’s June A.M. (DIN: 00309108) as Managing Director on attaining
leveraged in process standardisation, automation Deemed Venue:
critical data. This practice ensures that in the Unit 4, Plot No. 105, Halol 2022 the age of 70 years.
and their controls. The extensive risk-based process (b) Alteration of certain clauses of Articles of Association
event of data loss, hardware failure, or security Vadodara Road, Village Nurpura,
of internal audits and management reviews provides (AOA) of the Company.
incidents, data can be restored Taluka Halol, Panchmahal,
assurance to the Board with respect to the adequacy Gujarat – 389350 (c) Payment of Commission to the Independent Directors
5. Data Protection: The policy for data protection and efficacy of internal controls. Internal audit of the Company.
had been revamped during the year considering reports are reviewed by the Audit Committee every 2020-21 OAVM# 21 09:00 Amendment(s) under Clause 7.3 of Polycab Employee Stock
the dawn of the Data protection Bill and quarter. Furthermore, the Committee also monitors Deemed Venue: July A.M. Option Performance Scheme 2018 (Performance Scheme)
its probability. the management actions implemented as a result Unit 4, Plot No. 105, Halol 2021
of the internal audit reviews. Polycab is mindful Vadodara Road, Village Nurpura,
Reputation vis-à-vis Risk: of the fact that all internal control frameworks Taluka Halol, Panchmahal,
Gujarat – 389350
The Company revived Risk register to include have limitations. Therefore, it conducts regular
reputational risk of the Company due to failure audits and review processes to ensure that the * The Annual General Meeting of the Company is normally held within four months from the closure of every financial year.
in meeting stakeholders’ expectations reiterating systems are continuously strengthened to improve # Video Conferencing and Other Audio-Visual Means (OAVM)
the need for monitoring changing beliefs and effectiveness. The management has evaluated the ** All the Directors, Statutory Auditors and Secretarial Auditors attended the Annual General Meeting held on 30 June 2023.
expectations through various mediums like investor operative effectiveness of these controls and noted
relationship, social media sentiment, customer no significant deficiencies or material weaknesses 3.2. Postal Ballot 3.4. Subsidiary companies:
service feedback, checking of counterfeit products, that might impact the financial statements.
No resolution was passed through Postal Ballot The Company does not have any material subsidiary
actions taken by statutory authorities, intellectual during the year under review. company in terms of Regulation 16 of the Listing
property claims. Risk Management Process – Cyber security
Regulations. The synopsis of the minutes of the
The Company has implemented automation and 3.3 E-voting Facilities Board meetings of the subsidiary companies are
Human Capital vis-à-vis Risk adopted various technologies to effectively manage placed at the Board meeting of the Company on
During the year under review, the Company had
Human Capital Risk had been identified by the the operational activities and risks of the company. quarterly basis and the minutes are uploaded on a
provided e-voting facilities to the shareholders to
Company as a major risk envisaging inability to This approach has significantly contributed to secured web-based platform, for easy accessibility
cast their votes at the Annual General Meeting,
attract and retain human capital particularly senior enhancing corporate governance practices. by the Directors. The Audit Committee reviews
held during the year. Further, all the matters were
level management team. The Company has implemented 35+ IT/OT tools presented to the shareholders through separate the financial statements including investments
across various functions and process to reduce resolutions. All the resolutions passed during the year by the unlisted subsidiaries of the Company. The
Risk Management Framework: manual interventions. were accepted by majority of minority shareholders. management quarterly brings to the notice of the
The Company maintains a robust framework of The e-voting details of each shareholders category Audit Committee and the Board of Directors of the
Risk Management considering that a dynamic Company, a statement of all significant transactions
internal controls that are in accordance with the wise were disclosed to the stock exchanges within
operating environment brought with it inevitable and arrangements entered into by unlisted
nature and size of the business. The framework 48 hours of conclusion of meeting and there were
internal and external risks, the rigorous approach subsidiaries, if any. The Policy for determining
addresses the evolving risk complexities and underpins no votes cast which could be accounted as invalid.
prepared the Company to adapt to contingencies material subsidiaries has been uploaded on the
the Company’s strong corporate culture and good The details of e-voting results is available on the
and stay ahead of the curve. Company’s website and accessible through weblink.
governance. The Internal Audit plan is approved by website of the Company and can be accessed
Audit Committee at the beginning of every year. through weblink.
270 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 271

Corporate Governance Report

3.5. Mandatory Policies reflected for respective departments and upon 10. E
 mployee confirmation on Compliance with 3.9. 
Strategic use of Information Technology
completion and directed for business heads for all Applicable Laws, Rules and Regulations: All and Artificial Intelligence (‘AI’) to promote
The Company had also adopted the following
approval. Compliance Certificates generated employees working in the Company shall comply excellence in Corporate Governance Strategy:
mandatory policies in line with the requirement
hereunder are placed before the Compliance with and provide declaration/confirmation of
of the Listing Regulations and the Act, for the The Company acknowledges the value that AI
Officer and deviations, if any, are placed before compliance with applicable laws, rules, and
effective and defined functioning of the respective brings and is presently using several tools through
the Board. regulations in India and in any other jurisdiction
Committees of the Board: advanced data analysis, depictive capabilities,
in which the Company does business. The
• Policy for Evaluation of the Performances 3. I nternal Compliance Audit: Periodic compliance compliance management, fraud prevention, AI-
Employees shall adhere to the Law both letter
of the Board of Directors, Committees and audits are conducted by internal teams and powered governance tools for enhancing operations,
and spirit and violation of laws, rules and
Individual Directors. auditors to assess the effectiveness of the decision-making and overall business efficiency
regulations may subject to an individual, as well
company’s compliance systems. These audits and to promote excellence through use of artificial
• Corporate Social Responsibility Policy. as our Company, to civil or criminal penalties.
identify gaps and provide recommendations intelligence in its corporate governance strategy.
• Dividend Distribution Policy. for improvement. 11.  xternal Legal Counsel: The Company engages
E
The management team introduced various
• Policy on Diversity of Board of Directors. external legal counsel on complex legal matters
Audits: Periodic health checks, audits and
4.  initiatives based on advice of the Board and other
• Policy on Succession Planning for the Board and and ensure compliance.
reviews including internal audits are conducted stakeholders such as:
Senior Management. by the Company through reputed firms. 12. R
 eview of adequacy of codes and policies: The
• Software which works on Artificial Intelligence and
• Policy on Determination of Materiality of Events/ Company as continuous improvement process
Assurance: Independent Assurance reports and
5.  Machine Learnings. It helps to identify potential
information. in its compliance efforts regularly reviews its
consultancy are sought on the non-financial threats and protect business critical information.
• Policy for Preservation of Documents and Archival. systems, policies, and procedures to adapt
sustainability aspects.
to evolving legal requirements and enhance • AI powered Microsoft ChatBot for smart ticketing
• Code of Conduct for Directors and Senior
Related Party Transactions Review Report:
6.  overall compliance effectiveness. system. Security Operation Centre (‘SOC’) for
Management Team.
Review report from subject matter experts pro-active analytics and alerts. The insights
• Code of Practices and Procedures for Fair Disclosure for analysing, confirming and benchmarking 3.7. 
Compliance With Corporate Governance from analytics and the ability of machines to
of Unpublished Price Sensitive Information. the transactions to ensure transparency Requirements crunch voluminous data has led to ‘data-driven’
• Policy for determining Material Subsidiary. and systematic review of the related party The Company has complied with the requirements decisions, be it – strategic, enhancing customer
transaction which are rather minuscule. specified in Regulations 17 to 27 and Clauses (b) to experience, increasing revenue, developing
• Policy on materiality of related party transactions
(i) of Regulation 46(2) of the Listing Regulations. efficient systems & processes, risk management
and on dealing with related party transactions. 7.  oard & its Committees Oversight: The
B
et al.
Board and its committees play a crucial role in
• Policy on Prevention of sexual harassment 3.8. Internal Compliance Tool
overseeing compliance with various laws and • Services of external agencies for tracking the
at workplace.
regulations. They receive regular reports from The Company has in place an internal compliance news articles, market rumors, fake or dummy
the compliance team, including updates on tool systems devised to comply with the provisions websites and track such other phishing activities
3.6. Compliance with Law:
changes in laws and regulations, compliance of all applicable laws. The tool aids in implementing, done by using the name of the Company with
The Company is committed to adopting best- status and any identified issues. monitoring and tracking the applicable laws malicious intent by a third party for managing
in-class practices for Corporate Governance and across various functions and department of the such frauds. It is one of the mechanisms for
has implemented robust systems and processes KMPs & SMPs Compliance Confirmations: The
8. 
Company and reporting deviation, if any, to the risk management.
to ensure compliance with all the applicable laws KMPs, SMPs & Business/Function Heads review
Management and Board of Directors for risk
and regulations. The Company recognises the the requisite compliances and provide certificate • Incorporating QR codes on the products of the
mitigation and corrective actions. Further, based
importance of adhering to legal requirements and confirming completeness of compliances from Company for its customers for scanning and
on the confirmations received from the Heads of
has mechanisms in place to monitor and assess the their department. They provide periodic reports raising suggestions and complaints online for
Department/Group Presidents, a Compliance
effectiveness of these systems. Here is an outline to the Board, highlighting compliance status, speedy redressal.
Certificate, signed by the Managing Director &
of the systems devised for compliance and how the potential risks and any remedial actions taken.
Company Secretary confirming the compliance • Business Intelligence Tool which generates
Board ensures their adequacy and effectiveness: These reports enable the Board to assess the
with respect to various laws, rules and regulations, daily MIS reports for data analysis, and
adequacy and effectiveness of the compliance
1.  egal and Compliance Structure: The KMPs
L as applicable to the Company, is placed before the provides dashboards.
systems. The Board also take noting of
& SMPs stay updated on all relevant laws Board at every quarterly Board meeting for their
compliances and any update in the terms of • Compliance Tool for tracking the compliances of
applicable to the Company ensuring that the review and noting. The Company practices post
reference of its committees in their meetings all applicable laws. On monthly basis the system
Company’s operations are in compliance with meeting follow-up, review and reporting process
held during the quarters. generated reminders are being sent to the
the statutory/regulatory changes. The role of for the action taken on decisions of the Board and
concerned person responsible for the Compliance
the Compliance Officer extends to monitor Training and Awareness: The Company
9.  its various Committees. The Company Secretary &
activity. Non-Compliance reports are shared with
compliance and report deviations reported by defined Codes, Policies, procedures, SOPs, Compliance Officer submits the follow-up Action
the management for taking necessary actions,
the Management to the Board. training modules and regular training and Taken Report to the Board and its Committees at
if any.
awareness programs for employees to educate each meeting on the compliance of the decisions/
C ompliance Tool: The Compliance Tool
2.  them about relevant laws and regulations. instructions of the Board/Committee(s). The review • The Board of Directors periodically reviews the
implemented by the Company tracks monthly, This ensures that employees are aware of their of the Compliance Tool forms part of the scope Compliance certificates pertaining to all laws
quarterly and yearly compliances of all the responsibilities and can act in accordance with of internal audit to ascertain that systems are applicable to the Company as well as steps taken
applicable laws and regulations. Activities are legal requirements. adequate and operating effectively. by the Company to rectify instances of non-
compliances. Dashboards and presentation is
272 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 273

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also being made by the management before the • Awarding Organisation: Kaizen Hansei • Category or Field of the Award: Make in India calls/meetings with investors immediately after
Board on quarterly basis, disclosing the status of LLP – A global organisation in operational - Comprehensive Passive Networking Brand declaration of financial results to brief them on
compliance of all applicable laws. Compliances excellence domain • Date of Award: 17 November 2023 the performance of the Company. These calls are
and completeness of tool is reviewed as a part of • Category or Field of the Award: Manufacturing attended by the Managing Director, Executive
the Internal Audit. (11) Customer Service Excellence Award 2024 Director & CFO and head of investor relations.
• Date of Award: 22 December 2023
• Social media posts are tracked using AI to Polycab won the “Customer Service Excellence
4.3. Statutory Compliances, Penalties/Structures
address issues relating to customer complaints (4) ASRA-2023 for Asia’s Best Integrated Report Award 2024” organised by Microsoft & UBS
and negative publicity including picking up early forums at the Customer Experience and The Company had complied with rules and
• Name of the Award: Asia’s Best Integrated
signals of Whistle Blow if any. Digitalisation Summit and Awards 2024. regulations prescribed by SEBI and any other
Report (Integrated Thinking)/Bronze
statutory authority relating to capital market.
• Awarding O rganisat ion: C SRWork s No penalty or structure had been imposed on the
3.10. 
NSE Electronic Application Processing (12) IDC Future Enterprise Awards
International Company by the Stock Exchanges or SEBI on any
System (NEAPS) and BSE Corporate Polycab won the “IDC Future Enterprise Awards”
Compliance & the Listing Centre: matter related to the capital markets, during the
(5) ET Entrepreneur Awards 2024 for Best in Future of Customer Experience.
last three years. There were no fines, penalties or
NEAPS and BSE Listing are web-based application
• Name of the Award: ET Entrepreneur Awards instances of violation of ethical and behavioural
of NSE and BSE, respectively, for corporates to make 4.2. Analysts presentations:
2024 norms by the Directors, KMPs and SMPs during
submissions. All periodical compliance filings, inter In compliance with Regulation 46 of the Listing
• Category or Field of the Award: ‘Excellence In the year.
alia, shareholding pattern, corporate governance Regulations, the presentations, audio recordings,
report, corporate announcements, amongst others, Manufacturing - Engineering and Allied goods.’
video recordings and transcripts of investors 4.4. Compliance with Mandatory Requirements
are filed electronically in accordance with the conference call on performance of the Company
(6) D & B Finance Elite 2023 The Company had complied with all the mandatory
Listing Regulations. Further, in compliance with are placed on the Company’s website for the
the provisions of the Listing Regulations, all the • D&B Finance Elite 2023 to CFO requirements of Listing Regulations to the
benefit of the institutional investors, analysts and
disclosures made to the Stock Exchanges are in a • Name of the Award: D&B Finance Elite 2023 extent applicable.
other shareholders. The Company also conducts
format that allows users to find relevant information to Gandharv Tongia
easily through a searching tool. • Awarding Organisation: Dun & Bradstreet
4.5. Adoption of non-mandatory requirements as detailed below:
4. Disclosures (7) CMD Honoured by the Bombay Metal Particulars Status
Exchange (i) Board Not Applicable, as our Chairperson is Executive Director
4.1. Awards and Accolades
• Name of the Award: Industry Excellence 
Non-Executive Chairperson may be entitled to
During the year under review, the Company was maintain a chairperson’s office at the listed entity’s
Award 2024 to Mr. Inder T Jaisinghani
honoured with the awards, inter alia, in areas: expense and also allowed reimbursement of expenses
• Awarding Organisation: Bombay Metal incurred in performance of his duties.
(1) For Environment Excellence Award Exchange Ltd. (ii) Shareholders’ Right The Company’s half-yearly and quarterly results are published
• Name of the Award: 23rd Annual Greentech A Half - Yearly declaration of financial performance in leading English and Gujarati newspaper and also uploaded
(8) CA Business Leader Award on the website of the Company. The Company also suo moto
Environment Award 2023 including summary of significant events in last
• Name of the Award: C A Business six-months, may be sent to each household of publishes quarterly condensed standalone and consolidated
• Awarding Organisation: G reentech Leader Award shareholders financial statements that are duly limited reviewed by the
Foundation statutory auditors.
• Awarding Organisation: ICAI
• Categor y or Field of the Award: The Company has taken adequate steps to educate the
• Category or Field of the Award: for Large shareholders on the performance of the Company through
Environmental Excellence
Corporate Manufacturing & Infrastructure timely disclosures on the stock exchange, financial performance
• Date of Award: 23 November 2023 information emails, regular reminders on process of unclaimed
(9) Best Structured Cabling Brand 2023 dividend, discussions and deliberation at the Investor calls.
(2) 
For National Award for Excellence in (iii) Modified opinion in Audit Report Complied. There is no qualification in the Audit Report.
• Name of the Award: Best Structured Cabling
Renewable Energy The listed entity may move towards a regime of Auditor has issued an unqualified opinion without any matter of
Brand 2023
• Name of the Award: National Awards financial statements with unmodified opinion emphasis in the preceding three financial years.
• Awarding Organisation: Digital Terminal,
for Excellence There have been no adverse remarks/concerns from statutory
News Dot Media auditors since listing of the company.
• Awarding Organisation: Fun & Joy at Work
• Category or Field of the Award: Best (iv) Reporting of Internal Auditor Complied - The Internal Auditors of the Company are present
• Category or Field of the Award: Excellence in Structured Cabling Brand The Internal Auditor may report directly to the Audit in Audit Committee Meetings, and they report to the Audit
Renewable Energy Committee committee.
• Date of Award: 20 December 2023
• Date of Award: 14 September 2023 (v) Independence, Competence, Experience of Auditors: The Board confirmed the independence, competence, and
(10) 
Make in India – Comprehensive Passive (a) Statutory Auditors experience of the Auditors.
(3) Manufacturing Excellence, Smart Factory The Independent Directors had met with the Auditors without
Networking Brand (b) Internal Auditors
and Safe Factory Awards the presence of the Management. There were no adverse
• Name of the Award: Make in India - (c) Secretarial Auditors
• Name of the Award: Manufacturing remarks or statements made by the Auditors.
Comprehensive Passive Networking Brand (d) Cost Auditors
Excellence, Smart Factory and Safe
Factory Awards • Awarding Organisation: VAR India, Kalinga
Digital Media Pvt Ltd
274 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 275

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There are no non-compliances of any requirements 5. CEO/CFO Certification B S R & Co. (‘the firm ‘) was constituted on 27 March 12. 
Disclosure and communications made
of Corporate Governance Report in sub-paras 1990 as a partnership firm having firm registration
(2) to (10) mentioned in schedule V of the Listing
In terms of requirement of Regulation 17(8) read with
no. as 101248W. It was converted into limited liability
to stakeholders:
Part B of Schedule II of Listing Regulations, Mr. Inder The Company has identified its stakeholders and
Regulations. The Company had complied with partnership i.e. B S R & Co. LLP on 14 October 2013
T. Jaisinghani, Chairman and Managing Director and ensures that disclosures and communications are
Corporate Governance Requirements specified in thereby having a new firm registration no. 101248W/
Mr. Gandharv Tongia, Executive Director and Chief transparent and simultaneous to all its stakeholders.
Regulation 17 to 27 to the extent applicable and W-100022. The registered office of the firm is at 14th
Financial Officer of the Company have furnished
clauses (b) to (i) of sub-regulation (2) of Regulation Floor, Central B Wing and North C Wing, Nesco IT • Employees (on-roll and contractual workforce).
certificate to the Board in the prescribed format
46 of Listing Regulations. Park 4, Nesco Center, Western Express Highway,
certifying that the financial statements do not • Shareholders/investors and Analysts.
Goregaon (East), Mumbai 400063. B S R & Co.
As per SEBI Notification dated January 04, 2017, contain any materially untrue statement and these • Channel par tners, distributors, retailers
LLP is a member entity of B S R & Affiliates, a
it is confirmed that no employee including Key statements represent a true and fair view of the and influencers.
network registered with the Institute of Chartered
Managerial Personnel or Director or Promoter of Company’s affairs. The said certificate is annexed
Accountants of India. • End consumers.
the Company had entered into any agreement for and forms part of this Report. The said certificate
him/her or on behalf of any other person, with any had been reviewed by the Audit Committee and • Government agencies, regulatory bodies and
shareholder or any other third party with regard to the same was taken on record by the Board at the 9. 
Disclosure by listed entity and its local authorities.
compensation or profit sharing in connection with Meeting held on 10 May 2024. subsidiaries of ‘loans and advances in • Communities and environment.
dealings in the securities of the Company. the nature of loans to firms/companies • Vendors.
6. Directors’ Responsibility Statement in which Directors are interested by
4.6. Disclosure of Accounting Treatment The Board under its Governance framework defined
The Directors’ Responsibility Statement signed by name and amount: the mechanism for disseminating information
The Company prepared its Financial Statements Mr. Inder T. Jaisinghani, Chairman & Managing
Not Applicable, as the Company has not given any and seeking feedback. The Framework further
to comply with the Accounting Standards specified Director which is included in the Board’s Report
loans and advances to firms/companies in which enumerates the CG procedures, practice and process
under section 133 of the Act read with Companies for financial year 2023-24, had been reviewed
Directors are interested by name and amount, that aligned philosophy with business growth
(Indian Accounting Standards) Rules, 2015, as by the Audit Committee at its meeting held on
during the year under review. by assigning defined the role and responsibilities
amended from time to time. These Standalone 10 May 2024. in the governance structure to ensure directives
Financial Statements includes Balance Sheet as
are followed using systems that are evaluated at
at 31 March 2024, the Statement of Profit and 10. 
Disclosures in relation to the Sexual
Loss including Other Comprehensive Income,
7. 
Reconciliation of Share Capital Audit regular intervals.
Harassment of Women at Workplace
Cash Flow Statement and Statement of changes Report The Board, during its interactions with the
in equity for the year ended 31 March 2024, and
(Prevention, Prohibition and Redressal)
In terms of Regulation 76 of SEBI (Depositories and Chairperson(s) of the Board Committees,
a summary of significant accounting policies and Participants) Regulations, 2018, Reconciliation of Act, 2013: Executive Directors, KMPs, SMPs, Auditors,
other explanatory information (together hereinafter Share Capital Audit is carried out on a quarterly (i) Number of Complaints filed during the year External experts seeks confirmation on aspects
referred to as “Financial Statements”). basis by a Practicing Company Secretary with a view – Nil. relating to the above stakeholders and responses
to reconcile the total admitted capital with National therefrom are considered for providing advise and
(ii) Number of Complaints disposed of during the
4.7. Code of Conduct for Board of Directors and Securities Depository Limited (“NSDL”) and Central systematic approach towards accommodating
year – Nil.
Senior Managerial Personnel Depository Services (India) Limited (“CDSL”) and and implementing amendments with reduced
The Company has adopted a ‘Code of Conduct those held in physical form with the total issued, (iii) Number of Complaints pending as on end of turnaround time.
for its Board of Directors and Senior Management paid up and listed capital of the Company. The the financial year – Not Applicable
The Company further adopts various medium to
Personnel’ which also includes the duties of Audit Report, inter alia, confirms that the Register
communicate with all the stakeholders:
Independent Directors as laid down in the of Members is duly updated and that demat/remat 11. 
Details of utilisation of funds raised
Act and the Listing Regulations. The Code of requests were confirmed within stipulated time etc. • E-mail.
The said report is also submitted to BSE Limited and
through preferential allotment or
Conduct is available on the Company’s website – • Town-hall meetings.
www.polycab.com. Further PIL continually strives National Stock Exchange of India Limited. qualified institutions placement as
• Webcasts.
to conduct business and strengthen relationships specified under Regulation 32 (7A) of
• Intranet portal.
in a manner that is dignified, distinctive and 8. Total fees for all services paid by the Listing Regulations.
responsible whilst adhering to ethical standards to • Newsletters.
listed entity and its subsidiaries, on a Not Applicable, as the Company did not raise
ensure integrity, transparency, independence and any funds through preferential allotment or • Feedback and Surveys.
accountability in dealing with all the stakeholders.
consolidated basis, to the statutory
qualified institutions placement as specified under 
The updates on the same are given to
Therefore, the Company had adopted various codes auditor and all entities in the network Regulation 32 (7A) of Listing Regulations during the the Board on quarterly basis through the
and policies to carry out our duties in an ethical firm/network entity of which the year under review. management presentation.
manner including the Polycab’s Code of Conduct. statutory auditor is a part.
All the Board Members and Senior Management
During the year under review, the Company paid
Personnel had affirmed compliance with Code of
total fees (including reimbursement of expenses) of
Conduct of the Company for the financial year
H13.14 million (excluding applicable taxes) to B S R &
ended 31 March 2024.
Co. LLP, Chartered Accountants, Statutory Auditors.
276 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 277

Corporate Governance Report

The customers can reach Polycab through multiple pattern and announcements. The Company also Sr.
Particulars Details
communication channels that include a centralised holds investor calls on quarterly basis, the transcript No.
helpline number, email-id & online service request are also disclosed on the Company’s website. The (ix) Registrars and Transfer Agents Kfin Technologies Limited
on Polycab website. These centralised consumer said information is available in a user friendly and (Formerly known as Kfin Technolgies Private Limited) KFin Selenium,
response centers receive customer queries, downloadable form. Tower B, Plot 31-32, Gachibowli, Financial District, Nanakarmguda,
complaints, and feedbacks. Hyderabad – 500032
Dissemination of disclosures specified under Telephone No. +91 40 6716 2222
i. Polycab Helpline number 1800 267 0008 Regulation 46(2) of Listing Regulation through a
Fax No. +91 40 2343 1551
separate section accessible through weblink.
ii. Email ID: customercare@polycab.com Email: einward.ris@kfintech.com
Financial Results: The quarterly, half yearly and
 Website: www.kfintech.com
iii. Online Service request on www.polycab.com
annual financial results of the Company are (x) Share Transfer System The Board had delegated the power of Shares Transfer to Stakeholders’
The evaluation includes grievance redressal which submitted to BSE Limited and National Stock Relationship Committee
encourages two-way communication through Exchange of India Limited after approval of the (xi) Address for Correspondence Manita Carmen A. Gonsalves
recommendation and feedback received from all Board of Directors of the Company. The results Company Secretary and Vice President – Legal
stakeholders in a systematic process of the Company are published in one English daily
Polycab India Limited, #29, The Ruby, 21st Floor, Senapati Bapat Marg,
newspaper and one Gujarati newspaper within 48 Tulsi Pipe Road, Dadar (West), Mumbai – 400028
13. Means of Communication hours of approval thereof.
(xii) Dematerialisation of Shares and Liquidity 99.9999% of Company’s shares are held in the electronic mode as on
Website:
 The Co m p a ny’s website U ploading on NSE Electronic Application
 31 March 2024
www.polycab.com contains, inter alia, the updated Processing System (NEAPS), NSE Digital Exchange (xiii) Electronic Clearing Service (ECS) Members are requested to update their bank account details with their
information pertaining to quarterly, half-yearly and & BSE Listing Centre: The quarterly results, respective Depository Participants (for shares held in the electronic
annual financial results, annual reports, official quarterly compliances and all other corporate form) or write to the Company’s Registrars and Transfer Agents, Kfin
Technologies Limited (for shares held in the physical form)
press releases, the investor/analysts presentations, communications to the Stock Exchanges are filed
details of investor calls and meets, shareholding electronically on NEAPS and on BSE Listing Centre. (xiv) Investor relation officer/Investor Kfin Technologies Limited - Registrars and Transfer Share Agents
Complaints to be addressed to or
Manita Carmen A Gonsalves, Company Secretary and Vice President – Legal
14. General Shareholder information: Address: #29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi Pipe Road,
Sr. Dadar (West), Mumbai – 400028.
Particulars Details
No. Landline no. 022-67351661
(i) Annual General Meeting – Date Time 28 Annual General meeting (AGM) of the Company will be held on 16 July Grievance Redressal e-mail cs@polycab.com
and Venue 2024 at 09:00 A.M. through Video Conferencing/other Audio-Visual means
Investor related queries e-mail: Investor.relations@polycab.com
(ii) Financial Year Financial Year is April 01 to March 31 of the following year Shares related query, dividend, transfer, demat, etc. Shares@polycab.com
(iii) Quarterly results will be declared as per the following tentative schedule: (xv) Outstanding GDRs/ADRs/Warrants or The Company had not issued any GDRs/ ADRs/ Warrants or any
Financial reporting for the: any Convertible Instruments, Conversion Convertible Instruments.
Quarter ending 30 June 2024 On or before 14 August 2024 Date and likely impact on Equity
Quarter and Half year ending On or before 14 November 2024 (xvi) Details of Demat suspense Account/ Not Applicable
30 September 2024 unclaimed Suspense Account
Quarter and nine months ending On or before 14 February 2025 (xvii) Commodity price risk or foreign The Company deals in commodity and foreign exchange in ordinary course
31 December 2024 exchange risk and hedging activities of business and has adequate risk management mechanism. These are
Year ending 31 March 2025 On or before 30 May 2025 reviewed by the Risk Management Committee and Audit Committee of
the Company.
Trading Window Closure Date From the 1st day from close of quarter till the completion of 48 hours after
the financial results becomes generally available (xviii) List of all credit ratings obtained by the Not Applicable
entity along with any revisions thereto The Company did not issue any debt instrument or any fixed deposit
(iv) Dates of Book Closure Wednesday, 10 July 2024, to Tuesday, 16 July 2024, (both days inclusive) during the relevant financial year, for all programme or any scheme or proposal involving mobilisation of funds, in
(v) Record date Tuesday, 09 July 2024 debt instruments of such entity or any India or abroad.
fixed deposit programme or any scheme
(vi) Dividend Payment date On or before 14 August 2024
or proposal of the listed entity involving
(vii) Listing on Stock Exchanges & The Company’s shares are listed on: mobilisation of funds, whether in India or
Payment of Listing Fees (a) BSE Limited (“BSE”) abroad
P. J. Towers, Dalal Street, Mumbai – 400001 (xix) Details of Plant Locations – Halol, Daman, Kalsar, Nashik, Roorkee, Chennai and Bengaluru
(b) National Stock Exchange of India Ltd. (“NSE”)
C/1, Block G, Exchange Plaza, Bandra-Kurla Complex,
Bandra (E), Mumbai – 400051
Your Company has paid the Annual Listing Fees to both the
Stock Exchanges.
(viii) Stock Code & ISIN BSE Scrip Code: 542652
NSE: POLYCAB
ISIN: INE455K01017
278 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 279

Corporate Governance Report

Plant 15. Additional Information to Shareholders Dividend and other payments, if any, in respect of
A. Halol Gujarat such frozen folios shall only be made electronically
15.1 Common and simplified norms for investor’s with effect from 1 April 2024 upon registering the
1. UH1-335,334,339-2-2/1-2, Halol Vadodara Road, Tal Halol, Panchmahal, Gujarat – 389350
service request required details. The said physical folios shall be
2. UH2A - Plot No.55/1, 55/2, 55/3, 55/4, 65/1 2, 66 Rameshwara Road, Village Baska, Tal Halol, Panchmahal,
SEBI vide its Circular No. SEBI/HO/MIRSD/ MIRSD- referred by the Company or RTA to the administering
Gujarat – 389352;
PoD-1/P/CIR/2023/37 dated 16th March, 2023, in authority under the Prohibition of Benami Property
3. UH3- Old Survey No. 12P2, 13,15, 16/A, 16/B, 17to19 20P1, 20P2, 21to25, 26/A, 26/B, 30, 29, 30P1, 31 to 33, 34P1, 34P2,
supersession of earlier Circular(s) issued on the Transactions Act, 1988 and/or Prevention of Money
34P3, 34P4, 65, 109
subject, has prescribed common and simplified Laundering Act, 2002, if they continue to remain
New Survey No. 30, 31, 80to102, 34, 38, 65, 109, Village Rampura & Noorpura, Tal Halol, Dist. - Panchmahals, Gujarat –
389350
norms for processing investor’s service request by frozen as on 31 December, 2025. If a shareholder
RTAs and norms for furnishing PAN, KYC (Contact holding shares in physical form desires to opt out
4. U4- R S No. 67, 68, 69P1, 69P2, 70/1, 71, 72, 75, 76, 77, 102,103,104/1, 104/2,105/1, 105/2, ,106, 116P2, 339/2/1, 339/2/2/2P2,
335/1P3, 335/1P4, 335/1P5, 336/P2, 336/2P3, 336/2P2/P1, 337/1/1P1, 353, 354, 355, Halol Vadodara Road, Village
Details, Bank Details and Specimen Signature) and or cancel the earlier nomination and record a fresh
Noorpura & Halol, Tal Halol, Panchmahals, Gujarat – 389350 Nomination details. nomination, he/she may submit the same in the
5. U5-Plot No.49,51-1-2,52-1-3,54, Rameshwara Road, Village Baska, Tal. Halol, Panchmahal, Gujarat – 389352
prescribed form. The Company has sent individual
As per said Circular, it is mandatory for the
letters to all the members holding shares of the
6. U6-Plot No.79-1-3,80-1-2, Ujeti Road, Village Baska, Tal. Halol, Panchmahal, Gujarat – 389352 shareholders holding securities in physical form
Company in physical form for furnishing their PAN,
7. U7- Plot No.74-1,74-1p,74-2-1.74-2-2,80, Village Vaseti, Baska Rameshwara Road, Village Baska, Tal Halol, Panchmahals, to, inter alia, furnish PAN, KYC and Nomination
KYC and Nomination details. The relevant Circular(s)
Gujarat – 389352 details. Physical folios wherein the PAN, KYC and
and necessary forms in this regard have been made
8. U8- 27P,556, Halol Vadodara Road, Village Asoj, Taluka Waghodia, Vadodara, Gujarat – 391510 Nomination details were not available on or after
available on the website of the Company.
1 April 2023 were to be frozen by the RTA and would
9. UH11 - R.S.No.21Part, Halol Vadodara Road, Village – Asoj, Tal- Waghodia, Vadodara, Gujarat – 391510
be eligible for lodging grievance or any service Accordingly, the members are advised to register
10. Unit 10 Dist Panchmahal, Survey No.61,64, Taluka Halol, Kota Maida Road, Rampura, Panch Mahals, Gujarat – 389350
request only after registering the required details. their details with the RTA or DP, as the case may
B. Daman be, in compliance with the aforesaid SEBI guidelines
1. PIL-JWPL-1 - Plot No. 74/7, Daman Industrial Estate, Village-Kadaiya Daman – 396210 for smooth processing of their service requests and
2. PIL-UNIT-1 - Plot No. 74/8,9, Daman Industrial Estate, Village-Kadaiya Daman – 396210 trading without any hindrance.
3. PIL-HT, PCPL JFTC - Plot No. 74/10,11 Additional Area 52/1,2 53/1,3,4, Daman Industrial Estate, Village-Kadaiya Daman
– 396210 Following are the standardised and simplified forms for availing various service requests with the Company/
4. PIL-PID-1, Plot No. 52/5,6,7,8, Daman Industrial Estate, Village-Kadaiya Daman – 396210 RTA:
5. PIL-UNIT-3 - Plot No. 96/1-7, 100/2-6, Daman Industrial Estate, Village-Kadaiya Daman – 396210 Type of holder Details
6. PIL-UNIT-2- Plot No. 38/1-6, 41/4-9 &42/1-3 &43/1-3,44/1-3& 45/1-2,& 46/5,6,8& 9, Daman Industrial Estate, Physical For availing the following investor services, send a written request in the prescribed forms to RTA by an email
Village-Kadaiya Daman – 396210 to rajeev.kr@kfintech.com
7. PIL-PID2- Plot No. 78-82, Silver Industrial Estate,Village-Bhimpore Daman – 396210 1. Form for availing investor services to register PAN, email address, Form ISR-1
8. PIL-JWPL-2 – Plot No. 353/1,2, Village-Kachigam Daman – 396210 bank details and other KYC details or changes/update thereof
9. PIL-PWIPL – survey No. 353/1,2(First Floor) Village-Kachigam Daman – 396211 2. Form for registration/updation of signature Form ISR-1, Form ISR-2 (as applicable)
10. PIL-PVC Plant- Survey No. 352/3, 355/P, Village-Kachigam, Daman – 396210 3. Form for nomination Form SH-13
11. PIL-BNK2-35/35A GOA IDC, Ind Estate, Somnath Road, Daman – 396210 4. Declaration to opt out of nomination Form ISR-3
C. Kalsar 5. Cancellation of nomination/change of nominee Form SH-14
1. Plot No. 355, Kalsar Village, Valsad District, Gujarat – 396195 6. Form for requesting issue of duplicate certificate and other service Form ISR-4
requests for shares, etc.
D. Nashik, Maharashtra
7. Request form for transmission of shares by nominee or legal heir Form ISR-5
1. S-31, Additional Industrial Area, MIDC Ambad, Nashik – 422010
Demat Please contact your DP and register your email address and bank account details in your demat account, as
2. GAT No. 184/1 PART 182/B/1 Part, Wadivarhe, Tal-Igatpuri Dist Nashik, Maharashtra – 422403
per the process advised by your respective DP.
3. Gate No. 42/3/1, Rajur Phata, Nashik, Mumbai Highway, Wadivarshi, Nashik, Maharashtra – 422010
E. Roorkee, Uttarakhand
15.2 Reminders to Investors
1. Khasra No. 124, 1415F-1420F, Village-Raipur,Pargana -Bhagwanpur, Roorkee, Dist-Haridwar, Uttarakhand – 247661
Reminders are, inter alia, sent to shareholders for registering their PAN, KYC & Nomination detail and claimed
F. Chennai, Tamilnadu unclaimed dividend and transfer of shares thereto.
1. R.S. No. 135 Part2, 132, 134 Part1, Ehziture Palur Road, Village - Ehziture, Taluka - Sriperumbudur, Dist. – Kanchipuram,
Chennai, Tamilnadu – 603204 15.3 Consolidation of folios
G. Bengaluru
Shareholders holding shares in more than one folio in the same name(s) are requested to send the details of
1. Plot No. 52,1st Phase, Industrial area Yedahalli, Somapura Hobli, Brngaluru, Bangalore (Rural) Karnataka – 562111 their folios along with the share certificates so as to enable the Company to consolidate their holdings into
one folio.

15.4 Preservation of ownership documents

Shareholders are advised to keep copies of all their investment documentation i.e., share certificate, dividend
counterfoil, Company communication in original, etc.
280 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 281

Corporate Governance Report

15.5 Non-resident shareholders 16.3 Shareholding Trend:

Non-resident shareholders are requested to immediately notify the following to the RTA of the Company in Shareholding Pattern
respect of shares held in physical form and to their DPs in respect of shares held in dematerialised form:
a. Indian address for sending all communications, if not provided so far.
b. Change in their residential status on return to India for permanent settlement.
c. Particulars of their Non-resident rupee account, whether repatriable or not, with a bank in India, if not
furnished earlier.
Promoter & IFC Mutual Funds FIIs AIF+QIB Others
d. E-mail Id and Phone No(s). Promoter Group
Promoter &
15.6 Dealing with SEBI registered intermediaries Promoter Group
IFC Mutual Funds FIIs AIF+QIB Others

Shareholders are requested to deal only through SEBI registered intermediaries and give clear and unambiguous 31 March 2024 65.2% - 5.5% 12.0% 2.0% 15.3%
instructions to their broker/sub-broker/DPs. 31 March 2023 66.2% - 6.6% 9.8% 2.7% 14.7%
31 March 2022 68.1% - 8.1% 5.8% 2.1% 15.9%
16. Market Price and Shares Data: 31 March 2021 68.4% 2.5% 6.6% 6.4% 3.0% 13.0%
16.1 Market price date – High and Low from 01 April 2023 to 31 March 2024:
(All prices in Rupees – H) 16.4 Distribution of Shareholding as on 31 March 2024:
BSE NSE Category of Shares Number of Shareholders Number of Shares held % of Shareholding
Month
High Low High Low
1 – 500 420,422 9,540,876 6.35
April, 2023 3,212.25 2,880.10 3,213.00 2,900.00
501 – 1,000 1,627 1,170,477 0.78
May, 2023 3,515.85 3,171.40 3,516.00 3,172.15
1,001 – 2,000 676 965,542 0.64
June, 2023 3,635.00 3,380.40 3,637.95 3,379.75
2,001 – 3,000 263 645,918 0.43
July, 2023 4,875.00 3,492.00 4,924.00 3,491.00
3,001 – 4,000 137 484,520 0.32
August, 2023 5,162.90 4,486.75 5,166.00 4,490.75
September, 2023 5,398.15 4,851.10 5,398.00 4,849.45 4,001 – 5,000 95 431,300 0.29
October, 2023 5,492.85 4,811.10 5,493.65 4,811.10 5,001 – 10,000 176 1,237,005 0.82
November, 2023 5,432.55 4,892.85 5,433.00 4,890.80 10,001 – 20,000 127 1,826,084 1.22
December, 2023 5,722.90 5,225.10 5,733.00 5,226.10 20,001 and above 264 133,934,673 89.15
January, 2024 5,531.60 3,812.35 5,530.45 3,801.00 TOTAL 423,787 150,236,395 100.00
February, 2024 4,866.55 4,240.00 4,867.60 4,236.00
March, 2024 5,137.10 4,638.00 5,136.30 4,635.05 16.5 Bifurcation of shares held in physical and demat form as on 31 March 2024:
Particulars No. of Shares Percentage (%)
16.2 Summary of Shareholding Pattern as on 31 March 2024 Physical Shares (I) 1 0.00
Number of Number of Percentage of Sub-Total 1 0.00
Category of Shareholder
Shareholders Shares held Shareholding Demat Shares (II)
Promoter & Promoter Group 30 98,014,399 65.24 NSDL (A) 142,798,079 95.05
Mutual Funds 24 8,182,153 5.45 CDSL (B) 7,438,315 4.95
Alternate Investment Funds 24 1,279,409 0.85 Sub-Total (A+B) 150,236,394 100.00
Banks 1 7 0.00 Total (I+II) 150,236,395 100.00
Insurance Company 13 982,869 0.65
Provident Fund/Pension Fund 1 415,828 0.28 16.6 Performance in Comparison to Nifty 50 Index as on 31 March 2024:
NBFC registered with RBI 7 664 0.00
Share Price movement of NIFTY 50 Vs Polycab
Foreign Portfolio Investors – Category I 544 17,361,267 11.56 6,000 25,000
Foreign Portfolio Investors – Category II 29 579,455 0.39
Key Managerial Personnel 2 80,215 0.05 4,800 20,000
Relatives of Promoters 3 644,950 0.43
3,600 15,000
Resident Individuals 407,446 20,433,589 13.60
NRI 8,193 605,793 0.40 2,400 10,000
Foreign Nationals 2 210 0.00
1,200 5,000
Bodies Corporate 1,875 1,276,528 0.85
Clearing member 12 3,044 0.00 0 0
Apr. 23

May. 23

Jun. 23

Jul. 23

Aug. 23

Sep. 23

Oct. 23

Nov. 23

Dec. 23

Jan. 24

Feb. 24

Mar. 24
HUF 5,563 320,961 0.21
Trusts 17 45,732 0.03
Foreign Institutional Investors 1 9,322 0.01
NIFTY 50 Polycab
Total 423,787 150,236,395 100.00
282 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 283

Corporate Governance Report

16.7 Stock Performance and Returns: 16.10 Shares held by KMP’s as on 31 March 2024
Absolute Return 1 Year 2 Years 3 Years 4 Years 5 Years Name Designation Total Shares % to Equity
(in %) 2019-20 2020-21 2021-22 2022-23 2023-24 Mr. Inder T. Jaisinghani Chairman & Managing Director 18,873,976 12.56
Polycab (NSE) 13% 111% 261% 340% 674% Mr. Bharat Jaisinghani Executive Director 5,472,572 3.64
Polycab (BSE) 13% 111% 261% 339% 673% Mr. Nikhil Jaisinghani Executive Director 5,332,472 3.55
BSE Sensex -25% 26% 49% 50% 88% Mr. Rakesh Talati Executive Director 34,955 0.02
Mr. Gandharv Tongia Executive Director & CFO 45,260 0.03
NSE Nifty -27% 25% 48% 47% 89%
Ms. Manita Carmen A. Gonsalves Company Secretary & Vice President – Legal Nil NA
Annualised Return (In %)
Polycab (NSE) 13% 86% 71% 22% 76%
16.11 Corporate benefits to Investors – Dividend duly signed by M/s. BNP & Associates, Practicing
Polycab (BSE) 13% 86% 71% 22% 76%
declared in last 5 years: Company Secretaries is annexed to this Report.
BSE Sensex -25% 68% 18% 0.7% 25% Refer Page 286 of the Integrated Annual Report.
NSE Nifty -27% 71% 19% -0.6% 29% Financial Year Date of Declaration Dividend per Share (K)
2022-23 30 June 2023 20
19. Secretarial Compliance Report:
16.8 Market Capitalisation: 2021-22 29 June 2022 14
SEBI vide its Circular No. CIR/CFD/CMD1/27/2019
(H in million) 2020-21 21 July 2021 10 dated 8 February 2019 read with Regulation 24A of
Financial Year ended BSE NSE 2019-20 03 March 2020 7 the Listing Regulations, directed listed entities to
31 March 2024 761,142.60 760,947.30 2018-19 26 June 2019 3 conduct Annual Secretarial Compliance Audit from
31 March 2023 431,099.40 431,331.50 a Practicing Company Secretary of all applicable
SEBI Regulations and circulars/guidelines issued
31 March 2022 353,455.20 353,343.10 17. Usage of Electronic Payment Modes for thereunder. The said Secretarial Compliance Report
31 March 2021 205,806.30 205,716.90 Making Cash Payments to the Investors is in addition to the Secretarial Audit Report by
31 March 2020 110,476.30 110,498.70 SEBI, through its Circular No. CIR/MRD/DP/10/2013, Practicing Company Secretary under Form No.
dated March 21 2013, has mandated the companies MR-3 and is required to be submitted to the Stock
to use Reserve Bank of India (RBI) approved Exchanges within 60 days from the end of the
electronic payment modes, such as ECS [LECS financial year.
(Local ECS) / RECS (Regional ECS) / NECS (National
The Company has engaged the services of BNP
ECS)], NEFT and others to pay members in cash.
& Associates, Company Secretaries for providing
Recognising the spirit of the circular issued by the certificate.
BSE NSE the SEBI, members whose shareholding is in the
The Company is publishing the said Secretarial
electronic mode are requested to promptly update
Compliance Report, on voluntary basis and the
16.9 List of top 10 shareholders as on 31 March 2024: the change in bank details with the Depository
same can be accessed through weblink.
through their Depository Participant for receiving
% of
Name Total Shares dividends through electronic payment modes.
shareholding
20. ESG Framework
Mr. Inder T. Jaisinghani 18,873,976 12.56 Members who hold shares in physical form are
As a responsible corporate citizen, our Company
Mr. Ramesh T. Jaisinghani 16,855,008 11.22 requested to promptly update change in the bank
is acutely aware of its environmental and societal
Mr. Ajay T. Jaisinghani 14,870,747 9.90
details with the Company/Registrar and Transfer
responsibilities. The Company firmly embraces the
Agents, KFin Technologies Limited (Unit: Polycab
Mr. Girdhari T. Jaisinghani 14,636,283 9.74 conviction that the integration and adherence
India Limited) for receiving dividends through
Mr. Kunal Inder Jaisinghani 5,640,263 3.75 to Environmental, Social, and Governance (ESG)
electronic payment modes.
Mr. Bharat Jaisinghani 5,472,572 3.64
principles within our business operations are
The Company had also sent reminders to encash paramount in fostering resilience, nurturing an
Mr. Nikhil Ramesh Jaisinghani 5,332,472 3.55
unpaid/unclaimed Dividend as per records inclusive culture, and generating enduring value
Mr. Anil Hariram Hariani 4,683,651 3.12 every year. for all stakeholders. Sustainability lies at the
Bharat Jaisinghani Family Trust 2,150,100 1.43 core of our business philosophy. The Company’s
Girdhari Reshma Trust 2,000,100 1.33 18. 
No-Disqualification Certificate from sustainability strategy comprehensively addresses
Total 90,515,172 60.25 key ESG factors that exert significant influence
Company Secretary in Practice over our business operations and stakeholders. The
None of the Directors of the Company have been Company meticulously assess opportunities and
debarred or disqualified from being appointed or risks, formulating both short-term and long-term
continuing as Directors of Companies by the SEBI strategies to ensure the sustainable growth of
or the Ministry of Corporate Affairs or any such our organisation.
Statutory Authority. A certificate to this effect,
284 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 285

Corporate Governance Report

This year signifies the commencement of a Universal Declaration of Human Rights and is the ‘CSR & ESG Committee’ of the Board. The to waste management, enhancing employee
methodical endeavour towards ESG, as the the International Labour Organisation’s Board has amended the terms of reference for the wellbeing, training, and safety, enabling gender
Company forges ahead in crafting a resilient and Declaration on Fundamental Principles and CSR & ESG Committee to encompass additional diversity and inclusivity, ensuring fair business
enduring ESG framework that harmoniously aligns Rights at Work (“ILO Declaration”). responsibilities. These include recommending ESG dealings with customers and suppliers, corporate
with international protocols and guidelines. The vision and goals on an ongoing basis, monitoring social responsibility and governance as outlined in
(vi) 
P olicy on Equal oppor tunity aims at
Company has identified its primary material topics, progress towards the stated vision and goals, and the governance framework.
recognising and providing equal opportunities
encompassing areas such as climate change and reviewing the performance of statutory obligations
in employment and creating an inclusive
energy, health and safety, innovation, corporate regarding Sustainability/ESG in compliance with 21. Green Initiative
work environment. This policy aims at
governance, ethics, and integrity, among others. applicable laws. The Board and its CSR & ESG
recognising and providing equal opportunities The Company is concerned about the environment
These topics will serve as the foundation for the Committee receives additional support from the
in employment and creating an inclusive work and utilises natural resources in a sustainable
ESG our management’s seamless integration of ESG Council, which comprises Business/Function
environment. The Company has formalised a way. The Ministry of Corporate Affairs (MCA),
sustainability into our business practices. The Heads and Senior Management. This council draws
fair, transparent and clear HR policy to promote Government of India, through its Circular Nos.
Company continues to steadfast in its commitment on experience of the “ESG Working Groups” that
and ensure equal opportunity. 17/2011 and 18/2011, dated 21 April 2011 and
to gauge and assess its performance against the are established to ensure the implementation,
29 April 2011, respectively, had allowed companies
ESG parameters, diligently striving to cultivate (vii) 
P olicy for Prevention of Fraud aims at monitoring, and reporting of ESG initiatives at the
to send official documents to their shareholders
sustainable long-term value for all our stakeholders. safeguarding the financial viability and operational level.
electronically as a part of its green initiatives in
reputation through improved management
The ESG Framework encompasses the ESG The ESG Systems include standard operating corporate Governance.
of fraud risk and implementation of effective
philosophy, directives, governance structure, procedures and training for effective and efficient
mitigation measures. The Ministry of Corporate Affairs vide its
systems and evaluation. implementation of the ESG Directives. While the
circular dated 08 April 2020, 13 January 2021, 12
(viii) Conflict of Interest Policy aims to provide expectations and requirements under ESG are
ESG Philosophy is an excerpt from the Company’s December 2021, 14 December 2021, 05 May 2022,
guidance in identifying and handling potential, expected to grow over time, it is imperative for
values being “Our focus on sustainable development 28 December 2022 and 25 September 2023 has
actual and perceived conflicts of interest to the Company to consistently align its framework,
reflects our commitment to be a caring and allowed the Company to conduct their AGM through
conduct business with integrity, honesty, and systems, and governance to meet the growing
responsible enterprise”. Video Conferencing or other Audio-Visual Means.
ethical principles. demands of ESG. This necessitates regular
Hence, in order to ensure the effective participation,
ESG Directives include guiding principles, codes and evaluations and assurance of the Company’s
This policy is established to facilitate the the members of the Company are requested to
policies for Environment, Social and Governance performance under these systems to ensure
development of controls that will aid in the update their email address for receiving the link
related aspects. adequacy and keep pace with the evolving ESG
prevention and detection of fraud against of e-AGM. Further, in accordance with the said
landscape. This shall include consideration of both
The Company, with an intent to strengthen the the Company and reporting of any fraud that circular, Notice convening the 28 Annual General
existing ESG issues as well as emerging areas of ESG
governance of ESG, had amended, adopted and is detected or suspected and fair dealing of Meeting, Audited Financial Statements, Board’s
risks and opportunities for the Company. The key
implemented various policies which include: matters pertaining to fraud. Report, Auditors’ Report and other documents are
material topics and targets thereunder have been
being sent to the email address provided by the
(i) 
Investigation Policy aims at providing (ix) Occupational Health Safety and Environment mapped into individual key performance indicators
shareholders with the relevant depositories. The
guidance for conducting investigations of (OHSE) Policy aims at safe working environment of the Company under project ‘Leap’ and individual
shareholders are requested to update their email
complaints lodged with the Company. This and achieving excellence in health and safety performance assessment. As expectations and
addresses with their depository participants to
policy ensures that employees who are related aspects. requirements surrounding ESG continue to evolve,
ensure that the Annual Report and other documents
subject to investigations are treated fairly role of the CSR & ESG Committee (“Committee”)
(x) Quality Policy aims to provide a framework reaches on their registered email id’s.
and consistently. is to advise on the adequacy of the Company’s
for continuously measuring and improving
ESG Framework, ESG Management Systems,
(ii) Disciplinary Action Policy aims at establishing quality performance. 22. 
Declaration by the CEO on Code of
and Governance of ESG matters, along with the
a positive conduct, taking corrective actions
and provide direction for ensuring uniformity
(xi) Supplier Code of Conduct is a guidance note Company’s performance thereunder. Conduct as required by Schedule V of
to the Suppliers to jointly improve and develop Listing Regulations
of action against complaints received The Regulatory Framework of ESG Disclosures and
the sustainability performance in supply chain.
and investigated. Ratings is embedded within BRSR Core framework As required under Regulation 34(3) read with
It establishes clear expectations for suppliers
provided by SEBI in its Consultation paper. This Part D of Schedule V of Listing Regulations,
(iii) 
Anti-Bribery Policy to ensure monitoring, to adhere to the standards mentioned herein
framework establishes parameters, measurements, I hereby declare that all the Directors of the Board
prevention and detection of bribery and other and fully comply with applicable laws, rules
and assurance approach for each attribute. The and Senior Management Personnel of the Company
corrupt business practices whilst promulgating and regulations and adhere to internationally
BRSR Core framework delineates a methodology have affirmed, compliance with provisions of the
zero tolerance policy for non-compliance. recognised environmental, social and
that facilitates reporting by companies and applicable Code of Conduct of the Company during
governance standards.
(iv) Data Protection and Privacy Policy provides corresponding verification of the reported data by the financial year ended 31 March 2024.
protection of the privacy of stakeholders related (xii) Other policies: POSH Policy, CSR Policy, Polycab assurance providers.
to their personal data. It further specifies Code of Conduct.
The Company has identified Key Material Topics for
purpose, flow and usage of personal data. For Polycab India Limited
ESG Governance Structure consists of the Board of Goal Setting under each element of ESG include
(v) Human Rights Policy aims at recognising and Directors at the apex who define policies, procedures, change in Green House Gas (GHG), environment
protecting the dignity of all human beings. The roles and responsibilities, key material topics, and and water footprint, embracing circularity related Place: Mumbai Inder T Jaisinghani
policies framed are guided by the fundamental ESG targets to foster sustainable business practices Date: 10 May 2024 Chairman and Managing Director
principles enumerated in the United Nations in the Company. The next tier of the structure
286 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 287

Corporate Governance Report

Certificate of Non-Disqualification of Directors CEO/CFO Certificate

[pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
Date: 10 May 2024
(Listing Obligations and Disclosure Requirements) Regulations, 2015]
To
To The Board of Directors
The Members Polycab India Limited
Polycab India Limited,
Unit 4, Plot No 105, Sub: Compliance Certificate under Regulation 17(8) of SEBI
Halol Vadodara Road Village Nurpura,
Taluka Halol, Panch Mahals, Panchamahal,
(Listing Obligations and Disclosure Requirements) Regulations 2015.
Gujarat – 389350. 1. We have reviewed the Financial Statements and the Cash Flow Statement of Polycab India Limited
(the ‘Company’) for the year ended 31 March 2024 and to the best of our knowledge and belief:
We, BNP & Associates,Secretarial Auditors of the Company have examined the relevant registers, records, forms,
returns and disclosures received from the Directors of Polycab India Limited having CIN: L31300GJ1996PLC114183, a. these statements do not contain any materially untrue statement or omit any material fact or contain
having its registered office at Unit 4, Plot No 105, Halol - Vadodara Road , Village Nurpura, Taluka Halol, Panchamahal, statements that might be misleading;
Gujarat- 389350, (hereinafter referred to as ‘the Company’), produced before us in electronic mode/physically by b. these statements together present a true and fair view of the Company’s affairs and are in compliance
the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V with existing accounting standards, applicable laws and regulations.
Para-C clause 10(i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015. 2. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the
year which are fraudulent, illegal or violative of the Company’s Code of Conduct.
In our opinion and to the best of our information and according to the verifications (including verification of Directors
Identification Number (DIN) status as per the portal www.mca.gov.in) as considered necessary and explanations 3. We accept responsibility for establishing and maintaining internal controls for financial reporting and we have
furnished to us by the Company and its officers, we hereby certify that none of the Directors on the Board of the evaluated the effectiveness of Company’s internal control systems pertaining to financial reporting. We have
Company as stated below, have been debarred or disqualified from being appointed or continuing as directors of not come across any reportable deficiencies in the design or operation of such internal controls.
the Company by the Securities and Exchange Board of India, the Ministry of Corporate Affairs, or by any other 4. We have indicated to the Auditors and the Audit Committee that:
statutory regulatory authority for the financial year ended on 31 March 2024.
a. there are no significant changes in internal control over financial reporting during the year;
Sr.
DIN Name of the Directors Date of Appointment* b. there are no significant changes in accounting policies during the year; and
No.
1. 00309108 Mr. Inder T. Jaisinghani 20 December 1997 c. there are no instances of fraud of which we have become aware and the involvement therein, if any, of
2. 00742995 Mr. Bharat A. Jaisinghani 13 May 2021 the Management or an employee having a significant role in the Company’s internal control system over
3. 00742771 Mr. Nikhil R. Jaisinghani 13 May 2021 financial reporting.
4. 08591299 Mr. Rakesh Talati 13 May 2021
5. 09038711 Mr. Gandharv Tongia 19 January 2023
For Polycab India Limited
6. 00821268 Mr. T. P. Ostwal 20 September 2018
7. 00013208 Mr. R. S. Sharma 20 September 2018
8. 02844650 Mrs. Sutapa Banerjee 13 May 2021 Inder T. Jaisinghani Gandharv Tongia
9. 06921105 Mrs. Manju Agarwal 19 January 2023 Chairman & Managing Director Executive Director & Chief Financial Officer
10. 02871367 Mr. Bhaskar Sharma 12 May 2023

* Dates of appointment of Directors are incorporated above as appearing on MCA Portal.

Ensuring the eligibility of every director for appointment/continuity on the Board is the responsibility of the
Management of the Company. We further state that this certificate is neither an assurance as to the future viability
of the Company nor of the efficiency or effectiveness with which the Management of the Company has conducted
the affairs of the Company.
For BNP & Associates
Company Secretaries
[Firm Regn. No. P2014MH037400]
PR No. 637/2019

CS B. Narasimhan
Partner
Place: Mumbai FCS No.: 1303/COP:10440
Date: 10 May 2024 UDIN: F001303F000341764
288 Polycab India Limited / Integrated Annual Report 2023-24 Statutory Reports 289

Corporate Governance Report

Independent Auditors’ Certificate on Compliance with The Corporate Opinion

8. In our opinion and to the best of our information and according to the explanations given to us, we certify that
Governance Requirements Under SEBI (Listing Obligations and the Company has complied with the conditions of Corporate Governance as stipulated in the above-mentioned
Disclosure Requirements) Regulations, 2015 Listing Regulations.
To, 9. We state that such compliance is neither an assurance as to the future viability of the Company nor the
The Members of efficiency or effectiveness with which the management has conducted the affairs of the Company.
Polycab India Limited
1. This certificate is issued in accordance with the terms of our engagement letter dated 23 July 2019 and Restriction on use
addendum to the engagement letter dated 12 July 2023. 10. The certificate is addressed and provided to the Members of the Company solely for the purpose of enabling
the Company to comply with the requirement of the Listing Regulations and should not be used by any other
2. We have examined the compliance of conditions of Corporate Governance by Polycab India Limited (“the
person or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care for
Company”), for the year ended 31 March 2024 as stipulated in regulations 17 to 27, clauses (b) to (i) of regulation
any other purpose or to any other person to whom this certificate is shown or into whose hands it may come
46(2) and paragraphs C, D and E of Schedule V of the Securities Exchange Board of India (Listing Obligations
without our prior consent in writing.
and Disclosure Requirements) Regulations, 2015 as amended from time to time (“Listing Regulations”) pursuant
to the Listing Agreement of the Company with Stock Exchanges.
For B S R & Co. LLP
Management’s Responsibility Chartered Accountants
3. The compliance of conditions of Corporate Governance as stipulated under the listing regulations is the Firm’s Registration No.: 101248W/W-100022
responsibility of the Company’s Management including the preparation and maintenance of all the relevant
records and documents. This responsibility includes the design, implementation and maintenance of internal
Bhavesh Dhupelia
control and procedures to ensure the compliance with the conditions of Corporate Governance stipulated in
Partner
the Listing Regulations.
Place: Mumbai Membership No.: 042070
Date: 10 May 2024 UDIN: 24042070BKCQUL2525
Auditors’ Responsibility
4. Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring
the compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion
on the financial statements of the Company.
5. Pursuant to the requirements of the Listing Regulations, it is our responsibility to provide a reasonable assurance
whether the Company has complied with the conditions of Corporate Governance as stipulated in Listing
Regulations for the year ended 31 March 2024.
6. We conducted our examination of the above corporate governance compliance by the Company in accordance
with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) and Guidance Note on
Certification of Corporate Governance both issued by the Institute of the Chartered Accountants of India (the
“ICAI”), in so far as applicable for the purpose of this certificate. The Guidance Note requires that we comply
with the ethical requirements of the Code of Ethics issued by the ICAI.
7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality
Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance
and Related Services Engagements.
290 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 291

Independent Auditor’s Report

To the Members of Polycab India Limited Basis for Opinion Revenue recognition - Wires and cables and Fast-Moving Electrical Goods (FMEG) business
We conducted our audit in accordance with the Standards See Note 26 to consolidated financial statements
Report on the Audit of the Consolidated on Auditing (SAs) specified under Section 143(10) of the
The key audit matter How the matter was addressed in our audit
Financial Statements Act. Our responsibilities under those SAs are further
described in the Auditor’s Responsibilities for the Audit Based on its business model in Wires and FMEG business, Our audit procedures over the recognition of revenue included the
Opinion of the Consolidated Financial Statements section of our the Group has many different types of terms of delivery following:
arising from different types of performance obligations • We assessed the compliance of the Group’s revenue recognition
We have audited the consolidated financial statements report. We are independent of the Group and its joint with its customers. Revenue from sale of goods is accounting policies against the requirements of Indian Accounting
of Polycab India Limited (hereinafter referred to as venture in accordance with the ethical requirements that recognised when control is transferred to the customers Standards (“Ind AS”) to identify any inappropriate policy;
the “Holding Company”) and its subsidiaries (Holding are relevant to our audit of the consolidated financial and when there are no other unfulfilled obligations. This
requires detailed analysis of each contract regarding • We tested the design, implementation and operating effectiveness
Company and its subsidiaries together referred to as statements in terms of the Code of Ethics issued by
timing of revenue recognition. Inappropriate assessment of key internal financial controls and processes for revenue
“the Group”), and its joint venture, which comprise the the Institute of Chartered Accountants of India and recognition along with effectiveness of information technology
could lead to risk of revenue getting recognised before
consolidated balance sheet as at 31 March 2024, and the relevant provisions of the Act, and we have fulfilled controls built in automated processes;
control has been transferred.
the consolidated statement of profit and loss (including our other ethical responsibilities in accordance with • On a sample basis, we tested revenue transactions recorded
these requirements. We believe that the audit evidence Accordingly, timing of recognition of revenue is a key during the year, by verifying the underlying documents, including
other comprehensive income), consolidated statement
obtained by us along with the consideration of reports audit matter. invoices and shipping documents for assessment of fulfillment of
of changes in equity and consolidated statement of
of the other auditors referred to in paragraph (a) of performance obligations completed during the year; We analysed
cash flows for the year then ended, and notes to the the timing of recognition of revenue and any unusual contractual
consolidated financial statements, including material the “Other Matters” section below, is sufficient and
terms;
accounting policies and other explanatory information appropriate to provide a basis for our opinion on the
• On a sample basis, we tested the invoice and shipping documents
(hereinafter referred to as “the consolidated financial consolidated financial statements.
for revenue transactions recorded during the period closer to the
statements”). year end and subsequent to the year end to verify recognition of
Emphasis of Matter revenue in the correct period.
In our opinion and to the best of our information and
We draw attention to Note 49 to the accompanying • We assessed the adequacy of disclosures in the Consolidated
according to the explanations given to us, and based financial statements against the requirement of Ind AS 115, Revenue
Statement, describing the Search operations carried
on the consideration of reports of the other auditors on from contracts with customers.
out by the Income tax authorities at certain premises of
separate financial statements of such subsidiaries and
the Company in December 2023. Pending completion of
joint venture as were audited by the other auditors, the Inventory Valuation
the search proceedings. the consequent impact on the
aforesaid consolidated financial statements give the
financial statements for the year ended 31 March 2024, See Note 15 to consolidated financial statements
information required by the Companies Act, 2013 (“Act”)
if any, is currently not ascertainable.
in the manner so required and give a true and fair view The key audit matter How the matter was addressed in our audit
in conformity with the accounting principles generally Our opinion is not modified in respect of this matter. • Copper and aluminum-based inventory forms a Our audit procedures over inventory valuation included the following:
accepted in India, of the consolidated state of affairs of significant part of the Group’s inventory for which the • We tested the design, implementation and operating effectiveness
the Group and its joint venture as at 31 March 2024, of Key Audit Matters Group enters into commodity contracts. The Group of key internal financial controls, including controls over valuation
its consolidated profit and other comprehensive income, takes a structured approach to the identification, of inventory, accounting of derivative and hedging transactions;
Key audit matters are those matters that, in our
consolidated changes in equity and consolidated cash quantification and hedging of risk of fluctuations in
professional judgment, were of most significance in prices of copper and aluminum by using derivatives • On a sample basis, tested the accuracy of cost for inventory by
flows for the year then ended. our audit of the consolidated financial statements of verifying the actual purchase cost. Tested the net realisable value
in commodities.
the current period. These matters were addressed in • Inventories are measured at the lower of cost and net by comparing actual cost with most recent retail price;
the context of our audit of the consolidated financial realisable value on first in first out basis, except for • On a sample basis, tested the hedging relationship of eligible
inventories qualifying as hedged items in a fair value hedging instruments and hedged items;
statements as a whole, and in forming our opinion
hedge relationship. These inventories are measured • We used the work of our internal subject matter experts for
thereon, and we do not provide a separate opinion on
at cost, adjusted for the hedging gain or loss on the assistance in verifying hedge effectiveness requirements of Ind AS
these matters. hedged item. 109, including the economic relationship between the hedged item
We focused on this area because of its size, the and the hedging instrument;
assumptions used in the valuation and the complexity,
• We assessed and tested adequacy and completeness of the Group’s
which are relevant when determining the amounts
disclosures in the Consolidated financial statements.
recorded.
292 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 293

Independent Auditor’s Report

Other Information financial statements that give a true and fair view and • Obtain an understanding of internal control relevant We communicate with those charged with governance of
are free from material misstatement, whether due to to the audit in order to design audit procedures that the Holding Company regarding, among other matters,
The Holding Company’s Management and Board of
fraud or error, which have been used for the purpose of are appropriate in the circumstances. Under Section the planned scope and timing of the audit and significant
Directors are responsible for the other information. The
preparation of the consolidated financial statements by 143(3)(i) of the Act, we are also responsible for audit findings, including any significant deficiencies in
other information comprises the information included
the Management and Board of Directors of the Holding expressing our opinion on whether the company has internal control that we identify during our audit.
in the Holding Company’s annual report, but does
Company, as aforesaid. adequate internal financial controls with reference
not include the financial statements and auditor’s We also provide those charged with governance with
to financial statements in place and the operating
reports thereon. In preparing the consolidated financial statements, the a statement that we have complied with relevant
effectiveness of such controls.
respective Management and Board of Directors of the ethical requirements regarding independence, and to
Our opinion on the consolidated financial statements
companies included in the Group and of its joint venture • Evaluate the appropriateness of accounting policies communicate with them all relationships and other
does not cover the other information and we do not
are responsible for assessing the ability of each company used and the reasonableness of accounting estimates matters that may reasonably be thought to bear on our
express any form of assurance conclusion thereon.
to continue as a going concern, disclosing, as applicable, and related disclosures made by the Management independence, and where applicable, related safeguards.
In connection with our audit of the consolidated matters related to going concern and using the going and Board of Directors.
From the matters communicated with those charged
financial statements, our responsibility is to read the concern basis of accounting unless the respective Board
• Conclude on the appropriateness of the Management with governance, we determine those matters that were
other information and, in doing so, consider whether of Directors either intends to liquidate the Company or
and Board of Directors use of the going concern basis of most significance in the audit of the consolidated
the other information is materially inconsistent with to cease operations, or has no realistic alternative but
of accounting in preparation of consolidated financial financial statements of the current period and are
the consolidated financial statements or our knowledge to do so.
statements and, based on the audit evidence obtained, therefore the key audit matters. We describe these
obtained in the audit or otherwise appears to be materially
The respective Board of Directors of the companies whether a material uncertainty exists related to matters in our auditor’s report unless law or regulation
misstated. If, based on the work we have performed, we
included in the Group and and of its joint venture are events or conditions that may cast significant doubt precludes public disclosure about the matter or when,
conclude that there is a material misstatement of this
responsible for overseeing the financial reporting process on the appropriateness of this assumption. If we in extremely rare circumstances, we determine that
other information, we are required to report that fact.
of each company. conclude that a material uncertainty exists, we are a matter should not be communicated in our report
We have nothing to report in this regard.
required to draw attention in our auditor’s report to because the adverse consequences of doing so would
Auditor’s Responsibilities for the Audit of the the related disclosures in the consolidated financial reasonably be expected to outweigh the public interest
Management’s and Board of Directors’
Consolidated Financial Statements statements or, if such disclosures are inadequate, benefits of such communication.
Responsibilities for the Consolidated Financial
Our objectives are to obtain reasonable assurance about to modify our opinion. Our conclusions are based on
Statements
whether the consolidated financial statements as a the audit evidence obtained up to the date of our Other Matters
The Holding Company’s Management and Board auditor’s report. However, future events or conditions
whole are free from material misstatement, whether a. We did not audit the financial statements of eight
of Directors are responsible for the preparation and may cause the Group and its joint venture to cease to
due to fraud or error, and to issue an auditor’s report subsidiaries, whose financial statements reflect
presentation of these consolidated financial statements continue as a going concern.
that includes our opinion. Reasonable assurance is a high total assets (before consolidation adjustments) of
in term of the requirements of the Act that give a
level of assurance, but is not a guarantee that an audit • Evaluate the overall presentation, structure and H 8,575.30 million as at 31 March 2024, total revenues
true and fair view of the consolidated state of affairs,
conducted in accordance with SAs will always detect a content of the consolidated financial statements, (before consolidation adjustments) of H 7,411.80
consolidated profit/ loss and other comprehensive
material misstatement when it exists. Misstatements including the disclosures, and whether the million and net cash flows (before consolidation
income, consolidated statement of changes in equity
can arise from fraud or error and are considered material consolidated financial statements represent the adjustments) amounting to H 445.68 million for
and consolidated cash flows of the Group including
if, individually or in the aggregate, they could reasonably underlying transactions and events in a manner that the year ended on that date, as considered in the
its joint venture in accordance with the accounting
be expected to influence the economic decisions achieves fair presentation. consolidated financial statements. The consolidated
principles generally accepted in India, including the Indian
of users taken on the basis of these consolidated financial statements also include the Group’s share
Accounting Standards (Ind AS) specified under Section • Obtain sufficient appropriate audit evidence
financial statements. of net loss (and other comprehensive loss) of H Nil for
133 of the Act. The respective Management and Board regarding the financial statements of such entity the year ended 31 March 2024, in respect of one joint
of Directors of the companies included in the Group and As part of an audit in accordance with SAs, we exercise or business activities within the Group and its joint venture, whose financial statements have not been
of its joint venture are responsible for maintenance of professional judgment and maintain professional venture to express an opinion on the consolidated audited by us. These financial statements have
adequate accounting records in accordance with the skepticism throughout the audit. We also: financial statements. We are responsible for the been audited by other auditors whose reports have
provisions of the Act for safeguarding the assets of direction, supervision and performance of the audit of
• Identify and assess the risks of material misstatement been furnished to us by the Management and our
each company and for preventing and detecting frauds the financial statements of such entity included in the
of the consolidated financial statements, whether due opinion on the consolidated financial statements, in
and other irregularities; the selection and application consolidated financial statements of which we are the
to fraud or error, design and perform audit procedures so far as it relates to the amounts and disclosures
of appropriate accounting policies; making judgments independent auditors. For the other entities included
responsive to those risks, and obtain audit evidence included in respect of these subsidiaries and joint
and estimates that are reasonable and prudent; in the consolidated financial statements, which have
that is sufficient and appropriate to provide a basis venture, and our report in terms of sub-section (3)
and the design, implementation and maintenance been audited by other auditors, such other auditors
for our opinion. The risk of not detecting a material of Section 143 of the Act, in so far as it relates to
of adequate internal financial controls, that were remain responsible for the direction, supervision and
misstatement resulting from fraud is higher than for the aforesaid subsidiaries and joint venture is based
operating effectively for ensuring the accuracy and performance of the audits carried out by them. We
one resulting from error, as fraud may involve collusion, solely on the reports of the other auditors.
completeness of the accounting records, relevant to remain solely responsible for our audit opinion. Our
forgery, intentional omissions, misrepresentations, or
the preparation and presentation of the consolidated responsibilities in this regard are further described in b. 
Our opinion on the consolidated financial
the override of internal control.
paragraph (a) of the section titled “Other Matters” in statements, and our report on Other Legal and
this audit report. Regulatory Requirements below, is not modified in
respect of this matter with respect to our reliance on
the work done and the reports of the other auditors.
294 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 295

Independent Auditor’s Report

 eport on Other Legal and Regulatory

R of the directors of the Group companies and d. (i) 
The management of the Holding subsidiary companies and joint venture
Requirements joint venture company incorporated in India is Company, its subsidiary companies and company from any person(s) or entity(ies),
disqualified as on 31 March 2024 from being joint venture company incorporated including foreign entities (“Funding
1. As required by the Companies (Auditor’s Report)
appointed as a director in terms of Section in India whose financial statements Parties”), with the understanding, whether
Order, 2020 (“the Order”) issued by the Central
164(2) of the Act. have been audited under the Act have recorded in writing or otherwise, that the
Government of India in terms of Section 143(11) of
represented to us and the other auditors Holding Company or any of such subsidiary
the Act, we give in the “Annexure A” a statement on f. the modification relating to the maintenance
of such subsidiary companies and joint companies and joint venture company
the matters specified in paragraphs 3 and 4 of the of accounts and other matters connected
venture company respectively that, to shall directly or indirectly, lend or invest in
Order, to the extent applicable. therewith are as stated in the paragraph 2(A)
the best of their knowledge and belief, other persons or entities identified in any
(b) above on reporting under Section 143(3)
2.A. As required by Section 143(3) of the Act, based on as disclosed in the Note 11(E) to the manner whatsoever by or on behalf of the
(b) and paragraph 2(B)(f) below on reporting
our audit and on the consideration of reports of the consolidated financial statements, no Funding Parties (“Ultimate Beneficiaries”)
under Rule 11(g) of the Companies (Audit and
other auditors on separate financial statements of funds have been advanced or loaned or or provide any guarantee, security or the
Auditors) Rules, 2014.
such subsidiaries and joint venture as were audited invested (either from borrowed funds or like on behalf of the Ultimate Beneficiaries.
by other auditors, as noted in the “Other Matters” g. With respect to the adequacy of the internal share premium or any other sources or
(iii) Based on the audit procedures performed
paragraph, we report, to the extent applicable, that: financial controls with reference to financial kind of funds) by the Holding Company
that have been considered reasonable and
statements of the Holding Company and or any of such subsidiary companies
a. 
We have sought and obtained all the appropriate in the circumstances, nothing
its subsidiary companies and joint venture and joint venture company to or in any
information and explanations which to the best has come to our notice that has caused
company incorporated in India and the other person(s) or entity(ies), including
of our knowledge and belief were necessary us to believe that the representations
operating effectiveness of such controls, refer foreign entities (“Intermediaries”), with
for the purposes of our audit of the aforesaid under sub-clause (i) and (ii) of Rule 11(e),
to our separate Report in “Annexure B”. the understanding, whether recorded in
consolidated financial statements. as provided under (i) and (ii) above, contain
writing or otherwise, that the Intermediary
B. With respect to the other matters to be included any material misstatement.
b. In our opinion, proper books of account as shall directly or indirectly lend or invest in
in the Auditor’s Report in accordance with Rule 11
required by law relating to preparation of the other persons or entities identified in any e. The final dividend paid by the Holding Company
of the Companies (Audit and Auditors) Rules, 2014,
aforesaid consolidated financial statements manner whatsoever by or on behalf of the during the year, in respect of the same declared
in our opinion and to the best of our information
have been kept so far as it appears from our Holding Company or any of such subsidiary for the previous year, is in accordance with
and according to the explanations given to us and
examination of those books and the reports companies and joint venture company Section 123 of the Act to the extent it applies
based on the consideration of the reports of the
of the other auditors except for the matters (“Ultimate Beneficiaries”) or provide any to payment of dividend.
other auditors on separate financial statements of
stated in the paragraph 2(B)(f) below on guarantee, security or the like on behalf of
the subsidiaries and joint venture, as noted in the As stated in Note 16(f) to the consolidated
reporting under Rule 11(g) of the Companies the Ultimate Beneficiaries.
“Other Matters” paragraph: financial statements, the Board of Directors
(Audit and Auditors) Rules, 2014.
(ii) The management of the Holding Company, of the Holding Company has proposed final
a. The consolidated financial statements disclose
c. 
The consolidated balance sheet, the its subsidiary companies and joint venture dividend for the year which is subject to the
the impact of pending litigations as at 31 March
consolidated statement of profit and loss company incorporated in India whose approval of the members at the ensuing Annual
2024 on the consolidated financial position of
(including other comprehensive income), the financial statements have been audited General Meeting. The dividend declared is in
the Group and it’s joint venture. Refer Note 37
consolidated statement of changes in equity under the Act have represented to us accordance with Section 123 of the Act to the
to the consolidated financial statements.
and the consolidated statement of cash flows and the other auditors of such subsidiary extent it applies to declaration of dividend.
dealt with by this Report are in agreement with b. Provision has been made in the consolidated companies and joint venture company
f. Based on our examination which included test
the relevant books of account maintained for financial statements, as required under respectively that, to the best of their
checks, the Company has used accounting
the purpose of preparation of the consolidated the applicable law or Ind AS, for material knowledge and belief, as disclosed in the
software for maintaining its books of account,
financial statements. foreseeable losses, on long-term contracts Note 11(E) to the consolidated financial
which has a feature of recording audit trail
including derivative contracts. Refer Note statements, no funds have been received
d. In our opinion, the aforesaid consolidated (edit log) facility and the same has operated
12B and 23B to the consolidated financial by the Holding Company or any of such
financial statements comply with the Ind AS
statements in respect of such items as it relates
specified under Section 133 of the Act.
to the Group and it’s joint venture.
e. On the basis of the written representations
c. There are no amounts which are required to
received from the directors of the Holding
be transferred to the Investor Education and
Company as on 31 March 2024 taken on record
Protection Fund by the Holding Company or
by the Board of Directors of the Holding
its subsidiary companies and joint venture
Company and the reports of the statutory
company incorporated in India during the year
auditors of its subsidiary companies and joint
ended 31 March 2024.
venture company incorporated in India, none
296 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 297

Independent Auditor’s Report Annexure A to the Independent Auditor’s Report on the Consolidated
Financial Statements of Polycab India Limited for the year ended
throughout the year for all relevant transactions to its directors is in accordance with the provisions 31 March 2024
recorded except the feature of recording audit of Section 197 of the Act. The remuneration paid (Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report
trail facility for few master fields and changes to any director by the Holding Company and its of even date)
done by admin users at the application level subsidiary companies and joint venture company
was enabled from September 2023 pursuant to is not in excess of the limit laid down under Section
an ERP upgrade. Further, for the periods where 197 of the Act. The Ministry of Corporate Affairs has (xxi) In our opinion and according to the information and explanations given to us, following companies incorporated
audit trail facility was enabled and operated not prescribed other details under Section 197(16) of in India and included in the consolidated financial statements, have certain remarks given by the respective
for the respective accounting software, we did the Act which are required to be commented upon auditors in their reports under the Companies (Auditor’s Report) Order, 2020 (CARO):
not come across any instance of the audit trail by us.
Clause number of the CARO report
feature being tampered with. Sr. Holding Company/Sub
Name of the entities CIN which is unfavourable or qualified
For B S R & Co. LLP No. sidiary/ JV
or adverse
C. With respect to the matter to be included in the
Chartered Accountants 1 Polycab India Limited L31300GJ1996PLC114183 Holding Company (i)(c)
Auditor’s Report under Section 197(16) of the Act:
Firm’s Registration No.:101248W/W-100022
2 Techno Electromech U31901GJ2011 PTC063797 Joint Venture (i)(c)
In our opinion and according to the information and Private Limited
explanations given to us and based on the reports of
the statutory auditors of such subsidiary companies
Bhavesh Dhupelia For B S R & Co. LLP
and joint venture company incorporated in India
Partner Chartered Accountants
which were not audited by us, the remuneration paid
Place: Mumbai Membership No.: 042070 Firm’s Registration No.:101248W/W-100022
during the current year by the Holding Company and
its subsidiary companies and joint venture company Date: 10 May 2024 ICAI UDIN:24042070BKCQUK1826

Bhavesh Dhupelia
Partner
Place: Mumbai Membership No.: 042070
Date: 10 May 2024 ICAI UDIN:24042070BKCQUK1826
298 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 299

Annexure B to the Independent Auditor’s Report on the consolidated

financial statements of Polycab India Limited for the year ended
31 March 2024 Meaning of Internal Financial Controls with override of controls, material misstatements due to error
Report on the internal financial controls with reference to the aforesaid consolidated financial statements under Reference to Financial Statements or fraud may occur and not be detected. Also, projections
Clause (i) of Sub-section 3 of Section 143 of the Act of any evaluation of the internal financial controls with
A company’s internal financial controls with reference
(Referred to in paragraph 2(A)(g) under ‘Report on Other Legal and Regulatory Requirements’ section of our reference to financial statements to future periods are
to financial statements is a process designed to provide
report of even date) subject to the risk that the internal financial controls
reasonable assurance regarding the reliability of financial
with reference to financial statements may become
reporting and the preparation of financial statements
inadequate because of changes in conditions, or that
Opinion its assets, the prevention and detection of frauds and for external purposes in accordance with generally
the degree of compliance with the policies or procedures
errors, the accuracy and completeness of the accounting accepted accounting principles. A company’s internal
In conjunction with our audit of the consolidated financial may deteriorate.
records, and the timely preparation of reliable financial financial controls with reference to financial statements
statements of Polycab India Limited (hereinafter referred
information, as required under the Act. include those policies and procedures that (1) pertain
to as “the Holding Company”) as of and for the year ended Other Matter
to the maintenance of records that, in reasonable
31 March 2024, we have audited the internal financial Our aforesaid report under Section 143(3)(i) of the Act on
Auditor’s Responsibility detail, accurately and fairly reflect the transactions
controls with reference to financial statements of the the adequacy and operating effectiveness of the internal
Our responsibility is to express an opinion on the internal and dispositions of the assets of the company; (2)
Holding Company and such companies incorporated in financial controls with reference to financial statements
financial controls with reference to financial statements provide reasonable assurance that transactions
India under the Act which are its subsidiary companies insofar as it relates to eight subsidiary companies
based on our audit. We conducted our audit in accordance are recorded as necessary to permit preparation of
and joint venture company, as of that date. and one joint venture company, which are companies
with the Guidance Note and the Standards on Auditing, financial statements in accordance with generally
In our opinion and based on the consideration of reports accepted accounting principles, and that receipts and incorporated in India, is based on the corresponding
prescribed under Section 143(10) of the Act, to the extent
of the other auditors on internal financial controls with expenditures of the company are being made only in reports of the auditors of such companies incorporated
applicable to an audit of internal financial controls with
reference to financial statements of subsidiary companies accordance with authorisations of management and in India.
reference to financial statements. Those Standards and
and joint venture company, as were audited by the other the Guidance Note require that we comply with ethical directors of the company; and (3) provide reasonable Our opinion is not modified in respect of this matter.
auditors, the Holding Company and such companies requirements and plan and perform the audit to obtain assurance regarding prevention or timely detection
incorporated in India which are its subsidiary companies reasonable assurance about whether adequate internal of unauthorised acquisition, use, or disposition of the For B S R & Co. LLP
and joint venture company, have, in all material respects, financial controls with reference to financial statements company’s assets that could have a material effect on Chartered Accountants
adequate internal financial controls with reference to were established and maintained and if such controls the financial statements. Firm’s Registration No.:101248W/W-100022
financial statements and such internal financial controls operated effectively in all material respects.
were operating effectively as at 31 March 2024, based on Inherent Limitations of Internal Financial
the internal financial controls with reference to financial Our audit involves performing procedures to obtain audit Controls with Reference to Financial Statements
statements criteria established by such companies evidence about the adequacy of the internal financial Bhavesh Dhupelia
Because of the inherent limitations of internal financial
considering the essential components of such internal controls with reference to financial statements and their Partner
controls with reference to financial statements, including
controls stated in the Guidance Note on Audit of Internal operating effectiveness. Our audit of internal financial Place: Mumbai Membership No.: 042070
the possibility of collusion or improper management
Financial Controls Over Financial Reporting issued by controls with reference to financial statements included Date: 10 May 2024 ICAI UDIN:24042070BKCQUK1826
the Institute of Chartered Accountants of India (the obtaining an understanding of internal financial controls
“Guidance Note”). with reference to financial statements, assessing the
risk that a material weakness exists, and testing and
Management’s and Board of Directors’ evaluating the design and operating effectiveness
Responsibilities for Internal Financial Controls of internal control based on the assessed risk. The
procedures selected depend on the auditor’s judgement,
The respective Company’s Management and the
including the assessment of the risks of material
Board of Directors are responsible for establishing and
misstatement of the consolidated financial statements,
maintaining internal financial controls based on the
whether due to fraud or error.
internal financial controls with reference to financial
statements criteria established by the respective We believe that the audit evidence we have obtained
company considering the essential components of and the audit evidence obtained by the other auditors
internal control stated in the Guidance Note. These of the relevant subsidiary companies and joint venture
responsibilities include the design, implementation and company in terms of their reports referred to in the other
maintenance of adequate internal financial controls that Matter paragraph below, is sufficient and appropriate
were operating effectively for ensuring the orderly and to provide a basis for our audit opinion on the internal
efficient conduct of its business, including adherence to financial controls with reference to financial statements.
the respective company’s policies, the safeguarding of
300 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 301

Consolidated Balance Sheet Consolidated Statement of Profit & Loss

as at 31 March 2024 for the year ended 31 March 2024
(H million) (H million)
As at As at
Year ended Year ended
Notes 31 March 2024 31 March 2023
Notes 31 March 2024 31 March 2023
(Audited) (Audited Restated)
ASSETS (Audited) (Audited Restated)
Non-current assets INCOME
Property, plant and equipment 3 21,677.57 20,104.28 Revenue from operations 26 180,394.44 141,077.78
Capital work-in-progress 3 5,784.46 2,507.67 Other income 27 2,208.75 1,333.26
Investment Property under Construction 4 762.98 - Total income 182,603.19 142,411.04
Right of use assets 5 728.26 361.82 EXPENSES
Goodwill 6A 46.22 46.22
Other intangible assets 6B 160.17 157.08 Cost of materials consumed 28 126,615.96 97,711.55
Investments accounted for using the equity method 7A - - Purchases of stock-in-trade 29 5,658.67 5,699.12
Financial assets Changes in inventories of finished goods, stock-in-trade and work-in-progress 30 (4,215.09) 346.76
(a) Trade receivables 8 1,190.70 526.37 Project bought outs and subcontracting cost 31 4,743.47 1,351.53
(b) Other financial assets 12A 311.34 70.40 Employee benefits expense 32 6,095.42 4,567.72
Non-current tax assets (net) 13D 297.08 251.89 Finance costs 33 1,083.40 597.57
Deferred tax assets (net) 13F 128.69 13.44 Depreciation and amortisation expense 34 2,450.40 2,091.64
Other non-current assets 14A 2,561.76 1,128.10 Other expenses 35 16,577.96 12,879.96
33,649.23 25,167.27
Total expenses 159,010.19 125,245.85
Current assets
Inventories 15 36,751.14 29,513.84 Profit before share of Profit / (Loss) of joint venture 23,593.00 17,165.19
Financial assets Share of loss of joint venture (net of tax) (refer note 7A(ii)) 7 - (92.63)
(a) Investments 7B 18,224.17 13,504.95 Profit before tax 23,593.00 17,072.56
(b) Trade receivables 8 20,471.17 12,465.96 Tax expenses 13
(c) Cash and cash equivalents 9 3,070.31 1,527.52 Current tax 5,535.25 4,060.50
(d) Bank balance other than cash and cash equivalents 10 953.27 5,424.91 Deferred tax charge 28.58 181.20
(e) Loans 11 106.26 103.47 Total tax expenses 5,563.83 4,241.70
(f) Other financial assets 12B 335.52 295.91 Profit for the year 18,029.17 12,830.86
Other current assets 14B 7,227.77 6,250.93
87,139.61 69,087.49 Other comprehensive income
Total assets 120,788.84 94,254.76 Items that will not be reclassified to profit or loss
EQUITY AND LIABILITIES Re-measurement (loss) / gain on defined benefit plans 32 (90.63) 35.05
Equity Tax relating to items that will not be reclassified to profit or loss 13 22.80 (8.81)
(a) Equity share capital 16 1,502.36 1,497.65 Items that will be reclassified to profit or loss
(b) Other equity 17 80,368.98 64,874.42 Exchange difference on translation of foreign operations (34.66) 7.88
81,871.34 66,372.07 Effective portion of losses on hedging instrument in cash flow hedges - (0.58)
Non-controlling interests 18 562.07 373.77 Tax relating to items that will be reclassified to profit or loss 13 - 0.15
82,433.41 66,745.84
Other comprehensive income for the year, net of tax (102.49) 33.69
Liabilities
Non-current liabilities Total comprehensive income for the year, net of tax 17,926.68 12,864.55
Financial liabilities Profit for the year attributable to:
(a) Borrowings 19A 226.04 42.08 Equity shareholders of parent company 17,840.45 12,707.83
(b) Lease liabilities 20A 244.96 224.33 Non controlling interests 188.72 123.03
(c) Other financial liabilities 23A 537.66 - 18,029.17 12,830.86
Provisions 25A 601.25 449.74 Other comprehensive Income attributable to:
Deferred tax liabilities (net) 13F 543.71 422.68 Equity shareholders of parent company (102.32) 33.65
Other non-current liabilities 24A 422.86 165.18 Non controlling interests (0.17) 0.04
2,576.48 1,304.01
Current liabilities (102.49) 33.69
Financial liabilities Total comprehensive Income attributable to:
(a) Borrowings 19B 671.70 688.10 Equity shareholders of parent company 17,738.13 12,741.48
(b) Lease liabilities 20B 468.23 138.96 Non controlling interests 188.55 123.07
(c) Acceptances 21 18,619.66 12,257.56 17,926.68 12,864.55
(d) Trade payables 22 Earnings per share 36
Total outstanding dues of micro enterprises and small enterprises 748.27 732.45 Basic (Face value H 10 each) 118.93 84.93
Total outstanding dues of creditors other than micro enterprises and small enterprises 9,265.32 7,336.43
Diluted (Face value H 10 each) 118.49 84.66
(e) Other financial liabilities 23B 2,420.84 1,677.91
Other current liabilities 24B 3,145.03 2,817.76 Weighted average equity shares used in computing earnings per equity share
Provisions 25B 314.46 267.57 Basic 150,014,272 149,631,506
Current tax liabilities (net) 13D 125.44 288.17 Diluted 150,566,475 150,099,705
35,778.95 26,204.91 Corporate information and summary of material accounting policy information 1&2
Total equity and liabilities 120,788.84 94,254.76 Contingent liabilities and commitments 37
Corporate information and summary of material accounting policy information 1&2 Other notes to accounts 38 to 51
Contingent liabilities and commitments 37
Other notes to accounts 38 to 51
The accompanying notes are an integral part of the consolidated financial statements.
The accompanying notes are an integral part of the consolidated financial statements. As per our report of even date For and on behalf of the Board of Directors of
As per our report of even date For and on behalf of the Board of Directors of For B S R & Co. LLP Polycab India Limited
For B S R & Co. LLP Polycab India Limited Chartered Accountants CIN: L31300GJ1996PLC114183
Chartered Accountants CIN: L31300GJ1996PLC114183 ICAI Firm Registration No. 101248W/W-100022
ICAI Firm Registration No. 101248W/W-100022 Bhavesh Dhupelia Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani
Bhavesh Dhupelia Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani Partner Chairman & Managing Director Whole-time Director Whole-time Director
Partner Chairman & Managing Director Whole-time Director Whole-time Director Membership No. 042070 DIN: 00309108 DIN: 00742771 DIN: 00742995
Membership No. 042070 DIN: 00309108 DIN: 00742771 DIN: 00742995
Gandharv Tongia Manita Gonsalves
Gandharv Tongia Manita Gonsalves Place: Mumbai Executive Director & CFO Place: Mumbai Company Secretary
Place: Mumbai Executive Director & CFO Place: Mumbai Company Secretary
Date: 10 May 2024 DIN: 09038711 Date: 10 May 2024 Membership No. A18321
Date: 10 May 2024 DIN: 09038711 Date: 10 May 2024 Membership No. A18321
302 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 303

Consolidated Statement of Changes in Equity Consolidated Statement of Changes in Equity

for the year ended 31 March 2024 for the year ended 31 March 2024
(H million)
A) Equity Share Capital
Attributable to owners of the Company
(H million) Other Comprehensive
Share Reserves & Surplus Total Attributable
31 March 2024 31 March 2023 Income
application attributable to Non Total Other
(Audited) (Audited Restated)
money Effective Foreign to owners Controlling Equity
Balance at the beginning of the year 1,497.65 1,494.43 pending Securities General ESOP Retained portion of Currency of the Interest
allotment Premium Reserve outstanding Earnings Cash Flow translation Company
Issue of equity shares on exercise of employee stock options 4.71 3.22 Hedges reserve
Balance at the end of the year 1,502.36 1,497.65 Profit after tax for the year ended - - - - 17,840.45 - - 17,840.45 188.72 18,029.17
Items of OCI for the year ended, net
B) Other Equity of tax
Re-measurement gains / (losses) - - - - (67.66) - - (67.66) (0.17) (67.83)
(H million)
on defined benefit plans
Attributable to owners of the Company
Exchange difference on - - - - - - (34.66) (34.66) - (34.66)
Other Comprehensive translation of foreign operations
Share Reserves & Surplus Total Attributable
Income
application attributable to Non Total Other Final equity dividend - - - - (2,997.30) - - (2,997.30) - (2,997.30)
money Effective Foreign to owners Controlling Equity
Share-based payments to employees - - - 564.24 - - - 564.24 - 564.24
pending Securities General ESOP Retained portion of Currency of the Interest
allotment Premium Reserve outstanding Earnings Cash Flow translation Company Transfer on account of employee - - 2.02 (2.02) - - - - - -
Hedges reserve stock options not exercised
As at 1 April 2022 7.98 7,554.95 615.00 343.54 45,433.29 0.43 (12.21) 53,942.98 250.70 54,193.68 Exercise of employee stock option 181.13 - - (181.13) - - - - - -
Acquired on account of merger with - - - - 52.37 - - 52.37 - 52.37 Amount received on exercise of 193.95 - - - - - - 193.95 - 193.95
Silvan Innovation Labs Private Limited employee stock options
(Refer note 48)
Acquisition of non-controlling interest - - - - 0.25 - - 0.25 (0.25) -
Profit after tax for the year ended - - - - 12,707.83 - - 12,707.83 123.03 12,830.86
Issue of equity shares on exercise of (369.15) 364.44 - - - - - (4.71) - (4.71)
Items of OCI for the year ended, net employee stock options
of tax
As at 31 March 2024 8.71 8,187.00 617.02 694.26 70,900.98 - (38.99) 80,368.98 562.07 80,931.05
Re-measurement gains/(losses) - - - - 26.24 - - 26.24 0.04 26.28
on defined benefit plans
Refer note 17 for nature and purpose of reserves.
Exchange difference on - - - - - - 7.88 7.88 - 7.88
translation of foreign operations
The accompanying notes are an integral part of the consolidated financial statements.
Effective portion of gains/(losses) - - - - - (0.43) - (0.43) - (0.43)
on hedging instrument in cash
As per our report of even date For and on behalf of the Board of Directors of
flow hedges
For B S R & Co. LLP Polycab India Limited
Final equity dividend - - - - (2,094.49) - - (2,094.49) - (2,094.49) Chartered Accountants CIN: L31300GJ1996PLC114183
Share-based payments to employees - - - 107.61 - - - 107.61 - 107.61 ICAI Firm Registration No. 101248W/W-100022
Exercise of employee stock option 137.98 - - (137.98) - - - - - -
Bhavesh Dhupelia Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani
Amount received on exercise of 127.65 - - - - - - 127.65 - 127.65
employee stock options Partner Chairman & Managing Director Whole-time Director Whole-time Director
Membership No. 042070 DIN: 00309108 DIN: 00742771 DIN: 00742995
Issue of equity shares on exercise of (270.83) 267.61 - - - - - (3.22) - (3.22)
employee stock options
Gandharv Tongia Manita Gonsalves
As at 31 March 2023 (Restated) 2.78 7,822.56 615.00 313.17 56,125.24 - (4.33) 64,874.42 373.77 65,248.19
Place: Mumbai Executive Director & CFO Place: Mumbai Company Secretary
Date: 10 May 2024 DIN: 09038711 Date: 10 May 2024 Membership No. A18321
304 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 305

Consolidated Statement of Cash Flows Consolidated Statement of Cash Flows

for the year ended 31 March 2024 for the year ended 31 March 2024

Accounting policy (H million)

Cashflows are reported using the indirect method as set out in Ind AS 7, ‘Statement of Cash Flows’, whereby profit Year ended Year ended
31 March 2024 31 March 2023
for the year is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or (Audited) (Audited Restated)
future operating cash receipts or payments and item of income or expenses associated with investing or financing B. Cash Flows From Investing Activities
cashflows. The cash flows from operating, investing and financing activities of the Group are segregated.
Purchase of property, plant and equipment (including CWIP and transfer to (8,529.55) (4,774.48)
Cash and cash equivalents for the purposes of statement of cash flows comprise cash at bank and in hand and Investment property under construction)
short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of Purchase of other intangible assets (55.64) (20.05)
changes in value and having original maturities of three months or less from the date of purchase. Proceeds from sale of property, plant and equipment 5.47 210.35
For the purposes of statement of cash flows, cash and cash equivalents consist of cash in hand, balances with bank Investment in mutual funds (127,603.50) (96,467.28)
which are unrestricted for withdrawal and usage and short-term deposits as defined above, net of outstanding bank Proceeds from sale of mutual funds 123,764.15 91,253.99
overdrafts as they are considered an integral part of the Group cash management (Refer note 9). Bank deposits placed (2,635.12) (4,942.03)

(H million) Bank deposits matured 7,090.81 2,489.88

Year ended Year ended Loan (given to)/repaid by employees (2.79) 4.29
31 March 2024 31 March 2023 Loan repaid by supplier - 19.04
(Audited) (Audited Restated)
Interest received 447.40 199.83
A. Cash Flows From Operating Activities
Net cash used in investing activities (B) (7,518.77) (12,026.46)
Profit before tax 23,593.00 17,072.56
C. Cash Flows From Financing Activities
Adjustments for:
Amount received on exercise of employee stock options 193.95 127.65
Share of loss of joint ventures - 92.63
Payment of principal portion of lease liabilities (206.04) (126.84)
Depreciation and amortisation expense 2,450.40 2,091.64
Payment of interest on lease liabilities (42.40) (32.85)
Gain on disposal of property, plant and equipment (1.93) (97.88)
Repayment of long term borrowings (26.40) (37.50)
Gain on termination of lease (1.60) (3.29)
Proceeds from long term borrowings 231.75 40.10
Interest income on financial assets (331.20) (295.06)
(Repayment)/proceeds from short term borrowings (11.09) 329.07
Income on government grants (186.93) (140.22)
Interest and other finance cost paid (1,016.60) (475.86)
Gain on redemption of investment (815.04) (614.32)
Payment of dividends (2,997.30) (2,094.49)
Fair valuation gain Mark-To-Market ('MTM') of investment (64.82) (36.83)
Net cash used in financing activities (C) (3,874.13) (2,270.72)
Finance cost 1,083.40 597.57
Net increase/(decrease) in cash and cash equivalents (A+B+C) 1,569.50 (21.97)
Employees share based payment expenses 564.24 107.61
Cash and cash equivalents at the beginning of the year 1,194.92 1,216.89
Loss/(Gain) on fair valuation of financial assets 145.63 (30.02)
Cash and cash equivalents at end of the year (Refer below note (i)) 2,764.42 1,194.92
Impairment allowance for trade receivable considered doubtful 304.08 (31.16)
Impairment allowance for contract assets 9.58 - (H million)
Loss on unrealised foreign exchange 46.16 179.78 Year ended Year ended
Sundry balances written off 0.53 3.81 31 March 2024 31 March 2023
(Audited) (Audited Restated)
Operating profit before working capital changes 26,795.50 18,896.82
Supplementary Information
Movements in working capital:
(a) Cash Transactions from operating activities:
(Increase)/Decrease in trade receivables (8,886.24) 849.59
Spent towards Corporate Social Responsibility 264.33 228.58
Increase in inventories (net) (7,237.30) (7,517.37)
(b) Non-Cash Transactions from Investing and Financing Activities:
(Increase)/Decrease in financial assets (526.48) 119.84
Acquisition of property, plant and equipment by means of Government Grant 453.50 129.18
Increase in non-financial assets (including contract assets) (984.90) (2,228.97)
(c) Acquisition of right of use assets 572.56 173.44
Increase in Acceptances 6,362.10 5,893.01
(d) Termination of right of use assets 107.09 138.38
Increase in trade payables 1,776.50 2,086.61
Increase/(Decrease) in financial liabilities 980.24 (38.89)
Increase in provisions 107.77 234.33
Increase/(Decrease) in non-financial liabilities (including contract liabilities) 318.38 (315.48)
Cash generated from operations 18,705.57 17,979.49
Income tax paid (including TDS) (net of refunds) (5,743.17) (3,704.28)
Net cash generated from operating activities (A) 12,962.40 14,275.21
306 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 307

Consolidated Statement of Cash Flows Notes to Consolidated Financial Statements

for the year ended 31 March 2024

Note: (i) 1. Corporate information section 133 of the Companies Act, 2013 read
with Companies (Indian Accounting Standards)
Polycab India Limited (the “Company”) (CIN -
(H million) Rules, 2015, as amended from time to time and
L31300GJ1996PLC114183) was incorporated as
Year ended Year ended the presentation requirements of Division II of
‘Polycab Wires Private Limited’ on 10 January 1996
31 March 2024 31 March 2023 Schedule III of Companies Act, 2013, (Ind AS
at Mumbai as a private limited company under
Cash and cash equivalents comprises of compliant Schedule III). These Consolidated
the Companies Act, 1956. The Company became a
Balances with banks financial statements includes Balance Sheet as
deemed public limited company under Section 43A(1)
at 31 March 2024, the Statement of Profit and
In current accounts 1,780.16 1,137.41 of the Companies Act, 1956, and the word ‘private’
Loss including Other Comprehensive Income,
Deposits with original maturity of less than 3 months 1,290.10 387.53 was struck off from the name of the Company
Statement of Cash flows and Statement of
Cash in hand 0.05 2.58 with effect from 30 June 2000. Thereafter, the
changes in equity for the year ended 31 March
Company was converted into a private limited
Cash and cash equivalents (Refer note 9) 3,070.31 1,527.52 2024, and a summary of material accounting
company under section 43A(2A) of the Companies
Cash Credit from banks (Secured) (305.89) (332.60) policy information and other explanatory
Act, 1956, and the word ‘private’ was added in the
Cash and cash equivalents in Cash Flow Statement 2,764.42 1,194.92 information (together hereinafter referred to
name of the Company with effect from 15 June
as “Financial Statements”).
2001. Subsequently, the Company was converted
Net debt reconciliation Refer note no. 19 into a public limited company, the word ‘private’
ii Basis of Measurement:
Net lease liabilities reconciliation Refer note no. 5 was struck off from the name of the Company and
consequently, a fresh certificate of incorporation The financial statements for the year ended
dated 29 August 2018 was issued by the Registrar 31 March 2024 have been prepared on an
Corporate information and summary of material accounting policy information 1&2 accrual basis and a historical cost convention,
of Companies, National Capital Territory of Delhi
Contingent liabilities and commitments 37 and Haryana (“ROC”), recording the change of except for the following financial assets and
Other notes to accounts 38 to 51 the Company’s name to ‘Polycab Wires Limited’. liabilities which have been measured at fair
Thereafter, the name of the Company was changed value or amortised cost at the end of each
The accompanying notes are an integral part of the consolidated financial statements. from ‘Polycab Wires Limited’ to ‘Polycab India reporting period:
Limited’, and a fresh certificate of incorporation (a) Certain financial assets and liabilities
As per our report of even date For and on behalf of the Board of Directors of dated 13 October 2018 was issued by the ROC. (including derivative instruments) (Refer
For B S R & Co. LLP Polycab India Limited The Consolidated Financial Statements relates to note 41 for accounting policy regarding
Chartered Accountants CIN: L31300GJ1996PLC114183 Polycab India Limited (‘the Parent Company’) along financial instruments)
ICAI Firm Registration No. 101248W/W-100022 with its subsidiaries and joint ventures (collectively
referred to as ‘the Group’). (b) Net defined benefit plan where plan assets
Bhavesh Dhupelia Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani are measured at fair value (Refer note 32
Partner Chairman & Managing Director Whole-time Director Whole-time Director
The registered office of the Parent Company is for accounting policy)
Membership No. 042070 DIN: 00309108 DIN: 00742771 DIN: 00742995
Unit 4, Plot Number 105, Halol Vadodara Road,
Village Nurpura, Taluka Halol, Panchmahal, (c) Share-based payments at fair value as
Gujarat 389350. on the grant date of options given to
Gandharv Tongia Manita Gonsalves
employees (Refer note 32 for accounting
Place: Mumbai Executive Director & CFO Place: Mumbai Company Secretary The Group is the largest manufacturer of Wires and policy)
Date: 10 May 2024 DIN: 09038711 Date: 10 May 2024 Membership No. A18321 Cables in India and fast growing player in the Fast
Moving Electrical Goods (FMEG) space. The Group In addition, the carrying values of recognised
is also in the business of Engineering, Procurement assets and liabilities designated as hedged
and Construction (EPC) projects. The Group owns 33 items in fair value hedges that would otherwise
manufacturing facilities, located across the states be carried at amortised cost are adjusted to
of Gujarat, Maharashtra, Uttarakhand, Tamil Nadu record changes in the fair values attributable
and U.T. Daman. to the risks that are being hedged in effective
hedge relationships.
The Board of Directors approved the Consolidated
Financial Statements for the year ended 31 March Historical cost is generally based on the fair
2024 and authorised for issue on 10 May 2024. value of the consideration given in exchange
for goods and services. Fair value is the price
that would be received from sell an asset
2. Summary of material accounting policy or paid to transfer a liability in an orderly
information transaction between market participants at
A) Basis of preparation the measurement date.
i Statement of Compliance: 
Accounting policies and methods of
The Group prepares its Consolidated Financial computation followed in the consolidated
Statements to comply with the Indian financial statements are same as compared
Accounting Standards (“Ind AS”) specified under with the annual financial statements for the
308 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 309

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
year ended 31 March 2023, except for adoption included in the Financial Statements from the Statements. Ind AS 12 Income Taxes that do not result in a loss of control are
of new standard or any pronouncements date the Group gains control until the date the applies to temporary differences that arise accounted for as equity transactions.
effective from 1 April 2023. Group ceases to control the subsidiary. from the elimination of profits and losses
When the Group loses control over a
resulting from intragroup transactions.
The Group has prepared the consolidated  
Consolidated Financial Statements are subsidiary, it derecognises the assets and
financial statements on the basis that it will prepared using uniform accounting policies for Profit or loss and each component of other liabilities of the subsidiary, and any related
continue to operate as a going concern. like transactions and other events in similar comprehensive income (OCI) are attributed NCI and other components of equity. Any
circumstances. If a member of the group uses to the equity holders of the parent of the interest retained in the former subsidiary
iii Basis of consolidation accounting policies other than those adopted Group and to the non-controlling interests, is measured at fair value at the date the
The Consolidated Financial Statements in the Consolidated Financial Statements even if this results in the non-controlling control is lost. Any resulting gain or loss is
comprise the financial statements of the for like transactions and events in similar interests having a deficit balance. When recognised in profit or loss.
Parent Company along with its subsidiaries circumstances, appropriate adjustments are necessary, adjustments are made to the
and joint ventures as at 31 March 2024. Control made if amount is material to that group financial statements of subsidiaries to (b) Joint Ventures
is achieved when the Group is exposed, or has member’s financial statements in preparing the bring their accounting policies into line A joint venture is a type of a joint
rights, to variable returns from its involvement Consolidated Financial Statements to ensure with the Group’s accounting policies. All arrangement whereby the parties that
with the investee and has the ability to affect conformity with the group’s accounting policies. intra-group assets and liabilities, equity, have joint control of the arrangement have
those returns through its power over the income, expenses and cash flows relating rights to the net assets of the joint venture.
The financial statements of Group entities used
investee. Specifically, the Group controls an to transactions between members Joint control is the contractually agreed
for the purpose of consolidation are drawn up
investee if and only if the Group has: of the Group are eliminated in full sharing of control of an arrangement,
to same reporting date as that of the parent
on consolidation. which exists only when decisions about
(a) Power over the investee (i.e. existing rights company, i.e., year ended on 31 March 2024.
When the end of the reporting period of the A change in the ownership interest of the relevant activities require unanimous
that give it the current ability to direct the
parent is different from that of a subsidiary, the a subsidiary, without a loss of control, is consent of the parties sharing control.
relevant activities of the investee)
subsidiary prepares, for consolidation purposes, accounted for as an equity transaction. If The considerations made in determining
(b) Exposure, or rights, to variable returns from additional financial information as of the the Group loses control over a subsidiary, it: whether significant influence or joint
its involvement with the investee and same date as the financial statements of the
• Derecognises the assets (including control are similar to those necessary to
(c) The ability to use its power over the parent to enable the parent to consolidate the determine control over the subsidiaries.
goodwill) and liabilities of the subsidiary
investee to affect its returns financial information of the subsidiary, unless it
is impracticable to do so. • Derecognises the carrying amount of The Group’s investments in its joint
Generally, there is a presumption that a majority any non-controlling interests venture are accounted for using the equity
of voting rights result in control. To support this Consolidation procedure: method. Under the equity method, the
presumption and when the Group has less than • Derecognises the cumulative translation investment in a joint venture is initially
(a) Subsidiaries differences recorded in equity
a majority of the voting or similar rights of an recognised at cost. The carrying amount
investee, the Group considers all relevant facts Group combines like items of assets, of the investment is adjusted to recognise
• Recognises the fair value of the
and circumstances in assessing whether it has liabilities, equity, income, expenses and changes in the Group’s share of net assets
consideration received
power over an investee, including: cash flows of the parent with those of its of the joint venture since the acquisition
subsidiaries. For this purpose, income and • Recognises the fair value of any date. Goodwill relating to the joint
(a) The contractual arrangement with the expenses of the subsidiary are based on investment retained venture is included in the carrying amount
other vote holders of the investee the amounts of the assets and liabilities
• Recognises any surplus or deficit in of the investment and is not tested for
(b) 
Rights arising from other contractual recognised in the Consolidated Financial impairment individually.
profit or loss
arrangements Statements at the acquisition date.
• Reclassifies the parent’s share of The statement of profit and loss reflects the
(c) The Group’s voting rights and potential Offset (eliminate) the carrying amount of Group’s share of the results of operations
components previously recognised in
voting rights the parent’s investment in each subsidiary of the joint venture. Any change in OCI
OCI to profit or loss or retained earnings,
and the parent’s portion of equity of of those investees is presented as part of
(d) The size of the group’s holding of voting as appropriate, as would be required if
each subsidiary. Business combinations the Group’s OCI. In addition, when there
rights relative to the size and dispersion the Group had directly disposed of the
policy explains how to account for any has been a change recognised directly in
of the holdings of the other voting related assets or liabilities
related goodwill. the equity of the joint venture, the Group
rights holders.  Non-controlling interests (NCI) in the
Eliminate in full intragroup assets and recognises its share of any changes, when
The Group re-assesses whether or not it results and equity of subsidiaries are applicable, in the statement of changes
liabilities, equity, income, expenses
controls an investee if facts and circumstances shown separately in the Consolidated in equity. Unrealised gains and losses
and cash flows relating to transactions
indicate that there are changes to one or more Statement of Profit and Loss, Consolidated resulting from transactions between the
between entities of the group (profits
of the three elements of control. Consolidation Statement of changes in equity and Group and joint venture are eliminated
or losses resulting from intragroup
of a subsidiary begins when the Group obtains Balance Sheet respectively. to the extent of the interest in the
transactions that are recognised in assets,
control over the subsidiary and ceases when the such as inventory and fixed assets, are NCI are measured at their proportionate joint venture.
Group loses control of the subsidiary. Assets, eliminated in full). Intragroup losses may share of the acquiree’s net identifiable If an entity’s share of losses of a joint
liabilities, income and expenses of a subsidiary indicate an impairment that requires assets at the date of acquisition. Changes venture equals or exceeds its interest in
acquired or disposed of during the year are recognition in the Consolidated Financial in the Group’s equity interest in a subsidiary
310 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 311

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
the joint venture (which includes any long • Exchange differences arising on income and expense items, if the average v Functional and Presentation Currency:
term interest that, in substance, form monetary items that forms part of a rate approximates the exchange rates
These financial statements are presented
part of the Group’s net investment in reporting entity’s net investment in at the dates of the transactions. The
in Indian Rupees (H) which is the functional
the joint venture), the entity discontinues a foreign operation are recognised in exchange differences arising on translation
currency of the Parent Company. All amounts
recognising its share of further losses. profit or loss in the Separate Financial for Consolidation are recognised in
disclosed in the financial statements which
Additional losses are recognised only to Statements of the reporting entity or OCI. On disposal of a foreign operation,
also include the accompanying notes have
the extent that the Group has incurred the individual Financial Statements of the component of OCI relating to that
been rounded off to the nearest million up to
legal or constructive obligations or made the foreign operation, as appropriate. In particular foreign operation is recognised
two decimal places, as per the requirement
payments on behalf of the joint venture. the Financial Statements that include in profit or loss.
of Schedule III to the Companies Act 2013,
If the joint venture subsequently reports the foreign operation and the reporting
Any goodwill arising in the acquisition/ unless otherwise stated. Transactions and
profits, the entity resumes recognising its entity such exchange differences
business combination of a foreign balances with values below the rounding
share of those profits only after its share are recognised initially in OCI. These
operation on or after 1 April 2016 and any off norm adopted by the Group have been
of the profits equals the share of losses exchange differences are reclassified
fair value adjustments to the carrying reflected as “0” in the relevant notes to these
not recognised. from equity to profit or loss on disposal
amounts of assets and liabilities arising financial statements.
of the net investment.
The aggregate of the Group’s share of on the acquisition are treated as assets
profit or loss of a joint venture is shown on • Tax charges and credits attributable and liabilities of the foreign operation and B) Use of estimates and judgements
the face of the consolidated statement of to exchange differences on those translated at the spot rate of exchange at In the course of applying the policies outlined in all
profit and loss. monetary items are also recorded the reporting date. notes, the Group is required to make judgements,
in OCI. estimates and assumptions about the carrying
The financial statements of the joint

Foreign operations amount of assets and liabilities that are not readily
venture are prepared for the same Non-monetary items that are measured in
reporting period as the Group. When terms of historical cost in a foreign currency The assets and liabilities of foreign apparent from other sources. The estimates and
necessary, adjustments are made to bring are translated using the exchange rates at operations (subsidiaries) including goodwill associated assumptions are based on historical
the accounting policies in line with those of the dates of the initial transactions. Non- and fair value adjustments arising on experience and other factors that are considered
the Group. monetary items measured at fair value acquisition, are translated into INR, the to be relevant. Actual results may differ from these
in a foreign currency are translated using functional currency of the Group and its estimates. Estimates and underlying assumptions
After application of the equity method, the joint ventures, at the exchange rates at the are reviewed on an ongoing basis. Revisions to
the exchange rates at the date when the
Group determines whether it is necessary reporting date. The income and expenses accounting estimates are recognised prospectively.
fair value is determined. The gain or loss
to recognise an impairment loss on its of foreign operations are translated into
arising on translation of non­m onetary The key assumptions concerning the future and
investment in its joint venture. At each INR at the exchange rates at the dates of
items measured at fair value is treated in other key sources of estimation uncertainty at
reporting date, the Group determines the transactions or an average rate if the
line with the recognition of the gain or loss the reporting date, that have a significant risk
whether there is objective evidence average rate approximates the actual rate
on the change in fair value of the item (i.e., of causing a material adjustment to the carrying
that the investment in the joint venture at the date of the transaction.
translation differences on items whose fair amounts of assets and liabilities within the next
is impaired. If there is such evidence,
value gain or loss is recognised in OCI or financial year, are described below. The Group based
the Group calculates the amount of iv Classification of Current / Non-Current
the statement of profit and loss are also its assumptions and estimates on parameters
impairment as the difference between the Assets and Liabilities:
recognised in OCI or the Statement of available when the financial statements were
recoverable amount of the joint venture
Profit and Loss, respectively). The Group presents assets and liabilities in the prepared. Existing circumstances and assumptions
and its carrying value, and then recognises
Balance sheet based on current / non-current about future developments, however, may change
the loss as ‘Share of profit of a joint
Group companies classification. It has been classified as current due to market changes or circumstances arising that
venture’ in the consolidated statement of
The consolidated financial statements or non-current as per the Group’s normal are beyond the control of the Group. Such changes
profit or loss.
are presented in Indian Rupee, which is operating cycle, as per para 66 and 69 of Ind are reflected in the assumptions when they occur.
Upon loss of significant influence over the Parent Company’s functional and AS 1 and other criteria as set out in the Division The Group uses the following critical accounting
the joint control over the joint venture, presentation currency and includes the II of Schedule III to the Companies Act, 2013. estimates in preparation of its financial statements:
the Group measures and recognises any financial position and results in respect
retained investment at its fair value. Any of foreign operations, initially measured Operating Cycle: i Revenue Recognition:
difference between the carrying amount using the currency of the primary The operating cycle is the time between the The Group applied judgements that significantly
of the joint venture upon loss of significant economic environment in which the entity acquisition of assets for processing and their affect the determination of the amount and
influence or joint control and the fair value operates (i.e their functional currency). On realisation in cash and cash equivalents. Each timing of revenue from contracts at a point
of the retained investment and proceeds Consolidation, the assets and liabilities of entity of the Group has identified twelve in time with customers, such as identifying
from disposal is recognised in profit or loss. foreign operations are translated into INR months as its operating cycle for the purpose of performance obligations in a sales transactions.
at the rate of exchange prevailing at the current non-current classification of assets and In certain non-standard contracts, where the
(c) Foreign currency translation reporting date and their Statements of liabilities. Deferred tax assets and liabilities are Group provides extended warranties in respect
 Exchange differences arising on settlement Profit or Loss are translated at exchange classified as non-current assets and liabilities.
or translation of monetary items are rates prevailing at the dates of the
recognised in profit or loss with the transactions. For practical reasons, the
exception of the following: Group uses an average rate to translate
312 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 313

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
of sale of consumer durable goods, the Group its carrying value of investments carried at viii Foreign Currency Transactions / for an individual asset, unless the asset does
allocated the portion of the transaction price to cost (net of impairment, if any) annually, or Translations not generate cash inflows that are largely
goods based on its relative standalone prices. more frequently when there is indication for independent of those from the other assets or
Transactions in currencies other than Company’s
Also, certain contracts of sale includes volume impairment. If the recoverable amount is less group of assets. When the carrying amount of
functional currency (foreign currencies) are
rebates that give rise to variable consideration. than its carrying amount, the impairment loss an asset or CGU exceeds it recoverable amount,
recorded at the rates of exchange prevailing
In respect of long term contracts significant is accounted for in the statement of profit and the asset is considered as impaired and it’s
on the date of transaction. At the end of the
judgments are used in: loss. In considering the value in use, the Board written down to its recoverable amount.
reporting period, monetary items denominated
of Directors have anticipated the future market
(a) Determining the revenue to be recognised in foreign currencies are reported using the The Group estimates the value-in-use of the
conditions and other parameters that affect
in case of performance obligation exchange rate prevailing as at reporting date. Cash generating unit (CGU) based on the
the operations of these entities.
satisfied over a period of time; revenue Non-monetary items denominated in foreign future cash flows after considering current
recognition is done by measuring the currencies which are carried in terms of historical economic conditions and trends, estimated
v Provisions
progress towards complete satisfaction cost are reported using the exchange rate at the future operating results and growth rate and
of performance obligation. The progress The Group estimates the provisions that have date of the transaction. Exchange differences anticipated future economic and regulatory
is measured in terms of a proportion present obligations as a result of past events arising on the settlement of monetary items or conditions. The estimated cash flows are
of actual cost incurred to-date, to the and it is probable that outflow of resources on translating monetary items at the exchange developed using internal forecasts. The
total estimated cost attributable to the will be required to settle the obligations. These rates different from those at which they were estimated future cash flows are discounted to
performance obligation. provisions are reviewed at the end of each initially recorded during the year, or reported in their present value using a pre-tax discount rate
reporting period and are adjusted to reflect previous financial statements, are recognised that reflects the current market assessments of
(b) Determining the expected losses, which the current best estimates. The timing of as income or expenses in the year in which the time value of money and the risks specific
are recognised in the period in which such recognition requires application of judgement they arise. to the asset/ CGU.
losses become probable based on the to existing facts and circumstances which may
expected total contract cost as at the be subject to change. ix Provision for income tax and deferred tax xi Employee benefits
reporting date.
assets The accounting of employee benefit plans in the
vi Contingencies
ii Cost to complete for long term contracts The Group uses estimates and judgements nature of defined benefit requires the Group
In the normal course of business, contingent based on the relevant rulings in the areas to use assumptions. These assumptions have
The Group management estimate the cost liabilities may arise from litigation and of allocation of revenue, costs, allowances been explained under employee benefits note.
to complete for each project for the purpose other claims against the Group. Potential and disallowances which is exercised while
of revenue recognition and recognition of liabilities that are possible but not probable determining the provision for income tax. A xii Leases
anticipated losses of the projects, if any. In the of crystallising or are very difficult to quantify deferred tax asset is recognised to the extent The Group evaluates if an arrangement
process of calculating the cost to complete, reliably are treated as contingent liabilities. that it is probable that future taxable profit qualifies to be a lease as per the requirements
Management conducts regular and systematic Such liabilities are disclosed in the notes but are will be available against which the deductible of Ind AS 116. Identification of a lease requires
reviews of actual results and future projections not recognised. Contingent assets are neither temporary differences and tax losses can be significant judgment. The Group uses
with comparison against budget. The process recognised nor disclosed in the consolidated utilised. Deferred tax assets are recognised significant judgement in assessing the lease
requires monitoring controls including financial financial statements. for unused tax losses to the extent that it is term (including anticipated renewals) and the
and operational controls and identifying major
probable that taxable profit will be available applicable discount rate. The Group determines
risks faced by the Group and developing and vii Fair value measurement of financial against which the losses can be utilised. the lease term as the non-cancellable period
implementing initiative to manage those risks. instruments Significant management judgement is required of a lease, together with both periods covered
The Company’s management is confident
When the fair value of financial assets and to determine the amount of deferred tax assets by an option to extend the lease if the Group
that the costs to complete the project are
financial liabilities recorded in the balance that can be recognised, based upon the likely is reasonably certain to exercise that option;
fairly estimated.
sheet cannot be measured based on quoted timing and the level of future taxable profits and periods covered by an option to terminate
prices in active markets, their fair value is together with future tax planning strategies. the lease if the Group is reasonably certain not
iii Useful life of property, plant and equipment
measured using valuation techniques including Accordingly, the Group exercises its judgement to exercise that option. In assessing whether
The Group reviews the useful life of property, the Discounted Cash Flow model. The inputs to reassess the carrying amount of deferred tax the Group is reasonably certain to exercise an
plant and equipment at the end of each to these models are taken from observable assets at the end of each reporting period. option to extend a lease, or not to exercise an
reporting period. This reassessment may result markets where possible, but where this is not option to terminate a lease, it considers all
in change in depreciation expense in current feasible, a degree of judgement is required in x Impairment of non-financial assets relevant facts and circumstances that create
and future periods. establishing fair values. Judgements include The Group assesses at each reporting date an economic incentive for the Group to exercise
considerations of inputs such as liquidity whether there is an indication that an asset the option to extend the lease, or not to exercise
iv Impairment of investments in joint- risk, credit risk and volatility. Changes in may be impaired. If an indication exists, or when the option to terminate the lease. The Group
venture assumptions about these factors could affect the annual impairment testing of the asset revises the lease term if there is a change in the
Determining whether the investments in joint the reported fair value of financial instruments is required, the Group estimates the asset’s non-cancellable period of a lease.
venture is impaired requires an estimate in the (Refer note 41 for accounting policy on Fair recoverable amount. An asset’s recoverable
value in use of investments. The Group reviews value measurement of financial instruments). The discount rate is generally based on the
amount is the higher of an asset’s or Cash-
incremental borrowing rate specific to the lease
generating-unit’s (CGU’s) fair value less costs
being evaluated or for a portfolio of leases with
of disposal and its value in use. It is determined
similar characteristics.
314 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 315

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

C) Changes in material accounting policy (iii) Deferred Tax related to Assets and related to the incidental operations not necessary In case of certain class of assets, the Group uses
information Liabilities arising from a Single to bring the item to the location and the condition different useful life than those prescribed in
Transaction – Amendments to Ind AS 12: necessary for it to be capable of operating in the Schedule II of the Companies Act, 2013. The useful

The Group has applied new standards,
manner intended by the Group are recognised in the life has been assessed based on technical advice,
interpretations and amendments issued and The amendments to Ind AS 12 Income Tax
Statement of profit and loss. All other expenses on taking into account the nature of the asset, the
effective for annual periods beginning on or after 01 narrow the scope of the initial recognition
existing property, plant and equipment, including estimated usage of the asset on the basis of the
April 2023. This did not have any material changes exception, so that it no longer applies to
day-to-day repair and maintenance expenditure management’s best estimation of getting economic
in the Group Consolidated accounting policies. transactions that give rise to equal taxable
and cost of replacing parts, are charged to the benefits from those classes of assets. The Group
and deductible temporary differences such
Statement of Profit & Loss for the period in which uses its technical expertise along with historical and
D) New and amended standards as leases and decommissioning liabilities. The
such expenses are incurred. No impact of exchange industry trends for arriving at the economic life of
The Group applied for the first-time certain amendments had no impact on the Group
gain / loss arising on the translation of the financial an asset.
standards and amendments, which are effective for Consolidated financial statements.
statements from the foreign currency into INR.
annual periods beginning on or after 01 April 2023. The residual values, useful lives and methods of
E) Recent Indian Accounting Standards (Ind Capital work-in-progress comprises of property, depreciation of property, plant and equipment are
The Ministry of Corporate Affairs has notified AS) issued not yet effective plant and equipment that are not ready for their reviewed at each financial year end and adjusted
Companies (Indian Accounting Standards) Rules, intended use at the end of reporting period and prospectively. Depreciation is not recorded on
Ministry of Corporate Affairs (“MCA”) notifies new
2015 by issuing the Companies (Indian Accounting are carried at cost comprising direct costs, related capital work-in-progress until construction and
standard or amendments to the existing standards
Standards) Amendment Rules, 2023, applicable incidental expenses, other directly attributable installation is complete and the asset is ready for
under Companies (Indian Accounting Standards)
from 01 April 2023, as below: costs and borrowing costs. its intended use.
Rules as issued from time to time. On 31 March
2024, MCA has not notified any new standards or An item of property, plant and equipment and any Advances paid towards the acquisition of property,
(i) Definition of Accounting Estimates -
amendments to the existing standards applicable significant part initially recognised is derecognised plant and equipment outstanding at each Balance
Amendments to Ind AS 8:
to the Group. upon disposal or when no future economic benefits Sheet date is classified as capital advances under
The amendments to Ind AS 8 clarify the
F) The material accounting policy information used are expected from its use or disposal. Gains or losses other non-current assets and the cost of assets not
distinction between changes in accounting
in preparation of the consolidated financial arising from derecognition of property, plant and ready to use before such date are disclosed under
estimates, changes in accounting policies and
statements have been discussed in the respective equipments are measured as the difference between ‘Capital work-in-progress’.
the correction of errors. They also clarify how
notes. the net disposal proceeds and the carrying amount
entities use measurement techniques and Borrowing costs directly attributable to the
of the asset and are recognised in the Statement
inputs to develop accounting estimates. The acquisition, construction or production of qualifying
of Profit & Loss under ‘Other expenses’ or ‘Other
amendments had no impact on the Group 3. Property, plant and equipment income’ when the asset is derecognised.
assets are capitalised as part of the cost of the
Consolidated financial statements. respective asset. Borrowing cost incurred for
Accounting policy
Depreciation on Property, plant and equipment’s is constructed assets is capitalised up to the date
(ii) Disclosure of Accounting Policies - Property, plant and equipment are stated at calculated on pro rata basis on straight-line method by which asset is ready for its intended use, based
Amendments to Ind AS 1: cost, net of accumulated depreciation (other using the management assessed useful lives of the on borrowings incurred specifically for financing
than freehold land) and impairment losses, if any. assets which is in line with the manner prescribed in the asset or the weighted average rate of all other
The amendments to Ind AS 1 provided guidance
The cost comprises purchase price, borrowing Schedule II of the Companies Act, 2013. The useful borrowings, if no specific borrowings have been
and examples to help entities apply materiality
costs if capitalisation criteria are met and directly life is as follows: incurred for the asset. All other borrowing costs are
judgements to accounting policy disclosures.
attributable cost of bringing the asset to its working expensed in the period they occur.
The amendments aim to help entities provide
condition for the intended use. Capitalisation of Assets Useful life
accounting policy disclosures that are more
costs in the carrying amount of property, plant and Buildings 30-60 years
useful by replacing the requirement for entities
equipment ceases when the item is in the location Plant and equipments 3-15 years
to disclose their ‘significant’ accounting policies
and condition necessary for it to be capable of Electrical installations 10 years
with a requirement to disclose their ‘material’
operating in the manner intended by the Group. Any
accounting policies and adding guidance on Furniture and fixtures 10 years
trade discounts and rebates are deducted in arriving
how entities apply the concept of materiality Office equipments 3-6 years
at the purchase price.
in making decisions about accounting policy Windmill 22 years
disclosures. The amendments had an impact Subsequent expenditure related to an item of
Vehicles 8-10 years
on the Group disclosures of accounting policies, property, plant and equipment is added to its book
but not on the measurement, recognition value only if it increases the future benefits from Leasehold land and Lower of useful life of the
improvements asset or lease term
or presentation of any items in the Group the existing asset beyond its previously assessed
Consolidated financial statements. standard of performance. Incomes and expenses
316 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 317

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
 The changes in the carrying value of Property, plant and equipment for the year ended 31 March 2024 are Notes:
as follows: (a) Capital work in progress includes machinery in transit H 394.91 million (31 March 2023: H 193.97 million).
(H million) (b) All property, plant and equipment are held in the name of the Group, except which are shown below:
Furniture Capital
Freehold Plant and Electrical Office Lease-hold
Buildings and Windmill Vehicles Total Work in
land equipments installations
fixtures
equipments improvements
progress As at 31 March 2024
Gross carrying value Whether title deed holder
(at cost) Gross carrying is a promoter, director Reason for not
Description of item Property held
As at 01 April 2023 1,091.24 12,580.52 15,279.34 1,220.92 302.95 637.52 295.04 48.01 5.88 31,461.42 2,507.67 Held in the name of value or relative of promoter / being held in the
of property since which date
(J million) director or employee of name of the Group
Additions 93.10 1,063.93 2,566.94 514.28 68.83 234.48 - 5.00 - 4,546.56 6,952.04 promoter/director
Transfer - (830.34) - - - - - - - (830.34) (3,675.25) Freehold land- Dinesh Gupta 1.42 No 2008 Mutation is in
Disposals/ - - (18.45) - (1.21) (5.22) - (1.02) - (25.90) - Daman process
Adjustments
As at 31 March 2024 1,184.34 12,814.11 17,827.83 1,735.20 370.57 866.78 295.04 51.99 5.88 35,151.74 5,784.46
Accumulated
As at 31 March 2023
depreciation Whether title deed holder
As at 01 April 2023 - 1,971.49 8,309.90 498.46 110.44 316.02 125.74 21.52 3.57 11,357.14 - Gross carrying is a promoter, director Reason for not
Description of item Property held
Held in the name of value or relative of promoter / being held in the
Depreciation charge - 407.12 1,524.16 116.63 25.91 111.68 15.72 4.99 0.54 2,206.75 - of property since which date
(J million) director or employee of name of the Group
for the year promoter/director
Disposals/Adjustment - (67.36) (16.06) - (0.43) (4.90) - (0.97) - (89.72) - Freehold land- Dinesh Gupta 1.42 No 2008 Mutation is in
As at 31 March 2024 - 2,311.25 9,818.00 615.09 135.92 422.80 141.46 25.54 4.11 13,474.17 - Daman process
Net carrying value
As at 31 March 2024 1,184.34 10,502.86 8,009.83 1,120.11 234.65 443.98 153.58 26.45 1.77 21,677.57 5,784.46 (c) Title deed is in dispute for freehold land amounting to H 10.48 million (31 March 2023: H 10.48 million) and is
pending resolution with government authority at Gujarat.
The changes in the carrying value of Property, plant and equipment for the year ended 31 March 2023 are (d) CWIP aging schedule as at 31 March 2024
as follows:
(H million)
(H million) Less than More than
1-2 years 2-3 years Total
1 year 3 years
Furniture Capital
Freehold Plant and Electrical Office Lease-hold
land
Buildings
equipments installations
and
equipments
Windmill Vehicles
improvements
Total Work in Projects in progress
fixtures progress
Cable & Wire Projects 4,069.70 513.12 11.11 - 4,593.93
Gross carrying value
(at cost) FMEG Projects 430.73 48.60 44.69 - 524.02
As at 01 April 2022 1,098.98 9,124.07 13,439.50 1,043.47 208.59 464.95 295.04 55.87 5.76 25,736.23 3,754.50 Other Projects 534.97 59.75 71.79 - 666.51
Additions 18.47 3,539.30 1,937.83 177.45 94.36 181.91 - 9.49 0.12 5,958.93 3,948.42 5,035.40 621.47 127.59 - 5,784.46
Transfer - - 5.58 - - (0.64) - (7.99) - (3.05) (5,195.25)
Disposals/ (26.21) (82.85) (103.57) - - (8.70) - (9.36) - (230.69) - CWIP aging schedule as at 31 March 2023
Adjustments
(H million)
As at 31 March 2023 1,091.24 12,580.52 15,279.34 1,220.92 302.95 637.52 295.04 48.01 5.88 31,461.42 2,507.67
Less than More than
Accumulated 1-2 years 2-3 years Total
1 year 3 years
depreciation
Projects in progress
As at 01 April 2022 - 1,643.03 7,026.79 408.27 91.41 257.57 110.02 25.94 2.96 9,565.99 -
Cable & Wire Projects 1,182.61 409.51 19.73 91.01 1,702.85
Depreciation charge - 338.91 1,375.30 90.19 19.03 67.15 15.72 5.53 0.61 1,912.44 -
for the year FMEG Projects 575.89 86.44 2.34 - 664.67
Disposals/Adjustment - (10.45) (92.19) - - (8.70) - (9.95) - (121.29) - Other Projects 125.43 9.71 3.50 1.51 140.15
As at 31 March 2023 - 1,971.49 8,309.90 498.46 110.44 316.02 125.74 21.52 3.57 11,357.14 - 1,883.92 505.66 25.57 92.52 2,507.67
Net carrying value
As at 31 March 2023 1,091.24 10,609.03 6,969.44 722.46 192.51 321.50 169.30 26.49 2.31 20,104.28 2,507.67 For the purpose of this disclosure, the Group has identified project as the smallest group of assets having a
common intended use.
318 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 319

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
(e) Direct capitalisation of Property, Plant and equipments during the year are given as under: (H million)
Land Total
(H million)
Accumulated depreciation
Furniture
Freehold Plant and Electrical Office Lease-hold
Buildings and Windmill Vehicles Total As at 01 April 2023 - -
land equipments installations equipments Improvements
fixtures
Depreciation charge for the year - -
FY 2023-24 93.10 3.26 610.33 11.18 28.97 119.45 - 5.00 - 871.29
Disposals/Adjustment - -
FY 2022-23 18.47 432.03 223.36 8.27 22.47 49.57 - 9.49 - 763.67
As at 31 March 2024 - -
Net carrying value
(f) Transfer to Investment Property Under Construction future undetermined use. Though the Company
As at 31 March 2024 762.98 762.98
as on 31 March 2024 of net amount H 762.98 million measures investment property using cost-based
(31 March 2023: Nil) (Refer note 4). measurement, the fair value of investment property
is disclosed in the notes. Fair values are determined The Parent Company’s investment properties 5. Right of use assets
(g) In CWIP completion schedule: there is no significant consist of vacant land (including incidental vacant
based on an annual evaluation performed by an Accounting policy
overdue or cost exceeding compared to its building on it) in Mumbai. Management determined
accredited external independent valuer applying a
original plan that the investment properties consist of one class i The Group as a lessee
valuation model.
(h) 
A ssets pledged and hypothecated against based on the nature, characteristics and risks of The Group lease asset classes primarily consist
Investment properties are derecognised either the property. of leases for land and buildings. The Group
borrowings- Refer note 19
when they have been disposed of or when they are assesses whether a contract contains a lease,
(i) No proceedings have been initiated or are pending permanently withdrawn from use and no future On 31 March 2024, the Parent Company transferred
at inception of a contract. A contract is, or
against the Group for holding any benami property economic benefit is expected from their disposal. H 762.98 million from property, plant and equipment
contains, a lease if the contract conveys the
under the Benami Transactions (Prohibition) Act, The difference between the net disposal proceeds (Refer note 3) based on the then intention of the
right to control the use of an identified asset for
1988 (45 of 1988) and rules made thereunder. and the carrying amount of the asset is recognised management, to investment property under
a period of time in exchange for consideration.
in profit or loss in the period of derecognition. construction, since the property is held for a
(j) For capital expenditures contracted but not incurred To assess whether a contract conveys the
In determining the amount of consideration currently undetermined future use.
- Refer note 37(B). right to control the use of an identified asset,
from the derecognition of investment property, The Parent Company has no restrictions on the the Group assesses whether: (i) the contract
the Parent Company considers the effects of realisability of its investment properties and no involves the use of an identified asset (ii) the
4. Investment Property Under variable consideration, existence of a significant contractual obligations to purchase, construct Group has substantially all of the economic
Construction financing component, non-cash consideration, and or develop investment properties or for repairs, benefits from use of the asset through the
Accounting policy consideration payable to the buyer (if any). maintenance and enhancements. Fair value period of the lease and (iii) the Group has the
Investment properties that are not intended to be Transfers are made to (or from) investment property hierarchy disclosures for investment properties are right to direct the use of the asset.
occupied substantially for use by, or in the operations only when there is a change in use. If owner- in Note 41B .
At the date of commencement of the lease, the
of the Parent Company have been considered as occupied property becomes an investment property, In accordance with Ind AS 113, the fair value of Group recognises a right-of-use asset (ROU)
investment property. Investment properties are the Parent Company accounts for such property in investment property is determined by the Parent and a corresponding lease liability for all lease
measured initially at cost, including transaction accordance with the policy stated under property, Company at H 847.00 million following the risk- arrangements in which it is a lessee, except
costs. Subsequent to initial recognition, investment plant and equipment up to the date of change adjusted discounted cash flow method and leases with a term of twelve months or less
properties are stated at cost less accumulated in use. based on Level 3 inputs from an independent (short-term leases), variable lease and leases
depreciation and accumulated impairment loss, if accredited valuation expert, as defined under rule with low value assets. For these short-term,
The Parent Company depreciates its investment
any. The Company does not charge depreciation 2 of Companies (Registered Valuers and Valuation) variable lease and low value leases, the Group
properties over the useful life which is similar to that
to investment property land which is held for Rules, 2017, with relevant valuation experience for recognises the lease payments as an operating
of property, plant and equipment
similar properties. The fair valuation is mainly based expense on a straight-line basis over the term
(H million) on location and locality, current real estate prices in of the lease.
Land Total the active market for similar properties. The main
The estimated useful life of the right-of-use
Gross carrying value (at cost) inputs used are area, location, construction cost,
assets are determined on the same basis as
As at 01 April 2023 - demand, weighted-average cost of capital and trend
those of property, plant and equipment.
of real estate market at the location. As at 31 March
Additions 762.98 762.98
2024, the fair value of the properties are based on Certain lease arrangements include the options
Transfer - - valuations performed by Bharat Shah & Associates, to extend or terminate the lease before the
Disposals/Adjustments - - an accredited independent registered valuer. end of the lease term. ROU assets and lease
As at 31 March 2024 762.98 762.98
320 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 321

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
liabilities includes these options when it is (H million) The Group does not face a significant liquidity risk
iii Finance lease
reasonably certain that they will be exercised. Category of ROU asset with regard to its lease liabilities as the current
The Group has entered into land lease Total
Leasehold
Buildings
assets are sufficient to meet the obligations related
The right-of-use assets are initially recognised at arrangement at various locations. Terms of Land to lease liabilities as and when they fall due.
cost, which comprises the initial amount of the such lease ranges from 30-90 years. In case Gross carrying value
lease liability adjusted for any lease payments of lease of land for 90 years and above, it is As at 01 April 2022 41.74 486.50 528.24 The following are the amounts recognised in profit
made at or prior to the commencement date likely that such leases meet the criteria that at Additions - 173.44 173.44 or loss:
of the lease plus any initial direct costs less the inception of the lease the present value of Disposals - (138.38) (138.38) (H million)
any lease incentives. They are subsequently the minimum lease payments amounts to at As at 31 March 2023 41.74 521.56 563.30 31 March 31 March
measured at cost less accumulated depreciation least substantially all of the fair value of the Accumulated 2024 2023
and impairment losses. leased asset. depreciation Depreciation expense of 191.10 132.83
As at 01 April 2022 1.42 175.46 176.88 right-of-use assets
Right-of-use assets are depreciated from the
iv Others Depreciation charge 0.54 132.29 132.83 Interest expense on lease liabilities 42.40 32.86
commencement date on a straight-line basis
The following is the summary of practical for the year
over the shorter of the lease term and useful Interest income on fair value of (2.93) (2.64)
expedients elected on initial application: Disposals - (108.23) (108.23)
life of the underlying asset. security deposit
As at 31 March 2023 1.96 199.52 201.48
(a) Applied a single discount rate to a portfolio Expense relating to short-term 57.44 43.15
The lease liability is initially measured at Net carrying value
leases (included in other expenses)
amortised cost at the present value of the of leases of similar assets in similar As at 31 March 2023 39.78 322.04 361.82
economic environment with a similar Expense relating to leases of 0.17 7.69
future lease payments. The lease payments
end date low-value assets (included in other
are discounted using the interest rate implicit The following is the break-up of current and expenses)
in the lease or, if not readily determinable, (b) Applied the exemption not to recognise non-current lease liabilities for the year ended
Variable lease payments (included 2.04 6.25
using the incremental borrowing rates in the right-of-use assets and liabilities for short- 31 March 2024 in other expenses)
country of domicile of these leases. Lease (H million)
term leases, variable lease and leases of 290.22 220.14
liabilities are remeasured with a corresponding low value assets. 31 March 31 March
2024 2023
adjustment to the related right of use asset if
(c) Excluded the initial direct costs from the Non-current lease liabilities 244.96 224.33 Lease contracts entered by the Group majorly
the Group changes its assessment if whether
measurement of the right-of-use asset at pertains for warehouse taken on lease to conduct
it will exercise an extension or a termination Current lease liabilities 468.23 138.96
the date of initial application. its business in the ordinary course. The Group does
option. In addition, the carrying amount of 713.19 363.29 not have any lease restrictions and commitment
lease liabilities is remeasured if there is a Following are the changes in the carrying value of towards variable rent as per the contract.
modification, a change in the lease term, a right of use for the year ended 31 March 2024 The following is the movement in lease liabilities for
change in the lease payments (e.g., changes the year ended 31 March 2024 The Group had total cash outflows for leases of
to future payments resulting from a change in (H million) (H million) H 248.44 million in 31 March 2024 (H 159.69 Million in
an index or rate used to determine such lease Category of ROU asset 31 March 31 March 31 March 2023).
payments) or a change in the assessment of an Leasehold Total 2024 2023
Buildings
option to purchase the underlying asset. Land Balance at the beginning of 363.29 350.13 Group as a lessor
Gross carrying value the year Future undiscounted minimum rentals receivable
Lease liability and ROU assets have been
As at 01 April 2023 41.74 521.56 563.30 Additions 570.73 169.53 under non-cancellable operating leases as at 31
separately presented in the Balance Sheet
and lease payments have been classified as Additions 2.80 569.76 572.56 Finance cost incurred during 42.40 32.85 March 2024 are as follows:
the year
financing cash flows. The Company has used a Disposals - (107.09) (107.09) (H million)
single discount rate to a portfolio of leases with Deletions (14.79) (29.53)
As at 31 March 2024 44.54 984.23 1,028.77 31 March 31 March
similar characteristics. Accumulated
Payment of lease liabilities (248.44) (159.69) 2024 2023

depreciation 713.19 363.29 Less than one year 9.81 16.17

ii The Group as a lessor As at 01 April 2023 1.96 199.52 201.48 One to five years 7.69 9.12
Leases for which the Group is a lessor is Depreciation charge 0.49 190.61 191.10 The table below provides details regarding the More than five years - -
classified as a finance or operating lease. For for the year contractual maturities of lease liabilities of non- 17.50 25.29
operating leases, rental income is recognised Disposals - (92.07) (92.07) cancellable contractual commitments as on an
on a straight line basis over the term of the undiscounted basis.
As at 31 March 2024 2.45 298.06 300.51
relevant lease. (H million) 6. Intangible assets
Net carrying value
As at 31 March 2024 42.09 686.17 728.26
31 March 31 March A Goodwill
2024 2023
Accounting policy
Less than one year 230.04 164.77
One to five years 511.24 249.43 Goodwill is measured at cost, being the excess of
the aggregate of the consideration transferred, the
More than five years 188.86 7.56
amount recognised for non-controlling interests, and
930.14 421.76 any previous interest held, over the net identifiable
assets acquired and liabilities assumed.
322 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 323

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
After initial recognition, goodwill is measured Assets Useful life feasible, future economic benefits are probable, and 2023 H 191.86 million) which have been charged to
at cost less any accumulated impairment losses Computer software 3 year the Group intends to and has sufficient resources to the respective revenue accounts.
or the purpose of impairment testing, goodwill complete development and to use or sell the asset.
Technical Know-how 5 year
acquired in a business combination is, from the Otherwise, it is recognised in Statement of profit or iv. De-recognition of other intangible assets
Brand 10 year
acquisition date, allocated to each of the Group’s loss as incurred. Subsequent to initial recognition, Other intangible asset is derecognised on disposal
cash-generating units that are expected to benefit the asset is measured at cost less accumulated or when no future economic benefits are expected
from the combination, irrespective of whether other The residual values, useful lives and methods amortisation and any accumulated impairment from use. Gains or losses arising from derecognition
assets or liabilities of the acquiree are assigned to of amortisation of Other intangible assets losses, if any. During the year, the Company has of an intangible asset is calculated as the difference
those units. are reviewed at each financial year end and incurred Capital R&D expenditure amounting to between the net disposal proceeds and the carrying
adjusted prospectively. H 27.83 million (31 March 2023 H 150.95 million)
A cash generating unit to which goodwill has been amount of the asset. Such gains or losses is
which have been included in property, plant and recognised in the statement of profit and loss under
allocated is tested for impairment annually, or more ii. Intellectual Property equipment. Further, Revenue R&D expenditure ‘Other expenses’ or ‘Other income’.
frequently when there is an indication that the unit
Brands/trademarks acquired separately are incurred amounting to H 232.45 million (31 March
may be impaired. If the recoverable amount of the
measured on initial recognition at the fair value of
cash generating unit is less than its carrying amount,
consideration paid. Following initial recognition, The changes in the carrying value of other intangible assets for the year ended 31 March 2024 are as follows:
the impairment loss is allocated first to reduce the
brands/trademarks are carried at cost less any (H million)
carrying amount of any goodwill allocated to the
accumulated amortisation and impairment losses, Technical Computer
unit and then to the other assets of the unit pro-rata Brand Total
if any. A brand/trademark acquired as part of a Knowhow Software
based on the carrying amount of each asset in the
business combination is recognised outside goodwill, Gross carrying value (at cost)
unit. Any impairment loss for goodwill is recognised
at fair value at the date of acquisition, if the asset is As at 01 April 2023 218.85 46.35 129.87 395.07
in profit or loss. An impairment loss recognised for
separable or arises from contractual or other legal
goodwill is not reversed in subsequent periods. Additions - - 55.64 55.64
rights and its fair value can be measured reliably.
The useful lives of brands/trademarks are assessed Disposals/ Adjustments - - - -
(H million)
to be either finite or indefinite. The assessment As at 31 March 2024 218.85 46.35 185.51 450.71
Year ended Year ended
31 March 2024 31 March 2023 includes whether the brand/trademark name will Accumulated amortisation
Goodwill 46.22 46.22 continue to trade and the expected lifetime of As at 01 April 2023 117.83 10.82 109.34 237.99
the brand/trademark. Amortisation is charged on Amortisation charge for the year 27.28 4.64 20.63 52.55
Based on the results of the Goodwill impairment assets with finite lives on a straight-line basis over
As at 31 March 2024 145.11 15.46 129.97 290.54
test, the estimated value in use in all CGUs were a period appropriate to the asset’s useful life. The
carrying values of brands/trademarks with finite Net carrying value
higher than their respective carrying amount, hence
and indefinite lives are reviewed for impairment As at 31 March 2024 73.74 30.89 55.54 160.17
impairment provision recorded during the current
year is H Nil (31 March 2023 - H Nil). Management when events or changes in circumstances indicate
believes that any reasonably possible change in that the carrying value may not be recoverable. The The changes in the carrying value of Other intangible assets for year ended 31 March 2023 are as follows:
the key assumptions on which recoverable amount Group does not have any brands/ trademarks with (H million)
is based would not cause the aggregate carrying indefinite useful lives. Technical Computer
Brand Total
amount to exceed the aggregate recoverable Knowhow Software
The Group owns 283 number as on 31 March 2023
amount of the Goodwill. (167 number as on 31 March 2023) registered Gross carrying value (at cost)
trademarks pertaining to Brand, Sub-brands and As at 01 April 2022 218.85 46.35 109.82 375.02
B Other Intangible Assets Designs in India. The Group has also entered into Additions - - 20.05 20.05
Accounting policy royalty agreements with few companies for use of As at 31 March 2023 218.85 46.35 129.87 395.07
i. Other intangible assets acquired separately Polycab brand on specific products and charges fees Accumulated amortisation
for the same. These intellectual property and royalty
Other intangible assets acquired are reported at cost As at 01 April 2022 85.20 6.18 100.24 191.62
income are solely owned and earned by the Group
less accumulated amortisation and accumulated Amortisation charge for the year 32.63 4.64 9.10 46.37
and is not shared with any stakeholder. Intellectual
impairment losses, if any. The cost comprises As at 31 March 2023 117.83 10.82 109.34 237.99
Property has not been capitalised in the books as it
purchase price, borrowing costs if capitalisation
does not meet the recognition criteria in Ind AS 38. Net carrying value
criteria are met and directly attributable cost of
bringing the asset to its working condition for the As at 31 March 2023 101.02 35.53 20.53 157.08
iii. Research and development expenditure
intended use. Note: The Other intangible assets include license and software of Gross carrying amount of H 107.39 million
Expenditure on research and development activities
Amortisation on other intangible assets is calculated (31 March 2023 H 92.78 million) which has been fully amortised over the past periods and are being used by
is recognised in the Statement of Profit and Loss as
on pro rata basis on straight-line method using the Group.
incurred. Development expenditure is capitalised as
the useful lives of the assets and in the manner part of cost of the resulting other intangible asset
prescribed in Schedule II of the Companies Act, only if the expenditure can be measured reliably, the
2013. The useful life is as follows: product or process is technically and commercially
324 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 325

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

7. Investment Equity method: At each reporting date, the Group determines Business combination among entities under
whether it is necessary to recognise an impairment common control:
Accounting policy Under the equity method, the investment in joint
loss on its investment in its joint venture. The Group
Investment in subsidiaries and joint ventures venture is initially recognised at cost and adjusted 
Business combination involving entities or
determines whether there is objective evidence that
thereafter to recognise the Group’s share of the businesses under common control is accounted for
The Company considers an investee company as a the investment in the joint venture is impaired. If
post-acquisition profits or losses of the investee using the pooling of interest method. Under pooling
subsidiary company when it controls the investee there is such evidence, the Group calculates the
in Group’s profit and loss, and the Group’s share of interest method, the assets and liabilities of
company. Control is achieved when the Company is amount of impairment as the difference between
of other comprehensive income of the investee in combining entities are reflected at their carrying
exposed, or has rights, to variable returns from its the recoverable amount of the joint venture
Group’s other comprehensive income. amount and no adjustments are made to reflect
involvement with the investee and has the ability and its carrying value, and then recognises the
fair values.
to affect those returns through its power over the On acquisition of the investment in an associate loss as ‘Share of profit of a joint venture’ in the
investee. Specifically, the Company controls an or a joint venture, any excess of the cost of the Consolidated Statement of Profit and Loss.
Non-controlling interests:
investee if, and only if, the Company has: investment over the Group’s share of the net fair Goodwill relating to the joint venture is included in
value of the identifiable assets and liabilities of the the carrying amount of the investment is not tested 
Non-controlling interests that are present
• Power over the investee (i.e., existing rights that ownership interests and entitle their holders to a
investee is recognised as goodwill, which is included for impairment individually.
give it the current ability to direct the relevant proportionate share of the entity’s net assets in the
within the carrying amount of the investment. Any
activities of the investee) Upon loss of joint control over the joint venture, event of liquidation may be initially measured either
excess of the Group’s share of the net fair value of
the Group measures and recognises any retained at fair value or at the non-controlling interests’
• Exposure, or rights, to variable returns from its the identifiable assets and liabilities over the cost of
investment at its fair value. Any difference between proportionate share of the recognised amounts of
involvement with the investee the investment, after reassessment, is recognised
the carrying amount of the joint venture upon loss the acquiree’s identifiable net assets. The choice of
directly in equity as capital reserve in the period in
• The ability to use its power over the investee to of joint control and the fair value of the retained measurement basis is made on a transaction-by-
which the investment is acquired.
affect its returns investment and proceeds from disposal is recognised transaction basis. Other types of non-controlling
In addition, when there has been a change in profit or loss. interests are measured at fair value or, when
A joint venture is a type of joint arrangement
recognised directly in the equity of the joint venture, applicable, on the basis specified in another Ind AS.
whereby the parties that have joint control of the
the Group recognises its share of any changes,
arrangement have rights to the net assets of the
when applicable, in the Consolidated Statement of
joint venture. Joint control is the contractually A Non-current investments
Changes in Equity. Unrealised gains resulting from
agreed sharing of control of an arrangement,
transactions between the Group and the associate (H million)
which exists only when decisions about the relevant
or joint venture are eliminated to the extent of the Face Value 31 March 31 March
activities require unanimous consent of the parties Number Number
Group’s interest in the associate or joint venture. Per Unit 2024 2023
sharing control.
Unrealised losses are also eliminated unless the Investments carried at amortised cost (Unquoted)
The considerations made in determining whether transaction provides evidence of an impairment of Investment in Equity Instruments of Joint Venture
significant influence or joint control are similar the asset transferred. (Fully paid-up)
to those necessary to determine control over Techno Electromech Private Limited 4,040,000 - 4,040,000 92.63
When the Group’s share of losses of a joint venture H 10
the subsidiaries.
exceeds the Group’s interest in that associate or Add: Share in current period profit/(loss) - (92.63)
Investments in subsidiaries and joint ventures are joint venture (which includes any long-term interests Aggregate amount of unquoted investments - -
carried at cost less accumulated impairment losses, that, in substance, form part of the Group’s net
Aggregate amount of impairment value of investments - -
if any. Where an indication of impairment exists, investment in the associate or joint venture), the
the carrying amount of the investment is assessed. Group discontinues recognising its share of further
Where the carrying amount of an investment is losses. Additional losses are recognised only to Details of the Group’s Joint Ventures at the end of the reporting period are as follows:
greater than its estimated recoverable amount, it is the extent that the Group has incurred legal or
(H million)
written down immediately to its recoverable amount constructive obligations or made payments on
Proportion of ownership interest(%)
and the difference is recognised in the Statement behalf of the associate or joint venture. The Group Name of the Joint Ventures Nature of Business
31 March 2024 31 March 2023
of Profit and Loss. On disposal of investment, the resumes recognising its share of profits only after
difference between the net disposal proceeds and its share of the profits equals the share of losses Techno Electromech Private Manufacturing of light emitting diodes, lighting 50% 50%
Limited, India and luminaires, and LED drivers.
the carrying amount is charged or credited to the not recognised.
Statement of Profit and Loss under ‘Other Income’ Note:
The aggregate of the Group’s share of profit
or ‘Other Expenses’.
or loss of a joint venture is shown on the face of (i) The Group has entered into Joint venture agreements with the co-venturer and hence the investment in the
Interests in joint ventures are accounted for using the Consolidated Statement of Profit and Loss. above entity is treated as Joint Venture. Both the venturers have joint control on the entities. Accordingly,
the equity method of accounting, after initially The Financial Statements of the joint venture are the Group has consolidated the above Joint Ventures using equity method.
being recognised at cost. prepared for the same reporting period as the
Group. When necessary, adjustments are made to (ii) The joint venture has accumulated losses as at 31 March 2024. The Group has recognised its share of
bring the accounting policies in line with those of losses upto the aggregate of its investments in shares in the joint venture in previous year. The Group
the Group. has discontinued recognising its share of further losses in absence of any legal or constructive obligations
towards the joint venture. Unrecognised share of the Group’s loss is H 16.43 million for the year ended
31 March 2024 (for the year ended 31 March 2023: H 44.35 million).
326 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 327

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

Summarised financial information of Joint Ventures: (iii) Refer note 48 for scheme of amalgamation between the Company and Silvan Innovation Labs Private Limited.
The summarised financial information below represents the amount shown in the Joint Venture’s financial (iv) On 29 June 2023, the Company acquired additional 25,000 shares at face value of H10 each of Steel Matrix
statements prepared in accordance with Ind AS adjusted by the Group for equity accounting purposes. Private Limited for a purchase consideration of H 0.25 Million making it a wholly owned subsidiary of the Company.

(H million)
B Current Investments
TEPL
(H million)
31 March 2024 31 March 2023
31 March 2024 31 March 2023
Non-current Assets 601.20 567.96
Investments measured at FVTPL (Quoted)
Current Assets 1,030.10 847.79
Held for sale
Non-current Liabilities (186.73) (118.91)
Investments in debt mutual funds 18,224.17 13,504.95
Current Liabilities (1,558.49) (1,377.91)
18,224.17 13,504.95
Net Assets (113.92) (81.07)
Aggregate amount of quoted investments – At cost 18,110.54 13,456.13
Proportion of the Group’s ownership 50% 50%
Aggregate amount of quoted investments – At market value 18,224.17 13,504.95
Group’s share of net assets (56.96) (40.53)
Note:
Summarised statement of profit and loss of the joint ventures: (a) Refer note 41 for accounting policies on financial instruments for methods of valuation.
(H million) (b) The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year ended
TEPL 31 March 2024 (31 March 2023: Nil).
31 March 2024 31 March 2023
Revenue 2,320.82 1,949.00
8. Trade receivables
Cost of raw material and components consumed (1,810.26) (1,759.17)
(H million)
Depreciation & amortisation (32.84) (32.52)
31 March 2024 31 March 2023
Finance cost (46.60) (52.44)
Unsecured (at amortised cost)
Employee benefit (87.93) (87.99)
Non Current
Other expense (379.64) (272.41)
Trade receivables – Considered Good (Unsecured) 1,190.70 526.37
Loss before tax (36.45) (255.53)
Non-current Trade receivables 1,190.70 526.37
Tax expense - (19.07)
Current
Loss for the year (36.45) (274.60)
Trade receivables – Considered Good (Unsecured) 20,474.75 13,139.95
Other comprehensive (income)/expense for the year 3.59 0.65
Trade receivables – Credit Impaired 317.48 455.61
Total comprehensive income for the year (32.86) (273.95)
Receivables from related parties- Considered Good (Unsecured) (Refer note – 38) 1,031.62 33.48
Group's share of Loss for the year (16.43) (136.98)
Trade receivables (Gross) 21,823.85 13,629.04
Share of loss of joint ventures (Net of tax) carried over to Statement of Profit and Loss (16.43) (136.98)
Less: Impairment allowance for trade receivables (1,352.68) (1,163.08)
Share of loss restricted to investment value (Refer note above) - (92.63)
Current Trade receivables (Net) 20,471.17 12,465.96
Reconciliation of the above mentioned summarised financial information to the carrying
amount of interest in the Joint Venture recognised in consolidated financial statements
Group's Share of net assets as above (56.96) (40.53)
Elimination of unrealised profit from transaction with joint ventures 56.96 40.53
Amounts Carried to Balance Sheet - -

Notes:
(a) Refer note 37(B) for uncalled capital commitments outstanding.
(b) The Parent Company has no contingent liabilities or capital commitments relating to its interest in joint
ventures as at 31 March 2023 except the corporate guarantee provided to bank against the borrowing (Refer
note 37A). Joint ventures can not distribute the profits until they obtain consent from the venture partners.
328 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 329

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
The following table summarises the change in impairment allowance measured using the life time expected As at 31 March 2023
credit loss model:
Outstanding for following periods from due date of payment
(H million) Not due Less than 6 months More than TOTAL
1-2 years 2-3 years
31 March 2024 31 March 2023 6 months to 1 year 3 years

At the beginning of year 1,163.08 1,249.16 (i) Undisputed Trade Receivables - 9,441.77 2,729.66 241.27 537.14 100.68 122.40 13,172.92
considered good
Additions on account of merger with Silvan Innovation Labs Private Limited 1.86 -
(ii) Undisputed Trade Receivables - - - - 0.07 75.92 111.84 187.83
Provision during the year 304.08 (31.16) Credit Impaired
Bad debts written off (net) (116.34) (54.92) (iii) Disputed Trade Receivables - - 0.02 - 0.46 - 0.03 0.51
At the end of the year 1,352.68 1,163.08 considered good
(iv) Disputed Trade Receivables - - - - - 15.00 252.78 267.78
Notes:- Credit Impaired
(a) Trade receivables are usually non-interest bearing and are generally on credit terms up to 90 days except 9,441.77 2,729.68 241.27 537.67 191.60 487.05 13,629.04
EPC business. The Group’s term includes charging of interest for delayed payment beyond agreed credit Less: Impairment allowance for (1,163.08)
days. Group entities charges interest for delayed payments in certain cases depending on factors, such trade receivables
as, market conditions and past realisation trend. Total Current trade receivable 12,465.96
(b) For EPC business trade receivables are non-interest bearing and credit terms are specific to contracts.
(c) For explanations on the Group’s credit risk management processes, refer note 42(B) 9. Cash and cash equivalents
(d) For trade receivables, the Group applies a simplified approach in calculating Expected Credit Loss (ECL). (H million)
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based 31 March 2024 31 March 2023
on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on At amortised cost
its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the Balances with banks 1,780.16 1,137.41
economic environment.
In current accounts (i) 1,290.10 387.53
(e) Trade receivables have been pledged as security against bank borrowings, the terms relating to which have Deposits with original maturity of less than 3 months (ii) 0.05 2.58
been described in note 19. Cash on hand 3,070.31 1,527.52
(f) Refer note 41 for accounting policies on financial instruments.
(i) There is no repatriation restriction with regard to cash and cash equivalents at the end of reporting period
(g) No trade or other receivables are due from directors or other officers of the Group either severally or jointly and prior periods.
with any other person. Further, no trade or other receivables are due from firms or private companies
(ii) Short-term deposits are made for varying periods of between one day and three months, depending on the
respectively in which any director is a partner, a director or a member. Refer note 38 for the terms and
immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.
conditions pertaining to related party disclosures.
(h) Non-current trade receivables are not due.
10. Bank balance other than cash and cash equivalents
(i) Trade receivables ageing schedule - Current
(H million)

As at 31 March 2024 31 March 2024 31 March 2023

At amortised cost
Outstanding for following periods from due date of payment
Not due Less than 6 TOTAL Deposits with original maturity for more than 3 months but less than 12 months (i) 951.23 5,423.35
6 months More than
1-2 years 2-3 years
months to 1 year 3 years Earmarked balance (ii) 2.04 1.56
(i) Undisputed Trade Receivables - 13,868.48 5,477.54 1,478.68 401.27 208.51 71.78 21,506.26 953.27 5,424.91
considered good
(i) Fixed deposit of H 42.92 million (31 March 2023: H 34.94 million) is restricted for withdrawal, as it is lien
(ii) Undisputed Trade Receivables - - - - 1.71 79.90 44.01 125.62
Credit Impaired against project specific advance.
(iii) Disputed Trade Receivables - - - - 0.03 0.09 (0.00) 0.12 (ii) Earmarked balances with banks relate to unclaimed dividends. (Refer note 23)
considered good
(iv) Disputed Trade Receivables - - - (0.00) 191.85 191.85
considered good
13,868.48 5,477.54 1,478.68 403.01 288.50 307.64 21,823.85
Less: Impairment allowance for (1,352.68)
trade receivables
Total Current trade receivable 20,471.17
330 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 331

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

11. Loans 12. Other financial assets

Loans – Current A Other financial assets – Non-current
(H million)
(H million)
31 March 2024 31 March 2023
31 March 2024 31 March 2023
At amortised cost
Loans Receivables considered good – Unsecured At amortised cost
Loans to related party (Refer note - 38) 100.00 100.00 Unsecured, considered good
Loans to employees 6.26 3.47 Security deposits and Earnest money deposits 57.50 28.49
106.26 103.47 Deposits with bank having maturity period of more than 12 months 58.34 41.91
Others(Refer note below) 195.50 -
Note: Disclosures required by Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 and Section 186 (4) of Companies Act, 2013 as per the standalone financial statement: 311.34 70.40

Note: Others mainly pertains to the premium receivable on EPC contracts which are recognised as per Ind AS
(A) Amount of loans outstanding from Subsidiaries and Joint Venture:
109 at the present value of contractual premiums expected to be collected.
(H million)
Maximum amount
Outstanding as at
Interest outstanding during the year B Other financial assets – current
Rate 31 March 31 March 31 March 31 March
2024 2023 2024 2023 (H million)

(i) Subsidiaries 31 March 2024 31 March 2023

Unsecured, considered good At amortised cost

Polycab Support Force Private Limited 10.25% 5.00 5.00 5.00 12.50 Unsecured, considered good
(has utilised this loan for general corporate purpose) Security deposits and Earnest money deposits (A) 106.12 25.04
Uniglobus Electricals and Electronics Private Limited 10.25% 950.00 - 950.00 56.61
Rental deposits, unsecured, considered good
(has utilised this loan for general corporate purpose)
(ii) Joint Venture Related Parties (Refer note – 38) 6.17 6.17
Unsecured, considered good Others 24.79 23.92
Techno Electromech Private Limited 10.50% 100.00 100.00 100.00 100.00 (B) 30.96 30.09
(has utilised this loan for general corporate purpose) Interest accrued on bank deposits 32.79 149.88
Interest receivables
(B) Amount of loans outstanding from Subsidiaries and Joint Venture: Related Parties (Refer note – 38) 2.62 2.00
(H million) Other than Related Parties 1.29 1.02
31 March 2024 % 31 March 2023 % (C) 36.70 152.90
(i) Subsidiaries Others (Refer (i) below) (D) 138.10 79.52
Unsecured, considered good At FVTPL
Uniglobus Electricals and Electronics Private Limited 950.00 90% - -
Derivative Assets (Refer (ii) below) (E) 23.64 8.36
Polycab Support Force Private Limited 5.00 1% 5.00 5%
(A+B+C+D+E) 335.52 295.91
(ii) Joint Venture
Unsecured, considered good Note:
Techno Electromech Private Limited 100.00 9% 100.00 95%
(i) Others mainly pertains to the premium receivable on EPC contracts which are recognised as per Ind AS
109 at the present value of contractual premiums expected to be collected and the capital debtors.
(C) The Group has complied with the provision section 2(87) of the Companies Act, 2013 read with the Companies
(Restriction on number of Layers) Rules, 2017. (ii) Derivative Assets

(D) The Group has not entered with any Scheme(s) of arrangement in terms of sections 230 to 237 of the Companies (H million)
Act, 2013. 31 March 2024 31 March 2023

(E) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any Embedded derivatives 1.99 -
other sources or kind of funds) by the Group to or in any other person(s) or entity(ies), including foreign entities Foreign exchange forward contract 21.65 8.36
(Intermediaries) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall 23.64 8.36
lend or invest in party identified by or on behalf of the Group (Ultimate Beneficiaries). The Group has not
received any fund from any party(s) (Funding Party) with the understanding that the Group shall whether,
directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Group (Ultimate
Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(F) Loan has been given to related parties are repayable on demand.
332 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 333

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

13. Income taxes Deferred tax liabilities are recognised for all taxable A Income tax expense in the statement of profit and loss comprises:
temporary differences. Deferred tax assets are
Accounting policy (H million)
recognised for deductible temporary differences
Income tax expenses comprise current tax and only to the extent that there is reasonable certainty 31 March 2024 31 March 2023
deferred tax and includes any adjustments related that sufficient future taxable income will be Current tax:
to past periods in current and / or deferred tax available against which such deferred tax assets In respect of current year 5,519.18 4,060.46
adjustments that may become necessary due can be realised. Adjustments of tax relating to earlier years 16.07 0.04
to certain developments or reviews during the
relevant period. Current tax is measured at the The carrying amount of deferred tax assets are 5,535.25 4,060.50
amount expected to be paid to the tax authorities reviewed at each reporting date. The Group writes- Deferred tax:
in accordance with the Income-tax Act, 1961. The tax down the carrying amount of deferred tax asset to Relating to origination and reversal of temporary differences (3.46) 182.25
rates and tax laws used to compute the amount are the extent that it is no longer reasonably certain,
Adjustments of tax relating to earlier years 32.04 (1.05)
those that are enacted or substantively enacted, at as the case may be, that sufficient future taxable
28.58 181.20
the reporting date. income will be available against which deferred
tax asset can be realised. Any such write-down is 5,563.83 4,241.70
Income tax received / receivable pertains to prior reversed to the extent that it becomes reasonably
period recognised when reasonable certainty certain or virtually certain, as the case may be, that
arise for refund acknowledged by the Income- B OCI section - Deferred tax related to items recognised in OCI during the year:
sufficient future taxable income will be available.
tax department. Group periodically evaluates (H million)
positions taken in the tax returns with respect to Deferred tax assets and deferred tax liabilities are
31 March 2024 31 March 2023
situations in which applicable tax regulations are offset when there is a legally enforceable right to set
off assets against liabilities representing current tax Net loss/(gain) on remeasurements of defined benefit plans (22.80) 8.81
subject to interpretation and establishes provisions
and where the deferred tax assets and the deferred Net loss/(gain) on Designated Cash Flow Hedges - (0.15)
where appropriate.
tax liabilities relate to taxes on income levied by the (22.80) 8.66
Management periodically evaluates positions same governing taxation laws.
taken in the tax returns with respect to situations
in which applicable tax regulations are subject to The tax jurisdiction of the Group is India. The C Reconciliation of tax expense and the accounting profit multiplied by Company’s domestic tax rate:
interpretation and considers whether it is probable Group tax return for past years are generally
(H million)
that a taxation authority will accept an uncertain subject to examination by the tax authorities. The
Group has made provisions for taxes basis its best 31 March 2024 31 March 2023
tax treatment. The Group shall reflect the effect
of uncertainty for each uncertain tax treatment by judgement, considering past resolutions to disputed Profit before tax 23,593.00 17,072.60
using either most likely method or expected value matters by adjudicating authorities, prior year Enacted tax rates in India 25.17% 25.17%
method, depending on which method predicts assessments and advice from external experts, if Computed expected tax expenses 5,937.89 4,296.83
better resolution of the treatment. required. The Group believes that its accruals for
Effect of differential tax impact due to the following (tax benefit)/ tax expenses:
tax liabilities are adequate for all open tax years
CSR expenses 66.53 57.53
based on its assessment of many factors, including
interpretations of tax laws and prior experience. Deferred government grants (47.05) (35.29)
Others (441.65) (76.36)
Adjustments of tax relating to earlier years 48.11 (1.01)
5,563.83 4,241.70

D The details of tax assets / (liabilities)

(H million)
31 March 2024 31 March 2023
Non-current tax assets (net of provision for taxation) 297.08 251.89
Current tax liabilities (net of advance tax) (125.44) (288.17)
Net tax asset / (liability) 171.64 (36.28)
334 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 335

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

E The movement in the net current tax assets/ (liability) H Reconciliation of deferred tax assets/ liabilities (net):
(H million) (H million)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Net current tax asset / (liability) at the beginning of the year (36.28) 319.94 Net deferred tax asset / (liability) at the beginning of the year (409.24) (219.38)
Income tax paid 5,743.16 3,704.28 Tax (income)/expense on adjustment of tax relating to earlier year (32.04) 1.05
Current tax expense (5,519.18) (4,060.46) Tax (income)/expense recognised in profit or loss 3.46 (182.25)
Adjustments of tax relating to earlier years (16.07) (0.04) Tax (income)/expense recognised in OCI 22.80 (8.66)
Net current tax asset / (liability) at the end of the year 171.64 (36.28) Net deferred tax asset / (liability) at the end of the year (415.02) (409.24)

I Details of transaction not recorded in the books of accounts that has been surrendered/ disclosed as income
F The movement in the net deferred tax assets/ (liability)
during the year in the tax assessments (e.g. search) H Nil (31 March 2023: H Nil).
(H million)
J The Group does not have any unrecorded income and assets related to previous years which are required to be
31 March 2024 31 March 2023
recorded during the year.
Deferred tax assets (net) 128.69 13.44
Deferred tax liabilities (net) (543.71) (422.68) K Refer note 49 for Income tax search activity
Net deferred tax asset / (liability) at the end of the year (415.02) (409.24)
14. Other assets
A Other assets – Non-current
G The movement in net deferred tax assets and liabilities
(H million)
For the year ended 31 March 2024
31 March 2024 31 March 2023
(H million) Capital advances
Carrying value as Changes through Changes Carrying value as
Unsecured, considered good 2,272.00 836.82
at 01 April 2023 profit and loss through OCI at 31 March 2024
Unsecured, considered doubtful 6.62 136.62
Deferred tax assets / (liabilities) in relation to
Gross Capital Advances 2,278.62 973.44
Property, plant and equipment and other intangible assets (787.26) (96.67) - (883.93)
Less : Impairment allowance for doubtful advance (Refer note below) (6.62) (136.62)
Provision for employee benefits 109.59 29.40 22.80 161.79
Net Capital Advances (A) 2,272.00 836.82
Receivables, financial assets at amortised cost 264.29 (138.73) - 125.56
Advances other than capital advances
Lease liabilities 3.28 (1.48) - 1.80
Unsecured, considered good
Others 0.86 178.90 - 179.76
Prepaid expenses 87.22 75.74
Total deferred tax assets / (liabilities) (409.24) (28.58) 22.80 (415.02)
Balances with statutory/government authorities 202.54 215.54
(B) 289.76 291.28
The movement in net deferred tax assets and liabilities
(A)+(B) 2,561.76 1,128.10
For the year ended 31 March 2023
Note:
(H million)
Change in impairment allowance for doubtful advances
Carrying value as Changes through Changes Carrying value as
at 01 April 2022 profit and loss through OCI at 31 March 2023 (H million)
Deferred tax assets / (liabilities) in relation to 31 March 2024 31 March 2023
Property, plant and equipment and other intangible assets (679.71) (107.55) - (787.26) At the beginning of year 136.62 6.62
Provision for employee benefits 89.05 29.35 (8.81) 109.59 Provision/(reversal) during the year (130.00) 130.00
Cash flow hedges (0.15) - 0.15 - At the end of the year 6.62 136.62
Receivables, financial assets at amortised cost 310.76 (46.47) - 264.29
Lease liabilities 1.17 2.11 - 3.28
On account of merger with Silvan Innovation Labs 52.37 (52.37) - -
Private Limited (Refer note - 48)
Others 7.13 (6.27) - 0.86
Total deferred tax assets / (liabilities) (219.38) (181.20) (8.66) (409.24)
336 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 337

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

B Other assets - Current 15. Inventories The stocks of scrap materials have been taken at
net realisable value.
(H million) Accounting policy
31 March 2024 31 March 2023 Raw materials, stock in trade, work in progress, Net realisable value is the estimated selling price
Advances other than capital advances finished goods, packing materials, project material in the ordinary course of business, less estimated
Unsecured, considered good for long term contracts, scrap materials and stores costs of completion and estimated costs necessary
Advances for materials and services 3,060.00 2,901.67 and spares are valued at lower of cost or net realisable to make the sale.
Advances for materials and services - related party (Refer note 38) - 169.10 value (“NRV”) after providing for obsolescence and Copper and aluminium is purchased on provisional
Contract asset (Refer below note(a)) other losses, where considered necessary on an item- price with option to fix the purchase price based
Unsecured, considered good 365.59 135.54 by-item basis. However, materials and other items on current or future pricing model based on LME.
Credit impaired 15.23 5.65 held for use in the production of inventories are not Such feature is kept to hedge against exposure in
Less: Impairment allowance for Contract Assets - Credit Impaired (Refer below note (15.23) (5.65) written down below cost if the finished products in the value of inventory of copper and aluminium due
(b)&(c)) which they will be incorporated are expected to be to volatility in copper and aluminium prices. Since,
365.59 135.54 sold at or above cost. the value of the copper and aluminium changes
Others with response to change in commodity pricing
Cost of raw materials, packing materials, and
Unsecured, considered good index, embedded derivatives (ED) is identified
stores and spares is determined on a First In-First
Prepaid expenses 216.50 29.27 and separated from the host contract. The ED so
Out (FIFO) basis and includes all applicable costs,
Balances with statutory/government authorities 3,245.41 2,703.49 separated, is treated like commodity derivative and
including inward freight, incurred in bringing goods
Export incentive receivable 33.67 25.67 qualifies for hedge accounting. These derivatives
to their present location and condition.
Right of return assets (Refer below note (d)) 306.60 286.19 are put into a Fair Value hedge relationship with
7,227.77 6,250.93 Cost of work-in-progress and finished goods respect to unpriced inventory. The Group designates
includes direct materials as aforesaid, direct labour only the spot-to-spot movement of the copper and
Notes:
cost and a proportion of manufacturing overheads aluminium inventory as the hedged risk. The carrying
(a) Reconciliation of Contract assets: based on total manufacturing overheads to raw value of inventory is accordingly adjusted for the
(H million) materials consumed. effective portion of change in fair value of hedging
31 March 2024 31 March 2023 Cost of stock-in-trade includes cost of purchase instrument. Hedge accounting is discontinued when
At the beginning of year 135.54 95.09 and includes all applicable costs, including inward the hedging instrument is settled, or when it no
Unbilled revenue 292.86 153.54 freight, incurred in bringing the inventories at their longer qualifies for hedge accounting or when the
location and condition. Cost is determined on a hedged item is sold (Refer note 43).
Billed to customer (72.39) (106.92)
weighted average basis.
Impairment allowance 9.58 (6.17)
At the end of the year 365.59 135.54 (H million)
31 March 2024 31 March 2023
(b) For contract assets, the Group applies a simplified approach in calculating Expected credit loss (ECL). Raw materials 14,795.56 12,696.99
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based Work-in-progress 3,466.49 2,197.14
on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on
Finished goods 14,378.91 11,090.39
its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the
economic environment. Stock-in-trade 1,188.17 1,743.00
Stores and spares 461.58 340.04
(c) Change in impairment allowance Packing materials 359.12 379.85
(H million) Scrap materials 644.49 432.44
31 March 2024 31 March 2023 Project materials for long-term contracts 1,456.82 633.99
At the beginning of year 5.65 11.82 36,751.14 29,513.84
Provision during the year 9.58 (6.17)
At the end of the year 15.23 5.65 Notes:
(a) The above includes goods in transit as under:
(d) Reconciliation of Right of return assets: (H million)
(H million) 31 March 2024 31 March 2023
31 March 2024 31 March 2023 Raw Material 755.43 666.86
At the beginning of the year 286.19 287.24 Stock-in-trade 173.86 380.68
Arising during the year 244.00 314.30 Stores and spares 15.42 11.40
Utilised during the year (223.59) (315.35) Project materials for long-term contracts 195.50 3.58
At the end of the year 306.60 286.19
338 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 339

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
(b) The above includes inventories held by third parties amounting to H 4,629.37 million (31 March 2023 - H 5,212.98 (d) The details of shareholders holding more than 5% shares as at 31 March 2024 and 31 March 2023
million) are as follows:
(c) During the year ended 31 March 2024 H 5.52 million (31 March 2023 - H 4.32 million) was recognised as an expense (H million)
for inventories carried at net realisable value. 31 March 2024 31 March 2023
(d) Inventories are hypothecated with the bankers against working capital limits (Refer note 19). Number of
Amount
Number of
% holding
Shares Shares
Mr. Inder T. Jaisinghani 18,873,976 12.56% 18,873,976 12.60%
16. Equity Share Capital
Mr. Girdhari T. Jaisinghani 14,636,283 9.74% 14,736,283 9.84%
(H million)
Mr. Ajay T. Jaisinghani 14,870,747 9.90% 17,870,747 11.93%
31 March 2024 31 March 2023
Mr. Ramesh T. Jaisinghani 16,855,008 11.22% 17,525,008 11.70%
Authorised share capital
Equity shares, H 10 per value 18,92,50,000 (18,92,50,000) equity shares* 1,892.50 1,892.50
Issued, subscribed and fully paid-up shares (e) Aggregate number of bonus share issued and share issued for consideration other than cash
during the period of 5 years immediately preceding the reporting date:
Equity shares, H 10 per value 15,02,36,395 (14,97,65,278) equity shares 1,502.36 1,497.65
There were no buy back of shares or issue of shares pursuant to contract without payment being received
1,502.36 1,497.65
in cash during the previous 5 years.
* Number of equity shares reserved for issue under employee share based payment 10,12,383 (31 March 2023: 7,86,160)
(f) Dividend
Notes: Accounting policy
(a) The reconciliation of shares outstanding and the amount of share capital as at 31 March 2024 Final dividend on shares are recorded as a liability on the date of approval by the shareholders and interim
and 31 March 2023 are as follow: dividends are recorded as a liability on the date of declaration by the Group’s Board of Directors.
(H million) The Group declares and pays dividend in Indian rupees in accordance with its dividend distribution policy.
31 March 2024 31 March 2023 Group’s are now required to pay/distribute dividend after deducting applicable taxes. The remittance of
Number of Number of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding
Amount Amount
Shares Shares tax at applicable rates.
At the beginning of the year 149,765,278 1497.65 149,443,040 1,494.43
Add: Shares issued on exercise of employee 471,117 4.71 322,238 3.22 Dividend on equity share
stock option
(H million)
At the end of the year 150,236,395 1502.36 149,765,278 1,497.65 31 March 2024 31 March 2023
Dividend on equity shares declared and paid during the year
(b) Terms/ rights attached to equity shares Final dividend of H20.00 per share for FY 2022-23 paid in FY 2023-24 2,997.30 2,094.49
(Proposed by Board of Directors in the meeting held on 12 May 2023 and was
The Group has only one class of equity shares having par value of H 10 per share. Each holder of equity approved by Shareholders in the meeting held on 30 June 2023)
shares is entitled to one vote per share. The Group declares and pays dividends in Indian rupees. The final
2,997.30 2,094.49
dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.
In the event of liquidation of the Group, the holders of equity shares will be entitled to receive remaining Proposed dividend on equity share
assets of the Group, after distribution of all preferential amounts. The distribution will be in proportion to The Board of Directors in their meeting on 10 May 2024 recommended a final dividend of H 30 /- per equity
the number of equity shares held by the shareholders. share for the financial year ended 31 March 2024. This payment is subject to the approval of shareholders in the
Annual General Meeting of the Company and if approved would result in a net cash outflow of approximately
(c) The details of Shareholding of Promoters are as under as at 31 March 2024 and 31 March 2023 H 4,500 million. It is not recognised as a liability as at 31 March 2024.
are as follows:
(H million)
(g) Employee stock Option Plan (ESOP)
31 March 2024 31 March 2023 Accounting policy
% Change during
Number of Number of the year
Equity settled share based payments to employees and other providing similar services are measured at
Total share Total share
Shares Shares fair value of the equity instruments at grant date.
Mr. Inder T. Jaisinghani 18,873,976 12.56% 18,873,976 12.60% (0.04%)
The expense is recorded for each separately vesting portion of the award as if the award was, in substance,
Mr. Girdhari T. Jaisinghani 14,636,283 9.74% 14,736,283 9.84% (0.10%) multiple awards. The increase in equity recognised in connection with share based payment transaction is
Mr. Ajay T. Jaisinghani 14,870,747 9.90% 17,870,747 11.93% (2.03%) presented as a separate component in equity under “ESOP Outstanding”. The amount recognised as an
Mr. Ramesh T. Jaisinghani 16,855,008 11.22% 17,525,008 11.70% (0.48%) expense is adjusted to reflect the actual number of stock options that vest. For the option awards, grant
date fair value is determined under the option-pricing model (Black-Scholes). Forfeitures are estimated
at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures materially differ
340 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 341

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
from those estimates. Corresponding balance of a ESOP Outstanding is transferred to general reserve The model inputs for fair value of option granted as on the grant date (In respect of shares granted
upon expiry of grants. on 30 August 2018 and 18 October 2018):
No expense is recognised for options that do not ultimately vest because non market performance and/ Performance Scheme
or service conditions have not been met. Year 1 Year 2 Year 3 Year 4 Year 5
The dilutive effect, if any of outstanding options is reflected as additional share dilution in the computation 15% vesting 15% vesting 20% vesting 20% vesting 30% vesting
of diluted earnings per share. Exercise price H 405 H 405 H 405 H 405 H 405
Dividend yield 0.19% 0.19% 0.19% 0.19% 0.19%
Employee stock option plan
Risk free interest rate 8.20% 8.20% 8.20% 8.20% 8.30%
The Group had instituted an ESOP Plan 2018, ESOP Performance Scheme, and ESOP Privilege Scheme as Expected volatility 48.30% 48.20% 49.20% 48.20% 47.30%
approved by the Board of Directors and Shareholders dated 30 August 2018 for issuance of stock option
Fair value per option H 310.10 H 321.90 H 335.10 H 343.00 H 350.40
to eligible employees of the Group.
Model used Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes
Under Employee Stock Options Performance Scheme 2018, the options will be vested in the specified ratio
subject to fulfilment of the employee performance criteria laid down in the scheme. This shall be monitored
annually as per the performance evaluation cycle of the Group and options shall vest based on the achieved The model inputs for fair value of option granted as on the grant date (In respect of shares granted
rating to the employee. on 23 January 2021):
Under Employee Stock Options Privilege Scheme 2018, the options are vested over a period of one year Performance Scheme
subject to fulfilment of service condition. Year 1 Year 2 Year 3 Year 4 Year 5
15% vesting 15% vesting 20% vesting 20% vesting 30% vesting
Expected volatility is based on historical stock volatility of comparable companies operating within the
same industry. The historical stock prices of comparable Companies has been observed for a period Exercise price H 405 H 405 H 405 H 405 H 405
commensurate to the Life of option. Dividend yield 0.12% 0.11% 0.12% 0.11% 0.13%

Pursuant to the said scheme, Stock options convertible into 33,87,750 equity shares vide ESOP Performance Risk free interest rate 5.10% 5.29% 5.44% 5.59% 5.73%
Scheme and 1,42,250 equity shares vide ESOP Privilege Scheme of H 10 each were granted to eligible Expected volatility 34.37% 34.25% 34.88% 35.42% 37.10%
employee including group companies at an exercise price of H 405/-. Fair value per option H 955.87 H 967.70 H 978.57 H 990.75 H 1,003.15
Model used Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes
Subject to terms and condition of the scheme, options are classified into six categories:
Privilege
Performance Scheme The model inputs for fair value of option granted as on the grant date (In respect of shares granted
Scheme
I II III IV V VI VII VIII on 13 May 2021):
Number of options 2,102,500 45,000 65,000 156,200 100,000 34,000 887,500 142,250 Performance Scheme
Method of Fair value Fair value Fair value Fair value Fair value Fair value Fair value Fair value Year 1 Year 2 Year 3 Year 4 Year 5
accounting 15% vesting 15% vesting 20% vesting 20% vesting 30% vesting
Vesting period 5 years 5 years 5 years 5 years 5 years 5 years 5 years 1 year Exercise price H 405 H 405 H 405 H 405 H 405
graded graded graded graded graded graded graded
vesting vesting vesting vesting vesting vesting vesting Dividend yield 0.72% 0.65% 0.71% 0.65% 0.70%

Grant date 30-Aug-18 18-Oct-18 23-Jan-21 13-May-21 04-Oct-21 09-May-22 12-May-23 30-Aug-18 Risk free interest rate 5.54% 5.68% 5.86% 6.03% 6.13%

Exercise/ Expiry 29-Aug-26 17-Oct-26 22-Jan-29 12-May-29 03-Oct-29 08-May-30 11-May-31 29-Aug-23 Expected volatility 35.10% 34.88% 34.97% 35.55% 35.99%
date Fair value per option H 1,186.89 H 1,198.43 H 1,203.36 H 1,216.12 H 1,220.57
Exercise period 8 years 8 years 8 years 8 years 8 years 8 years 8 years 5 years Model used Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes
from the from the from the from the from the from the from the from the
date of date of date of date of date of date of date of date of
grant grant grant grant grant grant grant grant
Weighted average H 4,511.65 H 4,511.65 H 4,511.65 H 4,511.65 H 4,511.65 H 4,511.65 H 4,511.65 -
share price
Grant/Exercise H 405 H 405 H 405 H 405 H 405 H 405 H 405 H 405
price
Method of Equity - Equity - Equity - Equity - Equity - Equity - Equity - Equity -
settlement settled settled settled settled settled settled settled settled
Weighted average 2,438 2,438 2,438 2,438 2,438 2,438 2,438 -
remaining
contractual life of
options (in days)
342 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 343

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

The model inputs for fair value of option granted as on the grant date (In respect of shares granted The activity in the ESOP Plan 2018 (ESOP Performance Scheme and ESOP Privilege Scheme) is as
on 04 October 2021): follows:
Performance Scheme 31 March 2024 31 March 2023
Year 1 Year 2 Year 3 Year 4 Year 5 Number of Weighted average Number of Weighted average
options exercise price (J) options exercise price (J)
15% vesting 15% vesting 20% vesting 20% vesting 30% vesting
ESOP Performance Scheme
Exercise price H 405 H 405 H 405 H 405 H 405
Outstanding at the beginning 777,910 405 1,254,909 405
Dividend yield 0.38% 0.34% 0.39% 0.36% 0.39%
Granted 887,500 405 34,000 405
Risk free interest rate 5.66% 5.84% 6.00% 6.15% 6.27%
Exercised and allotted 465,877 405 309,438 405
Expected volatility 35.16% 35.35% 34.97% 35.06% 35.91%
Exercised and pending allotment 11,500 405 3,740 405
Fair value per option H 1,998.40 H 2,010.23 H 2,014.32 H 2,026.10 H 2,030.48
Transfer to general reserve 770 405 - 405
Model used Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes
Forfeited 174,880 405 197,821 405
Outstanding at the end 1,012,383 405 777,910 405
The model inputs for fair value of option granted as on the grant date (In respect of shares granted ESOP Privilege Scheme
on 02 May 2022):
Outstanding at the beginning 8,250 405 10,250 405
Performance Scheme Exercised and allotted 1,500 405 2,000 405
Year 1 Year 2 Year 3 Year 4 Year 5 Transfer to general reserve 6,750 405 - 405
15% vesting 15% vesting 20% vesting 20% vesting 30% vesting Outstanding at the end - - 8,250 -
Exercise price H 405 H 405 H 405 H 405 H 405
Dividend yield 0.51% 0.51% 0.49% 0.49% 0.47%
31 March 2024 31 March 2023
Risk free interest rate 7.19% 7.27% 7.32% 7.38% 7.43% Shares allotted under ESOP during the year Number of Weighted average Number of Weighted average
Expected volatility 36.49% 36.16% 36.15% 35.82% 35.83% options exercise price (J) options exercise price (J)
Fair value per option H 2,076.40 H 2,088.19 H 2,089.04 H 2,099.80 H 2,100.89 FY 2023-24
Model used Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes ESOP Performance Scheme 465,877 405 309,438 405
ESOP Privilege Scheme 1,500 405 2,000 405
FY 2022-23
The model inputs for fair value of option granted as on the grant date (In respect of shares granted
ESOP Performance Scheme 3,740 405 10,800 405
on 12 May 2023):
ESOP Privilege Scheme - 405 - 405
Performance Scheme
471,117 - 322,238 -
Year 1 Year 2 Year 3 Year 4 Year 5
15% vesting 15% vesting 20% vesting 20% vesting 30% vesting
Exercise price H 405 H 405 H 405 H 405 H 405 Options vested but not exercised:
Dividend yield 0.86% 0.87% 0.89% 0.91% 0.94% (H million)
Risk free interest rate 6.88% 6.92% 6.95% 6.95% 6.96% 31 March 2024 31 March 2023
Expected volatility 31.21% 31.08% 32.09% 31.92% 31.92%
ESOP Performance Scheme 67,883 139,940
Fair value per option H 2,827.67 H 2,823.42 H 2,816.04 H 2,805.10 H 2,791.07
ESOP Privilege Scheme - 8,250
Model used Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes

The break-up of employee stock compensation expense is as follow:

The model inputs for fair value of option granted as on the grant date (In respect of shares granted
on 30 Aug 2018): (H million)
31 March 2024 31 March 2023
Privilege Scheme
Year 1
Granted to

100% vesting KMP and Executive Directors 58.99 3.07

Exercise price H 405 Employees other than KMP and Executive Directors 505.25 104.54
Dividend yield 0.19% 564.24 107.61
Risk free interest rate 8.30%
Expected volatility 47.30%
Fair value per option H 350.40
Model used Black Scholes
344 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 345

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

17. Other Equity (H million)

31 March 2024 31 March 2023
(H million)
Opening balance 313.17 343.54
31 March 2024 31 March 2023
Add: ESOP charge during the year 564.24 107.61
Securities premium 8,187.00 7,822.56
Less: Transfer on account of employee stock options not exercised (2.02) -
General reserve 617.02 615.00
Less: Adjustment for exercise of stock option (181.13) (137.98)
ESOP outstanding 694.26 313.17
694.26 313.17
Cash flow hedging reserve - -
Foreign currency translation reserve (38.99) (4.33)
Retained earnings 70,900.98 56,125.24 (d) Cash flow hedging reserve
Share application money pending allotment 8.71 2.78 When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in
80,368.98 64,874.42 the fair value of the derivative is recognised in other comprehensive income and accumulated in the cash
flow hedge reserve. The cumulative gain or loss previously recognised in the cash flow hedging reserve is
Notes: transferred to the statement of Profit and Loss upon the occurrence of the related forecasted transaction.
(a) Securities premium (H million)
Amount received in excess of face value of the equity shares is recognised in Securities Premium. In case 31 March 2024 31 March 2023
of equity-settled share based payment transactions difference between fair value on grant date and
Opening balance - 0.43
nominal value of share is accounted as Securities Premium. It will be used as per the provision of Companies
Add: Other Comprehensive Income for the year - (0.43)
Act, 2013.
- -
(H million)
31 March 2024 31 March 2023
(e) Foreign currency translation reserve
Opening balance 7,822.56 7,554.95
Add: Adjustment for exercise of stock option 364.44 267.61 Foreign currency translation reserve includes all resulting exchange differences arising from (a) translating
the assets and liabilities of the foreign operations into Indian Rupees using exchange rates prevailing at
8,187.00 7,822.56
the end of each reporting period and (b) translating income and expense items of the foreign operations
at the average exchange rates for the period.
(b) General reserve
(H million)
The Group had transferred a portion of the net profit of the Group before declaring dividend to General 31 March 2024 31 March 2023
Reserve pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to General Reserve
Opening Balance (4.33) (12.21)
is not required under the Companies Act, 2013. General Reserve is used from time to time to transfer profits
Add: Exchange difference during the year on net investment in non-integral (34.66) 7.88
from retained earnings for appropriation purposes. As the General Reserve is created by a transfer from
foreign operations
one component of equity to another and is not an item of other comprehensive income, items included in
(38.99) (4.33)
the General Reserve will not be reclassified subsequently to Statement of Profit and Loss.

(H million)
(f) Retained earnings
31 March 2024 31 March 2023
Retained earnings are the profits that the Group has earned till date less any transfers to General Reserve,
Opening balance 615.00 615.00
dividends or other distributions to shareholders. Retained earnings includes re-measurement loss/(gain)
Add: Transfer on account of employee stock options not exercised 2.02 -
on defined benefit plans, net of taxes that will not be reclassified to statement of profit and loss. Retained
617.02 615.00 earnings is a free reserve available to the Group.

(H million)
(c) ESOP outstanding 31 March 2024 31 March 2023
Fair value of equity-settled share based payment transactions with employees is recognised in Statement Opening balance 56,125.24 45,485.66
of Profit and Loss with corresponding credit to Employee Stock Options Outstanding. The Group has two Add: Profit during the year (including items of OCI for the year, net of tax) 17,772.79 12,734.07
stock option schemes under which options to subscribe for the Group’s shares have been granted to certain
Add: Acquisition of non-controlling interest 0.25 -
employees. The ESOP Outstanding is used to recognise the value of equity-settled share-based payments
provided to employees, including key management personnel, as part of their remuneration. Less: Final equity dividend (2,997.30) (2,094.49)
70,900.98 56,125.24
346 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 347

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(g) Share application money pending allotment Summarised financial information in respect of each of the Group’s subsidiaries is set out below. The information
below represents amounts before intragroup eliminations:
Share application money pending allotment, represents amount received from employees who has exercised
Employee Stock Option Scheme (ESOS) for which shares are pending allotment as on balance sheet date. TRPL DCAPL SMPL
31 March 2024 31 March 2023 31 March 2024 31 March 2023 31 March 2024 31 March 2023
(H million)
31 March 2024 31 March 2023
Non-Current assets 769.64 355.09 80.97 77.50 - -

Opening balance 2.78 7.98 Current assets 548.69 510.86 982.78 527.02 0.92 0.99

Add: Adjustment for exercise of stock option 181.13 137.98 Non-Current liabilities (295.50) (68.30) (9.50) (4.35) - -

Add: Amount received on exercise of employee stock options 193.95 127.65 Current liabilities (583.81) (455.67) (142.98) (51.09) (0.01) (0.01)

Less: Transfer to equity share capital & securities premium for fresh issue (369.15) (270.83) Total Equity 439.02 341.98 911.27 549.08 0.91 0.98

8.71 2.78 Attributable to owners of Group 241.46 188.09 546.76 329.45 0.91 0.73
Non-Controlling Interest 197.56 153.89 364.51 219.63 - 0.25

18. Non-Controlling Interests TRPL DCAPL SMPL

(H million) 31 March 2024 31 March 2023 31 March 2024 31 March 2023 31 March 2024 31 March 2023
31 March 2024 31 March 2023 Revenue 1,552.92 1,387.12 1,603.04 1,190.32 - -
Balance at beginning of the year 373.77 250.70 Expenses (1,455.50) (1,303.35) (1,240.83) (977.00) (0.05) (0.01)
Share of profit 188.72 123.03 Profit/(Loss) for the year 97.42 83.77 362.21 213.32 (0.05) (0.01)
Share of other comprehensive income (0.17) 0.04 Attributable to owners of Group 53.58 46.07 217.33 127.99 (0.05) (0.01)
Acquisition of non-controlling interest (0.25) - Non-Controlling Interest 43.84 37.70 144.88 85.33 - -
Shares issued during the year - - Other Comprehensive Income (0.37) (0.08) - - - -
Balance as at the end of the year 562.07 373.77 Attributable to owners of Group (0.20) (0.04) - - - -
Non-Controlling Interest (0.17) (0.04) - - - -
Note:
For acquisition of additional interests during the financial year 2023-24, with no change in control in a subsidiary
company, Steel Matrix Private Limited, the Group has recognised a reduction to the non-controlling interest 19. Borrowings
with the difference between this figure and the consideration paid, being recognised in equity. A Borrowings – Non-Current
(H million)
Details of Non-Controlling Interests
31 March 2024 31 March 2023
The table below shows details relating to Non-Controlling Interest in the entities which are not wholly owned Tenure
Rate of Interest Gross/Carrying Gross/Carrying
by the Group: end date
Value Value

(H million) At amortised cost

Proportion of NCI Rupee loan (secured)
31 March 2024 31 March 2023 Indian rupee loan from HDFC Bank* 9.39% 7 July 2029 123.86 68.51
Tirupati Reels Private Limited (TRPL) 45% 45% Indian rupee loan from SIDBI* 7.90% 10 January 2029 150.00 -
Dowells Cable Accessories Private Limited (DCAPL) 40% 40% 273.86 68.51
Steel Matrix Private Limited (SMPL) 0% 25% Less: Current maturities of long-term borrowings (47.82) (26.43)
226.04 42.08
Other Comprehensive Income * Rate of Interest is calculated at weighted average rate of interest
Accumulated Non-Controlling Profit / (Loss) allocated to
allocated to Non-Controlling
Interest Non-Controlling Interest Tenure end date is last EMI date of loan repayment schedule as on 31 March 2024
Interest
31 March 2024 31 March 2023 31 March 2024 31 March 2023 31 March 2024 31 March 2023
Tirupati Reels Private Limited 197.56 153.89 43.84 37.70 (0.17) (0.04)
Dowells Cable Accessories 364.51 219.63 144.88 85.33 - -
Private Limited
Steel Matrix Private Limited - 0.25 - - - -
562.07 373.77 188.72 123.03 (0.17) (0.04)
348 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 349

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
Notes: (iii) Charges with respect to above borrowing has been created in favour of security trustee. No separate
charge has been created for each of the borrowing.
(a) The above loans are secured by way of:
(i) First ranking pari passu charge by way of hypothecation over the entire current assets including but (iv) Buyer’s credit of Group’s subsidiary Tirupati Reels Private Limited (TRPL) is secured against:
not limited to Stocks and Receivables. (a) hypothecation of inventories, trade receivables, plant and equipments and deposits with bank
(ii) Pari passu first charge by way of hypothecation on the entire movable fixed assets. (amounting H 72.65 million)

(iii) Charges with respect to above borrowing has been created in favour of security trustee. No separate (b) mortgage of collateral security of leasehold land
charge created for each of the borrowing. (c) personal guarantee of certain directors and their relative at their personal capacity
(iv) Term Loan of Group’s subsidiary Tirupati Reels Private Limited (TRPL) is secured against: (v) Cash credit from banks of Group’s subsidiary Uniglobus Electricals and Electronics Private Limited
(a) hypothecation of inventories, trade receivables, plant and equipments and deposits with bank (UEEPL) is secured against pari passu first charge by way of hypothecation over the current assets
(amounting H 72.65 million). and moveable fixed assets.

(b) mortgage of collateral security of leasehold land. (vi) All charges are registered with ROC within statutory period by the Group.

(c) personal guarantee of certain directors and their relative at their personal capacity. (vii) Funds raised on short term basis have not been utilised for long term purposes and spent for the
purpose it were obtained.
(v) All charges are registered with ROC within statutory period by the Group.
(vi) Term loans were applied for the purpose for which the loans were obtained. (b) Credit facilities
The Group has fund based and non-fund based revolving credit facilities amounting to H 58,299.66 million
(vii) Bank returns / stock statements filed by the Company with its bankers are in agreement with books
(31 March 2023: H 41,550.06 million), towards operational requirements that can be used for the short
of account.
term loan, issuance of letters of credit and bank guarantees. The unutilised credit line out of these working
capital facilities at the year end is H 23,337.12 million (31 March 2023: H 8,874.94 million).
(b) Maturity profile of non-current borrowings
In addition to above, H 37,210.00 million project specific working capital limit has been sanctioned by SBI
31 March 2024 31 March 2023
which is to be released on need basis.
< 1 Year > 1 Year < 1 Year > 1 Year
Rupee loan (secured) (c) Reconciliation of movement in borrowings to cash flows from financing activities
Indian rupee loan from Bank 47.82 226.04 26.43 42.08
(H million)
47.82 226.04 26.43 42.08
31 March 2024 31 March 2023
Opening balance
(c) Others Long-term borrowings 68.51 65.91
The term loans from HDFC Bank aggregating to H 123.86 million is to be repaid in 3 to 64 monthly Short-term borrowings (excluding Cash Credit from banks) 329.07 -
instalments from April 2024 to July 2029. 397.58 65.91
The term loans from SIDBI aggregating to H 150.00 million is to be repaid in 56 monthly instalments from Cash flow movements
June 2024 to January 2029. Repayment of long term borrowings (26.40) (37.50)
Proceeds from long term borrowings 231.75 40.10
B Borrowings – Current Proceeds / (Repayment) of short term borrowings (11.09) 329.07
(H million) 194.26 331.67
31 March 2024 31 March 2023 Non-cash movements
Others Other adjustment - -
At amortised cost - -
Cash credit from banks (Secured) 305.89 332.60 Closing balance
Buyer's credit (Secured) 317.99 329.07 Long-term borrowings 273.86 68.51
Current maturities of long-term borrowings (Secured) (Refer note 19A) 47.82 26.43 Short-term borrowings (excluding Cash Credit from banks) 317.99 329.07
671.70 688.10 591.85 397.58

Notes: Refer note 5 for reconciliation of movement in lease liabilities to cash flows from financing activities.
(a) The above loans are secured by way of:
(i) First ranking pari passu charge by way of hypothecation over the entire current assets including but
not limited to Stocks and Receivables.
(ii) Pari passu first charge by way of hypothecation on the entire movable fixed assets.
350 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 351

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

20. Lease liabilities 22. Trade payables

A Lease liabilities – Non-Current Accounting policy
(H million) The amounts are unsecured and are usually paid within 30 to 90 days of recognition other than usance letter
31 March 2024 31 March 2023 of credit.
At amortised cost 244.96 224.33 (H million)
244.96 224.33 31 March 2024 31 March 2023
At amortised cost
B Lease liabilities – Current Total outstanding dues of micro and small enterprises
Trade payables to related parties (Refer Note 38) - 26.90
(H million)
31 March 2024 31 March 2023
Trade payables – Others 748.27 705.55

At amortised cost 468.23 138.96 748.27 732.45

468.23 138.96 Total outstanding dues of creditors other than micro and small enterprises
Trade payables to related parties (Refer note 38) 281.21 238.53
Trade payables – Others (Refer below note (a)) 8,984.11 7,097.90
21. Acceptances 9,265.32 7,336.43
Accounting policy
Notes:-
The Parent Company enters into arrangements for purchase under usance letter of credit issued by banks under
non-fund based working capital limits of the Company. Considering these arrangements are majorly for raw (a) Others include amount payable to vendors, employees liability and accrual of expenses that are expected
materials with a maturity of up to twelve months, the economic substance of the transaction is determined to be settled in the Group’s normal operating cycle or due to be settled within twelve months from the
to be operating in nature and these are recognised as Acceptances and is disclosed on the face of the Balance reporting date.
Sheet. Interest borne by the Parent Company on such arrangements is accounted as finance cost.
(b) For the terms and conditions with related parties, refer note 38.
(H million)
(c) For explanations on the Group’s liquidity risk management processes, refer note 42(C).
31 March 2024 31 March 2023
(d) Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises
Acceptances (Refer note (a) below) 18,619.66 12,257.56
Development Act, 2006 (MSMED Act) for the year ended 31 March 2024 and year ended 31 March 2023
18,619.66 12,257.56
is given below. This information has been determined to the extent such parties have been identified on
the basis of information available with the Group.
Notes:
(H million)
(a) Acceptances is availed in foreign currency from offshore branches of Indian banks or foreign banks at an
31 March 2024 31 March 2023
interest rate ranging from 4.98 % to 5.79 % per annum and in rupee from domestic banks at interest rate
ranging from 5.93 % to 9.30 % per annum. Acceptances represent amounts payable to banks on due date (i) Principal amount and interest due thereon remaining unpaid to any supplier
covered under MSMED Act:
as per usance period of Letter of Credit (LCs) issued to raw material vendors under non-fund based working
capital facility approved by Banks for the Parent Company. The arrangements are interest-bearing. Non- Principal 748.27 730.03
fund limits are secured by first pari-passu charge over the present and future current assets of the Parent Interest - 2.42
company. The Parent Company from the current year has decided to present liabilities with respect to (ii) The amount of interest paid by the buyer in terms of section 16, of the MSMED Act, 2.42 1.81
Acceptances on the face of Balance Sheet, which were previously included in trade payables as Acceptances 2006 along with the amounts of the payment made to the supplier beyond the
to enhance understanding of the financial statements. The value of such liabilities as at 01 April 2022 and appointed day during each accounting year.
01 April 2023 was H 6,364.55 million and H 12,257.56 million. This revision in presentation has no material (iii) The amount of interest due and payable for the period of delay in making payment - -
impact on the Consolidated financial statements. (which have been paid but beyond the appointed day during the year) but without
adding the interest specified under MSMED Act.
(iv) The amount of interest accrued and remaining unpaid at the end of each - 2.42
accounting year
(v) The amount of further interest remaining due and payable even in the succeeding - -
years, until such date when the interest dues as above are actually paid to the
small enterprise for the purpose of disallowance as a deductible expenditure under
section 23 of the MSMED Act, 2006
352 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 353

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(f) Trade Payables ageing schedule B Other financial liabilities – Current

As at 31 March 2024 (H million)

(H million) 31 March 2024 31 March 2023

Outstanding for following periods from due date of payment At amortised cost
Not due Less than More than TOTAL Security deposit 304.07 48.21
1-2 years 2-3 years
1 year 3 years
Interest accrued but not due 111.78 87.38
(i) MSME 748.27 - - - - 748.27
Interest accrued and due - 4.39
(ii) Others 3,151.29 690.59 312.98 1.31 10.42 4,166.59
Creditors for capital expenditure 839.32 563.85
(iii) Disputed dues – MSME - - - - - -
Unclaimed dividend (Refer below note (b)) 2.04 1.56
(iv) Disputed dues – Others - - - - - -
Channel financing 508.05 821.25
3,899.56 690.59 312.98 1.31 10.42 4,914.86
Financial guarantee liability 64.08 -
Accrued expenses - - - - - 5,098.73
Other 14.27 21.95
10,013.59
At FVTPL
Derivative liability (Refer below note (a)) 577.23 129.32
As at 31 March 2023
2,420.84 1,677.91
(H million)
Outstanding for following periods from due date of payment Notes:
Not due Less than More than TOTAL
1-2 years 2-3 years (a) Derivative Liability
1 year 3 years
(i) MSME 404.53 327.92 - - - 732.45 (H million)
(ii) Others 2,298.07 994.62 6.62 2.87 7.56 3,309.74 31 March 2024 31 March 2023
(iii) Disputed dues – MSME - - - - - - Embedded derivatives - 26.18
(iv) Disputed dues – Others - - - - - - Foreign exchange forward contract 9.04 26.97
2,702.60 1,322.54 6.62 2.87 7.56 4,042.19 Commodity contracts 568.19 76.17
Accrued expenses 4,026.69 577.23 129.32
8,068.88
(b) There are no amounts due for payment to the Investor Education and Protection Fund under Section 125
of Companies Act, 2013 as at the year end.
23. Other financial liabilities
A Other financial liabilities – Non-current 24. Other liabilities
(H million) A Other liabilities – Non-Current
31 March 2024 31 March 2023 (H million)
At amortised cost 31 March 2024 31 March 2023
Security deposit 390.42 - Deferred government grant (Refer below note (a)) 406.45 139.88
Financial guarantee liability 147.24 - Deferred liability 16.41 25.30
537.66 - 422.86 165.18

B Other liabilities – Current

(H million)
31 March 2024 31 March 2023
Advance from customers - Others 469.74 570.60
Contract liability (Refer below note (b)) 1,024.22 905.32
Refund liability (Refer below note (c)) 678.63 629.37
Deferred liability 52.05 25.30
Other statutory dues
Employee recoveries and employer contributions 32.03 24.48
Taxes payable (Other than Income tax) 888.36 662.69
3,145.03 2,817.76
354 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 355

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

Notes:- A Provisions – Non-Current

(a) Under Ind AS, government grants are recorded as deferred liabilities to the extent of unfulfilled export (H million)
obligations. This amount has been recognised against deferred government grant and accrued to statement 31 March 2024 31 March 2023
of Profit and Loss subsequently on fulfilment of export obligation. The Group expects to meet its export Provision for employee benefits (Refer note 32)
obligation during the next 3-5 years. Gratuity 263.55 149.60
Compensated absences 162.48 137.61
Reconciliation of Deferred government grant:
Others (Refer note below) 175.22 162.53
(H million)
601.25 449.74
31 March 2024 31 March 2023
At the beginning of the year 139.88 160.07
Grants received during the year 453.50 129.18 Note: Reconciliation of Others
Grants recognised for the year (186.93) (149.37) (H million)

At the end of the year 406.45 139.88 31 March 2024 31 March 2023
At the beginning of the year 162.53 -
Arising during the year 12.69 162.53
(b) Reconciliation of Contract liabilities:
Utilised during the year - -
(H million)
At the end of the year 175.22 162.53
31 March 2024 31 March 2023
At the beginning of year 905.32 1,435.57 Others includes matters relating to indirect tax matters.
Contract liability recognised during the year 7,740.04 2,437.34
B Provisions – Current
Revenue recognised from amount included in contract liabilities (7,621.14) (2,967.59)
At the end of the year 1,024.22 905.32 (H million)
31 March 2024 31 March 2023
Provision for employee benefits (Refer note 32)
(c) Reconciliation of Refund liability:
Gratuity 159.35 127.92
(H million)
Compensated absences 38.28 30.63
31 March 2024 31 March 2023
Provision for warranty (Refer note below) 116.83 109.02
At the beginning of the year 629.37 629.38
314.46 267.57
Arising during the year 577.57 719.45
Utilised during the year (528.31) (719.46)
Note: Reconciliation of warranty provision:
At the end of the year 678.63 629.37
(H million)
31 March 2024 31 March 2023
25. Provisions At the beginning of the year 109.02 108.64
Accounting policy: Arising during the year 121.89 99.20
Provision is recognised for expected warranty claims and after sales services when the product is sold or service Utilised during the year (114.08) (98.82)
provided to the customer, based on past experience of the level of repairs and returns. Initial recognition is based
At the end of the year 116.83 109.02
on historical experience. The initial estimate of warranty-related costs is revised annually. It is expected that
significant portion of these costs will be incurred in the next financial year and the total warranty-related costs
will be incurred within warranty period after the reporting date. Assumptions used to calculate the provisions
for warranties were based on current sales levels and current information available about returns during the
warranty period for all products sold.
Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it
is no longer probable that the outflow of resources would be required to settle the obligation, the provision
is reversed.
356 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 357

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

26. Revenue from operations possible if it lacks reliable information that (iii) Variable consideration service-type warranty are capable of being
would be required to apply an appropriate distinct. Using the relative stand-alone selling
Accounting Policy It includes volume discounts, price concessions,
method of measuring progress. In some price method, a portion of the transaction price
(i) Measurement of Revenue liquidity damages, incentives, etc. the Group
circumstances, if the Group is not able is allocated to the service-type warranty and
estimates the variable consideration with
Revenue is measured based on the transaction to reasonably measure the outcome of recognised as a contract liability at the time
respect to above based on an analysis of
price, which is the consideration, adjusted for a performance obligation, but expects of recognition of revenue. Revenue allocated
accumulated historical experience. The Group
discounts, incentive schemes, if any, as per to recover the costs incurred in satisfying towards service-type warranty is recognised
adjust estimate of revenue at the earlier of
contracts with customers. Transaction price the performance obligation, the Group over a period of time on a basis appropriate
when the most likely amount of consideration
is the amount of consideration to which the shall recognise revenue only to the extent to the nature of the contract and services to
the Group expect to receive changes or when
Group expects to be entitled in exchange for of the costs incurred until such time that be rendered.
the consideration becomes fixed.
transferring good or service to a customer. it can reasonably measure the outcome of
Taxes collected from customers on behalf of the performance obligation. (vii) Right to return
(iv) Schemes
Government are not treated as revenue. When a contract provides a customer with a
Contract asset is the entity’s right to The Group operates several sales incentive
consideration in exchange for goods or right to return the goods within a specified
(ii) Performance obligations: programmes wherein the customers are
services that the entity has transferred to period, the Group estimates the expected
eligible for several benefits on achievement
(a) Sale of goods the customer. A contract asset becomes returns using a probability-weighted average
of underlying conditions as prescribed in the
 Revenue from contracts with customers a receivable when the entity’s right to amount approach similar to the expected value
scheme programme such as credit notes,
involving sale of these products is consideration is unconditional, which method under Ind AS 115.
tours, kind etc. Revenue from contract with
recognised at a point in time when control is the case when only the passage of customer is presented deducting cost of all At the point of sale, a refund liability and
of the product has been transferred at an time is required before payment of the these schemes. a corresponding adjustment to revenue is
amount that reflects the consideration to consideration is due. recognised for those products expected to be
which the Group expects to be entitled in (v) Significant financing components returned. At the same time, the Group has a
Contract liability is the obligation to
exchange for those goods or services, and right to recover the product when customers
transfer goods or services to a customer for In respect of advances from its customers,
there are no unfulfilled obligation that exercise their right of return. Consequently, the
which the Group has received consideration using the practical expedient in Ind AS 115, the
could affect the customer’s acceptance of Group recognises a right to returned goods
(or an amount of consideration is due) Group does not adjust the promised amount
the products and the Group retains neither asset and a corresponding adjustment to
from the customer. If a customer pays of consideration for the effects of a significant
continuing managerial involvement to the cost of sales. The Group uses its accumulated
consideration before the Group transfers financing component if it expects, at contract
degree usually associated with ownership historical experience to estimate the number of
goods or services to the customer, a inception, that the period between the transfer
nor effective control over the goods sold. returns on a portfolio level using the expected
contract liability is recognised when the of the promised good or service to the customer
At contract inception, the Group assess value method. It is considered highly probable
payment is made or the payment is due and when the customer pays for that good or
the goods or services promised in a that a significant reversal in the cumulative
(whichever is earlier). Contract liabilities service will be within normal operating cycle.
contract with a customer and identify as revenue recognised will not occur given the
are recognised as revenue when the Group Retention money receivable from project
a performance obligation each promise to consistent level of returns over previous years.
performs under the contract. The timing of customers does not contain any significant
transfer to the customer. Revenue from The Group updates its estimates of refund
the transfer of control varies depending on financing element, these are retained for
contracts with customers is recognised liabilities (and the corresponding change in the
individual terms of the sales agreements. satisfactory performance of contract. Contract
when control of goods are transferred to transaction price) at the end of each reporting
assets arising from such customer contracts
customers and the Group retains neither The total costs of contracts are estimated period. Refer to above accounting policy on
are subject to impairment assessment.
continuing managerial involvement to the based on technical and other estimates. variable consideration.
degree usually associated with ownership Costs to obtain a contract which are
(vi) Warranty For goods expected to be returned, the Group
nor effective control over the goods sold. incurred regardless of whether the
The point of time of transfer of control to contract was obtained are charged-off in The Group typically provides warranties for presented a refund liability and an asset for
customers depends on the terms of the Statement of Profit and Loss immediately general repairs of defects that existed at the right to recover products from a customer
trade - CIF, CFR or DDP, ex-works, etc. in the period in which such costs are the time of sale, as required by law. These separately in the balance sheet.
incurred. Incremental costs of obtaining a assurance-type warranties are accounted
(b) Revenue from construction contracts contract, if any, and costs incurred to fulfil for under Ind AS 37 Provisions, Contingent (viii) Onerous Contracts
a contract are amortised over the period Liabilities and Contingent Assets. Refer to A provision for onerous contract is recognised
Performance obligation in case of revenue
of execution of the contract. the accounting policy on warranty as per note when the expected benefits to be derived by
from long - term contracts is satisfied over
25. In certain contracts, the Group provides the Group from a contract are lower than the
the period of time, the revenue recognition In the event that a loss is anticipated on warranty for an extended period of time and unavoidable cost of meeting its obligation under
is done by measuring the progress towards a particular contract, provision is made includes rectification of defects that existed the contract. The provision is measured at the
complete satisfaction of performance for the estimated loss. Contract revenue at the time of sale and are normally bundled present value of the lower of the expected cost
obligation. The progress is measured earned in excess of billing is reflected under together with the main contract. Such bundled of terminating the contract and the expected
in terms of a proportion of actual cost as “contract asset” and billing in excess contracts include two separate performance net cost of continuing with the contract. Before
incurred to-date, to the total estimated of contract revenue is reflected under obligations, because the promises to transfer a provision is established, the Group recognises
cost attributable to the performance “contract liabilities”. the goods and services and the provision of any impairment loss on assets associated.
obligation. However, the same may not be
358 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 359

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(ix) Export incentives (xi) Government grants (H million)

Export incentives under various schemes notified Government grants are recognised where 31 March 2024 31 March 2023

by the Government have been recognised on there is reasonable assurance that the grant Location of customer
the basis of applicable regulations, and when will be received and all attached conditions India 165,183.89 126,898.04
reasonable assurance to receive such revenue will be complied with. Government grants Outside India 14,359.61 13,835.23
is established. Export incentives income is are recognised in the statement of profit and Total revenue from contracts with customers 179,543.50 140,733.27
recognised in the statement of profit and loss on a systematic basis over the periods in
Timing of revenue recognition
loss on a systematic basis over the periods in which the Group recognises as expenses the
which the Group recognises as expenses the related costs for which the grants are intended Goods transferred at a point in time 171,624.53 137,076.80
related costs for which the grants are intended to compensate. Goods and Services transferred over a period of time 7,918.97 3,656.47
to compensate. Total revenue from contracts with customers 179,543.50 140,733.27
When the grant relates to an expense item, it is
recognised as income on a systematic basis over Revenue from B2B and B2C Vertical
(x) Cost to obtain a contract Business to Consumer 54,591.88 46,334.33
the periods that the related costs, for which it is
Any costs to obtain a contract or incremental intended to compensate, are expensed. Business to Business 121,706.03 92,193.70
costs to fulfil a contract are recognised as an
When the grant relates to an asset, it’s Others (i) 3,245.59 2,205.24
asset if certain criteria are met as per Ind AS 115.
recognition as income in the Statement of Profit Total revenue from contracts with customers 179,543.50 140,733.27
The Group applies the optional practical and Loss is linked to fulfilment of associated
expedient to immediately expense costs to Note: (i) Others includes discounts, scrap sales, raw material sales and job work income.
export obligations.
obtain a contract if the amortisation period of
the asset that would have been recognised is The export incentive and grants received are (b) Reconciliation of the revenue from contracts with customers with the amounts disclosed in the
one year or less. in the nature of other operating revenue in the segment information
Statement of Profit and Loss.
(H million)
31 March 2024 31 March 2023
Revenue from operations
Total revenue from contracts with customers 179,543.50 140,733.27
(H million)
Export incentives (i) 66.44 21.15
31 March 2024 31 March 2023
Government grant (ii) 784.50 323.36
Revenue from contracts with customers
Other income excluding finance income 997.69 387.05
Revenue on sale of products
Total income as per Segment (Refer note 39) 181,392.13 141,464.83
Finished goods 158,841.45 126,762.74
Traded goods 10,951.83 9,020.11 Notes:
Revenue from construction contracts 7,810.86 3,636.05 (i) Export incentive includes Merchandise Export from India Scheme (MEIS) incentives, Remission of Duties
177,604.14 139,418.90 and Taxes on Export Products (RoDTEP) and duty drawback incentives.
Other operating revenue (ii) Government grant includes advance licence benefits and deferred income released to the statement
Job work income 17.60 4.17 of profit and loss on fulfilment of export obligation under the export promotion capital goods
Scrap sales 1,921.76 1,310.20 (EPCG) scheme.
Total revenue from contracts with customers 179,543.50 140,733.27
Export incentives 66.44 21.15 (c) Reconciliation between revenue with customers and contracted price as per Ind AS 115:
Government grant 784.50 323.36 (H million)
Total Revenue from operations 180,394.44 141,077.78 31 March 2024 31 March 2023
Revenue as per contracted price 182,115.90 142,651.06
Notes: Less : Adjustments
(a) Disaggregated revenue information Price adjustments such as Discounts, Rebates and Sales Promotion Schemes (2,660.33) (2,502.18)
(H million) Contract liabilities (excess billing over revenue recognised as per applicable Ind-AS) (118.90) 530.25
31 March 2024 31 March 2023 Provisions for expected sales return (49.26) -
Type of goods or services Other adjustments 16.46 19.86
Wires & Cables 157,255.15 123,202.82 Contract assets (Unbilled Revenue – EPC) 239.63 34.28
Fast Moving Electrical Goods (FMEG) 12,748.50 12,404.00 Revenue from contract with customers 179,543.50 140,733.27
Revenue from construction contracts 7,810.86 3,636.05
Others 1,728.99 1,490.40
Total revenue from contracts with customers 179,543.50 140,733.27
360 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 361

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(d) Disclosure in terms of Ind AS 115 on the accounting of construction contract is as under: 27. Other income
(H million) Accounting Policy
31 March 2024 31 March 2023 Other income is comprised primarily of interest income, dividend income, gain on investments and exchange
Contract revenue recognised for the year ended 7,810.86 3,636.05 gain on forward contracts and on translation of other assets and liabilities.
Contract that are in progress as on reporting date Interest income on financial asset measured either at amortised cost or FVTPL is recognised when it is probable
(i) Contract costs incurred and recognised profits (less recognised losses) 7,810.86 3,636.05 that the economic benefits will flow to the Group and the amount of income can be measured reliably. Interest
(ii) Amount of retentions* 1,186.88 523.73 income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate
(iii) Contract balances recognised and included in financial statement as: applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of
the financial asset to that asset’s net carrying amount on initial recognition.
Contract asset 365.59 135.54
Contract liabilities 1,024.22 905.32 Dividend income from investments is recognised when the shareholder’s right to receive payment has
been established.
* Retentions are specific to projects and are generally receivable within 6 months from completion of project.

(e) Trade receivables are usually non-interest bearing and are generally on credit terms up to 90 days except Foreign currency
EPC business. Provision for expected credit losses on trade receivables recognised/ (derecognised) during Items included in the Financial Statements of each of the Group’s entities are measured using the currency of the
the year of H304.08 million (31 March 2023: H (31.16) million). The Group has channel finance arrangement primary economic environment in which the entity operates (‘the functional currency’). The Financial Statements
for providing credit to its dealers. Evaluation is made as per the terms of the contract i.e. if the Group does are presented in Indian rupee (H), which is the Parent Company’s functional and presentation currency.
not retain any risk and rewards or control over the financial assets, then the entity derecognises such assets
upon transfer of financial assets under such arrangement with the banks. The Group’s Financial Statements are presented in Indian rupee (H) which is also the Group’s functional currency.
Foreign currency transaction are recorded on initial recognition in the functional currency, using the exchange
(f) No single customer contributed 10% or more to the Group’s revenue for the year ended 31 March 2024 and rate prevailing at the date of transaction.
31 March 2023.
Measurement of foreign currency item at the balance sheet date
(g) Set out below is the amount of revenue recognised from:
(i) Foreign currency monetary assets and liabilities denominated in foreign currency are translated at the
(H million) exchange rates prevailing on the reporting date.
31 March 2024 31 March 2023
(ii) Non-monetary items that are measured in terms of historical cost in a foreign currency are translated
Amounts included in contract liabilities at the beginning of the year 7,621.14 2,967.59 using the exchange rates at the dates of the initial transactions.
Performance obligations satisfied in previous years 72.39 106.92
(iii) Exchange differences
Exchange differences arising on settlement or translation of monetary items are recognised as income or
(h) Right of return assets and refund liabilities as at year end:
expense in the Consolidated Statement of Profit and Loss.
(H million)
(H million)
31 March 2024 31 March 2023
31 March 2024 31 March 2023
Right of return assets 306.60 286.19
(a) Interest income on financial assets
Refund liabilities 678.63 629.37
Carried at amortised cost
Bank deposits 258.68 237.41
(i) Allocation of the transaction price to the remaining performance obligations:
Others (refer note (i) below) 69.37 55.01
(H million) Carried at FVTPL
31 March 2024 31 March 2023 Others 3.15 2.64
Within one year 14,834.56 7,607.29 (b) Income from Investments designated at FVTPL
More than one year 32,773.17 6,455.57 Gain on debt mutual funds 815.04 614.32
47,607.73 14,062.86 Fair valuation on gain on debt mutual funds 64.82 36.83
(c) Fair value gain / loss on financial instruments
Derivatives at FVTPL (refer note (ii) below) - 30.02
(d) Other non-operating income
Exchange differences (net) 778.30 184.39
Gain on sale of property, plant and equipment 1.93 97.88
Gain on termination of lease 1.60 3.29
Sundry balances written back - 1.35
Miscellaneous income 215.86 70.12
2,208.75 1,333.26
362 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 363

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
(i) Includes interest on Income Tax refund of Nil (31 March 2023: H1.03 million) (H million)

(ii) Gain on fair valuation of financial instruments at fair value through profit or loss relates to foreign exchange 31 March 2024 31 March 2023

fluctuation on forward contracts that are designated as at fair value through profit and loss account and Inventory at the end of the year
on embedded derivatives, which have been separated. No ineffectiveness has been recognised on foreign Finished goods 14,378.91 11,090.39
exchange and interest rate hedges. Stock-in-trade 1,188.17 1,743.00
Scrap materials 644.49 432.44
28. Cost of materials consumed Work-in-progress 3,466.49 2,197.14
(H million) 19,678.06 15,462.97
31 March 2024 31 March 2023 Changes in inventories (4,215.09) 346.76
Inventories at the beginning of the year 13,076.84 5,830.04
Add: Purchases 128,693.80 104,958.35
31. Project bought outs and subcontracting cost
141,770.64 110,788.39
Less: Inventories at the end of the year (15,154.68) (13,076.84) (H million)
31 March 2024 31 March 2023
Cost of materials consumed 126,615.96 97,711.55
Project bought outs 4,104.14 1,042.00
Note: Subcontracting expenses for EPC 639.33 309.53
Details of Material Consumed 4,743.47 1,351.53
(H million)
31 March 2024 31 March 2023 (iii) Defined contribution plans
32. Employee benefits expense
Copper 78,272.75 57,057.59  Retirement benefit in the form of provident
Accounting Policy
Aluminium 20,662.93 17,201.80 fund and National Pension Scheme are defined
(i) Short-term employee benefits
Steel 4,177.69 3,459.72 contribution schemes. The Group recognises
All employee benefits payable wholly within contribution payable to the provident fund and
PVC Compound/HDPE/LDPE/XLPE/Resin 14,946.58 12,883.64
twelve months of rendering the service are ‘Employer Employee’ scheme as an expenditure,
Packing materials 1,878.83 2,539.71
classified as short-term employee benefits. when an employee renders the related service.
Others* 6,677.18 4,569.09 Benefits such as salaries, wages, incentives, the Group has no obligation, other than the
126,615.96 97,711.55 special awards, medical benefits etc.are contribution payable to the funds. the Group’s
charged to the Statement of Profit and Loss in contributions to defined contribution plans are
* Others includes Raw material for consumer products.
the period in which the employee renders the charged to the Statement of Profit and Loss
related service. A liability is recognised for the as incurred.
29. Purchases of stock-in-trade amount expected to be paid when there is a
present legal or constructive obligation to pay (iv) Defined benefit plan
(H million)
this amount as a result of past service provided
31 March 2024 31 March 2023 The Group operates a defined benefit gratuity
by the employee and the obligation can be
plan for its employees. The costs of providing
Electrical wiring accessories 303.04 252.02 estimated reliably.
benefits under this plan is determined on the
Electrical appliances 4,524.66 4,697.50
basis of actuarial valuation at each year-end
Others 830.97 749.60 (ii) Compensated absences
using the projected unit credit method. The
5,658.67 5,699.12 The Group estimates and provides the liability obligation is measured at the present value
for such short-term and long term benefits of estimated future cash flows. The discount
based on the terms of the policy. the Group rate used for determining the present value of
30. Changes in inventories of finished goods, stock-in-trade and work-in-progress treats accumulated leave expected to be carried obligation under defined benefit plans, is based
forward beyond twelve months, as long-term on the market yields on Government securities
(H million)
employee benefit for measurement purposes. as at the balance sheet date, having maturity
31 March 2024 31 March 2023
Such long-term compensated absences are periods approximating to the terms of related
Inventory at the beginning of the year provided for based on the actuarial valuation obligations. Re-measurements, comprising of
Finished goods 11,090.39 11,182.82 using the projected unit credit method at the actuarial gains and losses, the effect of the
Stock-in-trade 1,743.00 1,893.49 year-end. Remeasurement gains/losses on asset ceiling, excluding amounts included in net
Scrap materials 432.44 524.88 defined benefit plans are immediately taken interest on the net defined benefit liability and
Work-in-progress 2,197.14 2,208.54 to the Statement of Profit and Loss and are the return on plan assets (excluding amounts
not deferred. included in net interest on the net defined
15,462.97 15,809.73
364 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 365

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
benefit liability), are recognised immediately in (v) Share based payment Gratuity and other post-employment benefit plans (v) Mortality risk
the Balance sheet with a corresponding debit or
Equity settled share based payments to (A) Defined Benefit Plan Since the benefits under the plan is not payable
credit to retained earnings through OCI in the
employees and other providing similar services Gratuity valuation - As per actuary for life time and payable till retirement age
period in which they occur. Re-measurements
are measured at fair value of the equity only, plan does not have any longevity risk.
are not reclassified to Statement of Profit In respect of Gratuity, the Group makes annual
instruments at grant date.
and Loss in subsequent periods. Net interest contribution to the employee group gratuity scheme
(vi) Concentration risk
is calculated by applying the discount rate to The fair value determined at the grant date of the Life Insurance Corporation of India, funded
the net defined benefit liability or asset. Past of the equity-settled share based payment defined benefits plan for qualified employees. Plan is having a concentration risk as all the
service costs are recognised in profit or loss on is expensed on a straight line basis over the The scheme provided for lump sum payments to assets are invested with the insurance company
the earlier of: vesting period, based on the Group’s estimate vested employees at retirement, death while in and a default will wipe out all the assets.
of equity instruments that will eventually vest, employment or on termination of employment of Although probability of this is very low as
• The date of the plan amendment or insurance companies have to follow regulatory
with a corresponding increase in equity. At an amount equivalent to 15 days salary for each
curtailment, and guidelines which mitigate risk.
the end of each reporting period, the Group completed year of service or part thereof in excess of
• The date that the Group recognises related revises its estimates of the number of equity six months. Vesting occurs upon completion of five
restructuring costs instruments expected to vest. The impact of years of service. The Group has provided for gratuity (vii) Variability in withdrawal rates
the revision of the original estimates, if any based on the actuarial valuation done as per Project If actual withdrawal rates are higher than
When the benefits of a plan are changed
is, recognised in Statement of Profit and Loss Unit Credit Method. assumed withdrawal rate assumption then
or when a plan is curtailed, the resulting
such that the cumulative expenses reflects the gratuity benefits will be paid earlier than
change in benefit that relates to past service Defined benefit plans expose the Group to actuarial
the revised estimate, with a corresponding expected. The impact of this will depend on
(‘past service cost’ or ‘past service gain’) or risks such as:
adjustment to the ESOP outstanding account whether the benefits are vested as at the
the gain or loss on curtailment is recognised
(Refer note 16(g)). resignation date.
immediately in Statement of Profit and Loss. (i) Interest rate risk
The Group recognises gains and losses on the No expense is recognised for options that A fall in the discount rate which is linked to the (viii) Regulatory risk
settlement of a defined benefit plan when the do not ultimately vest because non market G.Sec. Rate will increase the present value of
settlement occurs. performance and/ or service conditions have Gratuity Benefit must comply with the
the liability requiring higher provision. A fall in
not been met. requirements of the Payment of Gratuity Act,
the discount rate generally increases the mark
1972 (as amended up-to-date). There is a risk
to market value of the assets depending on the
The dilutive effect, if any of outstanding options is reflected as additional share dilution in the computation of change in the regulations requiring higher
duration of asset.
of diluted earnings per share (Refer note 36). gratuity payments.
(ii) Salary risk A separate trust fund is created to manage the
(H million)
The present value of the defined benefit plan Gratuity plan and the contributions towards the
31 March 2024 31 March 2023
liability is calculated by reference to the future trust fund is done as guided by rule 103 of Income
Salaries, wages and bonus 4,963.08 4,078.00 Tax Rules, 1962.
salaries of members. As such, an increase in
Employees share based payment expenses 564.24 107.61
the salary of the members more than assumed The Group operates a defined benefit plan, viz.,
Contribution to provident and other funds 329.06 240.24 level will increase the plan’s liability. gratuity for its employees. Under the gratuity plan,
Staff welfare expense 239.04 141.87 every employee who has completed at least five
6,095.42 4,567.72 (iii) Investment risk years of service gets a gratuity on departure at 15
The present value of the defined benefit plan days of last drawn salary for each completed year
The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post liability is calculated using a discount rate which of service. The scheme is funded with an insurance
employment benefits received Presidential assent in September 2020. The Code has been published in the is determined by reference to market yields at company in the form of qualifying insurance policy.
Gazette of India. However, the date on which the Code will come into effect has not been notified and the the end of the reporting period on government
The most recent actuarial valuation of the present
final rules/interpretation have not yet been issued. The Group will assess the impact of the Code when it bonds. If the return on plan asset is below this
value of defined obligation and plan assets were
comes into effect and will record any related impact in the period the Code becomes effective. Based on rate, it will create a plan deficit. Currently, for
carried out as at 31 March 2024 by an external
a preliminary assessment, the Group believes the impact of the change will not be significant. the plan in India, it has a relatively balanced
independent fellow of the Institute of Actuaries
mix of investments in government securities,
of India. The present value of the defined benefit
and other debt instruments.
obligation and the related current service cost were
measured using the projected unit credit method.
(iv) Asset liability matching risk
The plan faces the ALM risk as to the matching
cash flow. Since the plan is invested in lines
of Rule 101 of Income Tax Rules, 1962, this
generally reduces ALM risk.
366 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 367

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
The following tables summarise the components of net benefit expenses recognised in the Consolidated Changes in the fair value of plan assets are as follows:
Statement of profit and loss and the funded status and amounts recognised in the balance sheet for gratuity.
(H million)

Statement of profit and loss Year ended Year ended

31 March 2024 31 March 2023
Net employee benefits expense recognised in profit or loss:
Opening fair value of plan assets 402.11 379.97
(H million) Interest income 29.62 25.53
Year ended Year ended Contribution by employer 86.97 40.25
31 March 2024 31 March 2023
Benefits paid (46.57) (42.92)
Current service cost 123.11 77.04
Actuarial gains (0.59) (0.73)
Net interest cost 20.45 17.26
Closing fair value of plan assets 471.54 402.11
Past service cost - 1.00
Net benefits expense 143.56 95.30
The Group expects to contribute H159.35 million towards gratuity in the next year (31 March 2023: H127.92 million).

Net remeasurement (gain)/ loss on defined benefit plans recognised in Other comprehensive income Current and non-current bifurcation of provision for gratuity as per actuarial valuation is as follows:
for the year: (H million)
(H million) Year ended Year ended
Year ended Year ended 31 March 2024 31 March 2023
31 March 2024 31 March 2023 Non-current 263.55 149.60
Actuarial (gain) /loss on obligations 90.04 (35.71) Current 159.35 127.92
Return on plan assets, excluding interest income 0.59 0.66
Net (Income)/Expense for the year recognised in OCI 90.63 (35.05)
The category of plan assets as a percentage of the fair value of total plan assets is as follows:
(H million)
Benefits liability: Year ended Year ended
31 March 2024 31 March 2023
(H million)
Year ended Year ended
Investment with insurer 100% 100%
31 March 2024 31 March 2023
Present value of defined benefit obligation (894.44) (679.63) The principal assumptions used in determining gratuity for the Group’s plans are shown below:
Fair value of plan assets 471.54 402.11
Year ended Year ended
Plan liability (422.90) (277.52) 31 March 2024 31 March 2023
Discount rate 7.19% 7.39%

Changes in the present value of the defined benefit obligation are as follows: Expected rate of return on plan assets 7.19% 7.39%
Employee turnover 10.00% 10.00%
(H million)
Salary escalation 11.00% 11.00%
Year ended Year ended
31 March 2024 31 March 2023 Weighted average duration 8 8
Opening defined benefit obligation 679.63 639.61 Mortality rate during employment Indian Assured Indian Assured
Lives Mortality Lives Mortality
Interest cost 50.07 43.36
2012-14 (Urban) 2012-14 (Urban)
Current service cost 123.11 77.04
Past service cost 0.95 - The average expected future service as at 31 March 2024 is 7 years (31 March 2023 - 7 years).
Liability transferred in/ acquisition 1.16 -
The estimates of future salary increases, considered in actuarial valuation, takes account of inflation, seniority,
Benefits paid (Includes directly paid by the company) (50.52) (44.56)
promotion and other relevant factors, such as supply and demand in the employment market.
Actuarial (gains)/losses on obligations
Due to change in demographics assumptions 0.01 (0.12) The overall expected rate of return on plan assets is determined based on the market prices prevailing on that
date, applicable to the period over which the obligation is to be settled.
Due to change in financial assumptions 13.65 (26.22)
Due to experience 76.38 (9.49)
Closing defined benefit obligation 894.44 679.63
368 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 369

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

A quantitative sensitivity analysis for significant assumption as at 31 March 2024 is as shown below: Pension Fund
Sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In Contribution to National Pension Scheme, a defined contribution scheme, is made at predetermined rates to
practice, this is unlikely to occur, and changes in some of the assumptions may be co-related. When calculating the asset management companies under National Pension Scheme and is charged to the Statement of Profit
the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method and Loss. The Group contribution has recognised H 15.92 million (31 March 2023 H 13.99 million) for contribution
(present value of the defined benefit obligation calculated with the projected unit credit method at the end to National Pension Scheme in the Statement of Profit and Loss.
of the reporting period) has been applied as when calculating the defined benefit liability recognised in the
balance sheet. Compensated absences (unfunded)
In respect of Compensated absences, accrual is made on the basis of a year-end actuarial valuation as at
Sensitivity analysis balance sheet date except for Halol worker in pursuance of the Group’s leave rules. The actuarial valuation
(H million) done as per Project Unit Credit Method except for Halol worker.
Year ended Year ended The leave obligation cover the Group’s liability for earned leave. The amount of the provision of H 162.47 million
31 March 2024 31 March 2023
(31 March 2023 H 137.61 million) is presented as non-current and H 38.28 million (31 March 2023 H 30.63 million) is
Projected benefit obligation on current assumptions 894.44 678.21 presented as current. The Group has recognised H 50.51 million (31 March 2023 H 38.53 million) for compensated
Delta effect of +1% change in rate of discounting (55.77) (45.55) absences in the Statement of Profit and Loss.
Delta effect of -1% change in rate of discounting 63.35 48.44
Delta effect of +1% change in rate of salary increase 60.40 46.25 33. Finance cost
Delta effect of -1% change in rate of salary increase (54.37) (44.58) Accounting Policy
Delta effect of +1% change in rate of employee turnover (14.55) (12.73) Borrowing costs that are directly attributable to the acquisition, construction or erection of qualifying assets
Delta effect of -1% change in rate of employee turnover 16.16 10.83 are capitalised as part of cost of such asset until such time that the assets are substantially ready for their
intended use. Qualifying assets are assets which take a substantial period of time to get ready for their intended
use or sale.
Methodology for Defined Benefit Obligation:
The Projected Unit Credit (PUC) actuarial method has been used to assess the plan’s liabilities, including those Capitalisation of borrowing costs ceases when substantially all the activities necessary to prepare the qualifying
related to death-in-service and incapacity benefits. assets for their intended uses are complete. Borrowing costs consist of interest and other costs that an entity
incurs in connection with the borrowing of funds.
Under PUC method a projected accrued benefit is calculated at the beginning of the year and again at the end
of the year for each benefit that will accrue for all active members of the plan. The projected accrued benefit Borrowing cost includes interest expense on financial liabilities, interest on tax matters, exchange differences
is based on the plan’s accrual formula and upon service as of the beginning or end of the year, but using a arising from the foreign currency borrowings, gain/loss on fair value of forward cover and it’s premium and
member’s final compensation, projected to the age at which the employee is assumed to leave active service. amortisation of ancillary costs incurred in connection with the arrangement of borrowings.
The plan liability is the actuarial present value of the projected accrued benefits for active members.
(H million)
Projected benefits payable in future years from the date of reporting: 31 March 2024 31 March 2023
Interest expense on financial liabilities at amortised cost (i) 872.08 408.69
Maturity analysis of projected benefit obligation from the fund: Interest expense on financial liabilities at FVTPL 42.40 32.86
(H million) Other borrowing costs (ii) 168.92 156.02
Year ended Year ended 1,083.40 597.57
31 March 2024 31 March 2023
1st following year 87.35 63.22 (i) Interest expense includes H 4.26 million (31 March 2023 H 12.79 million) paid / payable to Income
2nd following year 78.32 58.89 Tax Department.
3rd following year 123.20 64.07 (ii) Other borrowing costs would include bank commission charges, bank guarantee charges, letter of credit
4th following year 85.89 71.33 charges, premium on forward contract, fair value loss/(gain) on forward contracts, other ancillary costs
5th following year 88.43 68.22 incurred in connection with borrowings.
Sum of years 6 to 10 365.16 305.31
Sum of years 11 years and above 806.59 661.84 34. Depreciation and amortisation expenses
(H million)
(B) Other defined benefit and contribution plans 31 March 2024 31 March 2023
Provident Fund Depreciation of Property, Plant and Equipment (Refer note 3) 2,206.75 1,912.44
The Group contribute towards Provident Fund to defined contribution retirement benefit plans for eligible Depreciation of right-of-use assets (Refer note 5) 191.10 132.83
employees. Under the schemes, the Group is required to contribute a specified percentage of the payroll costs Amortisation of other intangible assets (Refer note 6) 52.55 46.37
to fund the benefits. The Group contributes towards Provident Fund managed by Central Government and has 2,450.40 2,091.64
recognised H 157.96 million (31 March 2023 - H118.09 million) for provident fund contributions in the Statement
of Profit and Loss.
370 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 371

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

35. Other expenses (c) Details of Corporate Social Responsibility expenses incurred by Parent Company:
(H million) (H million)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Consumption of stores and spares 1,149.30 725.37 Gross amount required to be spent by the Parent Company during the (A) 257.44 213.33
Sub-contracting expenses 3,429.68 2,369.84 year as per provisions of section 135 of the Companies Act, 2013 i.e.
2% of average net profits for last three financial years, calculated as
Power and fuel 2,181.77 1,837.51 per section 198 of the Companies Act, 2013.
Rent 59.65 57.09 Gross amount spent by the Parent Company during the year
Rates and taxes 100.57 104.33 (i) Construction / acquisiton of any asset - -
Insurance 148.86 97.41 (ii) On purposes other than (i) above:
Repairs and maintenance Rural and Community Development 3.13 10.12
Plant and machinery 78.39 43.50 Education 37.25 28.06
Buildings 67.36 47.28 Health Care 156.62 99.55
Others 146.95 106.18 Environment 8.57 57.76
Advertising and sales promotion 1,988.63 1,244.04 Social Empowerment - 17.23
Brokerage and commission 505.65 525.65 National Heritage Art & Culture 42.00 7.27
Travelling and conveyance 566.60 504.82 Administration cost 11.44 4.80
Communication cost 48.57 41.06 Total CSR spent in actual (B) 259.01 224.79
Legal and professional fees 997.02 894.23 Shortfall/(Excess) (A-B) (1.57) (11.46)
Director sitting fees 6.86 4.42 Details of related party transactions, e.g., contribution to a trust 259.01 224.79
Freight & forwarding expenses 3,498.27 3,146.09 controlled by the company in relation to CSR expenditure as per Ind AS
24, Related Party Disclosures (contributed to Polycab Social Welfare
Payments to auditor (Refer note (a) below) 14.74 11.88
Foundation ("PSWF") where KMP's are interested)
Sundry advances written off 0.53 3.77
Where a provision is made in accordance with paragraph above the - -
Fair valuation loss on derivatives (Refer below note (b)) 145.63 - same should be presented as per the requirements of Schedule III to
Impairment allowance for trade receivable considered doubtful (Refer note 8 and 14) 313.66 (31.16) the Act. Further, movements in the provision during the year should be
shown separately
CSR expenditure (Refer note (c) below) 264.33 228.58
The amount of shortfall at the end of the year out of the amount - -
Miscellaneous expenses 864.94 918.07 required to be spent by the Company during the year
16,577.96 12,879.96 The total of previous years’ shortfall amounts - -
The reason for above shortfalls by way of a note NA NA
Notes:
(a) Payments to auditor: (d) There is no unspent amount on ongoing projects as at 31 March 2024 (31 March 2023: Nil). The unspent
amount on ongoing projects as at 31 March 2022 aggregating to H 36.20 million was utilised during the
(H million)
financial year ended 31 March 2023.
31 March 2024 31 March 2023
As auditor
36. Earnings Per Share
(i) Audit fee 13.95 10.85
Accounting Policy
(ii) Certification fees 0.30 0.25
Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the
(iii) Out of pocket expenses 0.49 0.78
Group by the weighted average number of equity shares outstanding during the period. The weighted average
14.74 11.88
number of equity shares outstanding during the period is adjusted for events such as fresh issue, bonus issue
that have changed the number of equity shares outstanding, without a corresponding change in resources.
(b) Loss on fair valuation of financial instruments at fair value through profit or loss relates to foreign exchange
fluctuation on forward contracts that are designated as at fair value through profit and loss account Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to
and on embedded derivatives, which have been separated. No ineffectiveness has been recognised on issue equity shares were exercised or converted during the year. Diluted earnings per equity share is computed
foreign exchange. by dividing the net profit attributable to the equity holders of the Group by the weighted average number of
equity shares considered for deriving basic earnings per equity share and also the weighted average number
of equity shares that could have been issued upon conversion of all dilutive potential equity shares. Potential
equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit
per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as
at the beginning of the period, unless they have been issued at a later date. Dilutive potential equity shares
are determined independently for each period presented.
372 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 373

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

Employee Stock Option Plan 2018 37. Contingent liabilities and commitments
Pursuant to the resolutions passed by the Group’s Board on 30 August 2018 and our Shareholders on 30 August Accounting Policy
2018, the Company approved the Employee Stock Option Plan 2018 for issue of options to eligible employees A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by
which may result in issue of Equity Shares of not more than 35,30,000 Equity Shares. The Group reserves the the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Group or
right to increase, subject to the approval of the shareholders, or reduce such numbers of shares as it deems fit. a present obligation that is not recognised because it is not probable that an outflow of resources embodying
The exercise of the vested option shall be determined in accordance with the notified scheme under the plan. economic benefits will be required to settle the obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognised because it cannot be measured reliably. The Group
Employee Stock Option Performance Scheme 2018 and Employee Stock Option Privilege Scheme does not recognise a contingent liability but discloses it’s existence in the financial statements.
2018 Capital commitments includes the amount of purchase orders (net of advances) issued to parties for completion
The Group also approved Employee Stock Option Performance Scheme 2018 and Employee Stock Option of assets.
Privilege Scheme 2018 under which the maximum number of options granted to any grantee under “Performance
Scheme” together with options granted in any other scheme shall not exceed 1 percent of the total share capital (A) Contingent liabilities (to the extent not provided for)
at the time of grant.
(H million)
31 March 2024 31 March 2023
(a) Basic Earnings per share
(i) Taxation matters
31 March 2024 31 March 2023
Disputed liability in respect of sales tax /VAT demand and pending sales tax/ 0.66 0.64
Profit for the year H in million A 17,840.45 12,707.83 VAT forms
Weighted average number of equity shares for Number B 150,014,272 149,631,506 Disputed liability in respect of service tax duty demand 18.17 18.17
basic earning per share *
Disputed liability in respect of excise duty demand 8.60 8.60
Earnings per shares - Basic (one equity H per share (A/B) 118.93 84.93
Disputed liability in respect of custom duty demand 17.08 17.08
share of H 10 each)
Disputed liability in respect of income tax demand 3.71 -
Disputed liability in respect of Goods & Service Tax 9.64 -
(b) Diluted Earnings per share
(ii) Customs Duty on Capital goods imported under Export Promotion Capital 149.18 42.77
31 March 2024 31 March 2023 Goods Scheme, against which export obligation is to be fulfilled
Profit for the year H in million A 17,840.45 12,707.83 (iii) Customs Duty on Raw Materials imported under Advance License, against 376.37 209.59
which export obligation is to be fulfilled
Weighted average number of equity shares for Number B 150,014,272 149,631,506
basic earning per share *
Notes:
Effect of dilution
(a) In respect of the items above, future cash outflows in respect of contingent liabilities are determinable
Share options Number C 552,203 468,199
only on receipt of judgements/decisions pending at various forums/authority. The Group doesn’t
Weighted average number of equity shares Number D=(B+C) 150,566,475 150,099,705
expect the outcome of matters stated above to have a material adverse effect on the Group’s financial
adjusted for effect of dilution
conditions, result of operations or cash flows.
Earnings per shares - Diluted (one equity H per share (A/D) 118.49 84.66
share of H 10 each) (b) There is uncertainty and ambiguity in interpreting and giving effect to the guidelines of Honourable
Supreme Court vide its ruling in February 2019, in relation to the scope of compensation on which the
* Refer note 16(a) for movement of shares.
organisation and its employees are to contribute towards Provident Fund. The Company will evaluate
Note: There have been no other transactions involving equity shares or potential equity shares between its position and act, as clarity emerges.
the reporting date and the date of authorisation of these financial statements.
(B) Commitments
(H million)
31 March 2024 31 March 2023
(i) Capital commitments
(Estimated value of contracts in capital account remaining to be executed
and not provided for (net of capital advances))
Towards Property, Plant and Equipment 10,575.30 4,285.95

Note:
For lease commitments, refer note 5.
374 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 375

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

38. Related party disclosure (E) Transactions with Group companies

(A) Enterprises where control exists (H million)

Country of Ownership interest (%) Year ended Year ended

incorporation 31 March 2024 31 March 2023
31 March 2024 31 March 2023
(i) Sale of goods (including GST)
Joint Ventures
Techno Electromech Private Limited Joint Venture 1,629.24 0.02
Techno Electromech Private Limited (TEPL) India 50% 50%
(ii) Purchase of goods (including GST)
Techno Electromech Private Limited Joint Venture 1,394.68 700.78
(B) Enterprises owned or significantly influenced by Key Management Personnel (iii) Sub-contracting expense (including GST)
AK Enterprises (AK) Techno Electromech Private Limited Joint Venture 4.85 4.49
Polycab Social Welfare Foundation (iv) Job work Income (including GST)
Transigo Fleet LLP Techno Electromech Private Limited Joint Venture 13.09 -
Shreeji Traders (v) Interest received
Bootbhavani Fabricators (upto 29 June 2023) Techno Electromech Private Limited Joint Venture 10.53 9.00
S.B. Enterprise (upto 29 June 2023) (vi) Testing charges paid (including GST)

T.P. Ostwal & Associates LLP Techno Electromech Private Limited Joint Venture 0.29 0.15
(vii) Recovery of manpower charges (including GST)
(C) Key Management Personnel Techno Electromech Private Limited Joint Venture 2.60 -
(i) Executive Directors (viii) Rent Expenses (including GST)
Mr. Inder T. Jaisinghani Chairman and Managing Director Techno Electromech Private Limited Joint Venture 0.33
Mr. Rakesh Talati Whole-time Director
Mr. Bharat A. Jaisinghani Whole-time Director (F) Outstanding as at the year end
Mr. Nikhil R. Jaisinghani Whole-time Director (H million)
Mr. Gandharv Tongia(a) Executive Director and Chief Financial Officer Year ended Year ended
31 March 2024 31 March 2023
(a) Appointed as Executive Director w.e.f. 19 January 2023.
(i) Loans given
Techno Electromech Private Limited Joint Venture 100.00 100.00
(ii) Non- Executive Directors
(ii) Trade Receivables
Mr. R.S. Sharma Independent Director
Techno Electromech Private Limited Joint Venture 1,031.62 33.48
Mr. T.P. Ostwal Independent Director
(iii) Interest accrued on loan given
Mr. Pradeep Poddar Independent Director (upto 19 September 2023)
Techno Electromech Private Limited Joint Venture 2.62 2.00
Ms. Sutapa Banerjee Independent Director
(iv) Others Receivables
Ms. Manju Agarwal Independent Director (w.e.f. 19 January 2023) Techno Electromech Private Limited Joint Venture - 85.19
Mr. Bhaskar Sharma Independent Director (w.e.f. 12 May 2023) (v) Advance given for material and services
Techno Electromech Private Limited Joint Venture - 169.10
(iii) Key Management Personnel
(vi) Trade Payables
Ms. Manita Gonsalves Company Secretary and Compliance Officer
Techno Electromech Private Limited Joint Venture - 34.92

(D) Relatives of Key Management Personnel

Mr. Kunal I. Jaisinghani Son of Mr. Inder T. Jaisinghani
Ms. Shikha Jaisinghani Daughter of Mr.Inder T. Jaisinghani
Ms. Kiara Duhlani Sister of Mr. Bharat A. Jaisinghani
Ms. Deepika Sehgal Sister of Mr. Nikhil R. Jaisinghani
Ms. Jayshriben Talati Wife of Mr. Rakesh Talati
376 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 377

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(G) Transactions with KMP (H) Transactions with relatives of KMP:

(i) Remuneration paid for the year ended and outstanding as on:(a) (H million)

(H million) 31 March 2024 31 March 2023

31 March 2024 31 March 2023 For the year Outstanding for For the year Outstanding for
ended the year end ended the year end
For the year Outstanding for For the year Outstanding for
ended the year end ended the year end Remuneration to other related parties
CMD and Executive directors Salaries, wages, bonus, commission and other benefits 7.30 - 2.04 0.01
Salaries, wages, bonus, commission and other 416.50 260.29 292.13 182.55 Contribution to PF, Family Pension and ESI 0.29 - 0.07 -
benefits Rent Paid
Contribution to PF, Family Pension and ESI 1.04 - 1.06 - Mrs. Jayshriben Talati 0.59 - 0.59 -
ESOP Expenses 58.99 - 1.84 -
Non-Executive directors
(I) T
 erms and conditions of transactions with 2 
T h e G ro u p g e n e rally a cco u nt s fo r
Director sitting fees 6.78 - 4.42 - related parties: intersegment sales and transfers at cost plus
Commission 15.29 15.29 10.63 10.63 appropriate margins.
i. The transactions with related parties are
Key management personnel (excluding CMD made on terms equivalent to those that prevail
and WTD)
3 Intersegment revenue and profit is eliminated
in arm’s length transactions. Outstanding at group level consolidation.
Salaries, wages, bonus, commission and other 5.17 0.38 30.54 6.05 balances at the period-end are unsecured and
benefits settlement occurs in cash or credit as per the 4 Finance income earned and finance expense
Contribution to PF, Family Pension and ESI 0.02 - 0.04 - terms of the arrangement. incurred are not allocated to individual segment
ESOP Expenses - - 1.23 - and the same has been reflected at the Group
ii. 
Guarantees are issued by the Group in level for segment reporting as the underlying
(a) As
 the liabilities for gratuity and leave encashment are provided on actuarial basis for the Company as a whole, the amounts accordance with Section 186 of the Companies instruments are managed at Group level.
pertaining to the directors and KMP are not included above. Act, 2013 read with rules issued thereunder.
iii. 
For the year ended 31 March 2024, the Segment assets and liabilities
(ii) Transactions with enterprises owned or significantly influenced by key managerial personnel
Group has not recorded any impairment of Segment assets and segment liabilities represent
(H million) receivables relating to amounts owed by assets and liabilities of respective segments, however
31 March 2024 31 March 2023 related parties (31 March 2023: Nil). This the assets and liabilities not identifiable or allocable
Nature of transaction For the Outstanding For the Outstanding assessment is undertaken each financial year on reasonable basis being related to enterprise as a
year for the year for the through examining the financial position of the whole have been grouped as unallocable.
ended year end ended year end
related party.
Polycab Social Welfare Donation 258.56 - 224.79 - 
The accounting policies of the reportable
Foundation segments are same as that of Group’s accounting
39. Segment reporting policies described.
Transigo Fleet LLP Professional fees (including GST) 19.12 2.92 19.12 4.37
Accounting Policy
AK Enterprises Reimbursement of Electricity Expense - - 1.42 - No operating segments have been aggregated to
AK Enterprises* Rent paid (including GST) 29.17 2.23 29.17 -
Identification of segments form the above reportable operating segments.
Bootbhavani Fabricators Purchase of goods (including GST) - - 0.14 - An operating segment is a component of the Group Common allocable costs are allocated to each
that engages in business activities from which it may segment according to the relative contribution of
Bootbhavani Fabricators Purchase of Plant and equipments - - 89.39 -
earn revenues and incur expenses, whose operating each segment to the total common costs.
S.B. Enterprise Purchase of goods (including GST) - - 5.26 -
results are regularly reviewed by the Group’s Chief
S.B. Enterprise Purchase of Plant and equipments - - 22.50 - Operating Decision Maker (“CODM”) to make The group is organised into business units
T.P. Ostwal & Associates LLP Professional fees for tax advisory 0.73 0.11 - - decisions for which discrete financial information is based on its products and services and has
available. The Company’s chief operating decision three reportable segments as follows
* Security deposit given to AK Enterprises amounting to H6.17 million (31 March 2023 : H6.17 million).
maker is Chairman and Managing Directors. Wires and Cables: Manufacture and sale of wires

The Board of Directors monitors the operating and cables.
results of all product segments separately for Fast moving electrical goods (FMEG): Fans, LED

the purpose of making decisions about resource lighting and luminaires, switches, switchgears, solar
allocation and performance assessment based on products, pumps, conduits and domestic appliances.
an analysis of various performance indicators by
business segments and geographic segments. Others: It comprise of EPC business which includes

design, engineering, supply of materials, survey,
Segment revenue and expenses execution and commissioning of power distribution,
rural electrification projects on a turnkey basis.
1 It has been identified to a segment on the
basis of relationship to operating activities of
the segment.
378 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 379

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(A) The following summary describes the operations in each of the Group’s reportable segments: (C) Segment assets
(H million) (H million)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Wires & Wires & Wires & Wires &
FMEG Others Eliminations Total FMEG Others Eliminations Total FMEG Others Eliminations Total FMEG Others Eliminations Total
Cables Cables Cables Cables
External sales 158,922.10 12,827.58 9,642.45 - 181,392.13 125,368.92 12,511.57 3,584.34 - 141,464.83 Segment assets 74,368.43 7,765.94 9,872.57 - 92,006.94 57,421.60 7,496.62 4,531.18 - 69,449.40
Inter segment revenue 2,150.41 160.64 1,365.61 (3,676.66) - 2,406.11 95.80 1,062.74 (3,564.65) - Unallocated assets:
Total Income 161,072.51 12,988.22 11,008.06 (3,676.66) 181,392.13 127,775.03 12,607.37 4,647.08 (3,564.65) 141,464.83 Current investments 18,224.17 13,504.95
Segment Results Income tax assets (net) 297.08 251.89
External 23,299.27 (938.86) 1,104.93 - 23,465.34 16,446.66 (62.37) 432.27 - 16,816.56 Deferred tax assets (net) 128.69 13.45
Inter segment results 307.31 (3.09) 143.27 (447.49) - 277.65 6.32 84.83 (368.80) - Cash and cash equivalents 4,081.92 6,958.86
and bank balance
Segment/Operating results 23,606.58 (941.95) 1,248.20 (447.49) 23,465.34 16,724.31 (56.05) 517.10 (368.80) 16,816.56
Loans 106.26 103.47
Un-allocated items:
Goodwill 46.22 46.22
Finance income 1,211.06 946.21
Other unallocable assets 5,897.56 3,926.52
Finance costs 1,083.40 597.57
Total assets 120,788.84 94,254.76
Share of profit/(loss) of joint - - - - - - (92.63) - - (92.63)
venture (Net of tax)
Profit before tax 23,593.00 17,072.57
(D) Segment liabilities
Tax expenses
(H million)
Current tax 5,535.25 4,060.50
31 March 2024 31 March 2023
Deferred tax charge/ 28.58 181.20
Wires & Wires &
(credit) FMEG Others Total FMEG Others Eliminations Total
Cables Eliminations Cables
Profit for the year 18,029.17 12,830.86
Segment liabilities 25,344.90 2,563.50 4,699.00 - 32,607.40 18,500.79 2,462.44 2,355.51 - 23,318.74
Depreciation & amortisation 2,085.78 325.14 39.48 - 2,450.40 1,834.52 225.94 31.18 - 2,091.64
Unallocated liabilities:
expenses
Borrowings (Non-Current and 897.74 1,551.43
Non-cash expenses/ (Income) 785.66 82.04 (53.98) - 759.72 20.87 39.84 (13.27) - 47.44
Current, including Current
other than depreciation
Maturity)
Total cost incurred during the 7,582.56 631.99 365.18 - 8,579.73 3,157.10 1,329.38 97.67 - 4,584.18
Current tax liabilities (net) 125.44 288.17
year to acquire segment assets
(net of disposal) Deferred tax liabilities (net) 543.71 422.68
Other unallocable liabilities 4,181.14 1,927.90
Total liabilities 38,355.43 27,508.92
(B) Revenue by Geography
The amount of its revenue from external customers analysed by the country, in which customers are located, are
given below: (E) Non-current assets by Geography
The total of non-current assets excluding financial assets and deferred tax assets analysed by the country in which
(H million)
assets are located are given below:
Year ended Year ended
31 March 2024 31 March 2023
(H million)
Within India 167,032.52 127,629.60 Year ended Year ended
Outside India 14,359.61 13,835.23 31 March 2024 31 March 2023
181,392.13 141,464.83 Within India 32,018.50 24,557.06
Outside India - -
32,018.50 24,557.06
380 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 381

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

40. Information for Consolidated Financial Statement pursuant to Schedule III of the For the year ended 31 March 2023
Companies Act, 2013 Net Assets, i.e., total
Share in other Share in total
assets minus total Share in profit or loss
comprehensive income comprehensive income
For the year ended 31 March 2024 liabilities
As % of
Net Assets, i.e., total
Share in other Share in total As % of As % of As % of consolidated
assets minus total Share in profit or loss
comprehensive income comprehensive income consolidated Amount consolidated Amount consolidated Amount total Amount
liabilities
net assets profit or loss OCI comprehensive
As % of income
As % of As % of As % of consolidated
Parent
consolidated Amount consolidated Amount consolidated Amount total Amount
net assets profit or loss OCI comprehensive Polycab India Limited 98.55% 65,775.57 98.81% 12,670.46 90.68% 30.55 98.79% 12,701.01
income
Subsidiaries
Parent
Indian
Polycab India Limited 98.37% 81,086.79 97.74% 17,620.81 80.02% (82.01) 97.84% 17,538.80
Tirupati Reels Private Limited 0.28% 188.09 0.36% 46.07 0.12% 0.04 0.36% 46.11
Subsidiaries
Dowells Cable Accessories 0.49% 329.45 1.00% 127.99 0.00% - 1.00% 127.99
Indian Private Limited
Tirupati Reels Private Limited 0.29% 241.46 0.30% 53.58 0.20% (0.20) 0.30% 53.38 Steel Matrix Private Limited 0.00% 0.73 0.00% (0.01) 0.00% - 0.00% (0.01)
Dowells Cable Accessories 0.66% 546.76 1.21% 217.33 0.00% - 1.21% 217.33 Uniglobus electricals and 0.04% 28.85 (0.29%) (37.48) (0.09%) (0.03) (0.29%) (37.51)
Private Limited electronics Private Limited
Steel Matrix Private Limited 0.00% 0.91 0.00% (0.05) 0.00% - 0.00% (0.05) Silvan Innovation Labs Private 0.02% 11.80 (0.21%) (26.76) 0.21% 0.07 (0.21%) (26.69)
Uniglobus electricals and (0.08%) (62.15) (0.50%) (90.98) 0.01% (0.01) (0.51%) (90.99) Limited
electronics Private Limited Polycab Support Force Private 0.00% 1.60 0.01% 0.71 0.00% - 0.01% 0.71
Polycab Support Force Private 0.00% 2.51 0.00% 0.58 0.00% - 0.00% 0.58 Limited
Limited Polycab Electricals And 0.00% 0.80 0.00% (0.19) 0.00% - 0.00% (0.19)
Polycab Electricals And 0.00% 0.93 0.00% (0.03) 0.00% - 0.00% (0.03) Electronics Private Limited
Electronics Private Limited Foreign
Foreign Polycab Australia Pty Limited 0.05% 35.18 0.09% 11.34 8.96% 3.02 0.11% 14.36
Polycab Australia Pty. Limited 0.09% 74.40 0.20% 36.19 -2.95% 3.02 0.22% 39.21 Investment accounted for using
Polycab USA Inc (0.02%) (20.27) 0.02% 3.02 22.56% (23.12) (0.11%) (20.10) the equity method

Investment accounted for Techno Electromech Private 0.00% - (0.72%) (92.63) 0.00% - (0.72%) (92.63)
using the equity method Limited

Techno Electromech Private 0.00% - 0.00% - 0.00% - 0.00% - Non controlling interest
Limited Indian
Non controlling interest Tirupati Reels Private Limited 0.23% 153.89 0.29% 37.70 0.12% 0.04 0.29% 37.74
Indian Dowells Cable Accessories 0.33% 219.63 0.67% 85.33 0.00% - 0.66% 85.33
Tirupati Reels Private Limited 0.24% 197.56 0.24% 43.84 0.17% (0.17) 0.24% 43.67 Private Limited

Dowells Cable Accessories 0.44% 364.51 0.80% 144.88 0.00% - 0.81% 144.88 Steel Matrix Private Limited 0.00% 0.25 0.00% - 0.00% - -
Private Limited TOTAL 100.00% 66,745.84 100.00% 12,822.53 100.00% 33.69 100.00% 12,856.22
Steel Matrix Private Limited 0.00% - 0.00% - 0.00% - 0.00% -
TOTAL 100.00% 82,433.41 100.00% 18,029.17 100.00% (102.49) 100.00% 17,926.68
382 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 383

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

41. Financial Instruments and Fair Value Cash flow characteristics test: The
(ii)  (a) The rights to receive cash flows from  The application of simplified approach does not
contractual terms of the financial the asset have expired, or require the Group to track changes in credit risk.
measurement assets give rise on specified dates to Rather, it recognises impairment loss allowance
A) Financial Instruments (b) The Group has transferred its rights
cash flow that are solely payments of based on lifetime ECL at each reporting date,
to receive cash flows from the asset
Accounting Policy principal and interest on the principal right from its initial recognition. The Group has
or has assumed an obligation to pay
A financial instrument is any contract that gives amount outstanding. established a provision matrix that is based on
the received cash flows in full without
rise to a financial asset of one entity and a financial its historical credit loss experience, adjusted for
(b) (i) Financial assets at fair value through material delay to a third party under
liability or equity instrument of another entity. forward-looking factors specific to the debtors
other comprehensive income a ‘pass-through’ arrangement and
and the economic environment.
either (a) the Group has transferred
Financial assets Financial assets is subsequently measured
substantially all the risks and rewards The Group recognises an allowance for ECL
at fair value through other comprehensive
(i) Initial recognition and measurement of the asset, or (b) the Group has for all debt instruments not held at fair value
income if it is held with in a business model
All financial assets are recognised initially at neither transferred nor retained through profit or loss. ECL are based on the
whose objective is achieved by both
fair value plus, in the case of financial assets substantially all the risks and rewards difference between the contractual cash flows
collections contractual cash flows and
not recorded at fair value through Statement of the asset, but has transferred due in accordance with the contract and all the
selling financial assets and the contractual
of Profit and Loss, transaction costs that are control of the asset. cash flows that the Group expects to receive,
terms of the financial assets give rise on
attributable to the acquisition of the financial discounted at an approximation of the original
specified dated to cash flows that are When the Group has transferred its rights
asset. However, trade receivables that do not effective interest rate. The expected cash flows
solely payments of principal and interest to receive cash flows from an asset or has
contain a significant financing component will include cash flows from the sale of collateral
on the principal amount outstanding. entered into a pass-through arrangement,
are measured at transaction price. Financial held or other credit enhancements that are
it evaluates if and to what extent it
assets are classified at the initial recognition For equity instruments, the Group may integral to the contractual terms.
has retained the risks and rewards of
as financial assets measured at fair value or as make an irrevocable election to present in
ownership. When it has neither transferred ECL are recognised in two stages. For credit
financial assets measured at amortised cost. other comprehensive income subsequent
nor retained substantially all of the risks exposures for which there has not been a
changes in the fair value. The Group
and rewards of the asset, nor transferred significant increase in credit risk since initial
(ii) Subsequent measurement makes such election on an instrument-by-
control of the asset, the Group continues recognition, ECL are provided for credit losses
instrument basis. The classification is made
For purposes of subsequent measurement, to recognise the transferred asset to that result from default events that are possible
on initial recognition and is irrevocable.
financial assets are classified in two the extent of the Group’s continuing within the next 12-months (a 12-month ECL).
broad categories: If the Group decides to classify an equity involvement. In that case, the Group also For those credit exposures for which there has
instrument as at FVTOCI, then all fair value recognises an associated liability. The been a significant increase in credit risk since
(a) Financial assets at amortised cost
changes on the instrument, excluding transferred asset and the associated initial recognition, a loss allowance is required
(b) Financial assets at fair value dividends, are recognised in the OCI. There liability are measured on a basis that for credit losses expected over the remaining
is no recycling of the amounts from OCI to reflects the rights and obligations that the life of the exposure, irrespective of the timing
Where assets are measured at fair value,
P&L, even on sale of investment. However, Group has retained. of the default (a lifetime ECL).
gains and losses are either recognised entirely
the Group may transfer the cumulative
in the Statement of Profit and Loss (i.e. fair The Group discloses analysis of the gain or Ind AS 109 requires expected credit losses to
gain or loss within equity.
value through Statement of Profit and Loss), loss recognised in the statement of profit be measured through a loss allowance. The
or recognised in other comprehensive income Equity instruments included within the and loss arising from the derecognition of Group recognises lifetime expected losses for
(i.e. fair value through other comprehensive FVTPL category are measured at fair financial assets measured at amortised all contract assets and / or all trade receivables
income). value with all changes recognised in the cost, showing separately gains and that do not constitute a financing transaction.
Statement of Profit and Loss. losses arising from derecognition of those In determining the allowances for doubtful trade
(a) Financial assets carried at amortised financial assets. receivables, the Group has used a practical
(ii) Financial assets at fair value through
cost expedient by computing the expected credit
profit or loss (iv) Impairment of financial assets
A financial assets that meets the following loss allowance for trade receivables based on
two conditions is measured at amortised A financial asset which is not classified in The Group assesses impairment based a provision matrix. The provision matrix takes
cost (net of Impairment) unless the any of the above categories is subsequently on expected credit losses (ECL) model for into account historical credit loss experience
asset is designated at fair value through fair valued through Statement of Profit the following: and is adjusted for forward looking information.
Statement of Profit and Loss under the fair and Loss. The expected credit loss allowance is based on
(a) Trade receivables or any contractual
value option. the ageing of the receivables that are due and
(iii) Derecognition right to receive cash or another
allowance rates used in the provision matrix.
(i)  usiness Model test: The objective of
B financial asset that result from
A financial asset (or, where applicable, a For all other financial assets, expected credit
the Group’s business model is to hold the transactions that are within the scope
part of a financial asset or part of a Group losses are measured at an amount equal to
financial assets to collect the contractual of Ind AS 115.
of similar financial assets) is primarily the 12-months expected credit losses or at an
cash flow (rather than to sell the instrument derecognised when: (b) The Group follows ‘simplified approach’ amount equal to the 12 months expected credit
prior to its contractual maturity to realise for recognition of impairment loss losses or at an amount equal to the life time
its fair value changes). allowance on trade receivables and expected credit losses if the credit risk on the
contract assets. financial asset has increased significantly since
initial recognition.
384 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 385

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
The Group considers a financial asset in borrowings and payables, net of directly (iii) Embedded Derivatives each Balance sheet date. Fair value is the price that
default when contractual payments are 90 attributable transaction costs. The Group’s would be received to sell an asset or paid to transfer
A derivative embedded in a hybrid contract,
days past due. However, in certain cases, financial liabilities include trade and other a liability in an orderly transaction between market
with a financial liability or non-financial host,
the Group may also consider a financial payables, loans and borrowings including participants at the measurement date. The fair
is separated from the host and accounted
asset to be in default when internal or bank overdrafts, lease liabilities and derivative value measurement is based on the presumption
for as a separate derivative if: the economic
external information indicates that the financial instruments. that the transaction to sell the asset or transfer the
characteristics and risks are not closely related
Group is unlikely to receive the outstanding liability takes place either:
to the host; a separate instrument with the
contractual amounts in full before taking (ii) Subsequent measurement
same terms as the embedded derivative would (a) In the principal market for the asset or liability, or
into account any credit enhancements The measurement of financial liabilities depends meet the definition of a derivative; and the
held by the Group. A financial asset is on their classification, as described below: (b) In the absence of a principal market, in the most
hybrid contract is not measured at fair value
written off when there is no reasonable advantageous market for the asset or liability
through profit or loss.
expectation of recovering the contractual (a) Financial liabilities at fair value through The principal or the most advantageous market
cash flows. profit or loss (iv) Derecognition must be accessible by the Group.
For recognition of impairment loss on Financial liabilities at fair value through (a) A financial liability is derecognised when the The fair value of an asset or a liability is measured
other financial assets and risk exposure, profit or loss include financial liabilities obligation under the liability is discharged using the assumptions that market participants
the Group determines that whether there held for trading and financial liabilities or cancelled or expires. When an existing would use when pricing the asset or liability,
has been a significant increase in the credit designated upon initial recognition financial liability is replaced by another assuming that market participants act in their
risk since initial recognition. If credit risk as at fair value through profit or loss. from the same lender on substantially economic best interest.
has not increased significantly, 12-month Financial liabilities are classified as held different terms, or the terms of an existing
ECL is used to provide for impairment for trading if they are incurred for the liability are substantially modified, such The Group uses valuation techniques that are
loss. However, if credit risk has increased purpose of repurchasing in the near term. an exchange or modification is treated as appropriate in the circumstances and for which
significantly, lifetime ECL is used. This category also includes derivative the derecognition of the original liability sufficient data are available to measure fair value,
financial instruments entered into by the and the recognition of a new liability. maximising the use of relevant observable inputs
If, in a subsequent period, credit quality of
Group that are not designated as hedging The difference in the respective carrying and minimising the use of unobservable inputs.
the instrument improves such that there
instruments in hedge relationships as amounts is recognised in the statement of
is no longer a significant increase in credit All assets and liabilities for which fair value is
defined by Ind AS 109. profit or loss.
risk since initial recognition, then the entity measured or disclosed in the Financial Statements
reverts to recognising impairment loss (b) Financial guarantee contracts issued by are categorised within the fair value hierarchy, to
(b) Gains or losses on liabilities held for
allowance based on 12-month ECL. the Group are those contracts that require provide an indication about the reliability of inputs
trading are recognised in the profit or
a payment to be made to reimburse the used in determining fair value, the group has
As a practical expedient, the Group loss
holder for a loss it incurs because the classified its financial statements into three levels
uses the provision matrix to determine Financial liabilities designated upon initial
specified debtor fails to make a payment prescribed under the IND AS as follows, based on
impairment loss allowance on the portfolio recognition at fair value through profit or
when due in accordance with the terms of the lowest level input that is significant to the fair
of trade receivables. The provision matrix loss are designated as such at the initial
a debt instrument. Financial guarantee value measurement as a whole:
is based on its historical observed default date of recognition, and only if the criteria
rates over the expected life of the trade contracts are recognised initially as a liability • Level 1 — Quoted (unadjusted) market prices in
in Ind AS 109 are satisfied. For liabilities
receivables and its adjusted forward at fair value, adjusted for transaction active markets for identical assets or liabilities
designated as FVTPL, fair value gains/
looking estimates. At every reporting costs that are directly attributable to the
losses attributable to changes in own credit • Level 2 — Valuation techniques for which the
date, the historical observed default rates issuance of the guarantee. Subsequently,
risk are recognised in OCI. These gains/ lowest level input that is significant to the fair value
are updated and changes in the forward- the liability is measured at the higher of
loss are not subsequently transferred to measurement is directly or indirectly observable
looking estimates are analysed. the amount of loss allowance determined
P&L. However, the Group may transfer the
as per impairment requirements of Ind • Level 3 — Valuation techniques for which the
ECL impairment loss allowance (or reversal) cumulative gain or loss within equity. All
AS 109 and the amount recognised less lowest level input that is significant to the fair
during the period is recognised as other other changes in fair value of such liability
cumulative amortisation. value measurement is unobservable
expense in the of Statement of Profit are recognised in the statement of profit
and Loss. or loss. For the purpose of fair value disclosures, the Group
B) Fair value measurement
has determined classes of assets and liabilities on
(c) Loans and borrowings Accounting policy
Financial liabilities the basis of the nature, characteristics and risk
After initial recognition, interest-bearing The Group measures financial instruments, such of the assets or liability and the level of fair value
(i) Initial recognition and measurement
loans and borrowings are subsequently as, derivatives, mutual funds etc. at fair value at hierarchy as explained above.
All financial liabilities are recognised initially
measured at amortised cost using the
at fair value and, in the case of loans and
Effective Interest Rate method.
386 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 387

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
Set out below, is a comparison by class of the carrying amounts and fair value of the Group's financial instruments: Fair value hierarchy
(H million) All assets and liabilities for which fair value is measured or disclosed in the Financial Statements are categorised
Carrying value Fair value within the fair value hierarchy, to provide an indication about the reliability of inputs used in determining fair
31 March 2024 31 March 2023 31 March 2024 31 March 2023
value, the Group has classified its financial statements into three levels prescribed under the Ind AS as follows,
based on the lowest level input that is significant to the fair value measurement as a whole:
Financial assets
Measured at amortised cost • Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Trade receivables 21,661.87 12,992.33 21,661.87 12,992.33 • Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement
Cash and cash equivalents 3,070.31 1,527.52 3,070.31 1,527.52 is directly or indirectly observable
Bank balance other than cash and cash equivalents 953.27 5,424.91 953.27 5,424.91 • Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement
Loans 106.26 103.47 106.26 103.47 is unobservable
Other financial assets 623.22 357.95 623.22 357.95
The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities.
Measured at fair value through profit or loss
account (FVTPL)
Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at 31 March 2024:
Investment in mutual funds 18,224.17 13,504.95 18,224.17 13,504.95
(H million)
Derivative assets 23.64 8.36 23.64 8.36
Fair value measurement using
44,662.74 33,919.49 44,662.74 33,919.49
Date of Quoted prices in Significant Significant
Financial liabilities Total
valuation active markets observable inputs unobservable inputs
Measured at amortised cost (Level 1) (Level 2) (Level 3)
Borrowings - long term including current maturities 897.74 730.18 895.68 734.40 Assets measured at fair value:
and short term
Units of mutual funds 31 March 2024 18,224.17 18,224.17 - -
Acceptances 18,619.66 12,257.56 18,619.66 12,257.56
Derivative assets
Trade payables 10,013.59 8,068.88 10,013.59 8,068.88
Embedded derivatives 31 March 2024 1.99 - 1.99 -
Creditors for capital expenditure 839.32 563.85 839.32 563.85
Foreign exchange forward contract 31 March 2024 21.65 - 21.65 -
Obligations under lease 713.19 363.29 764.25 387.17
Commodity contracts 31 March 2024 - - - -
Other financial liabilities 1,541.95 984.74 1,541.95 984.74
Liabilities measured at fair value:
Measured at fair value through profit or loss
Derivative liabilities:
account (FVTPL)
Embedded derivatives 31 March 2024 - - - -
Derivative liabilities 577.23 129.32 577.23 129.32
Foreign exchange forward contract 31 March 2024 9.04 - 9.04 -
33,202.68 23,097.82 33,251.68 23,125.92
Commodity contracts 31 March 2024 568.19 - 568.19 -

(a) The management assessed that cash and cash equivalents, trade receivables, trade payables, short-term
borrowings, loans to related party, loans to employees, short term security deposit, lease liabilities and Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at 31 March 2023:
other current liabilities approximate their carrying amounts largely due to the short-term maturities of
(H million)
these instruments.
Fair value measurement using
(b) The fair value of the financial assets and liabilities is included at the amount at which the instrument could Significant Significant
be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Date of Quoted prices in
Total observable unobservable
valuation active markets
inputs inputs
(c) Fixed deposit of H 80.4 million (31 Mar 2023: H 46.55 million) is restricted for withdrawal, considering it is
(Level 1) (Level 2) (Level 3)
lien against commercial arrangements.
Assets measured at fair value:
(d) Measurement of fair values Units of mutual funds 31 March 2023 13,504.95 13,504.95 - -
The following table shows the valuation techniques used in measuring fair values, as well as the significant Derivative assets
observable inputs used (if any) Embedded derivatives 31 March 2023 - - - -
Financial instruments measured at fair value: Foreign exchange forward contract 31 March 2023 8.36 - 8.36 -
Liabilities measured at fair value:
Type Valuation technique
Derivative liabilities:
Mutual Fund Investments Net asset value quoted by mutual funds
Embedded derivatives 31 March 2023 26.18 26.18
Commodity Futures Basis the quotes given by the LME broker/ dealer
Foreign exchange forward contract 31 March 2023 26.97 - 26.97 -
Embedded Derivatives Basis the quotes given by the LME broker/ dealer
Commodity contracts 31 March 2023 76.17 76.17
Foreign exchange forward contracts MTM value as per RBI reference rate
388 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 389

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

Notes: also holds FVTPL investments and enters into Interest rate sensitivity
derivative transactions.
(a) 
Investment Property Under Construction The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that
is measured at cost as at 31 March 2024 The Group is exposed to market risk, credit risk and portion of loans and borrowings affected, after the impact of hedge accounting. With all other variables
of H 762.98 million (31 March 2023: Nil). liquidity risk. The Board of Directors of the Group held constant, the Group’s profit before tax is affected through the impact on floating rate borrowings,
The fair value measurement is required has formed a Risk Management Committee to as follows:
for disclosure purpose in the financial periodically review the risk management policy of
(H million)
statements as per Ind AS 40.(Refer note 4). the Group so that the management manages the
risk through properly defined mechanism’s Risk Exposure to
In accordance with Ind AS 113, the fair value interest rate Increase/ Effect on profit
of investment property is determined by the Management Committee’s focus is to foresee the risk (Principal decrease in bps before tax
Company at H 847.00 million following the risk- unpredictability and minimise potential adverse amount of loan)
adjusted discounted cash flow method and effects on the Group’s financial performance. 31 March 2024
based on Level 3 inputs from an independent The Group’s overall risk management procedures to Increase 579.75 +100 (5.80)
accredited valuation expert, as defined under minimise the potential adverse effects of financial Decrease -100 5.80
rule 2 of Companies (Registered Valuers and market on the Group’s performance are as follows: 31 March 2023
Valuation) Rules, 2017, with relevant valuation
Increase 401.11 +100 (4.01)
experience for similar properties. The fair (A) Market Risk
valuation is mainly based on location and Decrease -100 4.01
Market risk is the risk that the fair value of
locality, current real estate prices in the active
future cash flows of a financial instrument
market for similar properties. The main inputs
will fluctuate because of changes in market (ii) Foreign currency risk
used are area, location, construction cost,
prices. Market risk comprises three types Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because
demand, weighted-average cost of capital and
of risk: interest rate risk, currency risk and of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates
trend of real estate market at the location. As at
other price risk, such as equity price risk and relates primarily to the Group’s operating activities (when revenue or expense is denominated in a foreign
31 March 2024, the fair value of the properties
commodity risk. Financial instruments affected currency) and the Group’s borrowings in foreign currency.
are based on valuations performed by Bharat
by market risk include loans and borrowings,
Shah & Associates, an accredited independent
deposits, FVTPL investments and derivative Derivative financial instruments
registered valuer.
financial instruments.
The Group enters into derivative contracts with an intention to hedge its foreign exchange price risk
(b) There is no transfers into and transfers out of
and interest risk. Derivative contracts which are linked to the underlying transactions are recognised in
fair value hierarchy levels as at the end of the (i) Interest rate risk
accordance with the contract terms. Such derivative financial instruments are initially recognised at fair
reporting period. Timing of transfer between Interest rate risk is the risk that the fair value value on the date on which a derivative contract is entered into and are subsequently re-measured at fair
the levels determined based on the following: or future cash flows of a financial instrument value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities
(a) 
the date of the event or change in will fluctuate because of changes in market when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are
circumstances that caused the transfer interest rates. The Group’s exposure to the taken directly to Statement of Profit and Loss. To some extent the Group manages its foreign currency
risk of changes in market interest rates relates risk by hedging transactions.
(b) the beginning of the reporting period primarily to the Group’s debt obligations
(c) the end of the reporting period (including acceptances) with floating interest Particulars of unhedged foreign currency exposures as at the reporting date:
rates. The Group is also exposed to the risk
(H million)
of changes in market interest rates relates
42. Financial Risk Management Objectives due to its investments in mutual fund units in 31 March 2024 31 March 2023
Currency
and Policies debt funds. Currency
Symbol Foreign currency Indian Rupees Foreign currency
Indian
Rupees
The Group’s principal financial liabilities, other
Total borrowings as on 31 March 2024 are H United States Dollar USD (140.38) (11,704.16) (74.94) (6,161.08)
than derivatives, comprise acceptances, borrowing,
897.74 million (31 March 2023: H 730.18 million)
trade payables, lease liabilities and other liabilities. EURO EUR 13.66 1,232.52 12.09 1,082.94
out of which H 317.99 million as on 31 March
The main purpose of these financial liabilities is Pound GBP 0.52 54.73 2.85 290.24
2024 (31 March 2023: H 329.07 million) pertains
to finance the Group’s operations and to provide Swiss Franc CHF 0.38 34.69 0.03 2.40
to fixed rate of interest.
guarantees to support its operations. the Group’s
Ruble RUB - - (7.38) (7.83)
principal financial assets include loans, trade and Acceptances as at 31 March 2024 of H 18,619.66
Chinese Yuan CNY (0.79) (9.12) 0.09 1.10
other receivables, and cash and cash equivalents million (31 March 2023: H 12,257.56 million) are
that derive directly from its operations. The Group at a fixed rate of interest. Australian Dollar AUD 0.31 16.93 5.43 299.92
Singapore Dollar SGD (0.00) (0.13) (0.00) (0.13)

Figures shown in brackets represent payables.

390 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 391

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

Foreign currency sensitivity (B) Credit risk such that the customers remit cash directly
to the bank and the bank releases the limit of
The following tables demonstrate the sensitivity to a reasonably possible change in USD, Euro, GBP, Credit risk is the risk that counterparty will
facility used by the Group. The receivables are
CNY, RUB, JPY, AUD and SGD exchange rates, with all other variables held constant. The impact on the not meet its obligations under a financial
considered to be held within a held-to-collect
Group’s profit before tax is due to changes in the fair value of monetary assets and liabilities including instrument or customer contract, leading to a
business model consistent with the Group
non-designated foreign currency derivatives and embedded derivatives. The Group’s exposure to foreign financial loss. The Group is exposed to credit
continuing recognition of the receivables.
currency changes for all other currencies is not material. Sensitivity due to unhedged Foreign Exchange risk from its operating activities (primarily trade
Exposures is as follows: receivables) and from its financing activities, The carrying amount of trade receivables at
including deposits with banks and financial the reporting date that have been transferred
Impact on profit before tax and equity: institutions, foreign exchange transactions and but have not been derecognised and the
other financial instruments. associated liabilities is H 508.05 million (31 Mar
(H million)
2023: H 821.25 million).
Currency 31 March 2024 31 March 2023
Currency Trade receivables and contract assets
Symbol +2% -2% +2% -2% Trade receivables (net of expected credit loss
The Group has adopted a policy of only dealing allowance) of H 21,661.87 million as at 31 March
United States Doller USD (234.08) 234.08 (123.22) 123.22
with counterparties that have sufficient credit 2024 (31 March 2023: H 12,992.33 million) forms
EURO Euro 24.65 (24.65) 21.66 (21.66) rating. The Group exposure and credit ratings of a significant part of the financial assets carried
Pound GBP 1.09 (1.09) 5.80 (5.80) its counterparties are continuously monitored at amortised cost which is valued considering
Swiss Franc CHF 0.69 (0.69) 0.05 (0.05) and the aggregate value of transactions is provision for allowance using expected credit
Ruble RUB - - (0.16) 0.16 reasonably spread amongst the counterparties. loss method. In addition to the historical pattern
Chinese Yuan CNY (0.18) 0.18 0.02 (0.02)
Credit risk has always been managed through of credit loss, we have considered the likelihood
credit approvals, establishing credit limits and of delayed payments, increased credit risk and
Australian Dollar AUD 0.34 (0.34) 6.00 (6.00)
continuously monitoring the credit worthiness consequential default considering emerging
Singapore Dollar SGD (0.00) 0.00 (0.00) 0.00 of customers to which the Group grants credit situations while arriving at the carrying value
Figures shown in brackets represent payables. terms in the normal course of business. On of these assets. This assessment is not based
account of adoption of Ind AS 109, the Group on any mathematical model but an assessment
uses expected credit loss model to assess considering the nature of verticals, impact
(iii) Commodity price risk the impairment loss or gain. The Group has immediately seen in the demand outlook of
The Group’s exposure to price risk of copper and aluminium arises from: applied Expected Credit Loss (ECL) model for these verticals and the financial strength of
• Trade payables of the Group where the prices are linked to LME prices. Payment is therefore sensitive measurement and recognition of impairment the customers. The Group has specifically
to changes in copper and aluminium prices quoted on LME. The provisional pricing feature (Embedded losses on trade receivables. ECL has been evaluated the potential impact with respect
Derivatives) is classified in the balance sheet as fair value through profit or loss. The option to fix prices computed as a percentage of revenue on to customers for all of its segments.
at future LME prices works as a natural hedge against the movement in value of inventory of copper the basis of Group historical data of delay in
collection of amounts due from customers The Group closely monitors its customers who
and aluminium held by the Group. The Group also takes Sell LME positions to hedge the price risk on
and default by the customers along with are going through financial stress and assesses
Inventory due to ongoing movement in rates quoted on LME. The Group applies fair value hedge to
management’s estimates. actions such as change in payment terms,
protect its copper and aluminium Inventory from the ongoing movement in rates.
discounting of receivables with institutions
• Purchases of copper and aluminium results in exposure to price risk due to ongoing movement in rates The Group has sold without recourse trade on no‐recourse basis, recognition of revenue
quoted on LME affecting the profitability and financial position of the Group. The risk management receivable under channel finance arrangement on collection basis etc., depending on severity
strategy is to use the Buy future contracts linked to LME to hedge the variation in cash flows of highly for providing credit to its dealers. Evaluation of each case. The collections pattern from
probable future purchases. There are no outstanding buy future contracts link to LME as of 31 March is made as per the terms of the contract i.e. if the customers in the current period does not
2024 and 31 March 2023. the Group does not retain any risk and rewards indicate stress beyond what has been factored
or control over the financial assets, then the while computing the allowance for expected
Sensitivity analysis for unhedged exposure for the year ended 31 March are as follows: entity derecognises such assets upon transfer credit losses.
Exposure of Company in Inventory: of financial assets under such arrangement
with the banks. Derecognition does not result The expected credit loss allowance for trade
(H million)
in significant gain / loss to the Group in the receivables of H 1,352.68 million as at 31 March
31 March 2024 31 March 2023 Statement of profit and loss. 2024 (31 March 2023: H 1,163.08 million) is
Hedge Exposure Exposure Impact in Profit Exposure Exposure Impact in Profit considered adequate.
Metal In certain cases, the Group has sold with
instruments in Metric in before tax in Metric in before tax
Tonne H million Tonne H million recourse trade receivables to banks for cash The same assessment is done in respect of
+2% -2% +2% -2%
proceeds. These trade receivables have not contract assets of H 380.82 million as at 31
Aluminium Embedded 2,750.00 540.91 (10.82) 10.82 - - - - March 2024 (31 March 2023: H 141.19 million)
derivative been derecognised from the statement of
financial position, because the Group retains while arriving at the level of provision that is
Copper Embedded 10,300.00 7,598.21 (151.96) 151.96 5,400.00 3,992.49 (79.85) 79.85 required. The expected credit loss allowance
derivative substantially all of the risks and rewards –
primarily credit risk. The amount received on for contract assets of H 15.23 million as at 31
transfer has been recognised as a financial March 2024 (31 March 2023: H 5.65 million) is
liability. The arrangement with the bank is considered adequate.
392 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 393

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

Other financial assets liquidity in mind and monitoring future cash (H million)
flows and liquidity on a regular basis. Surplus 31 March 2024 31 March 2023
The Group has adopted a policy of only dealing
funds not immediately required are invested > equal to > equal to
with counterparties that have sufficient credit < 1 year Total < 1 year Total
in certain financial assets (including mutual 1 year 1 year
rating. The Group’s exposure and credit ratings
funds) which provide flexibility to liquidate Financial liabilities:
of its counterparties are continuously monitored
at short notice and are included in current Borrowings 671.70 226.04 897.74 1,509.35 42.08 1,551.43
and the aggregate value of transactions is
investments and cash equivalents. Besides, it
reasonably spread amongst the counterparties. Lease liability 230.04 700.10 930.14 164.77 256.99 421.76
generally has certain undrawn credit facilities
Credit risk arising from investment in mutual which can be accessed as and when required, Other financial liabilities 2,420.84 537.66 2,958.50 856.66 - 856.66
funds, derivative financial instruments and which are reviewed periodically. Acceptances 18,619.66 - 18,619.66 12,257.56 - 12,257.56
other balances with banks is limited and there Trade payables 10,013.59 - 10,013.59 8,068.88 - 8,068.88
The Group channel financing program ensures
is no collateral held against these because 31,955.83 1,463.80 33,419.63 22,857.22 299.07 23,156.29
timely availability of finance for channel
the counterparties are banks and recognised
partners with extended and convenient re-
financial institutions with high credit
payment terms, thereby freeing up cash flow (ii) To use the Sell future contracts linked with LME
ratings assigned by the international credit
for business growth while strengthening
43. Hedging activity and derivatives
rating agencies. to hedge the fair value risk associated with
Group distribution network. Further, invoice The Group uses the following hedging types:
inventory of copper and aluminium. Once the
discounting get early payments against (i) Fair value hedges when hedging the exposure to purchases are concluded and its final price is
(C) Liquidity risk
outstanding invoices. Sales Invoice discounting changes in the fair value of a recognised asset determined, the Group starts getting exposed
The Group’s principle sources of liquidity are is intended to save the Group business from the or liability or an unrecognised firm commitment. to price risk of these inventory till the time it is
cash and cash equivalents and the cash flow cash flow pressure. not been sold. The Group’s policy is to designate
that is generated from operations. the Group (ii) Cash flow hedges when hedging the exposure
The Group has developed appropriate internal the copper and aluminium inventory which are
believes that the working capital is sufficient to to variability in cash flows that is either
control systems and contingency plans for already priced and which is not been sold at
meet its current requirements. attributable to a particular risk associated with
managing liquidity risk. This incorporates that point in time in a hedging relationship
a recognised asset or liability or a highly probable
Further, the Group manages its liquidity risk an assessment of expected cash flows and against Sell LME future positions based on the
forecast transaction or the foreign currency risk
in a manner so as to meet its normal financial availability of alternative sources for additional risk management strategy of the Group. The
in an unrecognised firm commitment.
obligations without any significant delay or funding, if required hedged risk is movement in spot rates.
stress. Such risk is managed through ensuring
Corporate guarantees given on behalf of Group (A) Fair value hedge of copper and aluminium To test the hedge effectiveness between
operational cash flow while at the same
Companies might affect the liquidity of the price risk in inventory embedded derivatives/derivatives and LME
time maintaining adequate cash and cash
Group if they are payable. However, the Group (i) The Group enters into contracts to purchase prices of Copper and Aluminium, the Group uses
equivalents position. The management has
has adequate liquidity to cover the risk (Refer copper and aluminium wherein the Group has the said prices during a stipulated time period
arranged for diversified funding sources and
note 37(A)). the option to fix the purchase price based on and compares the fair value of embedded
adopted a policy of managing assets with
LME price of copper and aluminium during derivatives/derivatives against the changes in
a stipulated time period. Accordingly, these fair value of LME price of copper and aluminium
Maturity analysis
contracts are considered to have an embedded attributable to the hedged risk.
The table below summarises the maturity profile of the Group’s financial assets and financial liabilities
derivative that is required to be separated. The Group establishes a hedge ratio of 1:1 for
based on contractual undiscounted payments.
Such feature is kept to hedge against exposure the hedging relationships as the underlying
(H million) in the value of unpriced inventory of copper embedded derivative/derivative is identical to
31 March 2024 31 March 2023 and aluminium due to volatility in copper the LME price of Copper and Aluminium.
> equal to > equal to
and aluminium prices. The Group designates
< 1 year Total < 1 year Total the embedded derivative in the payable for
1 year 1 year Disclosure of effects of fair value hedge
Financial assets: such purchases as the hedging instrument accounting on financial position:
in fair value hedging of inventory. The Group
Investments 18,224.17 - 18,224.17 13,504.95 - 13,504.95 Hedged item:
designates only the spot-to-spot movement
Trade receivables 20,471.17 1,190.70 21,661.87 12,465.96 526.37 12,992.33 Changes in fair value of unpriced inventory
of the copper and aluminium inventory as the
Cash & cash equivalents 3,070.31 - 3,070.31 1,527.52 - 1,527.52 hedged risk. The carrying value of inventory is attributable to change in copper and
Bank balance other than cash & cash 953.27 - 953.27 5,424.91 - 5,424.91 accordingly adjusted for the effective portion aluminium prices.
equivalents of change in fair value of hedging instrument.
Loans 106.26 - 106.26 103.47 - 103.47 Hedge accounting is discontinued when the Hedging instrument:
Other financial assets 335.52 311.34 646.86 295.91 70.40 366.31 hedging instrument is settled, or when it is no Changes in fair value of the embedded derivative
43,160.70 1,502.04 44,662.74 33,322.72 596.77 33,919.49 longer qualifies for hedge accounting or when of copper and aluminium trade payables and
the hedged item is sold. sell future contracts, as described above.
394 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 395

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(B) Cash flow hedge associated with highly probable forecasted purchases of copper and aluminium: The following table presents details of amounts held in effective portion of Cash Flow Hedge and the period
during which these are going to be released and affecting Statement of Profit and Loss:
The Group has purchases of copper and aluminium which results in exposure to price risk due to ongoing
movement in rates quoted on LME which affects the profitability and financial position of the Group. The risk As at 31 Mar 2023
management strategy is to use the Buy future contracts linked to LME to hedge the variation in cash flows Cash Flow hedge release to P&L
of highly probable future purchases. The Group’s policy is to designate the monthly copper and aluminium Less than 3 Months to 6 Months to
purchases as a highly probable forecasted transaction in a hedging relationship based on the risk management Total
3 Months 6 Months 12 Months
strategy of the Group. Commodity Price risk
Sell Future Contracts – Copper (59.71) - - (59.71)
As at 31 March 2024
Sell Future Contracts – Aluminium 0.01 - - 0.01
(H million)
Carrying amount Effective Ineffective The Board of Directors has constituted a Risk Management Committee (RMC) to frame, implement and monitor
Commodity price risk Asset- Liabilities- Equity- Maturity Hedge Balance sheet portion of portion of the risk management plan of the Group which inter-alia covers risks arising out of exposure to foreign currency
increase/ increase/ increase/ date Ratio classification Hedge - Hedge -
(decrease) (decrease) (decrease) Gain/( loss) Gain/ (loss) fluctuations. Under the guidance and framework provided by the RMC, the Group uses various derivative
instruments such as foreign exchange forward, currency options and futures contracts in which the counter
Fair Value Hedge
party is generally a bank. For the purpose of the Group’s capital management, capital includes issued equity
Hedged Inventory of Copper 380.34 - - 1:1 Inventory
capital, securities premium and all other equity reserves attributable to the equity shareholders. The primary
item and aluminium
objective is to maximise the shareholders value.
Highly probable future - - - 1:1 Cash flow hedge
purchases reserve The Group has entered into derivative instruments by way of foreign exchange forward contracts, which are,
Range
Embedded derivative - (1.99) - 1:1 Current financial as per the requirements of Ind AS 109, measured at fair value through profit and loss account. The notional
within
in trade payables of assets (380.34) (176.85) amount of outstanding contracts and loss/(gain) on fair valuation of such contracts are given below:
1 to 6
Copper and aluminium
months
Hedging (H million)
Buy future contracts - - - 1:1 Current financial
instrument
liabilities 31 March 2024 31 March 2023
Sell future contracts - 568.19 - 1:1 Current financial Foreign exchange forward contracts- Buy 5,303.28 4,498.70
liabilities
Foreign exchange forward contracts- Sale (4,807.49) (1,640.44)
495.79 2,858.26
The following table presents details of amounts held in effective portion of Cash Flow Hedge and the period
during which these are going to be released and affecting Statement of Profit and Loss: Fair valuation gain on foreign exchange forward contracts (13.07) 11.65

As at 31st March 2024

Cash Flow hedge release to P&L 44. Financial performance ratios:
Less than 3 Months to 6 Months to A Performance ratios
Total
3 Months 6 Months 12 Months
31 March 31 March
Commodity Price risk Numerator Denominator Variance
2024 2023
Sell Future Contracts- Copper (310.36) (42.94) - (353.30) Net profit ratio Profit after tax Revenue from operations 9.99% 9.09% 0.9%
Sell Future Contracts- Aluminium (12.79) (14.25) - (27.04) Net capital turnover ratio Revenue from operations Working capital 3.51 3.29 6.8%
Return on capital employed Profit before interest and tax Capital employed 29.42% 25.74% 3.7%
As at 31 March 2023 Return on equity ratio Profit after tax Average shareholder’s equity 24.17% 20.96% 3.2%
Return on investment (i) Closing less opening Opening market price 75.87% 21.81% 54.1%
Carrying amount Effective Ineffective market price
Commodity price risk Asset- Liabilities- Equity- Maturity Hedge Balance sheet portion of portion of
increase/ increase/ increase/ date Ratio classification Hedge - Hedge - Debt service coverage ratio Earnings available for Debt service 25.60 31.22 (18.0%)
(decrease) (decrease) (decrease) Gain/( loss) Gain/( loss) debt services
Fair Value Hedge
Hedged Inventory of Copper 76.85 - - 1:1 Inventory B Leverage Ratios
item and aluminium
Highly probable future - - - Cash flow hedge 31 March 31 March
Numerator Denominator Variance
2024 2023
purchases Range reserve
Embedded derivative - 26.18 - within 1:1 Current financial Debt-Equity ratio Total debt Shareholder's equity 0.01 0.01 (0.4%)
in trade payables of 1 to 6 assets (76.85) 25.92
Copper and aluminium months
Hedging
Buy future contracts - - - 1:1 Current financial
C Liquidity Ratios
instrument
liabilities 31 March 31 March
Numerator Denominator Variance
Sell future contracts - 76.17 - 1:1 Current financial 2024 2023
liabilities Current ratio Current assets Current liabilities 2.44 2.64 (7.6%)
396 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 397

Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

D Activity Ratio 47. Environmental, Social and Governance (ESG)

31 March 31 March As a socially and environmentally responsible business, committed to the highest standards of corporate
Numerator Denominator Variance
2024 2023 governance, the Group is focused on growing sustainably to build long-term stakeholder value by embracing
Inventory turnover ratio Cost of goods sold Average inventory 4.01 4.08 (1.8%) sustainable development. The Group aims to deliver value to its employees, customers, suppliers, partners,
Trade Receivables turnover ratio Revenue from operations Average trade receivables 10.57 11.10 (4.8%) shareholders and society as a whole. In this regard, the Group has developed a robust ESG framework that will
Trade Payables turnover ratio Net credit purchases Average trade payable* 5.42 6.81 (20.3%)
align it to the best global standards and serve as a guide for the implementation of sustainable business practices.

Notes: Explanation for change in ratio by more than 25% 48. Scheme of Amalgamation
(i) Return on investment movement is in line with market price of share The Board of Directors of the Parent Company, at its meeting held on 18 October 2022, had considered and
approved a Scheme of Amalgamation between the Parent Company and Silvan Innovation Labs Private
* Average trade payable is the average of opening and closing balance of acceptances and trade payable balances.
Limited, a wholly owned subsidiary of the Parent Company on a going concern basis. The appointed date of
the Scheme is 01 April 2022. The Hon’ble National Company Law Tribunal (NCLT), Ahmedabad Bench, vide
45. Struck off Company its order dated 08 August 2023 has approved the Scheme of Amalgamation with the appointed date of the
The Group did not have any material transactions with companies struck off under Section 248 of the Companies Amalgamation being 01 April 2022.
Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.
49. The Income-Tax authorities (‘the department’) had conducted search activity during the month of December
2023 at some of the premises, plants and residences of few of the employees of the Parent Company. The Parent
46. Capital management Company extended full cooperation to the Income-tax officials during the search and provided required details,
For the purpose of the Group capital management, capital includes issued equity capital, securities premium clarifications, and documents. As on the date of issuance of these consolidated financial statements, the Parent
and all other equity reserves attributable to the equity shareholders. The primary objective is to maximise the Company has not received any written communication from the department regarding the outcome of the
shareholders value, safeguard business continuity and support the growth of the Group. The Group determines search, therefore, the consequent impact on the consolidated financial statements, if any, is not ascertainable.
the capital requirement based on annual operating plans and long-term and other strategic investment plans. The Management, after considering all available records and facts known to it, is of the view that there is no
The funding requirements are met through equity and operating cash flows generated. material adverse impact on the financial position of the Group and no material adjustments are required to
these consolidated financial statements for the quarter and year ended 31 March 2024 in this regard.
The Group manages its capital structure and makes adjustments in light of changes in economic conditions
and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may
adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.
50. Events after the reporting period
No significant adjusting event occurred between the balance sheet date and date of the approval of these
The capital structure is governed by policies approved by the Board of Directors and monitors capital using consolidated financial statements by the Board of Directors of the Group requiring adjustment or disclosure.
a gearing ratio, which is net debt divided by total capital plus net debt. The Group includes within net debt,
interest bearing loans and borrowings, lease liabilities and other payables, less cash and cash equivalents and 51. Others
current investments.
Figures representing H 0.00 million are below H 5,000.
(H million)
As per our report of even date For and on behalf of the Board of Directors of
31 March 2024 31 March 2023
For B S R & Co. LLP Polycab India Limited
Borrowings (Refer note 19) 897.74 730.18 Chartered Accountants CIN: L31300GJ1996PLC114183
Lease liabilities (Refer note 20) 713.19 363.29 ICAI Firm Registration No. 101248W/W-100022
Other payables (Refer note 23) 2,958.50 1,677.91
Bhavesh Dhupelia Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani
Less: Cash and cash equivalents (Refer note 9) (3,070.31) (1,527.52) Partner Chairman & Managing Director Whole-time Director Whole-time Director
Less: Current investments (Refer note 7B) (18,224.17) (13,504.95) Membership No. 042070 DIN: 00309108 DIN: 00742771 DIN: 00742995
Net debt (16,725.05) (12,261.09)
Gandharv Tongia Manita Gonsalves
Equity (Refer note 16,17 and 18) 82,433.41 66,745.84 Place: Mumbai Executive Director & CFO Place: Mumbai Company Secretary
Total capital 82,433.41 66,745.84 Date: 10 May 2024 DIN: 09038711 Date: 10 May 2024 Membership No. A18321
Capital and net debt 65,708.36 54,484.75
Gearing ratio (25.45%) (22.50%)

No changes were made in the objectives, policies or processes for managing capital during the year ended
31 March 2024 and year ended 31 March 2023.
398 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 399

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To the Members of Polycab India Limited of the Standalone Financial Statements section of Inventory Valuation
our report. We are independent of the Company in
See Note 15 to standalone financial statements
accordance with the Code of Ethics issued by the Institute
Report on the Audit of the Standalone of Chartered Accountants of India together with the The key audit matter How the matter was addressed in our audit
Financial Statements ethical requirements that are relevant to our audit of the • 
Copper and aluminum-based inventory forms Our audit procedures over inventory valuation included the following:
Opinion standalone financial statements under the provisions of a significant part of the Company’s inventory • 
We tested the design, implementation and operating effectiveness
We have audited the standalone financial statements of the Act and the Rules thereunder, and we have fulfilled for which the Company enters into commodity of key internal financial controls, including controls over valuation of
Polycab India Limited (the “Company”) which comprise our other ethical responsibilities in accordance with these contracts. The Company takes a structured inventory, accounting of derivative and hedging transactions;
requirements and the Code of Ethics. We believe that approach to the identification, quantification and • 
On a sample basis, tested the accuracy of cost for inventory by
the standalone balance sheet as at 31 March 2024, and hedging of risk of fluctuations in prices of copper
the audit evidence we have obtained is sufficient and verifying the actual purchase cost. Tested the net realisable value
the standalone statement of profit and loss (including and aluminum by using derivatives in commodities. by comparing actual cost with most recent retail price;
other comprehensive income), standalone statement appropriate to provide a basis for our opinion on the
•  Inventories are measured at the lower of cost and • 
On a sample basis, tested the hedging relationship of eligible
of changes in equity and standalone statement of standalone financial statements. net realisable value on first in first out basis, except hedging instruments and hedged items;
cash flows for the year then ended, and notes to the for inventories qualifying as hedged items in a fair • 
We used the work of our internal subject matter experts for
standalone financial statements, including material Emphasis of Matter value hedge relationship. These inventories are assistance in verifying hedge effectiveness requirements of Ind AS
measured at cost, adjusted for the hedging gain or 109, including the economic relationship between the hedged item
accounting policies and other explanatory information. We draw attention to Note 46 to the accompanying
loss on the hedged item. and the hedging instrument; and
Statement, describing the Search operations carried We focused on this area because of its size, the
In our opinion and to the best of our information and • 
We assessed and tested adequacy and completeness of the
out by the Income tax authorities at certain premises of assumptions used in the valuation and the complexity, Company’s disclosures in the standalone financial statements.
according to the explanations given to us, the aforesaid
the Company in December 2023. Pending completion of which are relevant when determining the amounts
standalone financial statements give the information recorded.
the search proceedings. the consequent impact on the
required by the Companies Act, 2013 (“Act”) in the manner
financial statements for the year ended 31 March 2024,
so required and give a true and fair view in conformity
if any, is currently not ascertainable.
with the accounting principles generally accepted in Other Information provisions of the Act for safeguarding of the assets of
India, of the state of affairs of the Company as at 31 Our opinion is not modified in respect of this matter. The Company’s Management and Board of Directors the Company and for preventing and detecting frauds
March 2024, and its profit and other comprehensive are responsible for the other information. The other and other irregularities; selection and application of
income, changes in equity and its cash flows for the year Key Audit Matters information comprises the information included in the appropriate accounting policies; making judgments and
ended on that date. Key audit matters are those matters that, in our Company’s annual report, but does not include the estimates that are reasonable and prudent; and design,
professional judgment, were of most significance in financial statements and auditor’s report thereon. implementation and maintenance of adequate internal
Basis for Opinion our audit of the standalone financial statements of financial controls, that were operating effectively
Our opinion on the standalone financial statements does for ensuring the accuracy and completeness of the
We conducted our audit in accordance with the Standards the current period. These matters were addressed in
not cover the other information and we do not express accounting records, relevant to the preparation and
on Auditing (SAs) specified under Section 143(10) of the the context of our audit of the standalone financial
any form of assurance conclusion thereon. presentation of the standalone financial statements
Act. Our responsibilities under those SAs are further statements as a whole, and in forming our opinion
described in the Auditor’s Responsibilities for the Audit thereon, and we do not provide a separate opinion on In connection with our audit of the standalone financial that give a true and fair view and are free from material
these matters. statements, our responsibility is to read the other misstatement, whether due to fraud or error.
information and, in doing so, consider whether the other In preparing the standalone financial statements, the
Revenue recognition - Wires and cables and Fast-Moving Electrical Goods (FMEG) business information is materially inconsistent with the standalone Management and Board of Directors are responsible
financial statements or our knowledge obtained in the for assessing the Company’s ability to continue as a
See Note 24 to standalone financial statements
audit or otherwise appears to be materially misstated. going concern, disclosing, as applicable, matters related
The key audit matter How the matter was addressed in our audit If, based on the work we have performed, we conclude to going concern and using the going concern basis of
Our audit procedures over the recognition of revenue included the following:
Based on its business model in Wires and that there is a material misstatement of this other accounting unless the Board of Directors either intends
FMEG business, the Company has many •  We assessed the compliance of the Company’s revenue recognition accounting information, we are required to report that fact. We have to liquidate the Company or to cease operations, or has
different types of terms of delivery arising
policies against the requirements of Indian Accounting Standards (“Ind AS”) to nothing to report in this regard. no realistic alternative but to do so.
from different types of performance identify any inappropriate policy;
obligations with its customers. Revenue
•  We tested the design, implementation and operating effectiveness of key internal Management’s and Board of Directors The Board of Directors is also responsible for overseeing
from sale of goods is recognised when financial controls and processes for revenue recognition along with effectiveness the Company’s financial reporting process.
control is transferred to the customers
Responsibilities for the Standalone Financial
of information technology controls built in automated processes;
and when there are no other unfulfilled Statements
•  On a sample basis, we tested revenue transactions recorded during the year, by Auditor’s Responsibilities for the Audit of the
obligations. This requires detailed analysis
verifying the underlying documents, including invoices and shipping documents The Company’s Management and Board of Directors are
of each contract regarding timing of revenue Standalone Financial Statements
for assessment of fulfillment of performance obligations completed during responsible for the matters stated in Section 134(5) of the
recognition. Inappropriate assessment could
the year; We analysed the timing of recognition of revenue and any unusual Our objectives are to obtain reasonable assurance
Act with respect to the preparation of these standalone
lead to risk of revenue getting recognisedcontractual terms; about whether the standalone financial statements as
before control has been transferred. financial statements that give a true and fair view of
•  On a sample basis, we tested the invoice and shipping documents for revenue the state of affairs, profit/ loss and other comprehensive a whole are free from material misstatement, whether
Accordingly, timing of recognition of transactions recorded during the period closer to the year end and subsequent due to fraud or error, and to issue an auditor’s report
to the year end to verify recognition of revenue in the correct period; and
income, changes in equity and cash flows of the Company
revenue is a key audit matter. that includes our opinion. Reasonable assurance is a high
•  We assessed the adequacy of disclosures in the standalone financial statements in accordance with the accounting principles generally
accepted in India, including the Indian Accounting level of assurance, but is not a guarantee that an audit
against the requirement of Ind AS 115, Revenue from contracts with customers.
Standards (Ind AS) specified under Section 133 of the conducted in accordance with SAs will always detect a
Act. This responsibility also includes maintenance of material misstatement when it exists. Misstatements
adequate accounting records in accordance with the can arise from fraud or error and are considered
400 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 401

Independent Auditor’s Report

material if, individually or in the aggregate, they could We communicate with those charged with governance d. 
In our opinion, the aforesaid standalone or invest in other persons or entities identified in
reasonably be expected to influence the economic regarding, among other matters, the planned scope financial statements comply with the Ind AS any manner whatsoever by or on behalf of the
decisions of users taken on the basis of these standalone and timing of the audit and significant audit findings, specified under Section 133 of the Act. Company (“Ultimate Beneficiaries”) or provide
financial statements. including any significant deficiencies in internal control any guarantee, security or the like on behalf of
e. On the basis of the written representations
that we identify during our audit. the Ultimate Beneficiaries.
As part of an audit in accordance with SAs, we exercise received from the directors as on 31 March 2024
professional judgment and maintain professional We also provide those charged with governance with taken on record by the Board of Directors, none (ii) The management has represented that, to the
skepticism throughout the audit. We also: a statement that we have complied with relevant of the directors is disqualified as on 31 March best of their knowledge and belief, as disclosed
ethical requirements regarding independence, and to 2024 from being appointed as a director in in the Note 11(G) to the standalone financial
• Identify and assess the risks of material misstatement
communicate with them all relationships and other terms of Section 164(2) of the Act. statements, no funds have been received by
of the standalone financial statements, whether due
matters that may reasonably be thought to bear on our the Company from any person(s) or entity(ies),
to fraud or error, design and perform audit procedures f. the modification relating to the maintenance
independence, and where applicable, related safeguards. including foreign entities (“Funding Parties”),
responsive to those risks, and obtain audit evidence of accounts and other matters connected
with the understanding, whether recorded in
that is sufficient and appropriate to provide a basis From the matters communicated with those charged therewith are as stated in the paragraph 2(A)
writing or otherwise, that the Company shall
for our opinion. The risk of not detecting a material with governance, we determine those matters that (b) above on reporting under Section 143(3)
directly or indirectly, lend or invest in other
misstatement resulting from fraud is higher than for were of most significance in the audit of the standalone (b) and paragraph 2(B)(f) below on reporting
persons or entities identified in any manner
one resulting from error, as fraud may involve collusion, financial statements of the current period and are under Rule 11(g) of the Companies (Audit and
whatsoever by or on behalf of the Funding
forgery, intentional omissions, misrepresentations, or therefore the key audit matters. We describe these Auditors) Rules, 2014.
Parties (“Ultimate Beneficiaries”) or provide
the override of internal control. matters in our auditor’s report unless law or regulation
g. With respect to the adequacy of the internal any guarantee, security or the like on behalf of
precludes public disclosure about the matter or when,
• Obtain an understanding of internal control relevant financial controls with reference to financial the Ultimate Beneficiaries.
in extremely rare circumstances, we determine that
to the audit in order to design audit procedures that statements of the Company and the operating
a matter should not be communicated in our report (iii) Based on the audit procedures that have been
are appropriate in the circumstances. Under Section effectiveness of such controls, refer to our
because the adverse consequences of doing so would considered reasonable and appropriate in the
143(3)(i) of the Act, we are also responsible for separate Report in “Annexure B”.
reasonably be expected to outweigh the public interest circumstances performed, nothing has come to
expressing our opinion on whether the company has
benefits of such communication. B. With respect to the other matters to be included in our notice that has caused us to believe that
adequate internal financial controls with reference
the Auditor’s Report in accordance with Rule 11 of the representations under sub-clause (i) and (ii)
to financial statements in place and the operating
Report on Other Legal and Regulatory the Companies (Audit and Auditors) Rules, 2014, in of Rule 11(e), as provided under (i) and (ii) above,
effectiveness of such controls.
Requirements our opinion and to the best of our information and contain any material misstatement.
• Evaluate the appropriateness of accounting policies 1. As required by the Companies (Auditor’s Report) according to the explanations given to us:
e. The final dividend paid by the Company during
used and the reasonableness of accounting estimates Order, 2020 (“the Order”) issued by the Central a. The Company has disclosed the impact of the year, in respect of the same declared for the
and related disclosures made by the Management Government of India in terms of Section 143(11) of pending litigations as at 31 March 2024 on its previous year, is in accordance with Section 123
and Board of Directors. the Act, we give in the “Annexure A” a statement on financial position in its standalone financial of the Act to the extent it applies to payment
• Conclude on the appropriateness of the Management the matters specified in paragraphs 3 and 4 of the statements - Refer Note 35 to the standalone of dividend.
and Board of Directors use of the going concern Order, to the extent applicable. financial statements.
As stated in Note 16(f) to the standalone
basis of accounting in preparation of standalone 2 A. 
A s required by Section 143(3) of the Act, we b. The Company has made provision, as required financial statements, the Board of Directors
financial statements and, based on the audit report that: under the applicable law or accounting of the Company have proposed final dividend
evidence obtained, whether a material uncertainty
a. 
We have sought and obtained all the standards, for material foreseeable losses, if for the year which is subject to the approval of
exists related to events or conditions that may cast
information and explanations which to the best any, on long-term contracts including derivative the members at the ensuing Annual General
significant doubt on the Company’s ability to continue
of our knowledge and belief were necessary for contracts – Refer Note 12B and 21B to the Meeting. The dividend declared is in accordance
as a going concern. If we conclude that a material
the purposes of our audit. standalone financial statements. with Section 123 of the Act to the extent it
uncertainty exists, we are required to draw attention
applies to declaration of dividend.
in our auditor’s report to the related disclosures in the b. In our opinion, proper books of account as c. There were no amounts which were required to
standalone financial statements or, if such disclosures required by law have been kept by the Company be transferred to the Investor Education and f. Based on our examination which included test
are inadequate, to modify our opinion. Our conclusions so far as it appears from our examination of Protection Fund by the Company. checks, the Company has used accounting
are based on the audit evidence obtained up to the those books except for the matters stated software for maintaining its books of account,
d (i) The management has represented that, to the
date of our auditor’s report. However, future events in the paragraph 2(B)(f) below on reporting which has a feature of recording audit trail
best of their knowledge and belief, as disclosed
or conditions may cause the Company to cease to under Rule 11(g) of the Companies (Audit and (edit log) facility and the same has operated
in the Note 11(G) to the standalone financial
continue as a going concern. Auditors) Rules, 2014. throughout the year for all relevant transactions
statements, no funds have been advanced or
recorded except the feature of recording audit
• E
 valuate the overall presentation, structure and c. The standalone balance sheet, the standalone loaned or invested (either from borrowed funds
trail facility for few master fields and changes
content of the standalone financial statements, statement of profit and loss (including other or share premium or any other sources or kind
done by admin users at the application level
including the disclosures, and whether the standalone comprehensive income), the standalone of funds) by the Company to or in any other
was enabled from September 2023 pursuant to
financial statements represent the underlying statement of changes in equity and the person(s) or entity(ies), including foreign entities
an ERP upgrade. Further, for the periods where
transactions and events in a manner that achieves standalone statement of cash flows dealt with (“Intermediaries”), with the understanding,
audit trail facility was enabled and operated
fair presentation. by this Report are in agreement with the books whether recorded in writing or otherwise, that
for the respective accounting software, we did
of account. the Intermediary shall directly or indirectly lend
not come across any instance of the audit trail
feature being tampered with.
402 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 403

Independent Auditor’s Report

C. With respect to the matter to be included in the Auditor’s Report under Section 197(16) of the Act:
Annexure A to the Independent Auditor’s Report on the Standalone
In our opinion and according to the information and explanations given to us, the remuneration paid by the
Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act.
Financial Statements of Polycab India Limited for the year ended
The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The 31 March 2024
Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required (Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report
to be commented upon by us. of even date)
For B S R & Co. LLP
Chartered Accountants (i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details
Firm’s Registration No.:101248W/W-100022 and situation of Property, Plant and Equipment.
(B) The Company has maintained proper records showing full particulars of intangible assets.

Bhavesh Dhupelia (i) (b)  ccording to the information and explanations given to us and on the basis of our examination of the
A
records of the Company, the Company has a regular programme of physical verification of its Property,
Partner
Plant and Equipment by which all property, plant and equipment are verified in a phased manner over a
Place: Mumbai Membership No.: 042070
period of three years. In accordance with this programme, certain property, plant and equipment were
Date: 10 May 2024 ICAI UDIN: 24042070BKCQUI1411
verified during the year. In our opinion, this periodicity of physical verification is reasonable having regard
to the size of the Company and the nature of its assets. No discrepancy was noticed on such verification.
(c) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the title deeds of immovable properties (other than immovable properties where
the Company is the lessee and the leases agreements are duly executed in favour of the lessee) disclosed in
the standalone financial statements are held in the name of the Company, except for the following which
are not held in the name of the Company:

Gross carrying Whether promoter, Period held- Reason for not being held in
Description of Held in the
value (J in director or their indicate range, the name of the Company.
property name of
million) relative or employee where appropriate Also indicate if in dispute
Freehold land 10.48 Polycab India No 2009 Title deed is in dispute and
- Halol Limited is pending resolution with
government authority at
Gujarat.
Freehold land 1.42 Dinesh Gupta No 2008 Mutation is in process.
- Daman

(d) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the Company has not revalued its Property, Plant and Equipment (including Right
of Use assets) or intangible assets or both during the year.
(e) According to the information and explanations given to us and on the basis of our examination of the records
of the Company, there are no proceedings initiated or pending against the Company for holding any benami
property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
(ii) (a) The inventory, except goods-in-transit and stocks lying with third parties, has been physically verified by
the management during the year.For stocks lying with third parties at the year-end, written confirmations
have been obtained and for goods-in-transit subsequent evidence of receipts has been linked with inventory
records. In our opinion, the frequency of such verification is reasonable and procedures and coverage as
followed by management were appropriate. No discrepancies were noticed on verification between the
physical stocks and the book records that were more than 10% in the aggregate of each class of inventory.
(b) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the Company has been sanctioned working capital limits in excess of five crore
rupees, in aggregate, from banks or financial institutions on the basis of security of current assets. In our
opinion, the quarterly returns or statements filed by the Company with such banks or financial institutions
are in agreement with the books of account of the Company.
404 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 405

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(iii) According to the information and explanations given to us and on the basis of our examination of the records (f) According to the information and explanations given to us and on the basis of our examination of the
of the Company, the Company has not provided any security or granted any advances in the nature of loans, records of the Company, in our opinion the Company has not granted any loans or advances in the nature
secured or unsecured to companies, firms, limited liability partnership or any other parties during the year. of loans either repayable on demand or without specifying any terms or period of repayment except for
The Company has made investments in companies, granted interest bearing unsecured loans to companies the following loans to its related parties as defined in Clause (76) of Section 2 of the Companies Act, 2013
in respect of which the requisite information is as below. The Company has not granted any interest bearing (“the Act”):.
secured loans to companies, loans to other parties, made any investments in or granted any loans, secured or
(H in millions)
unsecured, to firms and limited liability partnership.
Related Parties
(a) Based on the audit procedures carried on by us and as per the information and explanations given to us
Aggregate of loans
the Company has provided loans or stood guarantee to any other entity as below:
- Repayable on demand (A) 1,055
Guarantees Loans - Agreement does not specify any terms or period of Repayment (B) -
Particulars
(K in millions) (K in millions)
Total (A+B) 1,055
Aggregate amount during the year
Percentage of loans to the total loans 100%
Subsidiaries* 779.70 950.00
Joint venture* - - (iv) According to the information and explanations given to us and on the basis of our examination of records of
Balance outstanding as at balance sheet date the Company, in respect of investments made and loans, guarantees and security given by the Company, in our
opinion the provisions of Section 185 and 186 of the Companies Act, 2013 (“the Act”) have been complied with.
Subsidiaries* 1,299.70 955.00
Joint venture* - 100.00 (v) The Company has not accepted any deposits or amounts which are deemed to be deposits from the public.
Accordingly, clause 3(v) of the Order is not applicable.
* As per the Companies Act, 2013.
(vi) We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules prescribed
(b) According to the information and explanations given to us and based on the audit procedures conducted
by the Central Government for maintenance of cost records under Section 148(1) of the Act in respect of its
by us, in our opinion the investments made, guarantees provided, during the year and the terms and
manufactured goods and are of the opinion that prima facie, the prescribed accounts and records have been
conditions of the grant of loans and guarantees provided during the year are, prima facie, not prejudicial
made and maintained. However, we have not carried out a detailed examination of the records with a view to
to the interest of the Company.
determine whether these are accurate or complete.
(c) According to the information and explanations given to us and on the basis of our examination of the
(vii) (a) The Company does not have liability in respect of Service tax, Duty of excise, Sales tax and Value added
records of the Company, in the case of loans given, the repayment of principal is on demand. In the case
tax during the year since effective 1 July 2017, these statutory dues has been subsumed into GST.
of loan to subsidiaries and joint venture, payment of interest has been stipulated and the receipts have
been regular. As informed to us, the Company has not demanded repayment of the loan during the year. According to the information and explanations given to us and on the basis of our examination of the
Thus, there has been no default on the part of the party to whom the money has been lent. Further, the records of the Company, in our opinion amounts deducted / accrued in the books of account in respect of
Company has not given any advance in the nature of loan to any party during the year. undisputed statutory dues including Goods and Service Tax, Provident Fund, Employees State Insurance,
Income-Tax, Duty of Customs or Cess or other statutory dues have been regularly deposited by the
(d) According to the information and explanations given to us and on the basis of our examination of the
Company with the appropriate authorities.
records of the Company, there is no overdue amount for more than ninety days in respect of loans given.
Further, the Company has not given any advances in the nature of loans to any party during the year. According to the information and explanations given to us and on the basis of our examination of the
records of the Company, no undisputed amounts payable in respect of Goods and Service Tax, Provident
(e) According to the information and explanations given to us and on the basis of our examination of the
Fund, Employees State Insurance, Income-Tax, Duty of Customs or Cess or other statutory dues were in
records of the Company, in our opinion following instances of loans falling due during the year were renewed
arrears as at 31 March 2024 for a period of more than six months from the date they became payable.
or extended or settled by fresh loans:
(b)  ccording to the information and explanations given to us and on the basis of our examination of the
A
Aggregate overdue Percentage of the
Aggregate amount of records of the Company, statutory dues relating to Goods and Service Tax, Provident Fund, Employees
amount settled by aggregate to the total
loans or advances in the State Insurance, Income-Tax, Duty of Customs or Cess or other statutory dues which have not been
renewal or extension or loans or advances in the
Name of the parties nature of loans granted
during the year
by fresh loans granted nature of loans granted deposited on account of any dispute are as follows:
to same parties during the year
(Amount in million)
(Amount in million) (Amount in million)
Techno Electromech Private Limited - 100.00 11%
Uniglobus Electricals and Electronics 950.00 60.00 6%
Private Limited
Polycab Support Force Private Limited - 5.00 1%
406 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 407

Independent Auditor’s Report

Amount Amount paid (c) We have taken into consideration the whistle blower complaints received by the Company during the year
Nature of Period to which Forum where dispute is Remarks,
Name of the statute (K in under protest while determining the nature, timing and extent of our audit procedures.
the dues the amount relates pending if any
millions) (K in millions)
Central Excise Act, Excise Duty 115.29 18.38 2010-2016 High Court/ Adjudicating Nil (xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly,
1944 authority/ CESTAT clause 3(xii) of the Order is not applicable.
ServiceTax (Finance Service tax 18.18 1.07 2017 Supreme Court/ Nil (xiii) In our opinion and according to the information and explanations given to us, the transactions with related
Act, 1994) Adjudicating authority
parties are in compliance with Section 177 and 188 of the Act, where applicable, and the details of the related
State & Central Sales Tax, Interest 82.57 40.65 2014-2018 High Court, Commissi Nil party transactions have been disclosed in the standalone financial statements as required by the applicable
Tax, 1956 & Penalty oner, Appellate Authority
accounting standards.
Customs Act, 1962 Custom 17.08 16.31 2010-2011, 2011- CESTAT – Customs Nil
duty 2012, 2020-2021 (xiv) (a) Based on information and explanations provided to us and our audit procedures, in our opinion, the
Central Goods and Tax Interest 506.58 101.52 2017-2021 High Court/Assistant Nil Company has an internal audit system commensurate with the size and nature of its business.
Services Tax Act 2017 &, Penalty, Commissioner/Appellate
(b) We have considered the internal audit reports of the Company issued till date for the period under audit.
Authority
Income Tax Act, 1961 Income Tax 12.33 0.16 2017-18, 2020-21, CIT(A) Nil (xv) In our opinion and according to the information and explanations given to us, the Company has not entered
2021-22 into any non-cash transactions with its directors or persons connected to its directors and hence, provisions of
Section 192 of the Act are not applicable to the Company.
(viii) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income (xvi) (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, clause 3(xvi)(a) of the Order is not applicable.

(ix) (a) According to the information and explanations given to us and on the basis of our examination of the (b) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
records of the Company, the Company has not defaulted in repayment of loans and borrowing or in the Accordingly, clause 3(xvi)(b) of the Order is not applicable.
payment of interest thereon to any lender. (c) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve
(b) According to the information and explanations given to us and on the basis of our examination of the Bank of India. Accordingly, clause 3(xvi)(c) of the Order is not applicable.
records of the Company, the Company has not been declared a wilful defaulter by any bank or financial (d) The Company is not part of any group (as per the provisions of the Core Investment Companies (Reserve
institution or government or government authority. Bank) Directions, 2016 as amended). Accordingly, the requirements of clause 3(xvi)(d) are not applicable.
(c) According to the information and explanations given to us by the management, the Company has not (xvii) T
 he Company has not incurred cash losses in the current and in the immediately preceding financial year.
obtained any term loans during the year. Accordingly, clause 3(ix)(c) of the Order is not applicable.
(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, clause 3(xviii) of the
(d) According to the information and explanations given to us and on an overall examination of the balance Order is not applicable.
sheet of the Company, we report that no funds raised on short-term basis have been used for long-term
purposes by the Company. (xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing
and expected dates of realisation of financial assets and payment of financial liabilities, other information
(e) According to the information and explanations given to us and on an overall examination of the standalone accompanying the standalone financial statements, our knowledge of the Board of Directors and management
financial statements of the Company, we report that the Company has not taken any funds from any plans and based on our examination of the evidence supporting the assumptions, nothing has come to our
entity or person on account of or to meet the obligations of its subsidiaries or joint venture as defined attention, which causes us to believe that any material uncertainty exists as on the date of the audit report
under the Act. that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when
(f) According to the information and explanations given to us and procedures performed by us, we report they fall due within a period of one year from the balance sheet date. We, however, state that this is not an
that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries assurance as to the future viability of the Company. We further state that our reporting is based on the facts
or joint venture (as defined under the Act). up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling
due within a period of one year from the balance sheet date, will get discharged by the Company as and when
(x) (a) The Company has not raised any moneys by way of initial public offer or further public offer (including debt they fall due.
instruments). Accordingly, clause 3(x)(a) of the Order is not applicable.
(xx) In our opinion and according to the information and explanations given to us, there is no unspent amount under
(b) According to the information and explanations given to us and on the basis of our examination of the sub-section (5) of Section 135 of the Act pursuant to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of
records of the Company, the Company has not made any preferential allotment or private placement of the Order are not applicable.
shares or fully or partly convertible debentures during the year. Accordingly, clause 3(x)(b) of the Order is
not applicable. For B S R & Co. LLP
Chartered Accountants
(xi) (a) Based on examination of the books and records of the Company and according to the information and Firm’s Registration No.: 101248W/W-100022
explanations given to us, no fraud by the Company or on the Company has been noticed or reported during
the course of the audit. Bhavesh Dhupelia
(b) According to the information and explanations given to us, no report under sub-section (12) of Section Partner
143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies Place: Mumbai Membership No.: 042070
(Audit and Auditors) Rules, 2014 with the Central Government. Date: 10 May 2024 ICAI UDIN: 24042070BKCQUI1411
408 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 409

Independent Auditor’s Report

Annexure B to the Independent Auditor’s Report on the standalone Meaning of Internal Financial Controls Inherent Limitations of Internal Financial
with Reference to Financial Statements Controls with Reference to Financial
financial statements of Polycab India Limited for the year ended
A company's internal financial controls with reference Statements
31 March 2024 to financial statements is a process designed to Because of the inherent limitations of internal financial
Report on the internal financial controls with reference to the aforesaid standalone financial statements under provide reasonable assurance regarding the reliability controls with reference to financial statements, including
Clause (i) of Sub-section 3 of Section 143 of the Act of financial reporting and the preparation of financial the possibility of collusion or improper management
(Referred to in paragraph 2(A)(g) under ‘Report on Other Legal and Regulatory Requirements’ section of our statements for external purposes in accordance with override of controls, material misstatements due to error
report of even date) generally accepted accounting principles. A company's or fraud may occur and not be detected. Also, projections
internal financial controls with reference to financial of any evaluation of the internal financial controls with
Opinion statements include those policies and procedures that (1) reference to financial statements to future periods are
Auditor’s Responsibility pertain to the maintenance of records that, in reasonable
We have audited the internal financial controls with subject to the risk that the internal financial controls
Our responsibility is to express an opinion on the detail, accurately and fairly reflect the transactions
reference to financial statements of Polycab India Limited with reference to financial statements may become
Company’s internal financial controls with reference to and dispositions of the assets of the company; (2)
(“the Company”) as of 31 March 2024 in conjunction with inadequate because of changes in conditions, or that
financial statements based on our audit. We conducted provide reasonable assurance that transactions
our audit of the standalone financial statements of the the degree of compliance with the policies or procedures
our audit in accordance with the Guidance Note and the are recorded as necessary to permit preparation of
Company for the year ended on that date. may deteriorate.
Standards on Auditing, prescribed under Section 143(10) financial statements in accordance with generally
In our opinion, the Company has, in all material respects, of the Act, to the extent applicable to an audit of internal accepted accounting principles, and that receipts and For B S R & Co. LLP
adequate internal financial controls with reference to financial controls with reference to financial statements. expenditures of the company are being made only in Chartered Accountants
financial statements and such internal financial controls Those Standards and the Guidance Note require that accordance with authorisations of management and Firm’s Registration No.: 101248W/W-100022
were operating effectively as at 31 March 2024, based on we comply with ethical requirements and plan and directors of the company; and (3) provide reasonable
the internal financial controls with reference to financial perform the audit to obtain reasonable assurance assurance regarding prevention or timely detection Bhavesh Dhupelia
statements criteria established by the Company about whether adequate internal financial controls with of unauthorised acquisition, use, or disposition of the Partner
considering the essential components of internal control reference to financial statements were established and company's assets that could have a material effect on Place: Mumbai Membership No.: 042070
stated in the Guidance Note on Audit of Internal Financial maintained and if such controls operated effectively in the financial statements. Date: 10 May 2024 ICAI UDIN: 24042070BKCQUI1411
Controls Over Financial Reporting issued by the Institute all material respects.
of Chartered Accountants of India (the “Guidance Note”). Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial
Management’s and Board of Directors’ controls with reference to financial statements and their
Responsibilities for Internal Financial operating effectiveness. Our audit of internal financial
controls with reference to financial statements included
Controls obtaining an understanding of internal financial controls
The Company’s Management and the Board of Directors with reference to financial statements, assessing the
are responsible for establishing and maintaining internal risk that a material weakness exists, and testing and
financial controls based on the internal financial controls evaluating the design and operating effectiveness
with reference to financial statements criteria established of internal control based on the assessed risk. The
by the Company considering the essential components procedures selected depend on the auditor’s judgement,
of internal control stated in the Guidance Note. These including the assessment of the risks of material
responsibilities include the design, implementation and misstatement of the standalone financial statements,
maintenance of adequate internal financial controls that whether due to fraud or error.
were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence We believe that the audit evidence we have obtained is
to company’s policies, the safeguarding of its assets, sufficient and appropriate to provide a basis for our audit
the prevention and detection of frauds and errors, opinion on the Company’s internal financial controls with
the accuracy and completeness of the accounting reference to financial statements.
records, and the timely preparation of reliable financial
information, as required under the Act.
410 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 411

Standalone Balance Sheet Standalone Statement of Profit & Loss

as at 31 March 2024 for the year ended 31 March 2024
(H million) (H million)
As at As at
Year ended Year ended
Notes 31 March 2024 31 March 2023
Notes 31 March 2024 31 March 2023
(Audited) (Audited Restated)
(Audited) (Audited Restated)
ASSETS
Non-current assets INCOME
Property, plant and equipment 3 21,287.44 19,738.16
Capital work-in-progress 3 5,368.80 2,492.69 Revenue from operations 24 180,508.51 139,135.18
Investment Property Under Construction 4 762.98 - Other income 25 2,198.26 1,357.90
Right of use assets 5 536.00 357.43
Goodwill 45 46.22 46.22 Total income 182,706.77 140,493.08
Other intangible assets 6 122.29 121.16 EXPENSES
Financial assets
(a) Investment in Subsidiaries 7A 206.93 206.68 Cost of materials consumed 26 126,681.76 97,443.23
(b) Investment in Joint Venture 7A - 105.20 Purchases of stock-in-trade 27 3,501.35 4,563.15
(c) Trade receivables 8 1,190.70 526.37
(d) Other financial assets 12A 230.69 50.79 Changes in inventories of finished goods, stock-in-trade and work-in-progress 28 (932.71) 594.50
Non-current tax assets (net) 13D 170.77 147.33 Project bought outs and subcontracting cost 29 4,743.47 1,351.53
Other non-current assets 14A 2,535.39 1,078.12
32,458.21 24,870.15 Employee benefits expense 30 5,866.05 4,440.04
Current assets Finance costs 31 1,004.42 560.80
Inventories 15 32,531.00 28,669.08
Financial assets Depreciation and amortisation expense 32 2,371.40 2,056.57
(a) Investments 7B 18,036.45 13,504.95 Other expenses 33 16,283.92 12,632.91
(b) Trade receivables 8 22,993.74 12,209.20
(c) Cash and cash equivalents 9 2,551.44 1,219.98 Total expenses 159,519.66 123,642.73
(d) Bank balance other than cash and cash equivalents 10 528.07 5,239.00 Profit before tax 23,187.11 16,850.35
(e) Loans 11 1,061.26 108.47
(f) Other financial assets 12B 314.19 293.41 Tax expenses 13
Other current assets 14B 7,105.49 6,151.29 Current tax 5,358.74 3,958.57
85,121.64 67,395.38
Total assets 117,579.85 92,265.53 Deferred tax charge 131.70 201.69
EQUITY AND LIABILITIES Total tax expenses 5,490.44 4,160.26
Equity
(a) Equity share capital 16 1,502.36 1,497.65 Profit for the year 17,696.67 12,690.09
(b) Other equity 17 79,941.76 64,556.69 Other comprehensive income
81,444.12 66,054.34
Liabilities Items that will not be reclassified to profit or loss
Non-current liabilities Re-measurement (loss) / gain on defined benefit plans 30 (90.57) 34.97
Financial liabilities
(a) Lease liabilities 18A 198.46 221.46 Tax relating to items that will not be reclassified to profit or loss 13 22.79 (8.78)
(b) Other financial liabilities 21A 147.24 - Items that will be reclassified to profit or loss
Provisions 22A 593.07 446.80
Deferred tax liabilities (net) 13G 517.97 409.06 Effective portion of losses on hedging instrument in cash flow hedges - (0.58)
Other non-current liabilities 23A 365.08 169.07 Tax relating to items that will be reclassified to profit or loss 13 - 0.15
1,821.82 1,246.39
Current liabilities Other comprehensive income for the year, net of tax (67.78) 25.76
Financial liabilities Total comprehensive income for the year, net of tax 17,628.89 12,715.85
(a) Lease liabilities 18B 313.98 136.99
(b) Acceptances 19 18,619.66 12,257.56 Earnings per share 34
(c) Trade payables 20 Basic (Face value H10 each) 117.97 84.81
Total outstanding dues of micro enterprises and small enterprises 535.04 519.01
Total outstanding dues of creditors other than micro enterprises and small enterprises 8,936.65 7,181.13 Diluted (Face value H10 each) 117.53 84.54
(d) Other financial liabilities 21B 2,397.86 1,651.53 Weighted average equity shares used in computing earnings per equity share 34
Other current liabilities 23B 3,086.07 2,667.88
Provisions 22B 313.36 266.76 Basic 150,014,272 149,631,506
Current tax liabilities (net) 13D 111.29 283.94 Diluted 150,566,475 150,099,705
34,313.91 24,964.80
Total equity and liabilities 117,579.85 92,265.53 Corporate information and summary of material accounting policy information 1&2
Corporate information and summary of material accounting policy information 1&2 Contingent liabilities and commitments 35
Contingent liabilities and commitments 35
Other notes to accounts 36 to 48 Other notes to accounts 36 to 48

The accompanying notes are an integral part of the standalone financial statements. The accompanying notes are an integral part of the standalone financial statements.
As per our report of even date For and on behalf of the Board of Directors of As per our report of even date For and on behalf of the Board of Directors of
For B S R & Co. LLP Polycab India Limited For B S R & Co. LLP Polycab India Limited
Chartered Accountants CIN: L31300GJ1996PLC114183 Chartered Accountants CIN: L31300GJ1996PLC114183
ICAI Firm Registration No. 101248W/W-100022 ICAI Firm Registration No. 101248W/W-100022
Bhavesh Dhupelia Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani Bhavesh Dhupelia Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani
Partner Chairman & Managing Director Whole-time Director Whole-time Director Partner Chairman & Managing Director Whole-time Director Whole-time Director
Membership No. 042070 DIN: 00309108 DIN: 00742771 DIN: 00742995 Membership No. 042070 DIN: 00309108 DIN: 00742771 DIN: 00742995

Gandharv Tongia Manita Gonsalves Gandharv Tongia Manita Gonsalves

Place: Mumbai Executive Director & CFO Place: Mumbai Company Secretary Place: Mumbai Executive Director & CFO Place: Mumbai Company Secretary
Date: 10 May 2024 DIN: 09038711 Date: 10 May 2024 Membership No. A18321 Date: 10 May 2024 DIN: 09038711 Date: 10 May 2024 Membership No. A18321
412 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 413

Standalone Statement of Changes in Equity Standalone Statement of Changes in Equity Contd.

for the year ended 31 March 2024 for the year ended 31 March 2024
(H million)
A) Equity Share Capital
Share Reserves & Surplus Effective
(H million) application portion Total
money Capital Securities General ESOP Retained of Cash other
31 March 2024 31 March 2023
pending Reserve Premium Reserve outstanding Earnings Flow equity
(Audited) (Audited Restated)
allotment Hedges
Balance at the beginning of the year 1,497.65 1,494.43 Profit after tax for the year ended - - - - - 17,696.67 - 17,696.67
Issue of equity shares on exercise of employee stock options 4.71 3.22 Items of OCI for the year ended, net
Balance at the end of the year 1,502.36 1,497.65 of tax
Re-measurement gains/(losses) - - - - - (67.78) - (67.78)
on defined benefit plans
B) Other Equity
Final equity dividend - - - - - (2,997.30) - (2,997.30)
(H million)
Share Reserves & Surplus Effective Share-based payments to employees - - - - 564.24 - - 564.24
application portion Total Transfer on account of employee stock - - - 2.02 (2.02) - - -
money Capital Securities General ESOP Retained of Cash other options not exercised
pending Reserve Premium Reserve outstanding Earnings Flow equity
allotment Hedges Exercise of employee stock option 181.13 - - - (181.13) - - -
As at 1 April 2022 7.98 0.13 7,554.95 651.69 343.54 45,155.85 0.43 53,714.57 Amount received on exercise of 193.95 - - - - - - 193.95
employee stock options
Acquired on account of merger with - - - - - (11.28) - (11.28)
Silvan Innovation Labs Private Limited Issue of equity share on exercise of (369.15) - 364.44 - - - - (4.71)
(Refer note 45) employee stock options
Profit after tax for the year ended - - - - - 12,690.09 - 12,690.09 As at 31 March 2024 8.71 0.13 8,187.00 653.71 694.26 70,397.95 - 79,941.76
Items of OCI for the year ended, net
Refer note 17 for nature and purpose of reserves.
of tax
Re-measurement gains/(losses) - - - - - 26.19 - 26.19 The accompanying notes are an integral part of the standalone financial statements.
on defined benefit plans As per our report of even date For and on behalf of the Board of Directors of
For B S R & Co. LLP Polycab India Limited
Effective portion of gains/(losses) - - - - - - (0.43) (0.43)
Chartered Accountants CIN: L31300GJ1996PLC114183
on hedging instrument in cash
ICAI Firm Registration No. 101248W/W-100022
flow hedges
Bhavesh Dhupelia Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani
Final equity dividend - - - - - (2,094.49) - (2,094.49) Partner Chairman & Managing Director Whole-time Director Whole-time Director
Share-based payments to employees - - - - 107.61 - - 107.61 Membership No. 042070 DIN: 00309108 DIN: 00742771 DIN: 00742995

Exercise of employee stock option 137.98 - - - (137.98) - - - Gandharv Tongia Manita Gonsalves
Amount received on exercise of 127.65 - - - - - - 127.65 Place: Mumbai Executive Director & CFO Place: Mumbai Company Secretary
Date: 10 May 2024 DIN: 09038711 Date: 10 May 2024 Membership No. A18321
employee stock options
Issue of equity share on exercise of (270.83) - 267.61 - - - - (3.22)
employee stock options
As at 31 March 2023 (Restated) 2.78 0.13 7,822.56 651.69 313.17 55,766.36 - 64,556.69
414 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 415

Standalone Statement of Cash Flows Standalone Statement of Cash Flows Contd.

for the year ended 31 March 2024 for the year ended 31 March 2024
(H million)
Accounting policy
Year ended Year ended
Cashflows are reported using the indirect method as set out in Ind AS 7, 'Statement of Cash Flows', whereby profit 31 March 2024 31 March 2023
for the year is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or (Audited) (Audited Restated)
future operating cash receipts or payments and item of income or expenses associated with investing or financing Net cash generated from operating activities (A) 12,917.39 14,517.75
cashflows. The cash flows from operating, investing and financing activities of the Company are segregated. B. Cash Flows From Investing Activities
Cash and cash equivalents for the purposes of statement of cash flows comprise cash at bank and in hand and Purchase of property, plant and equipment (including CWIP and transfer to (8,140.61) (4,659.82)
short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of Investment Property Under Construction)
changes in value and having original maturities of three months or less from the date of purchase. Purchase of other intangible assets (48.22) (20.04)
Proceeds from sale of property, plant and equipment 5.47 209.39
For the purposes of statement of cash flows, cash and cash equivalents consist of cash in hand, balances with bank
which are unrestricted for withdrawal and usage and short-term deposits as defined above, net of outstanding bank Investment in mutual funds (127,408.40) (96,467.28)
overdrafts as they are considered an integral part of the Company’s cash management (Refer note 9). Proceeds from sale of mutual funds 123,754.11 91,253.99

(H million) Bank deposits placed (1,800.73) (4,568.80)

Year ended Year ended Bank deposits matured 6,512.14 2,215.26

31 March 2024 31 March 2023 Investment made in equity shares of subsidiaries (0.25) -
(Audited) (Audited Restated)
Loan given to related parties (950.00) (61.55)
A. Cash Flows From Operating Activities
Loan (given to)/repaid by employees (2.79) 4.15
Profit before tax 23,187.11 16,850.35
Loan repaid by supplier - 19.04
Adjustments for:
Interest received 456.21 199.77
Depreciation and amortisation expense 2,371.40 2,056.57
Net cash used in investing activities (B) (7,623.07) (11,875.89)
Gain on disposal of property, plant and equipment (1.93) (97.88)
C. Cash Flows From Financing Activities
Gain on termination of lease (1.60) (3.29)
Amount received on exercise of employee stock options 193.95 127.65
Interest income on financial assets (326.08) (286.93)
Payment of principal portion of lease liabilities (174.45) (124.82)
Income on government grants (186.93) (140.22)
Payment of interest on lease liabilities (35.07) (32.55)
Gain on redemption of investment (815.01) (614.32)
Proceeds from short term borrowings (Net) - 6.50
Fair valuation gain Mark-To-Market ('MTM') of investment (62.21) (36.83)
Interest and other finance cost paid (949.99) (442.69)
Finance cost 1,004.42 560.80
Payment of dividends (2,997.30) (2,094.49)
Employees share based payment expenses 564.24 107.61
Net cash used in financing activities (C) (3,962.86) (2,560.40)
Loss/(Gain) on fair valuation of financial assets 145.15 (29.62)
Net increase/(decrease) in cash and cash equivalents (A+B+C) 1,331.46 81.46
Impairment allowance for investment in joint venture 105.20 -
Cash and cash equivalents at the beginning of the year 1,219.98 1,138.52
Impairment allowance for trade receivable considered doubtful 305.26 (32.20)
Cash and cash equivalents at end of the year (Refer below note (i)) 2,551.44 1,219.98
Impairment allowance for contract assets 9.58 -
Supplementary Information
Loss on unrealised foreign exchange 80.82 186.21
(a) Cash Transactions from operating activities:
Sundry balances written off 0.43 2.21
Spent towards Corporate Social Responsibility 259.01 224.79
Operating profit before working capital changes 26,379.85 18,522.46
(b) Non-Cash Transactions from Investing and Financing Activities:
Movements in working capital:
Acquisition of property, plant and equipment by means of Government Grant 408.24 133.07
(Increase)/Decrease in trade receivables (11,979.94) 1,068.99
(c) Acquisition of right of use assets 344.82 173.45
Increase in inventories (net) (3,861.92) (7,190.87)
(d) Termination of right of use assets 84.47 138.41
(Increase)/Decrease in financial assets (476.39) 117.79
Increase in non-financial assets (including contract assets) (962.27) (2,195.88)
Increase in acceptances 6,362.10 5,893.01
Increase in trade payables 1,603.34 2,087.04
Increase in financial liabilities 912.26 8.73
Increase in provisions 102.30 239.13
Increase/(Decrease) in non-financial liabilities (including contract liabilities) 392.89 (428.92)
Cash generated from operations 18,472.22 18,121.48
Income tax paid (including TDS) (net of refunds) (5,554.83) (3,603.73)
416 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 417

Standalone Statement of Cash Flows Contd. Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

Note: (i) 1. Corporate information AS compliant Schedule III). These Standalone

financial statements includes Balance Sheet as
Polycab India Limited (the “Company”) (CIN -
(H million) at 31 March 2024, the Statement of Profit and
L31300GJ1996PLC114183) was incorporated as
Year ended Year ended Loss including Other Comprehensive Income,
31 March 2024 31 March 2023 ‘Polycab Wires Private Limited’ on 10 January 1996
Statement of Cash flows and Statement of
at Mumbai as a private limited company under
Cash and cash equivalents comprises of changes in equity for the year ended 31 March
the Companies Act, 1956. The Company became a
Balances with banks 2024, and a summary of material accounting
deemed public limited company under Section 43A(1)
In current accounts 1,261.33 1,019.41 policy information and other explanatory
of the Companies Act, 1956, and the word ‘private’
information (together hereinafter referred to
Deposits with original maturity of less than 3 months 1,290.10 200.00 was struck off from the name of the Company
as “Financial Statements”).
Cash in hand 0.01 0.57 with effect from 30 June 2000. Thereafter, the
Cash and cash equivalents in Cash Flow Statement 2,551.44 1,219.98 Company was converted into a private limited
ii Basis of Measurement:
company under section 43A(2A) of the Companies
Net lease liabilities reconciliation Refer Note - 5 The financial statements for the year ended 31
Act, 1956, and the word ‘private’ was added in the
Corporate information and summary of material accounting policy information 1&2 March 2024 have been prepared on an accrual
name of the Company with effect from 15 June
Contingent liabilities and commitments 35 2001. Subsequently, the Company was converted basis and a historical cost convention, except
Other notes to accounts 36 to 48 into a public limited company, the word ‘private’ for the following financial assets and liabilities
was struck off from the name of the Company and which have been measured at fair value at the
The accompanying notes are an integral part of the standalone financial statements. consequently, a fresh certificate of incorporation end of each reporting period:
As per our report of even date For and on behalf of the Board of Directors of dated 29 August 2018 was issued by the Registrar
For B S R & Co. LLP Polycab India Limited (a) Certain financial assets and liabilities
Chartered Accountants CIN: L31300GJ1996PLC114183 of Companies, National Capital Territory of Delhi (including derivative instruments) (Refer
ICAI Firm Registration No. 101248W/W-100022 and Haryana (“ROC”), recording the change of note 38 for accounting policy regarding
Bhavesh Dhupelia Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani the Company’s name to ‘Polycab Wires Limited’. financial instruments)
Partner Chairman & Managing Director Whole-time Director Whole-time Director Thereafter, the name of the Company was changed
Membership No. 042070 DIN: 00309108 DIN: 00742771 DIN: 00742995
from ‘Polycab Wires Limited’ to ‘Polycab India (b) Net defined benefit plan where plan assets
Limited’, and a fresh certificate of incorporation are measured at fair value (Refer note 30
Gandharv Tongia Manita Gonsalves
Place: Mumbai Executive Director & CFO Place: Mumbai Company Secretary dated 13 October 2018 was issued by the ROC. for accounting policy)
Date: 10 May 2024 DIN: 09038711 Date: 10 May 2024 Membership No. A18321
The registered office of the Company is Unit 4, Plot (c) Share-based payments at fair value as
Number 105, Halol Vadodara Road, Village Nurpura, on the grant date of options given to
Taluka Halol, Panchmahal, Gujarat 389350. employees (Refer note 30 for accounting
policy)
The Company is the largest manufacturer of Wires
and Cables in India and fast growing player in the In addition, the carrying values of recognised
Fast Moving Electrical Goods (FMEG) space. The assets and liabilities designated as hedged
Company is also in the business of Engineering, items in fair value hedges that would otherwise
Procurement and Construction (EPC) projects. be carried at amortised cost are adjusted to
The Company owns 28 manufacturing facilities, record changes in the fair values attributable
located across the states of Gujarat, Maharashtra, to the risks that are being hedged in effective
Uttarakhand, Tamil Nadu and U.T. Daman. hedge relationships.

The Board of Directors approved the Standalone Historical cost is generally based on the fair
Financial Statements for the year ended 31 March value of the consideration given in exchange
2024 and authorised for issue on 10 May 2024. for goods and services. Fair value is the price
that would be received from sell an asset
or paid to transfer a liability in an orderly
2. Summary of material accounting policy transaction between market participants at
information the measurement date.
A) Basis of preparation

Accounting policies and methods of
i Statement of Compliance:
computation followed in the financial
The Company prepares its Standalone statements are same as compared with the
Financial Statements to comply with the Indian annual financial statements for the year
Accounting Standards (“Ind AS”) specified under ended 31 March 2023, except for adoption of
section 133 of the Companies Act, 2013 read new standard or any pronouncements effective
with Companies (Indian Accounting Standards) from 1 April 2023.
Rules, 2015, as amended from time to time
and the presentation requirements of Division The Company has prepared the financial
II of Schedule III of Companies Act, 2013 (Ind statements on the basis that it will continue to
operate as a going concern.
418 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 419

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

iii Classification of Current / Non-Current future developments, however, may change due to iii Useful lives of property, plant and measured using valuation techniques including
Assets and Liabilities: market changes or circumstances arising that are equipment the Discounted Cash Flow model. The inputs
beyond the control of the Company. Such changes to these models are taken from observable
The Company presents assets and liabilities in The Company reviews the useful life of
are reflected in the assumptions when they occur. markets where possible, but where this is not
the Balance sheet based on current/non-current property, plant and equipment at the end of
The Company uses the following critical accounting feasible, a degree of judgement is required in
classification. It has been classified as current each reporting period. This reassessment may
estimates in preparation of its financial statements: establishing fair values. Judgements include
or non-current as per the Company’s normal result in change in depreciation expense in
considerations of inputs such as liquidity
operating cycle, as per para 66 and 69 of Ind current and future periods.
i Revenue Recognition risk, credit risk and volatility. Changes in
AS 1 and other criteria as set out in the Division
The Company applied judgements that assumptions about these factors could affect
II of Schedule III to the Companies Act, 2013. iv Impairment of investments in subsidiaries
significantly affect the determination of the the reported fair value of financial instruments
and joint-ventures
amount and timing of revenue from contracts (Refer note 38 for accounting policy on Fair
Operating Cycle: Determining whether the investments in
at a point in time with customers, such as value measurement of financial instruments).
The operating cycle is the time between the subsidiaries and joint ventures are impaired
identifying performance obligations in a
acquisition of assets for processing and their requires an estimate in the value in use of viii Foreign Currency Transactions /
sales transactions. In certain non-standard
realisation in cash and cash equivalents. The investments. The Company reviews its carrying Translations
contracts, where the Company provides
Company has ascertained its operating cycle value of investments carried at cost (net of
extended warranties in respect of sale of Transactions in currencies other than Company’s
as 12 months for the purpose of current or non- impairment, if any) annually, or more frequently
consumer durable goods, the Company functional currency (foreign currencies) are
current classification of assets and liabilities. when there is indication for impairment. If the
allocated the portion of the transaction price to recorded at the rates of exchange prevailing
Deferred tax assets and liabilities are classified recoverable amount is less than its carrying
goods based on its relative standalone prices. on the date of transaction. At the end of the
as non-current assets and liabilities." amount, the impairment loss is accounted for in
Also, certain contracts of sale includes volume reporting period, monetary items denominated
the statement of profit and loss. In considering
rebates that give rise to variable consideration. in foreign currencies are reported using the
iv Functional and Presentation Currency: the value in use, the Board of Directors have
In respect of long term contracts significant exchange rate prevailing as at reporting date.
These financial statements are presented anticipated the future market conditions and
judgments are used in: Non-monetary items denominated in foreign
in Indian Rupees (`) which is the functional other parameters that affect the operations
currencies which are carried in terms of historical
currency of the Company. All amounts disclosed (a) Determining the revenue to be recognised of these entities.
cost are reported using the exchange rate at the
in the financial statements which also include in case of performance obligation
date of the transaction. Exchange differences
the accompanying notes have been rounded satisfied over a period of time; revenue v Provisions
arising on the settlement of monetary items or
off to the nearest million up to two decimal recognition is done by measuring the The Company estimates the provisions on translating monetary items at the exchange
places, as per the requirement of Schedule III progress towards complete satisfaction that have present obligations as a result of rates different from those at which they were
to the Companies Act 2013, unless otherwise of performance obligation. The progress past events and it is probable that outflow initially recorded during the year, or reported in
stated. Transactions and balances with values is measured in terms of a proportion of resources will be required to settle the previous financial statements, are recognised as
below the rounding off norm adopted by the of actual cost incurred to-date, to the obligations. These provisions are reviewed income or expenses in the year in which they arise.
Company have been reflected as “0” in the total estimated cost attributable to the at the end of each reporting period and are
relevant notes to these financial statements. performance obligation. adjusted to reflect the current best estimates. ix Provision for income tax and deferred tax
(b) Determining the expected losses, which The timing of recognition requires application of assets
B) Use of estimates and judgements are recognised in the period in which such judgement to existing facts and circumstances
The Company uses estimates and judgements
In the course of applying the policies outlined losses become probable based on the which may be subject to change.
based on the relevant rulings in the areas
in all notes, the Company is required to make expected total contract cost as at the of allocation of revenue, costs, allowances
judgements, estimates and assumptions about the reporting date. vi Contingencies
and disallowances which is exercised while
carrying amount of assets and liabilities that are not In the normal course of business, contingent determining the provision for income tax. A
readily apparent from other sources. The estimates ii Cost to complete for long term contracts liabilities may arise from litigation and other deferred tax asset is recognised to the extent
and associated assumptions are based on historical The Company’s management estimate the cost claims against the Company. Potential that it is probable that future taxable profit
experience and other factors that are considered to complete for each project for the purpose liabilities that are possible but not probable will be available against which the deductible
to be relevant. Actual results may differ from these of revenue recognition and recognition of of crystallising or are very difficult to quantify temporary differences and tax losses can be
estimates. Estimates and underlying assumptions anticipated losses of the projects, if any. In the reliably are treated as contingent liabilities. utilised. Deferred tax assets are recognised for
are reviewed on an ongoing basis. Revisions to process of calculating the cost to complete, Such liabilities are disclosed in the notes unused tax losses to the extent that it is probable
accounting estimates are recognised prospectively. Management conducts regular and systematic but are not recognised. Contingent assets that taxable profit will be available against
reviews of actual results and future projections are neither recognised nor disclosed in the which the losses can be utilised. Significant
The key assumptions concerning the future and
with comparison against budget. The process financial statements. management judgement is required to determine
other key sources of estimation uncertainty at the
reporting date, that have a significant risk of causing requires monitoring controls including financial the amount of deferred tax assets that can be
and operational controls and identifying major vii Fair value measurement of financial recognised, based upon the likely timing and
a material adjustment to the carrying amounts
risks faced by the Company and developing instruments the level of future taxable profits together with
of assets and liabilities within the next financial
year, are described below. The Company based its and implementing initiative to manage those When the fair value of financial assets and future tax planning strategies. Accordingly, the
assumptions and estimates on parameters available risks. The Company’s management is confident financial liabilities recorded in the balance Company exercises its judgement to reassess
when the financial statements were prepared. that the costs to complete the project are sheet cannot be measured based on quoted the carrying amount of deferred tax assets at
Existing circumstances and assumptions about fairly estimated. prices in active markets, their fair value is the end of each reporting period.
420 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 421

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

x Impairment of non-financial assets terminate a lease, it considers all relevant facts on the Company’s disclosures of accounting the Statement of profit and loss. All other expenses
and circumstances that create an economic policies, but not on the measurement, on existing property, plant and equipment, including
The Company assesses at each reporting date
incentive for the Company to exercise the recognition or presentation of any items in the day-to-day repair and maintenance expenditure
whether there is an indication that an asset
option to extend the lease, or not to exercise the Company’s standalone financial statements. and cost of replacing parts, are charged to the
may be impaired. If an indication exists, or when
option to terminate the lease. The Company Statement of Profit & Loss for the year in which such
the annual impairment testing of the asset is
revises the lease term if there is a change in the (iii) Deferred Tax related to Assets and expenses are incurred.
required, the Company estimates the asset’s
non-cancellable period of a lease. Liabilities arising from a Single
recoverable amount. An asset’s recoverable Capital work-in-progress comprises of property,
Transaction – Amendments to Ind AS 12:
amount is the higher of an asset’s or Cash- The discount rate is generally based on the plant and equipment that are not ready for their
generating-unit's (CGU’s) fair value less costs incremental borrowing rate specific to the lease The amendments to Ind AS 12 Income Tax intended use at the end of reporting period and
of disposal and its value in use. It is determined being evaluated or for a portfolio of leases with narrow the scope of the initial recognition are carried at cost comprising direct costs, related
for an individual asset, unless the asset does similar characteristics. exception, so that it no longer applies to incidental expenses, other directly attributable
not generate cash inflows that are largely transactions that give rise to equal taxable costs and borrowing costs.
independent of those from the other assets or C) Changes in material accounting policy and deductible temporary differences such
as leases and decommissioning liabilities. The An item of property, plant and equipment and any
group of assets. When the carrying amount of information
amendments had no impact on the Company’s significant part initially recognised is derecognised
an asset or CGU exceeds it recoverable amount, The Company has applied new standards,
standalone financial statements. upon disposal or when no future economic benefits
the asset is considered as impaired and it’s interpretations and amendments issued and are expected from its use or disposal. Gains or losses
written down to its recoverable amount. effective for annual periods beginning on or after 01
E) Recent Indian Accounting Standards (Ind arising from derecognition of property, plant and
The Company estimates the value-in-use of April 2023. This did not have any material changes equipments are measured as the difference between
AS) issued not yet effective
the Cash generating unit (CGU) based on the in the Company's standalone accounting policies. the net disposal proceeds and the carrying amount
Ministry of Corporate Affairs (“MCA”) notifies new
future cash flows after considering current of the asset and are recognised in the Statement
D) New and amended standards standard or amendments to the existing standards
economic conditions and trends, estimated of Profit & Loss under ‘Other expenses’ or ‘Other
under Companies (Indian Accounting Standards)
future operating results and growth rate and The Company applied for the first-time certain income’ when the asset is derecognised.
Rules as issued from time to time. On 31 March
anticipated future economic and regulatory standards and amendments, which are effective for
2024, MCA has not notified any new standards or Depreciation on Property, plant and equipment’s is
conditions. The estimated cash flows are annual periods beginning on or after 01 April 2023.
amendments to the existing standards applicable calculated on pro rata basis on straight-line method
developed using internal forecasts. The
The Ministry of Corporate Affairs has notified to the Company. using the management assessed useful lives of the
estimated future cash flows are discounted to
Companies (Indian Accounting Standards) Rules, assets which is in line with the manner prescribed in
their present value using a pre-tax discount rate F) The material accounting policy information used in
2015 by issuing the Companies (Indian Accounting Schedule II of the Companies Act, 2013. The useful
that reflects the current market assessments of preparation of the standalone financial statements
Standards) Amendment Rules, 2023, applicable life is as follows:
the time value of money and the risks specific have been discussed in the respective notes.
from 01 April 2023, as below:
to the asset/CGU. Assets Useful life

(i) Definition of Accounting Estimates – 3. Property, plant and equipment Buildings 30-60 years
xi Employee benefits
Amendments to Ind AS 8: Accounting policy Plant and equipments 3-15 years
The accounting of employee benefit plans in the Electrical installations 10 years
The amendments to Ind AS 8 clarify the Property, plant and equipment are stated at
nature of defined benefit requires the Company
distinction between changes in accounting cost, net of accumulated depreciation (other Furniture and fixtures 10 years
to use assumptions. These assumptions have
estimates, changes in accounting policies and than freehold land) and impairment losses, if any. Office equipments 3-6 years
been explained under employee benefits note.
the correction of errors. They also clarify how The cost comprises purchase price, borrowing Windmill 22 years
entities use measurement techniques and costs if capitalisation criteria are met and directly
xii Leases Vehicles 8-10 years
inputs to develop accounting estimates. The attributable cost of bringing the asset to its working
The Company evaluates if an arrangement amendments had no impact on the Company's condition for the intended use. Capitalisation of Leasehold land and Lower of useful life of the
qualifies to be a lease as per the requirements improvements asset or lease term
standalone financial statements. costs in the carrying amount of property, plant and
of Ind AS 116. Identification of a lease requires equipment ceases when the item is in the location In case of certain class of assets, the Company
significant judgment. The Company uses (ii) Disclosure of Accounting Policies - and condition necessary for it to be capable of uses different useful life than those prescribed in
significant judgement in assessing the lease Amendments to Ind AS 1: operating in the manner intended by the Company. Schedule II of the Companies Act, 2013. The useful
term (including anticipated renewals) and Any trade discounts and rebates are deducted in
The amendments to Ind AS 1 provided guidance life has been assessed based on technical advice,
the applicable discount rate. The Company arriving at the purchase price.
and examples to help entities apply materiality taking into account the nature of the asset, the
determines the lease term as the non-
judgements to accounting policy disclosures. Subsequent expenditure related to an item of estimated usage of the asset on the basis of the
cancellable period of a lease, together with
The amendments aim to help entities provide property, plant and equipment is added to its book management’s best estimation of getting economic
both periods covered by an option to extend
accounting policy disclosures that are more value only if it increases the future benefits from benefits from those classes of assets. The Company
the lease if the Company is reasonably certain
useful by replacing the requirement for entities the existing asset beyond its previously assessed uses its technical expertise along with historical and
to exercise that option; and periods covered
to disclose their ‘significant’ accounting policies standard of performance. Incomes and expenses industry trends for arriving at the economic life of
by an option to terminate the lease if the
with a requirement to disclose their ‘material’ related to the incidental operations not necessary an asset.
Company is reasonably certain not to exercise
accounting policies and adding guidance on to bring the item to the location and the condition
that option. In assessing whether the Company The residual values, useful lives and methods of
how entities apply the concept of materiality necessary for it to be capable of operating in the
is reasonably certain to exercise an option to depreciation of property, plant and equipment are
in making decisions about accounting policy manner intended by the Company are recognised in
extend a lease, or not to exercise an option to reviewed at each financial year end and adjusted
disclosures. The amendments had an impact
422 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 423

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
prospectively. Depreciation is not recorded on capital work-in-progress until construction and installation is As at 31 March 2024
complete and the asset is ready for its intended use.
Whether title deed holder is a promoter, Reason for not being
Description of Held in the Gross carrying Property held since
Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet item of property name of value (K million)
director or relative of promoter / director
which date
held in the name of the
or employee of promoter/director company
date is classified as capital advances under other non-current assets and the cost of assets not ready to use
before such date are disclosed under ‘Capital work-in-progress’. Freehold land- Dinesh 1.42 No 2008 Mutation is in process
Daman Gupta
The changes in the carrying value of Property, plant and equipment for the year ended 31 March 2024 are
as follows: As at 31 March 2023
(H million)
Whether title deed holder is a promoter, Reason for not being
Description of Held in the Gross carrying Property held since
Furniture Lease-hold Capital director or relative of promoter / director held in the name of the
Freehold Plant and Electrical Office item of property name of value (J million) which date
Buildings and Windmill Vehicles improve- Total Work in or employee of promoter/director company
land equipments installations equipments
fixtures ments progress
Freehold land- Dinesh 1.42 No 2008 Mutation is in process
Gross carrying value (at cost) Daman Gupta
As at 01 April 2023 (Restated) 1,047.01 12,488.83 15,062.82 1,211.84 292.35 617.00 294.99 35.23 3.42 31,053.49 2,492.69
Additions 93.10 1,057.69 2,522.42 513.20 68.65 228.58 - 5.00 - 4,488.64 6,506.16 (c) Title deed is in dispute for freehold land amounting to H10.48 million (31 March 2023: H10.48 million) and is
Transfer - (830.34) - - - - - - - (830.34) (3,630.05)
pending resolution with government authority at Gujarat.
Disposals/Adjustments - - (18.45) - (1.21) (5.22) - (1.02) - (25.90) - (d) CWIP aging schedule as at 31 March 2024
As at 31 March 2024 1,140.11 12,716.18 17,566.79 1,725.04 359.79 840.36 294.99 39.21 3.42 34,685.89 5,368.80 (H million)
Accumulated depreciation More than
Less than 1 year 1-2 years 2-3 years Total
As at 01 April 2023 (Restated) - 1,955.34 8,317.00 494.92 105.98 301.51 125.77 11.71 3.10 11,315.33 - 3 years
Depreciation charge for the year - 404.23 1,497.19 115.79 25.32 109.96 15.72 4.57 0.06 2,172.84 - Projects in progress
Disposals/Adjustment - (67.36) (16.06) - (0.43) (4.90) - (0.97) - (89.72) - Cable & Wire Projects 4,069.70 513.12 11.11 - 4,593.93
As at 31 March 2024 - 2,292.21 9,798.13 610.71 130.87 406.57 141.49 15.31 3.16 13,398.45 - FMEG Projects 430.73 48.60 44.69 - 524.02
Net carrying value Other Projects 130.33 48.73 71.79 - 250.85
As at 31 March 2024 1,140.11 10,423.97 7,768.66 1,114.33 228.92 433.79 153.50 23.90 0.26 21,287.44 5,368.80 4,630.76 610.45 127.59 - 5,368.80
The changes in the carrying value of Property, plant and equipment for the year ended 31 March 2023 are CWIP aging schedule as at 31 March 2023
as follows:
(H million)
(H million) More than
Less than 1 year 1-2 years 2-3 years Total
Furniture Lease-hold Capital 3 years
Freehold Plant and Electrical Office
Buildings and Windmill Vehicles improve- Total Work in
land equipments installations equipments Projects in progress
fixtures ments progress
Gross carrying value (at cost) Cable & Wire Projects 1,182.60 409.51 19.73 91.01 1,702.85
As at 01 April 2022 1,054.75 9,048.05 13,264.73 1,035.12 201.04 444.35 294.99 37.78 3.42 25,384.23 3,744.81 FMEG Projects 574.27 86.44 2.34 - 663.05
Acquired on account of merger - - - - 0.69 2.93 - - - 3.62 - Other Projects 112.87 8.90 3.50 1.52 126.79
with Silvan Innovation Labs
Private Limited (Refer note 45)
1,869.74 504.85 25.57 92.53 2,492.69
Additions 18.47 3,523.64 1,901.66 176.72 90.62 178.42 - 6.81 - 5,896.34 3,892.24 For the purpose of this disclosure, the Company has identified project as the smallest group of assets
Transfer - - - - - - - - - - (5,144.36) having a common intended use.
Disposals/Adjustments (26.21) (82.86) (103.57) - - (8.70) - (9.36) - (230.70) -
(e) Direct capitalisation of Property, plant and equipments during the year are given as under:
As at 31 March 2023 (Restated) 1,047.01 12,488.83 15,062.82 1,211.84 292.35 617.00 294.99 35.23 3.42 31,053.49 2,492.69
Accumulated depreciation (H million)

As at 01 April 2022 - 1,629.40 7,058.06 405.45 86.94 241.31 110.05 13.12 2.89 9,547.22 - Furniture
Freehold Plant and Electrical Office Lease-hold
Buildings and Windmill Vehicles Total
Acquired on account of merger - - - - 0.55 2.77 - - - 3.32 - land equipments installations equipments improvements
fixtures
with Silvan Innovation Labs
Private Limited (Refer note 45) FY 2023-24 93.10 3.26 602.70 11.18 28.97 114.38 - 5.00 - 858.59
Depreciation charge for the year - 336.39 1,353.23 89.47 18.49 65.54 15.72 4.93 0.21 1,883.98 - FY 2022-23 18.47 424.30 224.26 7.77 22.18 48.19 - 6.81 - 751.98
Disposals/Adjustment - (10.45) (94.29) - - (8.11) - (6.34) - (119.19) -
As at 31 March 2023 (Restated) - 1,955.34 8,317.00 494.92 105.98 301.51 125.77 11.71 3.10 11,315.33 -
(f) Transfer to Investment Property Under Construction as on 31 March 2024 of net amount H762.98 million
(31 March 2023: Nil) (Refer note 4).
Net carrying value
As at 31 March 2023 (Restated) 1,047.01 10,533.49 6,745.82 716.92 186.37 315.49 169.22 23.52 0.32 19,738.16 2,492.69 (g) In CWIP completion schedule: there is no significant overdue or cost exceeding compared to its original plan.

Notes: (h) Assets pledged and hypothecated against borrowings - Refer note 38(B)

(a) Capital work in progress includes machinery in transit 394.91 million (31 March 2023 : 193.97 million). (i) No proceedings have been initiated or are pending against the Company for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
(b) All property, plant and equipment are held in the name of the Company, except which are shown below:
(j) For capital expenditures contracted but not incurred - Refer note 35(B).
424 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 425

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

4. Investment Property Under Construction In accordance with Ind AS 113, the fair value of investment property is determined by the Company at H847.00
million following the risk-adjusted discounted cash flow method and based on Level 3 inputs from an independent
Accounting policy
accredited valuation expert, as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules,
Investment properties that are not intended to be occupied substantially for use by, or in the operations of 2017, with relevant valuation experience for similar properties. The fair valuation is mainly based on location
the Company have been considered as investment property. Investment properties are measured initially and locality, current real estate prices in the active market for similar properties. The main inputs used are area,
at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at location, construction cost, demand, weighted-average cost of capital and trend of real estate market at the
cost less accumulated depreciation and accumulated impairment loss, if any. The Company does not charge location. As at 31 March 2024, the fair value of the properties are based on valuations performed by Bharat
depreciation to investment property land which is held for future undetermined use. Though the Company Shah & Associates, an accredited independent registered valuer.
measures investment property using cost-based measurement, the fair value of investment property is disclosed
in the notes. Fair values are determined based on an annual evaluation performed by an accredited external
independent valuer applying a valuation model.
5. Right of use assets
Accounting policy
Investment properties are derecognised either when they have been disposed of or when they are permanently
i. The Company as a lessee
withdrawn from use and no future economic benefit is expected from their disposal. The difference between
the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of The Company’s lease asset classes primarily consist of leases for land and buildings. The Company assesses
derecognition. In determining the amount of consideration from the derecognition of investment property, whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the
the Company considers the effects of variable consideration, existence of a significant financing component, contract conveys the right to control the use of an identified asset for a period of time in exchange for
non-cash consideration, and consideration payable to the buyer (if any). consideration. To assess whether a contract conveys the right to control the use of an identified asset, the
Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has
Transfers are made to (or from) investment property only when there is a change in use. If owner-occupied substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the
property becomes an investment property, the Company accounts for such property in accordance with the Company has the right to direct the use of the asset.
policy stated under property, plant and equipment up to the date of change in use.
At the date of commencement of the lease, the Company recognises a right-of-use asset (“ROU”) and a
The Company depreciates its investment properties over the useful life which is similar to that of property, plant corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of
and equipment. twelve months or less (short-term leases), variable lease and leases with low value assets. For these short-
term, variable lease and low value leases, the Company recognises the lease payments as an operating
(H million)
expense on a straight-line basis over the term of the lease.
Land Total
Gross carrying value (at cost) The estimated useful life of the right-of-use assets are determined on the same basis as those of property,
plant and equipment.
As at 01 April 2023 - -
Additions 762.98 762.98 Certain lease arrangements include the options to extend or terminate the lease before the end of the
lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they
Transfer - -
will be exercised.
Disposals/Adjustments - -
As at 31 March 2024 762.98 762.98 The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or prior to the commencement date of the lease plus
any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated
(H million)
depreciation and impairment losses.
Land Total
Accumulated depreciation
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter
of the lease term and useful life of the underlying asset.
As at 01 April 2023 - -
Depreciation charge for the year - -
The lease liability is initially measured at amortised cost at the present value of the future lease payments.
The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable,
Disposals/Adjustment - -
using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are
As at 31 March 2024 - - remeasured with a corresponding adjustment to the related right of use asset if the Company changes its
Net carrying value assessment if whether it will exercise an extension or a termination option. In addition, the carrying amount
of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease
As at 31 March 2024 762.98 762.98
payments (e.g., changes to future payments resulting from a change in an index or rate used to determine
The Company’s investment properties consist of vacant land (including incidental vacant building on it) in such lease payments) or a change in the assessment of an option to purchase the underlying asset.
Mumbai. Management determined that the investment properties consist of one class based on the nature, Lease liability and ROU assets have been separately presented in the Balance Sheet and lease payments
characteristics and risks of the property. have been classified as financing cash flows. The Company has used a single discount rate to a portfolio
On 31 March 2024, the Company transferred H762.98 million from property, plant and equipment (Refer note 3) of leases with similar characteristics.
based on the then intention of the management, to investment property under construction, since the property
is held for a currently undetermined future use. ii. The Company as a lessor
Leases for which the Company is a lessor is classified as a finance or operating lease. For operating leases,
The Company has no restrictions on the realisability of its investment properties and no contractual obligations
rental income is recognised on a straight line basis over the term of the relevant lease.
to purchase, construct or develop investment properties or for repairs, maintenance and enhancements. Fair
value hierarchy disclosures for investment properties are in Note 38B.
426 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 427

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

iii. Finance lease The following is the break-up of current and non-current lease liabilities for the year end:
(H million)
The Company has entered into land lease arrangement at various locations. Terms of such lease ranges 31 March 2024 31 March 2023
from 30-90 years. In case of lease of land for 90 years and above, it is likely that such leases meet the
Non-current lease liabilities 198.46 221.46
criteria that at the inception of the lease the present value of the minimum lease payments amounts to
Current lease liabilities 313.98 136.99
at least substantially all of the fair value of the leased asset.
512.44 358.45

iv. Others The following is the movement in lease liabilities for the year end:
The following is the summary of practical expedients elected on initial application: (H million)
31 March 2024 31 March 2023
(a) Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment
Balance at the beginning of the year 358.45 343.26
with a similar end date.
Additions 343.23 169.53
(b) Applied the exemption not to recognise right-of-use assets and liabilities for short term leases, variable Finance cost incurred during the year 35.07 32.55
lease and leases of low value assets. Deletions (14.79) (29.52)
(c) Excluded the initial direct costs from the measurement of the right-of-use asset at the date of Payment of lease liabilities (209.52) (157.37)
initial application. 512.44 358.45

Following are the changes in the carrying value of right of use assets for the year ended 31 March 2024 The table below provides the contractual maturities of lease liabilities of non-cancellable contractual
commitments on an undiscounted basis.
(H million) (H million)
Category of ROU asset Total 31 March 2024 31 March 2023
Leasehold Land Buildings Less than one year 172.35 160.28
Gross carrying value One to five years 335.31 246.16
As at 01 April 2023 (Restated) 41.74 512.98 554.72 More than five years 188.86 7.56
Additions 2.79 342.03 344.82 696.52 414.00
Disposals - (84.47) (84.47) The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets
As at 31 March 2024 44.53 770.54 815.07 are sufficient to meet the obligations related to lease liabilities as and when they fall due.
Accumulated depreciation
The following are the amounts recognised in profit or loss:
As at 01 April 2023 (Restated) 1.96 195.33 197.29
(H million)
Depreciation charge for the year 0.49 150.98 151.47
31 March 2024 31 March 2023
Disposals - (69.69) (69.69) Depreciation expense of right-of-use assets 151.47 131.05
As at 31 March 2024 2.45 276.62 279.07 Interest expense on lease liabilities 35.07 32.55
Net carrying value Interest income on fair value of security deposit (3.15) (2.64)
As at 31 March 2024 42.08 493.92 536.00 Expense relating to short-term leases (included in other expenses) 43.04 38.76
Expense relating to leases of low-value assets (included in other expenses) 0.17 7.69
Following are the changes in the carrying value of right of use assets for the year ended 31 March 2023
Variable lease payments (included in other expenses) - 5.50
(H million) 226.60 212.91
Category of ROU asset
Total Lease contracts entered by the Company majorly pertains for warehouse taken on lease to conduct its
Leasehold Land Buildings
business in the ordinary course. The Company does not have any lease restrictions and commitment
Gross carrying value towards variable rent as per the contract.
As at 01 April 2022 41.74 477.94 519.68
The Company had total cash outflows for leases of H209.52 million in 31 March 2024 (H157.37 million in
Additions - 173.45 173.45
31 March 2023).
Disposals - (138.41) (138.41)
As at 31 March 2023 41.74 512.98 554.72 Company as a lessor
Accumulated depreciation Future undiscounted minimum rentals receivable under non-cancellable operating leases as at 31 March
As at 01 April 2022 1.42 173.08 174.50 are as follows:
Depreciation charge for the year 0.54 130.51 131.05 (H million)
Disposals - (108.26) (108.26) 31 March 2024 31 March 2023
As at 31 March 2023 1.96 195.33 197.29 Less than one year 9.81 16.17
Net carrying value One to five years 7.69 9.12
As at 31 March 2023 39.78 317.65 357.43 More than five years - -
17.50 25.29
428 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 429

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

6. Other intangible assets A cash generating unit to which goodwill has been allocated is tested for impairment annually, or more
frequently when there is an indication that the unit may be impaired. If the recoverable amount of the
Accounting policy
cash generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the
i. Other intangible assets acquired separately carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata
based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised in
Other intangible assets acquired are reported at cost less accumulated amortisation and accumulated
profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalisation criteria are
met and directly attributable cost of bringing the asset to its working condition for the intended use. Based on the results of the Goodwill impairment test, the estimated value in use in all CGUs were higher
than their respective carrying amount, hence impairment provision recorded during the current year is H Nil
Amortisation on other intangible assets is calculated on pro rata basis on straight-line method using the
(31 March 2023 - H Nil). Management believes that any reasonably possible change in the key assumptions
useful lives of the assets and in the manner prescribed in Schedule II of the Companies Act, 2013. The useful
on which recoverable amount is based would not cause the aggregate carrying amount to exceed the
life is as follows:
aggregate recoverable amount of the Goodwill.
Assets Useful life The changes in the carrying value of Other intangible assets for the year ended 31 March 2024 are as follows:
Computer software 3 year (H million)
Technical Know-how 5 year Technical Computer
Total
Know-how Software
The residual values, useful lives and methods of amortisation of Other intangible assets are reviewed at Gross carrying value (at cost)
each financial year end and adjusted prospectively. As at 01 April 2023 (Restated) 218.86 129.28 348.14
Additions - 48.22 48.22
ii. Intellectual Property
Disposals/Adjustments - - -
Brands/trademarks acquired separately are measured on initial recognition at the fair value of consideration
As at 31 March 2024 218.86 177.50 396.36
paid. Following initial recognition, brands/trademarks are carried at cost less any accumulated amortisation
and impairment losses, if any. The useful lives of brands/trademarks are assessed to be either finite or Accumulated amortisation
indefinite. The assessment includes whether the brand/trademark name will continue to trade and the As at 01 April 2023 (Restated) 117.84 109.14 226.98
expected lifetime of the brand/trademark. Amortisation is charged on assets with finite lives on a straight- Amortisation charge for the year 27.28 19.81 47.09
line basis over a period appropriate to the asset’s useful life. Disposals/ Adjustments - - -
The Company owns 282 number as on 31 March 2024 (166 number as on 31 March 2023) registered As at 31 March 2024 145.12 128.95 274.07
trademarks pertaining to Brand, Sub-brands and Designs in India. The Company has also entered into Net carrying value
royalty agreements with few companies for use of Polycab brand on specific products and charges fees As at 31 March 2024 73.74 48.55 122.29
for the same. These intellectual property and royalty income are solely owned and earned by the company
and is not shared with any stakeholder. Intellectual Property has not been capitalised in the books as it The changes in the carrying value of Other intangible assets for the year ended 31 March 2023 are as follows:
does not meet the recognition criteria in Ind AS 38. (H million)
Technical Computer
Total
iii. Research and development expenditure Know-how Software
Expenditure on research and development activities is recognised in the Statement of Profit and Loss as Gross carrying value (at cost)
incurred. Development expenditure is capitalised as part of cost of the resulting other intangible asset As at 01 April 2022 - 109.24 109.24
only if the expenditure can be measured reliably, the product or process is technically and commercially Acquired on account of merger with Silvan Innovation Labs 218.86 - 218.86
feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to Private Limited (Refer note 45)
complete development and to use or sell the asset. Otherwise, it is recognised in Statement of profit or loss Additions - 20.04 20.04
as incurred. Subsequent to initial recognition, the asset is measured at cost less accumulated amortisation
Disposals/ Adjustments - - -
and any accumulated impairment losses, if any. During the year, the Company has incurred Capital R&D
As at 31 March 2023 (Restated) 218.86 129.28 348.14
expenditure amounting to H27.83 million (31 March 2023 H150.95 million) which have been included in
property, plant and equipment. Further, Revenue R&D expenditure incurred amounting to H232.45 million Accumulated amortisation
(31 March 2023 H191.86 million) which have been charged to the respective revenue accounts. As at 01 April 2022 - 100.23 100.23
Acquired on account of merger with Silvan Innovation Labs 85.21 - 85.21
iv. De-recognition of other intangible assets Private Limited (Refer note 45)
Other intangible asset is derecognised on disposal or when no future economic benefits are expected from Amortisation charge for the year 32.63 8.91 41.54
use. Gains or losses arising from derecognition of an intangible asset is calculated as the difference between Disposals/ Adjustments - - -
the net disposal proceeds and the carrying amount of the asset. Such gains or losses is recognised in the As at 31 March 2023 (Restated) 117.84 109.14 226.98
statement of profit and loss under ‘Other expenses’ or ‘Other income’. Net carrying value
As at 31 March 2023 (Restated) 101.02 20.14 121.16
v. Goodwill
Goodwill is measured at cost less any accumulated impairment losses. Goodwill acquired in a business Note: The Other intangible assets include license and software of Gross carrying amount of H107.39 million
combination is, from the acquisition date, allocated to cash-generating units that are expected to benefit (31 March 2023: H92.78 million) which has been fully amortised over the past periods and are being used
from the combination. by the Company.
430 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 431

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

7. Investment (c) On 29 June 2023, the Company acquired additional 25,000 shares at face value of H10 each of Steel
Matrix Private Limited for a purchase consideration of H0.25 million making it a wholly owned subsidiary
Accounting policy
of the Company.
Investment in subsidiaries and joint ventures
The Company considers an investee company as a subsidiary company when it controls the investee company. B. Current Investments
Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with (H million)
the investee and has the ability to affect those returns through its power over the investee. Specifically, the 31 March 2024 31 March 2023
Company controls an investee if, and only if, the Company has: Investments measured at FVTPL (Quoted)
• Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of Held for sale
the investee) Investments in debt mutual funds 18,036.45 13,504.95
• Exposure, or rights, to variable returns from its involvement with the investee 18,036.45 13,504.95
Aggregate amount of quoted investments – At cost 17,925.42 13,456.13
• The ability to use its power over the investee to affect its returns
Aggregate amount of quoted investments – At market value 18,036.45 13,504.95
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement
have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of Notes :
an arrangement, which exists only when decisions about the relevant activities require unanimous consent of (a) Refer note 38 for accounting policies on financial instruments for methods of valuation.
the parties sharing control.
(b) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial
The considerations made in determining whether joint control is similar to those necessary to determine control year ended 31 March 2024 (31 March 2023: Nil).
over the subsidiaries.
Investments in subsidiaries and joint ventures are carried at cost less accumulated impairment losses, if any. 8. Trade receivables
Where an indication of impairment exists, the carrying amount of the investment is assessed. Where the carrying
(H million)
amount of an investment is greater than its estimated recoverable amount, it is written down immediately
31 March 2024 31 March 2023
to its recoverable amount and the difference is recognised in the Statement of Profit and Loss. On disposal of
investment, the difference between the net disposal proceeds and the carrying amount is charged or credited Unsecured (at amortised cost)
to the Statement of Profit and Loss under ‘Other Income’ or ‘Other Expenses’. Non Current
Trade receivables – Considered Good (Unsecured) 1,190.70 526.37
A. Non-current investments Non-current Trade receivables 1,190.70 526.37
(H million) Current
Face Value 31 March 31 March
Number Number Trade receivables – Considered Good (Unsecured) 19,952.56 12,360.32
Per Unit 2024 2023
Investments carried at amortised cost (Unquoted) Trade receivables – Credit Impaired 315.66 455.61

Investment in Equity Instruments of Subsidiaries (Fully paid-up) Receivables from related parties – Considered Good (Unsecured) (Refer note - 36) 4,075.79 552.76
Tirupati Reels Private Limited H10 33,00,000 33.00 33,00,000 33.00 Trade receivables (Gross) 24,344.01 13,368.69
Dowells Cable Accessories Private Limited H10 54,00,000 67.67 54,00,000 67.67 Less: Impairment allowance for trade receivables (1,350.27) (1,159.49)

Uniglobus Electricals and Electronics Private Limited H10 90,00,000 90.00 90,00,000 90.00 Current Trade receivables (Net) 22,993.74 12,209.20

Polycab Australia Pty Ltd AU$ 1 2,05,000 11.66 2,05,000 11.66 The following table summarises the change in impairment allowance measured using the life time expected
Polycab Support Force Private Limited H10 2,60,000 2.60 2,60,000 2.60 credit loss model:
Steel Matrix Private Limited H10 1,00,000 1.00 75,000 0.75 (H million)
Polycab Electricals And Electronics Private Limited H10 1,00,000 1.00 1,00,000 1.00 31 March 2024 31 March 2023
206.93 206.68 At the beginning of year 1,159.49 1,243.76
Investment in Equity Instruments of Joint Venture (Fully paid-up) Additions on account of merger with Silvan Innovation Labs Private Limited (Refer 1.86 0.11
Techno Electromech Private Limited H10 40,40,000 105.20 40,40,000 105.20 note- 45)
Provision for impairment of Techno Electromech Private Limited (105.20) - Provision during the year 305.26 (25.57)
- 105.20 Bad debts written off (net) (116.34) (58.81)
Total Non-current investments 206.93 311.88 At the end of the year 1,350.27 1,159.49
Aggregate amount of unquoted investments 206.93 311.88 Notes:
Aggregate amount of impairment value of investments - -
(a) Trade receivables are usually non-interest bearing and are generally on credit terms up to 90 days except
(a) Refer note 36A for information on financial information, principal place of business, activities and the EPC business. The Company’s term includes charging of interest for delayed payment beyond agreed
Company’s ownership interest in the above subsidiaries and joint venture. credit days. Company charges interest for delayed payments in certain cases depending on factors, such
as, market conditions and past realisation trend.
(b) Refer note 45 for scheme of amalgamation between the Company and Silvan Innovation Labs
Private Limited. (b) For EPC business, trade receivables are non-interest bearing and credit terms are specific to contracts.
432 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 433

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
(c) For explanations on the Company’s credit risk management processes, refer note 39(B). 9. Cash and cash equivalents
(d) For trade receivables, the Company applies a simplified approach in calculating Expected credit loss (ECL). (H million)
Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based 31 March 2024 31 March 2023
on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based At amortised cost
on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the Balances with banks
economic environment. In current accounts (i) 1,261.33 1,019.41
Deposits with original maturity of less than 3 months (ii) 1,290.10 200.00
(e) Trade receivables have been pledged as security against bank borrowings, the terms relating to which have
been described in note 38B. Cash on hand 0.01 0.57
2,551.44 1,219.98
(f) Refer note 38 for accounting policies on financial instruments.
(i) There is no repatriation restriction with regard to cash and cash equivalents at the end of reporting period
(g) No trade or other receivables are due from directors or other officers of the Company either severally or
and prior periods.
jointly with any other person. Further, no trade or other receivables are due from firms or private companies
respectively in which any director is a partner, a director or a member. Refer note 36 for the terms and (ii) Short-term deposits are made for varying periods of between one day and three months, depending on the
conditions pertaining to related party disclosures. immediate cash requirements of the Company, and earn interest at the respective short-term deposit rates.
(h) Non-current trade receivables are not due.
10. Bank balance other than cash and cash equivalents
(i) Trade receivables ageing schedule – Current (H million)
31 March 2024 31 March 2023
As at 31 March 2024
At amortised cost
(H million) Deposits with original maturity for more than 3 months but less than 12 months (i) 526.03 5,237.44
Outstanding for following periods from due date of payment Earmarked balance (ii) 2.04 1.56
Not due Less than 6 months- More than Total 528.07 5,239.00
1-2 years 2-3 years
6 months 1 year 3 years
(i) Undisputed Trade Receivables – 13,507.17 8,361.95 1,477.93 401.01 208.51 71.78 24,028.35 (i) Fixed deposit of H7.80 million (31 March 2023: H12.69 million) is restricted for withdrawal, as it is lien against
Considered Good project specific advance.
(ii) Undisputed Trade Receivables – - - - - 79.80 44.01 123.81 (ii) Earmarked balances with banks relate to unclaimed dividends (Refer note 21).
Credit Impaired
(iii) Disputed Trade Receivables – - - - - - - -
Considered Good
11. Loans – Current
(H million)
(iv) Disputed Trade Receivables – - - - - (0.00) 191.85 191.85
Credit Impaired 31 March 2024 31 March 2023
At amortised cost
13,507.17 8,361.95 1,477.93 401.01 288.31 307.64 24,344.01
Loans (Considered good – Unsecured)
Less: Impairment allowance for (1,350.27)
trade receivables Loans to related party (Refer note - 36) 1,055.00 105.00
Loans to employees 6.26 3.47
Total Current trade receivable 22,993.74
1,061.26 108.47

As at 31 March 2023 Note: Disclosures required by Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 and Section 186 (4) of Companies Act, 2013
(H million)
Outstanding for following periods from due date of payment
(A) Amount of loans outstanding from Subsidiaries and Joint Venture:
Not due Less than 6 months- More than Total
1-2 years 2-3 years (H million)
6 months 1 year 3 years
Maximum amount
(i) Undisputed Trade Receivables – 9,445.98 2,464.36 244.66 534.56 100.68 122.44 12,912.68 Interest Outstanding as at
outstanding during the year
Considered Good Rate
31 March 2024 31 March 2023 31 March 2024 31 March 2023
(ii) Undisputed Trade Receivables – - 0.02 - 0.06 75.92 111.83 187.83
(i) Subsidiaries
Credit Impaired
Unsecured, considered good
(iii) Disputed Trade Receivables – - - - 0.40 - - 0.40
Considered Good Polycab Support Force Private Limited (has 10.25% 5.00 5.00 5.00 12.50
utilised this loan for general corporate purpose)
(iv) Disputed Trade Receivables – - - - - 15.00 252.78 267.78
Uniglobus Electricals and Electronics Private 10.25% 950.00 - 950.00 56.61
Credit Impaired
Limited (has utilised this loan for general
9,445.98 2,464.38 244.66 535.02 191.60 487.05 13,368.69 corporate purpose)
Less: Impairment allowance for (1,159.49) (ii) Joint Venture
trade receivables Unsecured, considered good
Total Current trade receivable 12,209.20 Techno Electromech Private Limited (has utilised 10.50% 100.00 100.00 100.00 100.00
this loan for general corporate purpose)
434 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 435

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(B) Amount of loans outstanding from Subsidiaries and Joint Venture: B Other financial assets – Current
(H million) (H million)
31 March 2024 % 31 March 2023 % 31 March 2024 31 March 2023
(i) Subsidiaries At amortised cost
Unsecured, considered good Unsecured, considered good
Uniglobus Electricals and Electronics Private Limited 950.00 90% - 0% Security deposits and Earnest money deposits (A) 106.11 24.83
Polycab Support Force Private Limited 5.00 1% 5.00 5% Rental deposits, unsecured, considered good
(ii) Joint Venture Related Parties (Refer note - 36) 6.17 6.17
Unsecured, considered good Other than Related Parties 24.55 23.82
Techno Electromech Private Limited 100.00 9% 100.00 95% (B) 30.72 29.99
Interest accrued on bank deposits 12.17 142.92
(C) Details of investments made are given in Note 7A and 36E.
Interest receivables
(D) Details of guarantee issued and outstanding are given in Note 36F. Guarantees are issued by the Company in Related Parties (Refer note - 36) 2.81 2.46
accordance with Section 186 of the Companies Act, 2013 read with rules issued thereunder.
Other than Related Parties 1.29 1.02
(E) The Company has complied with the provision section 2(87) of the Companies Act, 2013 read with the Companies Others (Refer (i) below) 137.47 84.33
(Restriction on number of layers) Rules, 2017.
(C) 153.74 230.73
(F) The Company has not entered with any Scheme(s) of arrangement in terms of sections 230 to 237 of the At FVTPL
Companies Act, 2013. Derivative Assets (Refer (ii) below) (D) 23.62 7.86
(G) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other (A+B+C+D) 314.19 293.41
sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities
Notes:
(“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company (i) Others mainly pertains to the premium receivable on EPC contracts which are recognised as per Ind AS
has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall 109 at the present value of contractual premiums expected to be collected and the capital debtors.
whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company
(ii) Derivative Assets
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(H million)
(H) Loan has been given to related parties are repayable on demand.
31 March 2024 31 March 2023

12. Other financial assets Embedded derivatives 1.99 -

Foreign exchange forward contract 21.63 7.86
A Other financial assets – Non-current
23.62 7.86
(H million)
31 March 2024 31 March 2023
At amortised cost
13. Income taxes
Unsecured, considered good Accounting policy
Earnest money deposits 9.70 15.31 Income tax expenses comprise current tax and deferred tax and includes any adjustments related to past
periods in current and / or deferred tax adjustments that may become necessary due to certain developments
Security deposits 22.79 35.48
or reviews during the relevant period. Current tax is measured at the amount expected to be paid to the tax
Deposits with bank having maturity period of more than 12 months 2.70 -
authorities in accordance with the Income-tax Act, 1961. The tax rates and tax laws used to compute the amount
Others (Refer below note) 195.50 - are those that are enacted or substantively enacted, at the reporting date.
230.69 50.79
Income tax received / receivable pertains to prior period recognised when it is probable that refund acknowledged
Note: Others mainly pertains to the premium receivable on EPC contracts which are recognised as per Ind AS by the Income-tax department will arise. Company periodically evaluates positions taken in the tax returns with
109 at the present value of contractual premiums expected to be collected. respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions
where appropriate.
Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and considers whether it is probable that a taxation
authority will accept an uncertain tax treatment. The Company shall reflect the effect of uncertainty for each
uncertain tax treatment by using either most likely method or expected value method, depending on which
method predicts better resolution of the treatment.
436 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 437

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised D Details of tax assets / (liabilities)
for deductible temporary differences only to the extent that it is probable that sufficient future taxable income
(H million)
will be available against which such deferred tax assets can be realised.
31 March 2024 31 March 2023
The carrying amount of deferred tax assets are reviewed at each reporting date. The Company writes-down
Non-current tax assets (net of provision for taxation) 170.77 147.33
the carrying amount of deferred tax asset to the extent that it is no longer reasonably certain, as the case may
Current tax liabilities (net of advance tax) (111.29) (283.94)
be, that sufficient future taxable income will be available against which deferred tax asset can be realised. Any
such write-down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case Net current tax asset / (liability) 59.48 (136.61)
may be, that sufficient future taxable income will be available.
E Movement in the net current tax assets/ (liability)
Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off
assets against liabilities representing current tax and where the deferred tax assets and the deferred tax (H million)
liabilities relate to taxes on income levied by the same governing taxation laws. 31 March 2024 31 March 2023

The tax jurisdiction of the Company is India. The Company’s tax return for past years are generally subject Net current tax asset / (liability) at the beginning of the year (136.61) 216.83
to examination by the tax authorities. The Company has made provisions for taxes basis its best judgement, Income tax paid 5,554.83 3,603.73
considering past resolutions to disputed matters by adjudicating authorities, prior year assessments and Current tax expense (5,342.98) (3,956.73)
advice from external experts, if required. The Company believes that its accruals for tax liabilities are adequate Acquired on account of merger with Silvan Innovation Labs Private Limited - 1.40
for all open tax years based on its assessment of many factors, including interpretations of tax laws and Adjustments of tax relating to earlier years (15.76) (1.84)
prior experience.
Net current tax asset / (liability) at the end of the year 59.48 (136.61)

A Income tax expense in the statement of profit and loss comprises:

(H million)
F The movement in net deferred tax assets and liabilities
31 March 2024 31 March 2023 For the year ended 31 March 2024
Current tax: (H million)
In respect of current year 5,342.98 3,956.73 Carrying value Changes Changes Carrying value
Adjustments of tax relating to earlier years 15.76 1.84 as at through profit through as at
01 April 2023 and loss OCI 31 March 2024
5,358.74 3,958.57
Deferred tax assets / (liabilities) in relation to
Deferred tax:
Property, plant and equipment and other intangible assets (756.45) (96.15) - (852.60)
Relating to origination and reversal of temporary differences 99.66 202.74
Adjustments of tax relating to earlier years 32.04 (1.05) Provision for employee benefits 115.25 28.02 22.79 166.06
131.70 201.69 Receivables, financial assets at amortised cost 263.41 (139.08) - 124.33
5,490.44 4,160.26 Lease liabilities 3.38 (1.49) - 1.89
Others (34.65) 77.00 - 42.35
B OCI section – Deferred tax related to items recognised in OCI during the year: Total deferred tax assets / (liabilities) (409.06) (131.70) 22.79 (517.97)
(H million)
31 March 2024 31 March 2023
For the year ended 31 March 2023
Net loss/(gain) on remeasurements of defined benefit plans (22.79) 8.78 (H million)

Net loss/(gain) on Designated Cash Flow Hedges - (0.15) Carrying value Changes Changes Carrying value
as at through profit through as at
(22.79) 8.63 01 April 2022 and loss OCI 31 March 2023
Deferred tax assets / (liabilities) in relation to
C Reconciliation of tax expense and the accounting profit multiplied by Company’s domestic tax Property, plant and equipment and other intangible assets (652.24) (104.21) - (756.45)
rate:
Provision for employee benefits 93.26 30.77 (8.78) 115.25
(H million)
Cash flow hedges (0.15) - 0.15 -
31 March 2024 31 March 2023
Receivables, financial assets at amortised cost 310.03 (46.62) - 263.41
Profit before tax 23,187.11 16,850.35
Enacted tax rates in India 25.17% 25.17% Lease liabilities 1.15 2.23 - 3.38
Computed expected tax expenses 5,835.73 4,240.90 On account of merger with Silvan Innovation Labs Private Limited 52.37 (52.37) - -
Effect of differential tax impact due to the following (tax benefit)/ tax expenses: Others (3.16) (31.49) - (34.65)
CSR expenses 65.19 56.58 Total deferred tax assets / (liabilities) (198.74) (201.69) (8.63) (409.06)
Deferred government grants (47.05) (35.29)
Others (411.23) (102.72)
Adjustments of tax relating to earlier years 47.80 0.79
5,490.44 4,160.26
438 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 439

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

G Reconciliation of deferred tax assets/ liabilities (net): B Other assets – Current

(H million)
(H million)
31 March 2024 31 March 2023
31 March 2024 31 March 2023
Advances other than capital advances
Net deferred tax asset / (liability) at the beginning of the year (409.06) (198.74) Unsecured, considered good
Tax (income)/expense on adjustment of tax relating to earlier year (32.04) 1.05 Advances for materials and services 2,992.94 2,875.80
Tax (income)/expense recognised in profit or loss (99.66) (202.74) Advances for materials and services - Related parties (Refer note 36) 34.52 169.10
Tax (income)/expense recognised in OCI 22.79 (8.63) Contract asset (Refer below note(a))
Net deferred tax asset / (liability) at the end of the year (517.97) (409.06) Unsecured, considered good 365.59 135.54
Credit Impaired 15.23 5.65
H Details of transaction not recorded in the books of accounts that has been surrendered/ disclosed as income Less: Impairment allowance for Contract assets – Credit impaired (Refer below note (b & c)) (15.23) (5.65)
during the year in the tax assessments (e.g. search) H Nil (31 March 2023 H Nil).
365.59 135.54
I The Company does not have any unrecorded income and assets related to previous years which are required Others
to be recorded during the year. Unsecured, considered good
J Refer note 46 for Income tax search activity. Prepaid expenses 215.26 28.65
Balances with statutory/government authorities 3,156.91 2,630.21
Export incentive receivable 33.67 25.67
14. Other assets
Right of return assets (Refer below note (d)) 306.60 286.19
A Other assets – Non-current Others - 0.13
(H million)
7,105.49 6,151.29
31 March 2024 31 March 2023
Notes:
Capital advances
Unsecured, considered good 2,245.63 786.85 (a) Reconciliation of Contract assets:
Unsecured, considered doubtful 6.62 136.62 (H million)

Gross Capital Advances 2,252.25 923.47 31 March 2024 31 March 2023

At the beginning of year 135.54 95.09
Less : Impairment allowance for doubtful advance (Refer note (a) below) (6.62) (136.62)
Unbilled revenue 292.86 153.54
Net Capital Advances (A) 2,245.63 786.85
Billed to customer (72.39) (106.92)
Advances other than capital advances
Impairment allowance 9.58 (6.17)
Unsecured, considered good
At the end of the year 365.59 135.54
Prepaid expenses 87.22 75.73
Balances with statutory/government authorities 202.54 215.54
(b) 
For contract assets, the Company applies a simplified approach in calculating Expected credit loss (ECL).
Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based
(B) 289.76 291.27
on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based
(A)+(B) 2,535.39 1,078.12 on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the
economic environment.
Note:
(c) Change in impairment allowance:
(a) Change in impairment allowance for doubtful advances
(H million)
(H million) 31 March 2024 31 March 2023
31 March 2024 31 March 2023 At the beginning of year 5.65 11.82
At the beginning of year 136.62 6.62 Provision during the year 9.58 (6.17)
Provision/(reversal) during the year (130.00) 130.00 At the end of the year 15.23 5.65
At the end of the year 6.62 136.62
(d) Reconciliation of Right of return assets:
(H million)
31 March 2024 31 March 2023
At the beginning of the year 286.19 287.24
Arising during the year 244.00 314.30
Utilised during the year (223.59) (315.35)
At the end of the year 306.60 286.19
440 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 441

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

15. Inventories (b) The above includes inventories held by third parties amounting to `4,629.37 million (31 March 2023 -
`5,212.98 million)
Accounting policy
Raw materials, stock in trade, work in progress, finished goods, packing materials, project material for long term (c) During the year ended 31 March 2024, `5.52 million (31 March 2023 - `4.32 million) was recognised as an
contracts, scrap materials and stores and spares are valued at lower of cost or net realisable value (“NRV”) after expense for inventories carried at net realisable value.
providing for obsolescence and other losses, where considered necessary on an item-by-item basis. However, (d) Inventories are hypothecated with the bankers against working capital limits (Refer note 38B).
materials and other items held for use in the production of inventories are not written down below cost if the
finished products in which they will be incorporated are expected to be sold at or above cost.
16. Equity Share Capital
Cost of raw materials, packing materials, and stores and spares is determined on a First In-First Out (FIFO) basis
(H million)
and includes all applicable costs, including inward freight, incurred in bringing goods to their present location
31 March 2024 31 March 2023
and condition.
Authorised share capital
Cost of work-in-progress and finished goods includes direct materials as aforesaid, direct labour cost and a 1,892.50 1,892.50
Equity shares, `10 per value 18,92,50,000 (31 March 2023: 18,92,50,000) equity shares*
proportion of manufacturing overheads based on total manufacturing overheads to raw materials consumed.
Issued, subscribed and fully paid-up shares
Cost of stock-in-trade includes cost of purchase and includes all applicable costs, including inward freight, incurred Equity shares, `10 per value 15,02,36,395 (31 March 2023: 14,97,65,278) equity shares 1,502.36 1,497.65
in bringing the inventories at their location and condition. Cost is determined on a weighted average basis.
1,502.36 1,497.65
The stocks of scrap materials have been taken at net realisable value.
* Number of equity shares reserved for issue under employee share based payment 10,12,383 (31 March 2023 : 7,86,160).
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of
Notes:
completion and estimated costs necessary to make the sale.
(a) The reconciliation of shares outstanding and the amount of share capital as at 31 March 2024
Copper and aluminium is purchased on provisional price with option to fix the purchase price based on current
and 31 March 2023 are as follow:
or future pricing model based on LME. Such feature is kept to hedge against exposure in the value of inventory
of copper and aluminium due to volatility in copper and aluminium prices. Since, the value of the copper and (H million)
aluminium changes with response to change in commodity pricing index, embedded derivatives (ED) is identified 31 March 2024 31 March 2023
and separated from the host contract. The ED so separated, is treated like commodity derivative and qualifies Number of Number of
Amount Amount
for hedge accounting. These derivatives are put into a Fair Value hedge relationship with respect to unpriced Shares Shares
inventory. The Company designates only the spot-to-spot movement of the copper and aluminium inventory At the beginning of the year 149,765,278 1,497.65 149,443,040 1,494.43
as the hedged risk. The carrying value of inventory is accordingly adjusted for the effective portion of change Add: Shares issued on exercise of employee stock option 471,117 4.71 322,238 3.22
in fair value of hedging instrument. Hedge accounting is discontinued when the hedging instrument is settled, At the end of the year 150,236,395 1,502.36 149,765,278 1,497.65
or when it no longer qualifies for hedge accounting or when the hedged item is sold (Refer note 40).

(H million) (b) Terms/ rights attached to equity shares

31 March 2024 31 March 2023 The Company has only one class of equity shares having par value of H10 per share. Each holder of equity
Raw materials 14,389.08 12,435.14 shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The
Work-in-progress 3,451.89 2,174.94 final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
Finished goods 10,940.66 11,089.02
Stock-in-trade 793.84 1,198.92 In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining
Stores and spares 447.12 322.12 assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion
to the number of equity shares held by the shareholders.
Packing materials 412.48 385.04
Scrap materials 639.11 429.91 (c) The details of Shareholding of Promoters are as under as at 31 March 2024 and 31 March 2023
Project materials for long-term contracts 1,456.82 633.99 are as follows:
32,531.00 28,669.08
(H million)

Note: 31 March 2024 31 March 2023 % Change

Number of Number of during the
(a) The above includes goods in transit as under: Amount Amount year
Shares Shares

(H million) Mr. Inder T. Jaisinghani 18,873,976 12.56% 18,873,976 12.60% (0.04%)

31 March 2024 31 March 2023 Mr. Girdhari T. Jaisinghani 14,636,283 9.74% 14,736,283 9.84% (0.10%)
Raw Material 623.54 557.34 Mr. Ajay T. Jaisinghani 14,870,747 9.90% 17,870,747 11.93% (2.03%)
Stock-in-trade 19.71 23.17 Mr. Ramesh T. Jaisinghani 16,855,008 11.22% 17,525,008 11.70% (0.48%)
Stores and spares 15.42 11.40
Project materials for long-term contracts 195.50 3.58
442 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 443

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(c) The details of shareholders holding more than 5% shares as at 31 March 2024 and 31 March 2023 No expense is recognised for options that do not ultimately vest because non market performance and/
are as follows: or service conditions have not been met.

(H million) The dilutive effect, if any of outstanding options is reflected as additional share dilution in the computation
31 March 2024 31 March 2023 of diluted earnings per share.
Number of Number of
Amount Amount Employee stock option plan
Shares Shares
Mr. Inder T. Jaisinghani 18,873,976 12.56% 18,873,976 12.60% The Company had instituted an ESOP Plan 2018, ESOP Performance Scheme, and ESOP Privilege Scheme
Mr. Girdhari T. Jaisinghani 14,636,283 9.74% 14,736,283 9.84% as approved by the Board of Directors and Shareholders dated 30 August 2018 for issuance of stock option
Mr. Ajay T. Jaisinghani 14,870,747 9.90% 17,870,747 11.93%
to eligible employees of the Company.
Mr. Ramesh T. Jaisinghani 16,855,008 11.22% 17,525,008 11.70% Under Employee Stock Options Performance Scheme 2018 the options will be vested in the specified

ratio subject to fulfilment of the employee performance criteria laid down in the scheme. This shall be
(e) Aggregate number of bonus share issued and share issued for consideration other than cash monitored annually as per the performance evaluation cycle of the company and options shall vest based
during the period of 5 years immediately preceding the reporting date : on the achieved rating to the employee.
There were no buy back of shares or issue of shares pursuant to contract without payment being received Under Employee Stock Options Privilege Scheme 2018 the options are vested over a period of one year

in cash during the previous 5 years. subject to fulfilment of service condition.
Expected volatility is based on historical stock volatility of comparable Companies operating within
(f) Dividend
the same industry. The historical stock prices of comparable Companies has been observed for a period
Accounting policy commensurate to the Life of option.
Final dividend on shares are recorded as a liability on the date of approval by the shareholders and interim
Pursuant to the said scheme, Stock options convertible into 33,87,750 equity shares vide ESOP Performance
dividends are recorded as a liability on the date of declaration by the Company’s Board of Directors.
Scheme and 1,42,250 equity shares vide ESOP Privilege Scheme of H10 each were granted to eligible
The Company declares and pays dividend in Indian rupees in accordance with its dividend distribution policy. employee including group companies at an exercise price of H405/-.
Companies are now required to pay/distribute dividend after deducting applicable taxes. The remittance
of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding Subject to terms and condition of the scheme, options are classified into six categories:
tax at applicable rates.
Privilege
Performance Scheme
Scheme
Dividend on equity share
I II III IV V VI VII VIII
(H million)
Number of 2,102,500 45,000 65,000 156,200 100,000 34,000 887,500 142,250
31 March 2024 31 March 2023 options
Dividend on equity shares declared and paid during the year Method of Fair value Fair value Fair value Fair value Fair value Fair value Fair value Fair value
Final dividend of H20.00 per share for FY 2022-23 paid in FY 2023-24 2,997.30 2,094.49 accounting
(Proposed by Board of Directors in the meeting held on 12 May 2023 and was Vesting period 5 years 5 years 5 years 5 years 5 years 5 years 5 years 1 year
approved by Shareholders in the meeting held on 30 June 2023) graded graded graded graded graded graded graded
2,997.30 2,094.49 vesting vesting vesting vesting vesting vesting vesting
Grant date 30-Aug-18 18-Oct-18 23-Jan-21 13-May-21 4-Oct-21 9-May-22 12-May-23 30-Aug-18
Proposed dividend on equity share Exercise/ Expiry 29-Aug-26 17-Oct-26 22-Jan-29 12-May-29 3-Oct-29 8-May-30 11-May-31 29-Aug-23
date
The Board of Directors in their meeting on 10 May 2024 recommended a final dividend of H30/- per equity
share for the financial year ended 31 March 2024. This payment is subject to the approval of shareholders Exercise period 8 years 8 years 8 years 8 years 8 years 8 years 8 years 5 years
from the from the from the from the from the from the from the from the
in the Annual General Meeting of the Company and if approved would result in a net cash outflow of
date of date of date of date of date of date of date of date of
approximately H4,500 million. It is not recognised as a liability as at 31 March 2024. grant grant grant grant grant grant grant grant
Weighted H4,511.65 H4,511.65 H4,511.65 H4,511.65 H4,511.65 H4,511.65 H4,511.65 -
(g) Employee stock Option Plan (ESOP) average share
Accounting policy price
Equity settled share based payments to employees and other providing similar services are measured at Grant/Exercise H405 H405 H405 H405 H405 H405 H405 H405
fair value of the equity instruments at grant date. price
Method of Equity - Equity - Equity - Equity - Equity - Equity - Equity - Equity -
The expense is recorded for each separately vesting portion of the award as if the award was, in substance, settlement settled settled settled settled settled settled settled settled
multiple awards. The increase in equity recognised in connection with share based payment transaction is Weighted 2,438 2,438 2,438 2,438 2,438 2,438 2,438 -
presented as a separate component in equity under “ESOP Outstanding”. The amount recognised as an average
expense is adjusted to reflect the actual number of stock options that vest. For the option awards, grant remaining
date fair value is determined under the option-pricing model (Black-Scholes). Forfeitures are estimated contractual life
at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures materially differ of options (in
days)
from those estimates. Corresponding balance of a ESOP Outstanding is transferred to general reserve
upon expiry of grants.
444 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 445

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

The model inputs for fair value of option granted as on the grant date (In respect of shares granted The model inputs for fair value of option granted as on the grant date (In respect of shares granted
on 30 Aug 2018 and 18 Oct 2018): on 02 May 2022):
Performance Scheme Performance Scheme
Year 1 Year 2 Year 3 Year 4 Year 5 Year 1 Year 2 Year 3 Year 4 Year 5
15% vesting 15% vesting 20% vesting 20% vesting 30% vesting 15% vesting 15% vesting 20% vesting 20% vesting 30% vesting
Exercise price H405 H405 H405 H405 H405 Exercise price H405 H405 H405 H405 H405
Dividend yield 0.19% 0.19% 0.19% 0.19% 0.19%
Dividend yield 0.51% 0.51% 0.49% 0.49% 0.47%
Risk free interest rate 8.20% 8.20% 8.20% 8.20% 8.30%
Risk free interest rate 7.19% 7.27% 7.32% 7.38% 7.43%
Expected volatility 48.30% 48.20% 49.20% 48.20% 47.30%
Expected volatility 36.49% 36.16% 36.15% 35.82% 35.83%
Fair value per option H310.10 H321.90 H335.10 H343.00 H350.40
Fair value per option H2,076.40 H2,088.19 H2,089.04 H2,099.80 H2,100.89
Model used Black Black Black Black Black
Scholes Scholes Scholes Scholes Scholes Model used Black Black Black Black Black
Scholes Scholes Scholes Scholes Scholes
The model inputs for fair value of option granted as on the grant date (In respect of shares granted
on 23 Jan 2021): The model inputs for fair value of option granted as on the grant date (In respect of shares granted
Performance Scheme
on 12 May 2023):
Year 1 Year 2 Year 3 Year 4 Year 5 Performance Scheme
15% vesting 15% vesting 20% vesting 20% vesting 30% vesting Year 1 Year 2 Year 3 Year 4 Year 5
Exercise price H405 H405 H405 H405 H405 15% vesting 15% vesting 20% vesting 20% vesting 30% vesting
Dividend yield 0.12% 0.11% 0.12% 0.11% 0.13% Exercise price H405 H405 H405 H405 H405
Risk free interest rate 5.10% 5.29% 5.44% 5.59% 5.73%
Dividend yield 0.86% 0.87% 0.89% 0.91% 0.94%
Expected volatility 34.37% 34.25% 34.88% 35.42% 37.10%
Risk free interest rate 6.88% 6.92% 6.95% 6.95% 6.96%
Fair value per option H955.87 H967.70 H978.57 H990.75 H1,003.15
Expected volatility 31.21% 31.08% 32.09% 31.92% 31.92%
Model used Black Black Black Black Black
Scholes Scholes Scholes Scholes Scholes Fair value per option H2,827.67 H2,823.42 H2,816.04 H2,805.10 H2,791.07
Model used Black Black Black Black Black
The model inputs for fair value of option granted as on the grant date (In respect of shares granted Scholes Scholes Scholes Scholes Scholes
on 13 May 2021):
Performance Scheme
The model inputs for fair value of option granted as on the grant date (In respect of shares granted
Year 1 Year 2 Year 3 Year 4 Year 5
on 30 Aug 2018):
15% vesting 15% vesting 20% vesting 20% vesting 30% vesting Privilege Scheme
Exercise price Year 1
H405 H405 H405 H405 H405
100% vesting
Dividend yield 0.72% 0.65% 0.71% 0.65% 0.70%
Exercise price H405
Risk free interest rate 5.54% 5.68% 5.86% 6.03% 6.13%
Dividend yield 0.19%
Expected volatility 35.10% 34.88% 34.97% 35.55% 35.99%
Fair value per option Risk free interest rate 8.30%
H1,186.89 H1,198.43 H1,203.36 H1,216.12 H1,220.57
Model used Black Black Black Black Black Expected volatility 47.30%
Scholes Scholes Scholes Scholes Scholes Fair value per option H350.40
Model used Black
The model inputs for fair value of option granted as on the grant date (In respect of shares granted Scholes
on 04 Oct 2021):
Performance Scheme
Year 1 Year 2 Year 3 Year 4 Year 5
15% vesting 15% vesting 20% vesting 20% vesting 30% vesting
Exercise price H405 H405 H405 H405 H405
Dividend yield 0.38% 0.34% 0.39% 0.36% 0.39%
Risk free interest rate 5.66% 5.84% 6.00% 6.15% 6.27%
Expected volatility 35.16% 35.35% 34.97% 35.06% 35.91%
Fair value per option H1,998.40 H2,010.23 H2,014.32 H2,026.10 H2,030.48
Model used Black Black Black Black Black
Scholes Scholes Scholes Scholes Scholes
446 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 447

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

The activity in the ESOP Plan 2018 (ESOP Performance Scheme and ESOP Privilege Scheme) is as 17. Other equity
follows: (H million)

31 March 2024 31 March 2023 31 March 2024 31 March 2023

Weighted Weighted Capital reserve 0.13 0.13

Number of average Number of average Securities premium 8,187.00 7,822.56
options exercise price options exercise price
General reserve 653.71 651.69
(`) (`)
ESOP outstanding 694.26 313.17
ESOP Performance Scheme
Retained earnings 70,397.95 55,766.36
Outstanding at the beginning 777,910 405 1,254,909 405
Share application money pending allotment 8.71 2.78
Granted 887,500 405 34,000 405 79,941.76 64,556.69
Exercised and allotted 465,877 405 309,438 405
Exercised and pending allotment 11,500 405 3,740 405 Notes:
Transfer to general reserve 770 405 - 405
(a) Capital Reserve:
Forfeited 174,880 405 197,821 405
The Company has created the reserve pursuant to amalgamation in an earlier years.
Outstanding at the end 1,012,383 405 777,910 405
ESOP Privilege Scheme (b) Securities premium:
Outstanding at the beginning 8,250 405 10,250 405 Amount received in excess of face value of the equity shares is recognised in Securities Premium. In case of
Exercised and allotted 1,500 405 2,000 405 equity-settled share based payment transactions difference between fair value on grant date and nominal
Transfer to general reserve 6,750 405 - 405 value of share is accounted as Securities Premium. It will be used as per the provision of Companies Act, 2013.
Outstanding at the end - 405 8,250 405 (H million)
31 March 2024 31 March 2023
31 March 2024 31 March 2023 Opening balance 7,822.56 7,554.95
Weighted Weighted Add: Adjustment for exercise of stock option 364.44 267.61
Shares allotted under ESOP during the year Number of average Number of average
options exercise price options exercise price 8,187.00 7,822.56
(`) (`)
FY 2023-24 (c) General reserve
ESOP Performance Scheme 465,877 405 309,438 405 The Company had transferred a portion of the net profit of the Company before declaring dividend to
ESOP Privilege Scheme 1,500 405 2,000 405 General Reserve pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to General
FY 2022-23 Reserve is not required under the Companies Act, 2013. General Reserve is used from time to time to
ESOP Performance Scheme 3,740 405 10,800 405 transfer profits from retained earnings for appropriation purposes. As the General Reserve is created by
a transfer from one component of equity to another and is not an item of other comprehensive income,
ESOP Privilege Scheme - 405 - 405
items included in the General Reserve will not be reclassified subsequently to statement of profit or loss.
471,117 322,238
(H million)
31 March 2024 31 March 2023
Options Vested but not exercised
Opening balance 651.69 651.69
(H million)
Add: Transfer on account of employee stock options not exercised 2.02 -
31 March 2024 31 March 2023 653.71 651.69
ESOP Performance Scheme 67,883 139,940
ESOP Privilege Scheme - 8,250 (e) ESOP outstanding
Fair value of equity-settled share based payment transactions with employees is recognised in Statement
The break-up of employee stock compensation expense is as follow: of Profit and Loss with corresponding credit to Employee Stock Options Outstanding . The Company has
(H million) two stock option schemes under which options to subscribe for the Company’s shares have been granted
31 March 2024 31 March 2023 to certain employees. The ESOP Outstanding is used to recognise the value of equity-settled share-based
payments provided to employees, including key management personnel, as part of their remuneration.
Granted to
KMP and Executive Directors 58.99 3.07 (H million)
31 March 2024 31 March 2023
Employees other than KMP and Executive Directors 505.25 104.54
Opening balance 313.17 343.54
564.24 107.61
Add: ESOP charge during the year 564.24 107.61
Less: Transfer on account of employee stock options not exercised (2.02) -
Less: Adjustment for exercise of stock option (181.13) (137.98)
694.26 313.17
448 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 449

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(e) Retained earnings Notes:

Retained earnings are the profits that the Company has earned till date less any transfers to General (a) Acceptances is availed in foreign currency from offshore branches of Indian banks or foreign banks at an
Reserve, dividends or other distributions to shareholders. Retained earnings includes re-measurement loss/ interest rate ranging from 4.98 % to 5.79 % per annum and in rupee from domestic banks at interest rate
(gain) on defined benefit plans, net of taxes that will not be reclassified to statement of profit and loss. ranging from 5.93 % to 9.30 % per annum. Acceptances represent amounts payable to banks on due date
Retained earnings is a free reserve available to the Company. as per usance period of Letter of Credit (LCs) issued to raw material vendors under non-fund based working
(H million)
capital facility approved by Banks for the Company. The arrangements are interest-bearing. Non-fund
limits are secured by first pari-passu charge over the present and future current assets of the Company.
31 March 2024 31 March 2023
The Company from the current year has decided to present liabilities with respect to Acceptances on
Opening balance 55,766.36 45,144.57
the face of Balance Sheet, which were previously included in trade payables as Acceptances to enhance
Add: Profit during the year (including items of OCI for the year, net of tax) 17,628.89 12,716.28 understanding of the financial statements. The value of such liabilities as at 01 April 2022 and 01 April
Less: Final equity dividend (2,997.30) (2,094.49) 2023 was H6,364.55 million and H12,257.56 million. This revision in presentation has no material impact on
70,397.95 55,766.36 the standalone financial statements.

(f) Share application money pending allotment 20. Trade payables

Share application money pending allotment, represents amount received from employees who has exercised Accounting policy
Employee Stock Option Scheme (ESOS) for which shares are pending allotment as on balance sheet date. The amounts are unsecured and are usually paid within 30 to 90 days of recognition other than usance letter
(H million) of credit.
31 March 2024 31 March 2023 (H million)
Opening balance 2.78 7.98 31 March 2024 31 March 2023
Add: Adjustment for exercise of stock option 181.13 137.98 At amortised cost
Add: Amount received on exercise of employee stock options 193.95 127.65 Total outstanding dues of micro and small enterprises 535.04 519.01
Less: Transfer to equity share capital & securities premium for fresh issue (369.15) (270.83) 535.04 519.01
Total outstanding dues of creditors other than micro and small enterprises
8.71 2.78
Trade payables to related parties (Refer note - 36) 299.46 289.65
Trade payables - Others (Refer note below (a)) 8,637.19 6,891.48
18. Lease liabilities 8,936.65 7,181.13
A Lease liabilities – Non-current
(H million)
(a) Others include amount payable to vendors, employees liability and accrual of expenses that are expected
to be settled in the Company’s normal operating cycle or due to be settled within twelve months from the
31 March 2024 31 March 2023
reporting date.
At amortised cost 198.46 221.46
198.46 221.46 (b) For the terms and conditions with related parties, refer note 36.
(c) For explanations on the Company’s liquidity risk management processes refer note 39(C).
B Lease liabilities – Current
(H million) (d) Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises
31 March 2024 31 March 2023 Development Act, 2006 (MSMED Act) for the year ended 31 March 2024 and year ended 31 March 2023
At amortised cost 313.98 136.99 is given below. This information has been determined to the extent such parties have been identified on
the basis of information available with the Company.
313.98 136.99
(H million)
31 March 2024 31 March 2023
19. Acceptances (i) Principal amount and interest due thereon remaining unpaid to any supplier
Accounting policy covered under MSMED Act:
The Company enters into arrangements for purchase under usance letter of credit issued by banks under Principal 535.04 516.59
non-fund based working capital limits of the Company. Considering these arrangements are majorly for raw Interest - 2.42
materials with a maturity of up to twelve months, the economic substance of the transaction is determined (ii) The amount of interest paid by the buyer in terms of section 16, of the 2.42 1.81
to be operating in nature and these are recognised as Acceptances and is disclosed on the face of the Balance MSMED Act, 2006 along with the amounts of the payment made to the
Sheet. Interest borne by the Company on such arrangements is accounted as finance cost. supplier beyond the appointed day during each accounting year.
(iii) The amount of interest due and payable for the period of delay in making - -
(H million) payment (which have been paid but beyond the appointed day during the
31 March 2024 31 March 2023 year) but without adding the interest specified under MSMED Act.
(iv) The amount of interest accrued and remaining unpaid at the end of each - 2.42
Acceptances (Refer note (a) below) 18,619.66 12,257.56
accounting year
18,619.66 12,257.56 (v) The amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise for the purpose of disallowance as a
deductible expenditure under section 23 of the MSMED Act, 2006
450 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 451

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(e) Trade Payables ageing schedule Notes:

As at 31 March 2024 (a) Derivative Liability
(H million)
(H million)
Outstanding for following periods from due date of payment
Not due Total 31 March 2024 31 March 2023
Less than More than
1-2 years 2-3 years
1 year 3 years Embedded derivatives - 26.18
(i) MSME 535.04 - - - - 535.04 Foreign exchange forward contract 9.04 26.97
(ii) Others 2,043.83 1,477.14 312.84 1.30 10.36 3,845.47 Commodity contracts 568.19 76.17
(iii) Disputed dues – MSME - - - - - - 577.23 129.32
(iv) Disputed dues – Others - - - - - -
2,578.87 1,477.14 312.84 1.30 10.36 4,380.51 (b) There are no amounts due for payment to the Investor Education and Protection Fund under Section 125
(v) Accrued expenses 5,091.18 of Companies Act, 2013 as at the year end.
9,471.69 (c) Company had provided a guarantee for credit facility availed by Tirupati Reels Private Limited, amounting
to H899.70 million (31 March 2023: H520.00 million) and by Uniglobus Electricals and Electronics Private
As at 31 March 2023
Limited amounting to H400 million (31 March 2023: H Nil).
(H million)
Outstanding for following periods from due date of payment
Not due Less than More than Total 22. Provisions
1-2 years 2-3 years
1 year 3 years Accounting policy:
(i) MSME 389.21 129.80 - - - 519.01 Provision is recognised for expected warranty claims and after sales services when the product is sold or service
(ii) Others 2,241.53 905.84 6.47 2.81 7.56 3,164.21 provided to the customer, based on past experience of the level of repairs and returns. Initial recognition is based
(iii) Disputed dues – MSME - - - - - - on historical experience. The initial estimate of warranty-related costs is revised annually. It is expected that
(iv) Disputed dues – Others - - - - - - significant portion of these costs will be incurred in the next financial year and the total warranty-related costs
2,630.74 1,035.64 6.47 2.81 7.56 3,683.22 will be incurred within warranty period after the reporting date. Assumptions used to calculate the provisions
(v) Accrued expenses 4,016.92 for warranties were based on current sales levels and current information available about returns during the
7,700.14 warranty period for all products sold.
Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it
21. Other financial liabilities is no longer probable that the outflow of resources would be required to settle the obligation, the provision
is reversed.
A. Other financial liabilities – Non-current
(H million) A Provisions - Non-current
31 March 2024 31 March 2023 (H million)
At amortised cost 31 March 2024 31 March 2023
Financial guarantee liability 147.24 - Provision for employee benefits (Refer note 30)
147.24 - Gratuity 257.56 147.13
Compensated absences 160.29 137.14
B. Other financial liabilities – Current Others (Refer note below) 175.22 162.53
(H million) 593.07 446.80
31 March 2024 31 March 2023
At amortised cost Note: Reconciliation of Others
Security deposit 299.91 44.11 (H million)

Interest accrued but not due 108.18 88.82 31 March 2024 31 March 2023

Creditors for capital expenditure 838.37 563.69 At the beginning of the year 162.53 -
Unclaimed dividend (Refer below note (b)) 2.04 1.56 Arising during the year 12.69 162.53
Channel financing liability 508.05 821.25 Utilised during the year - -
Financial guarantee liability 64.08 - At the end of the year 175.22 162.53
Others - 2.78 Others includes matters relating to indirect tax matters.
At FVTPL
Derivative liability (Refer below note (a)) 577.23 129.32
2,397.86 1,651.53
452 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 453

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

B Provisions - Current (b) Reconciliation of Contract liabilities:

(H million) (H million)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Provision for employee benefits (Refer note 30) At the beginning of year 905.32 1,435.57
Gratuity 159.17 127.47 Contract liability recognised during the year 7,740.04 2,437.34
Compensated absences 37.36 30.27 Revenue recognised from amount included in contract liabilities (7,621.14) (2,967.59)
Provision for warranty (Refer note below) 116.83 109.02 At the end of the year 1,024.22 905.32
At the end of the year 313.36 266.76
(c) Reconciliation of Refund liability:
Note: Reconciliation of Warranty provision (H million)
(H million) 31 March 2024 31 March 2023
31 March 2024 31 March 2023 At the beginning of the year 629.37 629.38
At the beginning of the year 109.02 108.64 Arising during the year 577.57 719.45
Arising during the year 121.89 99.20 Utilised during the year (528.31) (719.46)
Utilised during the year (114.08) (98.82) At the end of the year 678.63 629.37
At the end of the year 116.83 109.02
24. Revenue from operations
23. Other liabilities Accounting Policy
A Other liabilities – Non-current (i) Measurement of revenue
(H million) Revenue is measured based on the transaction price, which is the consideration, adjusted for discounts,
31 March 2024 31 March 2023 incentive schemes, if any, as per contracts with customers. Transaction price is the amount of consideration
Deferred government grant (Refer below note (a)) 365.08 143.77 to which the Company expects to be entitled in exchange for transferring good or service to a customer.
Deferred liability - 25.30 Taxes collected from customers on behalf of Government are not treated as Revenue.
365.08 169.07
(ii) Performance obligations:-
B Other liabilities – Current (a) Sale of goods
(H million)
Revenue from contracts with customers involving sale of these products is recognised at a point in
31 March 2024 31 March 2023
time when control of the product has been transferred at an amount that reflects the consideration
Advance from customers 454.55 330.54 to which the Company expects to be entitled in exchange for those goods or services, and there
Advance from customers - Related Party (Refer note 36) - 114.86 are no unfulfilled obligation that could affect the customer’s acceptance of the products and the
Contract liability (Refer below note (b)) 1,024.22 905.32 Company retains neither continuing managerial involvement to the degree usually associated with
Deferred liability 34.15 25.30 ownership nor effective control over the goods sold. At contract inception, the Company assess the
goods or services promised in a contract with a customer and identify as a performance obligation
Refund liability (Refer below note (c)) 678.63 629.37
each promise to transfer to the customer. Revenue from contracts with customers is recognised when
Other statutory dues control of goods are transferred to customers and the Company retains neither continuing managerial
Employee recoveries and employer contributions 30.13 23.60 involvement to the degree usually associated with ownership nor effective control over the goods sold.
Taxes payable (Other than Income tax) 864.39 638.89 The point of time of transfer of control to customers depends on the terms of the trade - CIF, CFR or
3,086.07 2,667.88 DDP, ex-works, etc.

Notes: (b) Revenue from construction contracts

(a) Under Ind AS government grants are recorded as deferred liabilities to the extent of unfulfilled export Performance obligation in case of revenue from long-term contracts is satisfied over the period of
obligations. This amount has been recognised against deferred government grant and accrued to time, the revenue recognition is done by measuring the progress towards complete satisfaction of
Statement of Profit & Loss subsequently on fulfilment of export obligation. The Company expects to meet performance obligation. The progress is measured in terms of a proportion of actual cost incurred to-
its export obligation during the next 3-5 years. date, to the total estimated cost attributable to the performance obligation. However, the same may
not be possible if it lacks reliable information that would be required to apply an appropriate method
Reconciliation of Deferred government grant: of measuring progress. In some circumstances, if the Company is not able to reasonably measure
(H million) the outcome of a performance obligation, but expects to recover the costs incurred in satisfying the
31 March 2024 31 March 2023 performance obligation, the company shall recognise revenue only to the extent of the costs incurred
At the beginning of the year 143.77 160.07 until such time that it can reasonably measure the outcome of the performance obligation.
Grants received during the year 408.24 133.07 Contract asset is the entity’s right to consideration in exchange for goods or services that the entity
Grants recognised for the year (186.93) (149.37) has transferred to the customer. A contract asset becomes a receivable when the entity’s right to
At the end of the year 365.08 143.77 consideration is unconditional, which is the case when only the passage of time is required before
payment of the consideration is due.
454 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 455

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
Contract liability is the obligation to transfer goods or services to a customer for which the Company (vii) Right to return
has received consideration (or an amount of consideration is due) from the customer. If a customer
When a contract provides a customer with a right to return the goods within a specified period, the
pays consideration before the Company transfers goods or services to the customer, a contract liability
Company estimates the expected returns using a probability-weighted average amount approach similar
is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities
to the expected value method under Ind AS 115.
are recognised as revenue when the Company performs under the contract. The timing of the transfer
of control varies depending on individual terms of the sales agreements. At the point of sale, a refund liability and a corresponding adjustment to revenue is recognised for those
products expected to be returned. At the same time, the Company has a right to recover the product
The total costs of contracts are estimated based on technical and other estimates. Costs to obtain
when customers exercise their right of return. Consequently, the Company recognises a right to returned
a contract which are incurred regardless of whether the contract was obtained are charged-off in
goods asset and a corresponding adjustment to cost of sales. The Company uses its accumulated historical
Statement of Profit & Loss immediately in the period in which such costs are incurred. Incremental
experience to estimate the number of returns on a portfolio level using the expected value method. It is
costs of obtaining a contract, if any, and costs incurred to fulfil a contract are amortised over the
considered highly probable that a significant reversal in the cumulative revenue recognised will not occur
period of execution of the contract.
given the consistent level of returns over previous years. The Company updates its estimates of refund
In the event that a loss is anticipated on a particular contract, provision is made for the estimated liabilities (and the corresponding change in the transaction price) at the end of each reporting period. Refer
loss. Contract revenue earned in excess of billing is reflected under as “contract asset” and billing in to above accounting policy on variable consideration.
excess of contract revenue is reflected under “contract liabilities”.
For goods expected to be returned, the Company presented a refund liability and an asset for the right to
recover products from a customer separately in the balance sheet.
(iii) Variable consideration
It includes volume discounts, price concessions, liquidity damages, incentives, etc. The Company estimates (viii) Onerous Contracts
the variable consideration with respect to above based on an analysis of accumulated historical experience.
A provision for onerous contract is recognised when the expected benefits to be derived by the company
The Company adjusts estimate of revenue at the earlier of when the most likely amount of consideration
from a contract are lower than the unavoidable cost of meeting its obligation under the contract. The
the Company expect to receive changes or when the consideration becomes fixed.
provision is measured at the present value of the lower of the expected cost of terminating the contract
and the expected net cost of continuing with the contract. Before a provision is established, the company
(iv) Schemes
recognises any impairment loss on assets associated.
The Company operates several sales incentive programmes wherein the customers are eligible for several
benefits on achievement of underlying conditions as prescribed in the scheme programme such as credit (ix) Export incentives
notes, tours, kind etc. Revenue from contract with customer is presented deducting cost of all these schemes.
Export incentives under various schemes notified by the Government have been recognised on the
basis of applicable regulations, and when reasonable assurance to receive such revenue is established.
(v) Significant financing components
Export incentives income is recognised in the statement of profit and loss on a systematic basis over the
In respect of advances from its customers, using the practical expedient in Ind AS 115, the Company does periods in which the Company recognises as expenses the related costs for which the grants are intended
not adjust the promised amount of consideration for the effects of a significant financing component if to compensate.
it expects, at contract inception, that the period between the transfer of the promised good or service to
the customer and when the customer pays for that good or service will be within normal operating cycle. (x) Cost to obtain a contract
Retention money receivable from project customers does not contain any significant financing element,
Any costs to obtain a contract or incremental costs to fulfil a contract are recognised as an asset if certain
these are retained for satisfactory performance of contract. Contract assets arising from such customer
criteria are met as per Ind AS 115.
contracts are subject to impairment assessment.
The Company applies the optional practical expedient to immediately expense costs to obtain a contract
(vi) Warranty if the amortisation period of the asset that would have been recognised is one year or less.
The Company typically provides warranties for general repairs of defects that existed at the time of sale, as
required by law. These assurance-type warranties are accounted for under Ind AS 37 Provisions, Contingent (xi) Government grants
Liabilities and Contingent Assets. Refer to the accounting policy on warranty as per note 22. In certain Government grants are recognised where there is reasonable assurance that the grant will be received
contracts, the Company provides warranty for an extended period of time and includes rectification of and all attached conditions will be complied with. Government grants are recognised in the statement of
defects that existed at the time of sale and are normally bundled together with the main contract. Such profit and loss on a systematic basis over the periods in which the Company recognises as expenses the
bundled contracts include two separate performance obligations, because the promises to transfer the related costs for which the grants are intended to compensate.
goods and services and the provision of service-type warranty are capable of being distinct. Using the
When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods
relative stand-alone selling price method, a portion of the transaction price is allocated to the service-type
that the related costs, for which it is intended to compensate, are expensed.
warranty and recognised as a contract liability at the time of recognition of revenue. Revenue allocated
towards service-type warranty is recognised over a period of time on a basis appropriate to the nature of When the grant relates to an asset, it’s recognition as income in the Statement of Profit & Loss is linked to
the contract and services to be rendered. fulfilment of associated export obligations.
The export incentive and grants received are in the nature of other operating revenue in the Statement of
Profit & Loss.
456 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 457

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

Revenue from operations (c) Reconciliation between revenue with customers and contracted price as per Ind AS 115:
(H million) (H million)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Revenue from contracts with customers Revenue as per contracted price 182,200.38 140,717.31
Revenue on Sale of Products Adjustments:
Finished goods 163,798.04 126,769.76 Price adjustments such as Discounts, Rebates and Sales Promotion Schemes (2,630.67) (2,501.97)
Traded goods 6,244.34 7,193.76 Contract liabilities (excess billing over revenue recognised as per applicable Ind-AS) (118.90) 530.25
Revenue from Construction Contracts 7,810.86 3,636.05 Provisions for expected sales return (49.26) -
177,853.24 137,599.57 Other adjustments 16.46 19.86
Other operating revenue Contract assets (Unbilled Revenue - EPC) 239.63 34.28
Job work income 12.76 4.01 Revenue from contract with customers 179,657.64 138,799.73
Scrap sales 1,791.64 1,196.15
(d) Disclosure in terms of Ind AS 115 on the accounting of construction contract is as under:
Total revenue from contracts with customers 179,657.64 138,799.73
(H million)
Export incentives 66.37 21.09
31 March 2024 31 March 2023
Government grants 784.50 314.36
Contract revenue recognised for the year ended 7,810.86 3,636.05
Total Revenue from operations 180,508.51 139,135.18
Contract that are in progress as on reporting date
Notes: (i) Contract costs incurred and recognised profits (less recognised losses) 7,810.86 3,636.05
(a) Disaggregated revenue information (ii) Amount of retentions* 1,186.88 523.73
(H million) (iii) Contract balances recognised and included in financial statement as:
31 March 2024 31 March 2023 Contract asset 365.59 135.54
Type of Goods or Services Contract liabilities 1,024.22 905.32
Wires & Cables 160,418.58 123,328.21
* Retentions are specific to projects and are generally receivable within 6 months from completion of project.
Fast Moving Electrical Goods (FMEG) 11,428.20 11,835.47
Revenue from construction contracts 7,810.86 3,636.05 (e) Trade receivables are usually non-interest bearing and are generally on credit terms up to 90 days except
Total revenue from contracts with customers 179,657.64 138,799.73 EPC business. Provision for expected credit losses on trade receivables recognised/ (derecognises) during the
Location of customer year of H305.26 million (31 March 2023: H (25.57) million). The Company has channel finance arrangement
India 162,172.64 124,842.50 for providing credit to its dealers. Evaluation is made as per the terms of the contract i.e. if the Company
does not retain any risk and rewards or control over the financial assets, then the entity derecognises such
Outside India 17,485.00 13,957.23
assets upon transfer of financial assets under such arrangement with the banks.
Total revenue from contracts with customers 179,657.64 138,799.73
Timing of revenue recognition (f) No single customer contributed 10% or more to the Company’s revenue for the year ended 31 March 2024
Goods transferred at a point in time 171,817.56 135,143.26 and 31 March 2023.
Goods and Services transferred over a period of time 7,840.08 3,656.47
Total revenue from contracts with customers 179,657.64 138,799.73 (g) Set out below is the amount of revenue recognised from:
Revenue from B2B and B2C Vertical (H million)
Business to Consumer 53,039.66 46,334.00 31 March 2024 31 March 2023
Business to Business 123,372.39 90,241.00 Amounts included in contract liabilities at the beginning of the year 7,621.14 2,967.59
Others (i) 3,245.59 2,224.73 106.92
Performance obligations satisfied in previous years 72.39
Total revenue from contracts with customers 179,657.64 138,799.73

Note: (i) Others includes discounts, scrap sales, raw material sales, and job work income. (h) Right of return assets and refund liabilities as at year end:
(b) Reconciliation of the revenue from contracts with customers with the amounts disclosed in the (H million)
segment information 31 March 2024 31 March 2023
(H million) Right of return assets 306.60 286.19
31 March 2024 31 March 2023 Refund liabilities 678.63 629.37
Total revenue from contracts with customers 179,657.64 138,799.73
Export incentives (i) 66.37 21.09 (i) Allocation of the transaction price to the remaining performance obligations:
Government grant (ii) 784.50 314.36
(H million)
Other income excluding finance income 994.96 386.90
31 March 2024 31 March 2023
Total income as per Segment (Refer note 37) 181,503.47 139,522.08
Within one year 14,834.56 7,607.29
Notes:
More than one year 32,773.17 6,455.57
(i) Export incentive includes Remission of Duties and Taxes on Export Products (RoDTEP) and duty drawback incentives.
(ii) Government grant includes advance licence benefits and deferred income released to the statement of profit and loss on 47,607.73 14,062.86
fulfilment of export obligation under the export promotion capital goods (EPCG) scheme.
458 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 459

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

25. Other income 26. Cost of materials consumed

Accounting Policy: (H million)
Other income is comprised primarily of interest income, dividend income, gain on investments and exchange 31 March 2024 31 March 2023
gain on forward contracts and on translation of other assets and liabilities. Inventories at the beginning of the year 12,820.18 5,640.43
Interest income on financial asset measured either at amortised cost or FVTPL is recognised when it is probable Add: Purchases 128,663.14 104,622.98
that the economic benefits will flow to the Company and the amount of income can be measured reliably. 141,483.32 110,263.41
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest Less: Inventories at the end of the year (14,801.56) (12,820.18)
rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected Cost of materials consumed 126,681.76 97,443.23
life of the financial asset to that asset’s net carrying amount on initial recognition.
Note:
Dividend income from investments is recognised when the shareholder’s right to receive payment has
been established. Details of material consumed
(H million)
Foreign Currency
31 March 2024 31 March 2023
The Company’s Financial Statements are presented in Indian rupee (`) which is also the Company’s functional
Copper 77,967.29 56,806.32
currency. Foreign currency transaction are recorded on initial recognition in the functional currency, using the
Aluminium 20,592.71 17,143.53
exchange rate prevailing at the date of transaction.
Steel 4,177.69 3,459.72
Measurement of foreign currency item at the balance sheet date: PVC Compound/HDPE/LDPE/XLPE/Resin 14,796.57 12,883.64
(i) Foreign currency monetary assets and liabilities denominated in foreign currency are translated at the Packing Materials 3,169.82 2,529.32
exchange rates prevailing on the reporting date. Others* 5,977.68 4,620.70

(ii) Non-monetary items that are measured in terms of historical cost in a foreign currency are translated 126,681.76 97,443.23
using the exchange rates at the dates of the initial transactions. * Others includes Raw material for consumer products.

(iii) Exchange differences :

27. Purchases of stock-in-trade
Exchange differences arising on settlement or translation of monetary items are recognised as income or
expense in the Statement of Profit & Loss. (H million)
(H million) 31 March 2024 31 March 2023
31 March 2024 31 March 2023 Electrical wiring accessories 280.81 243.94
(a) Interest income on financial assets Electrical appliances 3,142.13 4,013.48
Carried at amortised cost Others 78.41 305.73
Bank deposits 225.02 227.77
3,501.35 4,563.15
Others (refer note (i) below) 97.91 56.52
Carried at FVTPL
28. Changes in inventories of finished goods, stock-in-trade and work-in-progress
Others 3.15 2.64
(b) Income from Investments designated at FVTPL (H million)
Gain on debt mutual funds 815.01 614.32 31 March 2024 31 March 2023
Fair valuation on gain on debt mutual funds 62.21 36.83 Inventory at the beginning of the year
(c) Dividend income - 27.06 Finished goods 11,089.02 11,184.01
(d) Fair value gain / loss on financial instruments Stock-in-trade 1,198.92 1,611.51
Derivatives at FVTPL (refer note (ii) below) - 29.62 Scrap materials 429.91 523.10
(e) Other non-operating income
Work-in-progress 2,174.94 2,168.67
Exchange differences (net) 758.84 184.39
14,892.79 15,487.29
Gain on sale of property, plant and equipment 1.93 97.88
Inventory at the end of the year
Gain on termination of lease 1.60 3.29
Finished goods 10,940.66 11,089.02
Sundry balances written back - 1.35
Miscellaneous income 232.59 76.23 Stock-in-trade 793.84 1,198.92
2,198.26 1,357.90 Scrap materials 639.11 429.91
Work-in-progress 3,451.89 2,174.94
(i) Includes interest on Income Tax refund of Nil (31 March 2023: H1.03 million).
15,825.50 14,892.79
(ii) Gain on fair valuation of financial instruments at fair value through profit or loss relates to foreign Changes in Inventories (932.71) 594.50
exchange fluctuation on forward contracts that are designated as at fair value through profit and
loss account and on embedded derivatives, which have been separated. No ineffectiveness has been
recognised on foreign exchange and interest rate hedges.
460 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 461

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

29. Project bought outs and sub-contracting cost (v) Share based payment
(H million) Equity settled share based payments to employees and other providing similar services are measured at
31 March 2024 31 March 2023 fair value of the equity instruments at grant date.
Project bought outs 4,104.14 1,042.00 The fair value determined at the grant date of the equity-settled share based payment is expensed on a
Sub-contracting expenses for EPC 639.33 309.53 straight line basis over the vesting period, based on the Company’s estimate of equity instruments that will
4,743.47 1,351.53 eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Company
revises its estimates of the number of equity instruments expected to vest. The impact of the revision of the
original estimates, if any is, recognised in Statement of Profit and Loss such that the cumulative expenses
30. Employee benefits expense reflects the revised estimate, with a corresponding adjustment to the ESOP outstanding account (Refer
Accounting policy note 16(g)).
(i) Short-term employee benefits No expense is recognised for options that do not ultimately vest because non market performance and/
All employee benefits payable wholly within twelve months of rendering the service are classified as short- or service conditions have not been met.
term employee benefits. Benefits such as salaries, wages, incentives, special awards, medical benefits etc.
The dilutive effect, if any of outstanding options is reflected as additional share dilution in the computation
are charged to the Statement of Profit & Loss in the period in which the employee renders the related
of diluted earnings per share (Refer note 34).
service. A liability is recognised for the amount expected to be paid when there is a present legal or
constructive obligation to pay this amount as a result of past service provided by the employee and the
Employee benefits expense
obligation can be estimated reliably.
(H million)
(ii) Compensated absences 31 March 2024 31 March 2023
The Company estimates and provides the liability for such short-term and long term benefits based on Salaries, wages and bonus 4,749.46 3,956.78
the terms of the policy. The Company treats accumulated leave expected to be carried forward beyond Employees share based payment expenses 564.24 107.61
twelve months, as long-term employee benefit for measurement purposes. Such long-term compensated Contribution to provident and other funds 320.71 236.35
absences are provided for based on the actuarial valuation using the projected unit credit method at the
Staff welfare expense 231.64 139.30
year-end. Remeasurement gains/losses on defined benefit plans are immediately taken to the Statement
5,866.05 4,440.04
of Profit & Loss and are not deferred.
The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post
(iii) Defined contribution plans employment benefits received Presidential assent in September 2020. The Code has been published in the
Retirement benefit in the form of provident fund and National Pension Scheme are defined contribution Gazette of India. However, the date on which the Code will come into effect has not been notified and the final
schemes. The Company recognises contribution payable to the provident fund and National Pension rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes
Scheme as an expenditure, when an employee renders the related service. The Company has no obligation, into effect and will record any related impact in the period the Code becomes effective. Based on a preliminary
other than the contribution payable to the funds. The Company’s contributions to defined contribution assessment, the Company believes the impact of the change will not be significant.
plans are charged to the Statement of Profit & Loss as incurred.
Gratuity and other post-employment benefit plans
(iv) Defined benefit plan (A) Defined Benefit plan
The Company operates a defined benefit gratuity plan for its employees. The costs of providing benefits Gratuity Valuation - As per actuary
under this plan is determined on the basis of actuarial valuation at each year-end using the projected
In respect of Gratuity, the Company makes annual contribution to the employee group gratuity scheme of
unit credit method. The discount rate used for determining the present value of obligation under defined
the Life Insurance Corporation of India, funded defined benefits plan for qualified employees. The scheme
benefit plans, is based on the market yields on Government securities as at the balance sheet date, having
provided for lump sum payments to vested employees at retirement, death while in employment or on
maturity periods approximating to the terms of related obligations. Re-measurements, comprising of
termination of employment of an amount equivalent to 15 days salary for each completed year of service or
actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on
part thereof in excess of six months. Vesting occurs upon completion of five years of service. The Company
the net defined benefit liability and the return on plan assets (excluding amounts included in net interest
has provided for gratuity based on the actuarial valuation done as per Project Unit Credit Method.
on the net defined benefit liability), are recognised immediately in the Balance sheet with a corresponding
debit or credit to retained earnings through OCI in the period in which they occur. Re-measurements are Defined benefit plans expose the Company to actuarial risks such as:
not reclassified to Statement of Profit & Loss in subsequent periods. Net interest is calculated by applying
the discount rate to the net defined benefit liability or asset. Past service costs are recognised in profit or (i) Interest rate risk
loss on the earlier of: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability
• The date of the plan amendment or curtailment, and requiring higher provision. A fall in the discount rate generally increases the mark to market value of
the assets depending on the duration of asset.
• The date that the Company recognises related restructuring costs
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit (ii) Salary Risk
that relates to past service (‘past service cost’ or ‘past service gain’) or the gain or loss on curtailment is The present value of the defined benefit plan liability is calculated by reference to the future salaries
recognised immediately in Statement of profit and Loss. The Company recognises gains and losses on the of members. As such, an increase in the salary of the members more than assumed level will increase
settlement of a defined benefit plan when the settlement occurs. the plan’s liability.
462 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 463

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
(iii) Investment Risk Net remeasurement (gain)/ loss on defined benefit plans recognised in Other comprehensive income for the
The present value of the defined benefit plan liability is calculated using a discount rate which is year:
determined by reference to market yields at the end of the reporting period on government bonds. If (H million)
the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, 31 March 2024 31 March 2023
it has a relatively balanced mix of investments in government securities, and other debt instruments. Actuarial (gain) /loss on obligations 89.98 (35.70)
Return on plan assets, excluding interest income 0.59 0.73
(iv) Asset Liability Matching Risk Net (Income)/Expense for the year recognised in OCI 90.57 (34.97)
The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of Rule 101
of Income Tax Rules, 1962, this generally reduces ALM risk. Balance sheet
Benefits liability
(v) Mortality risk (H million)
Since the benefits under the plan is not payable for life time and payable till retirement age only, plan 31 March 2024 31 March 2023
does not have any longevity risk. Present value of defined benefit obligation (888.28) (675.68)
Fair value of plan assets 471.55 402.37
(vi) Concentration Risk Plan liability (416.73) (273.31)
Plan is having a concentration risk as all the assets are invested with the insurance company and a
default will wipe out all the assets. Although probability of this is very low as insurance companies Changes in the present value of the defined benefit obligation are as follows:
have to follow regulatory guidelines which mitigate risk. (H million)
31 March 2024 31 March 2023
(vii) Variability in withdrawal rates Opening defined benefit obligation 675.68 630.18
If actual withdrawal rates are higher than assumed withdrawal rate assumption then the gratuity Interest cost 49.82 43.07
benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are Current service cost 120.48 76.11
vested as at the resignation date. Liability Transferred In/ Acquisitions 1.16 4.87
Benefits paid (Includes directly paid by the company) (48.85) (42.92)
(viii) Regulatory Risk Actuarial (gains)/losses on obligations - -
Gratuity Benefit must comply with the requirements of the Payment of Gratuity Act, 1972 (as amended Due to change in demographics assumptions - -
up-to-date). There is a risk of change in the regulations requiring higher gratuity payments. Due to change in financial assumptions 13.47 (26.03)
Due to experience 76.52 (9.60)
A separate trust fund is created to manage the Gratuity plan and the contributions towards the trust fund
Closing defined benefit obligation 888.28 675.68
is done as guided by rule 103 of Income Tax Rules, 1962.
The Company operates a defined benefit plan, viz., gratuity for its employees. Under the gratuity plan, Changes in the fair value of plan assets are as follows:
every employee who has completed at least five years of service gets a gratuity on departure at 15 days (H million)
of last drawn salary for each completed year of service. The scheme is funded with an insurance company 31 March 2024 31 March 2023
in the form of qualifying insurance policy. Opening fair value of plan assets 402.37 379.85
Interest Income 29.62 25.92
The most recent actuarial valuation of the present value of defined obligation and plan assets were carried
Contribution by employer 86.98 40.25
out as at 31 March 2024 by an external independent fellow of the Institute of Actuaries of India. The
present value of the defined benefit obligation and the related current service cost were measured using Benefits paid (46.83) (42.92)
the projected unit credit method. Actuarial gains (0.59) (0.73)
Closing fair value of plan assets 471.55 402.37
The following tables summarise the components of net benefit expenses recognised in the statement of
profit and loss and the funded status and amounts recognised in the balance sheet for gratuity. The Company expects to contribute H159.17 million towards gratuity in the next year (31 March 2023: H127.38
million).
Statement of profit and loss
Net employee benefits expense recognised in profit or loss: Current & non-current bifurcation of provision for gratuity as per actuarial valuation is as follows:
(H million)
(H million)
31 March 2024 31 March 2023
31 March 2024 31 March 2023
Non-current 257.56 147.13
Current service cost 120.48 76.09 Current 159.17 127.47
Net interest cost 20.20 17.15
Net benefits expense 140.68 93.24 The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
(H million)
31 March 2024 31 March 2023
Investment with insurer 100% 100%
464 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 465

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

The principal assumptions used in determining gratuity for the Company’s plans are shown below: Maturity analysis of projected benefit obligation from the fund:
(H million) (H million)
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Discount rate 7.19% 7.39% 1st following year 87.16 63.16
Expected rate of return on plan assets 7.19% 7.39% 2nd following year 78.09 58.81
Employee turnover 10.00% 10.00% 3rd following year 122.90 63.96
Salary escalation 11.00% 11.00% 4th following year 85.50 71.17
Weighted average duration 8 8 5th following year 87.97 68.02
Mortality rate during employment Indian Assured Indian Assured Sum of years 6 to 10 362.12 304.07
Lives Mortality Lives Mortality Sum of years 11 years and above 794.22 656.17
2012-14 (Urban) 2012-14 (Urban)

The average expected future service as at 31 March 2024 is 7 years (31 March 2023 - 7 years). (B) Other defined benefit and contribution plans
The estimates of future salary increases, considered in actuarial valuation, takes account of inflation, seniority, Provident Fund
promotion and other relevant factors, such as supply and demand in the employment market. The Company contribute towards Provident Fund to defined contribution retirement benefit plans for
eligible employees. Under the schemes, the Company is required to contribute a specified percentage of
The overall expected rate of return on plan assets is determined based on the market prices prevailing on that
the payroll costs to fund the benefits. The Company contributes towards Provident Fund managed by
date, applicable to the period over which the obligation is to be settled.
Central Government and has recognised H150.27 million (31 March 2023: H114.70 million) for provident fund
contributions in the Statement of Profit and Loss.
A quantitative sensitivity analysis for significant assumption as at 31 March 2024 is as shown below:
Sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In Pension Fund
practice, this is unlikely to occur, and changes in some of the assumptions may be co-related. When calculating
Contribution to National Pension Scheme, a defined contribution scheme, is made at predetermined rates
the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method
to the asset management companies under National Pension Scheme and is charged to the statement
(present value of the defined benefit obligation calculated with the projected unit credit method at the end
of profit and loss. The Company contribution has recognised H15.92 million (31 March 2023: H13.99 million)
of the reporting period) has been applied as when calculating the defined benefit liability recognised in the
for contribution to National Pension Scheme in the Statement of Profit and Loss.
balance sheet.
Compensated absences (unfunded)
Sensitivity analysis
In respect of Compensated absences, accrual is made on the basis of a year-end actuarial valuation as
(H million)
at balance sheet date except for Halol workers. The actuarial valuation done as per Project Unit Credit
31 March 2024 31 March 2023 Method except for Halol workers.
Projected benefit obligation on current assumptions 888.27 675.68
The leave obligation covers the Company’s liability for earned leave. The amount of the provision of H160.29
Delta effect of +1% change in rate of discounting (55.15) (45.29)
million (31 March 2023: H137.14 million) is presented as non-current and H37.36 million (31 March 2023: H30.27
Delta effect of -1% change in rate of discounting 62.62 48.13 million) is presented as current. The Company has recognised contribution of H46.67 million (31 March 2023:
Delta effect of +1% change in rate of salary increase 59.76 45.95 H37.40 million) for Compensated absences in the Statement of Profit and Loss.
Delta effect of -1% change in rate of salary increase (53.83) (44.32)
Delta effect of +1% change in rate of employee turnover (14.49) (12.69) 31. Finance cost
Delta effect of -1% change in rate of employee turnover 16.09 10.79 Accounting Policy
 orrowing cost includes interest expense on financial liabilities, interest on tax matters, exchange differences
B
Methodology for defined benefit obligation: arising from the foreign currency borrowings, gain/loss on fair value of forward cover and it’s premium and
The Projected Unit Credit (PUC) actuarial method has been used to assess the plan’s liabilities, including those amortisation of ancillary costs incurred in connection with the arrangement of borrowings.
related to death-in-service and incapacity benefits. (H million)
Under PUC method a projected accrued benefit is calculated at the beginning of the year and again at the end 31 March 2024 31 March 2023
of the year for each benefit that will accrue for all active members of the plan. The projected accrued benefit Interest expense on financial liabilities at amortised cost (i) 805.16 380.19
is based on the plan’s accrual formula and upon service as of the beginning or end of the year, but using a Interest expense on financial liabilities at FVTPL 35.07 32.55
member’s final compensation, projected to the age at which the employee is assumed to leave active service. Other borrowing costs (ii) 164.19 148.06
The plan liability is the actuarial present value of the projected accrued benefits for active members. 1,004.42 560.80

Projected benefits payable in future years from the date of reporting. (i) Interest expense includes H4.26 million (31 March 2023: H12.79 million) paid / payable to Income
Tax Department.
(ii) Other borrowing costs would include bank commission charges, bank guarantee charges, letter of credit
charges, premium on forward contract, fair value loss/(gain) on forward contracts, other ancillary costs
incurred in connection with borrowings.
466 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 467

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

32. Depreciation and amortisation expenses (c) Details of Corporate Social Responsibility Expenses:
(H million)
(H million)
31 March 2024 31 March 2023
31 March 2024 31 March 2023
Depreciation of property, plant and equipment (Refer note 3) 2,172.84 1,883.98
Depreciation of right-of-use assets (Refer note 5) 151.47 131.05 Gross amount required to be spent by the Company during the year (A) 257.44 213.33
as per provisions of section 135 of the Companies Act, 2013 i.e. 2% of
Amortisation of other intangible assets (Refer note 6) 47.09 41.54
average net profits for last three financial years, calculated as per
2,371.40 2,056.57 section 198 of the Companies Act, 2013.
Gross amount spent by the Company during the year
33. Other expenses (i) Construction / acquisition of any asset - -
(H million)
(ii) On purposes other than (i) above:
31 March 2024 31 March 2023
Rural Development 3.13 10.12
Consumption of stores and spares 1,116.88 701.96
Sub-contracting expenses 3,411.83 2,327.78 Education 37.25 28.06
Power and fuel 2,155.29 1,814.92 Health Care 156.62 99.55
Rent 43.21 51.95 Environment 8.57 57.76
Rates and taxes 100.50 103.45 Social Empowerment - 17.23
Insurance 138.21 95.52
National Heritage Art & Culture 42.00 7.27
Repairs and maintenance
Plant and machinery 70.65 36.57 Administration cost 11.44 4.80
Buildings 66.73 47.16 Total CSR spent in actual (B) 259.01 224.79
Others 138.76 103.82 Shortfall/(Excess) (A-B) (1.57) (11.46)
Advertising and sales promotion 1,980.31 1,237.17 Details of related party transactions, e.g., contribution to a trust controlled 259.01 224.79
Brokerage and commission 467.16 523.75 by the company in relation to CSR expenditure as per Ind AS 24, Related
Travelling and conveyance 548.68 497.01 Party Disclosures (contributed to Polycab Social Welfare Foundation
Communication Cost 48.18 40.78 ("PSWF") where KMP's are interested)
Legal and professional fees 981.40 877.70 Where a provision is made in accordance with paragraph above the same - -
Director Sitting Fees 6.86 4.42 should be presented as per the requirements of Schedule III to the Act.
Freight & forwarding expenses 3,348.54 3,065.55 Further, movements in the provision during the year should be shown
Payments to auditor (Refer note (a) below) 13.14 12.15 separately
Sundry advances written off 0.43 2.85 The amount of shortfall at the end of the year out of the amount required - -
Fair valuation loss on derivatives (Refer note (b) below) 145.15 - to be spent by the Company during the year
Impairment allowance for trade receivable considered doubtful and contract assets 314.84 (31.74) The total of previous years’ shortfall amounts - -
(Refer note 8 & 14) The reason for above shortfalls by way of a note NA NA
Impairment allowance for Joint Venture 105.20 -
CSR expenditure (Refer note (c) below) 259.01 224.79 (d) There is no unspent amount on ongoing projects as at 31 March 2024 (31 March 2023: Nil). The unspent
Miscellaneous expenses 822.96 895.35 amount on ongoing projects as at 31 March 2022 aggregating to H36.20 million was utilised during the
16,283.92 12,632.91 financial year ended 31 March 2023.
Notes:
34. Earnings Per Share
(a) Payments to auditor:
Accounting Policy
(H million)
Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of
31 March 2024 31 March 2023
the Company by the weighted average number of equity shares outstanding during the period. The weighted
As auditor average number of equity shares outstanding during the period is adjusted for events such as fresh issue, bonus
(i) Audit fee 12.44 11.12 issue that have changed the number of equity shares outstanding, without a corresponding change in resources.
(ii) Certification fees 0.26 0.25
Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue
(iii) Out of pocket expenses 0.44 0.78 equity shares were exercised or converted during the year. Diluted earnings per equity share is computed by
13.14 12.15 dividing the net profit attributable to the equity holders of the Company by the weighted average number of
equity shares considered for deriving basic earnings per equity share and also the weighted average number
(b) 
Loss on fair valuation of financial instruments at fair value through profit or loss relates to foreign exchange
of equity shares that could have been issued upon conversion of all dilutive potential equity shares. Potential
fluctuation on forward contracts that are designated as at fair value through profit and loss account
equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit
and on embedded derivatives, which have been separated. No ineffectiveness has been recognised on
per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as
foreign exchange.
at the beginning of the period, unless they have been issued at a later date. Dilutive potential equity shares
are determined independently for each period presented.
468 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 469

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

Employee Stock Option Plan 2018 (A) Contingent liabilities (to the extent not provided for)
Pursuant to the resolutions passed by the Company’s Board on 30 August 2018 and our Shareholders on 30 (H million)
August 2018, the Company approved the Employee Stock Option Plan 2018 for issue of options to eligible 31 March 2024 31 March 2023
employees which may result in issue of Equity Shares of not more than 35,30,000 Equity Shares. The company (i) Outstanding corporate guarantees given on behalf of subsidiaries and Joint 1,299.70 520.00
reserves the right to increase, subject to the approval of the shareholders, or reduce such numbers of shares as venture's (Refer note 36 (F))
it deems fit. (ii) Taxation matters
Disputed liability in respect of sales tax /VAT demand & pending sales tax/ 0.66 0.64
The exercise of the vested option shall be determined in accordance with the notified scheme under the plan. VAT forms
Disputed liability in respect of Service tax duty demand 18.17 18.17
Employee Stock Option Performance Scheme 2018 and Employee Stock Option Privilege Disputed liability in respect of excise duty demand 8.60 8.60
Scheme 2018
Disputed liability in respect of custom duty demand 17.08 17.08
The Company also approved Employee Stock Option Performance Scheme 2018 and Employee Stock Option Disputed liability in respect of income tax demand 3.71 -
Privilege Scheme 2018 under which the maximum number of options granted to any grantee under “Performance (iii) Customs Duty on Capital goods imported under Export Promotion Capital 107.81 42.77
Scheme” together with options granted in any other scheme shall not exceed 1 percent of the total share capital Goods Scheme, against which export obligation is to be fulfilled
at the time of grant. (iv) Customs Duty on Raw Materials imported under Advance License, against 372.65 183.10
which export obligation is to be fulfilled
(a) Basic Earnings Per Share
Notes:
31 March 2024 31 March 2023
Profit for the year H in million A 17,696.67 12,690.09 (a) In respect of the items above, future cash outflows in respect of contingent liabilities are determinable
Weighted average number of equity shares for basic earning Number B 150,014,272 149,631,506 only on receipt of judgements/decisions pending at various forums/authority. The Company doesn’t
per share * expect the outcome of matters stated above to have a material adverse effect on the Company’s
Earnings per shares - Basic (one equity share of K 10 each) K per share (A/B) 117.97 84.81 financial conditions, result of operations or cash flows.
(b) There is uncertainty and ambiguity in interpreting and giving effect to the guidelines of Honourable
(b) Diluted Earnings Per Share Supreme Court vide its ruling in February 2019, in relation to the scope of compensation on which the
31 March 2024 31 March 2023
organisation and its employees are to contribute towards Provident Fund. The Company will evaluate
its position and act, as clarity emerges.
Profit for the year H in million A 17,696.67 12,690.09
Weighted average number of equity shares for basic Number B 150,014,272 149,631,506
earning per share *
(B) Commitments
Effect of dilution (H million)
Share options Number C 552,203 468,199 31 March 2024 31 March 2023
Weighted average number of equity shares adjusted for Number D=(B+C) 150,566,475 150,099,705 Capital commitments
effect of dilution
(Estimated value of contracts in capital account remaining to be executed and not
Earnings per shares - Diluted (one equity share of K 10 K per share (A/D) 117.53 84.54 provided for (net of capital advances))
each)
Towards property, plant and equipment 10,319.79 4,177.52
* Refer note 16(a) for movement of shares.
Note:
Note: There have been no other transactions involving equity shares or potential equity shares between
the reporting date and the date of authorisation of these financial statements. For lease commitments, refer note 5.

35. Contingent liabilities and commitments

Accounting Policy
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by
the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or
a present obligation that is not recognised because it is not probable that an outflow of resources embodying
economic benefits will be required to settle the obligation. A contingent liability also arises in extremely rare
cases where there is a liability that cannot be recognised because it cannot be measured reliably. The Company
does not recognise a contingent liability but discloses the existence in the Financial Statements.
Capital Commitments includes the amount of purchase orders (net of advances) issued to parties for completion
of assets.
470 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 471

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

36. Related party disclosure  (ii) Non-Executive Directors

 Mr. R.S. Sharma Independent Director
(A) Enterprises where control exists
 Mr. T.P. Ostwal Independent Director
Country of Ownership interest (%)
Principal activities  Mr. Pradeep Poddar Independent Director (upto 19 September 2023)
incorporation 31 March 2024 31 March 2023
(i) Subsidiaries  Ms. Sutapa Banerjee Independent Director
Tirupati Reels Private Limited Manufacturers of Wooden Pallets, India 55% 55%  Ms. Manju Agarwal Independent Director (w.e.f. 19 January 2023)
(TRPL) Outer Laggings and Cable Drums
 Mr. Bhaskar Sharma Independent Director (w.e.f. 12 May 2023)
Dowells Cable Accessories Manufacture of electrical goods & India 60% 60%
Private Limited (DCAPL) cable accessories & equipment’s
 (iii) Key Management Personnel
Polycab Electricals & Engaged in the business of electrical India 100% 100%
Electronics Private Limited goods, instruments, appliances and  Ms. Manita Gonsalves Company Secretary and Compliance Officer
(PEEPL) apparatus
Polycab USA LLC (PUL) Trading business of electrical cables USA 100% 100% (D) Relatives of Key Management Personnel
and wires, optical fibre cables and  Mr. Kunal I. Jaisinghani Son of Mr. Inder T. Jaisinghani
consumer electrical goods
Polycab Australia Pty Ltd Trading business of electrical cables Australia 100% 100%  Ms. Kiara Duhlani Sister of Mr. Bharat A. Jaisinghani
and wires, optical fibre cables and  Ms. Deepika Sehgal Sister of Mr. Nikhil R. Jaisinghani
consumer electrical goods
 Ms. Jayshriben Talati Wife of Mr. Rakesh Talati
Polycab Support Force Private Manpower services India 100% 100%
Limited (PSFPL)
(E) Transactions with group companies :
Uniglobus Electricals and Trading and manufacturing of, India 100% 100%
Electronics Private Limited among others, cables, wires, fast (H million)
(UEEPL) moving electricals and electronics Year ended Year ended
goods 31 March 2024 31 March 2023

Steel Matrix Private Limited (*) Manufacturing of steel drums and India 100% 75% (i) Sale of goods (including GST)
bobbins for cables and wires Dowells Cable Accessories Private Limited Subsidiary 6.63 5.05
(ii) Joint Ventures Polycab USA LLC Subsidiary 3,928.46 -
Techno Electromech Private Manufacturing of light emitting India 50% 50% Techno Electromech Private Limited Joint Venture 32.47 0.02
Limited (TEPL) diodes, lighting and luminaires, and Uniglobus Electricals and Electronics Private Limited Subsidiary 83.71 37.66
LED drivers Tirupati Reels Private Limited Subsidiary 3.86 -
* Additional 25% acquired on 29 June 2023. Polycab Australia PTY Ltd Subsidiary 1,834.97 744.08
(ii) Purchase of goods (including GST)
(B) Enterprises owned or significantly influenced by Key Management Personnel Tirupati Reels Private Limited Subsidiary 1,526.14 1,183.99
Dowells Cable Accessories Private Limited Subsidiary 17.32 1.35
AK Enterprises (A K) Uniglobus Electricals and Electronics Private Limited Subsidiary 183.83 104.45
Polycab Social Welfare Foundation (PSWF) Techno Electromech Private Limited Joint Venture 1,394.68 700.78
Transigo Fleet LLP (iii) Sub-contracting expense (including GST)
Techno Electromech Private Limited Joint Venture 4.85 4.49
Bootbhavani Fabricators (upto 29 June 23)
Polycab Support Force Private Limited Subsidiary 92.09 28.67
S.B. Enterprise (upto 29 June 23) Uniglobus Electricals and Electronics Private Limited Subsidiary 5.44 0.77
Shreeji Traders (iv) Job work Income (including GST)
Dowells Cable Accessories Private Limited Subsidiary 0.99 0.72
T. P. Ostwal & Associates LLP
Techno Electromech Private Limited Joint Venture 12.12 -
(v) Reimbursement of expenses (including GST)
(C) Key Management Personnel
Uniglobus Electricals and Electronics Private Limited Subsidiary 5.90 1.39
 (i) Executive Directors (vi) Other charges recovered (including GST)
 Mr. Inder T. Jaisinghani Chairman and Managing Director Uniglobus Electricals and Electronics Private Limited Subsidiary 3.27 3.50
 Mr. Rakesh Talati Whole-time Director Polycab Support Force Private Limited Subsidiary 4.47 0.40
Dowells Cable Accessories Private Limited Subsidiary 9.56 7.33
 Mr. Bharat A. Jaisinghani Whole-time Director (vii) Commission received (including GST)
 Mr. Nikhil R. Jaisinghani Whole-time Director Tirupati Reels Private Limited Subsidiary 7.10 3.07
 Mr. Gandharv Tongia(a) Executive Director and Chief Financial Officer Uniglobus Electricals and Electronics Private Limited Subsidiary 3.54 -
(viii) Rent received (including GST)
 a Appointed as Executive director w.e.f. 19 January 2023. Dowells Cable Accessories Private Limited Subsidiary 6.53 8.26
Polycab Support Force Private Limited Subsidiary 0.04 0.02
Uniglobus Electricals and Electronics Private Limited Subsidiary 2.53 2.79
472 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 473

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
(H million)
(G) Transactions with KMP:
Year ended Year ended
31 March 2024 31 March 2023
(i) Remuneration paid for the year ended and outstanding as on:(a)
(ix) Interest received
Uniglobus Electricals and Electronics Private Limited Subsidiary 49.35 1.59 (H million)
Techno Electromech Private Limited Joint Venture 10.53 9.00 31 March 2024 31 March 2023
Polycab Support Force Private Limited Subsidiary 0.51 0.51 For the year Outstanding for For the year Outstanding for
(x) Testing charges paid (including GST) ended the year end ended the year end
Techno Electromech Private Limited Joint Venture 0.17 0.15 CMD and Executive directors
(xi) Recovery of manpower charges (including GST) Salaries, wages, bonus, commission and 416.50 260.29 292.13 182.55
Dowells Cable Accessories Private Limited Subsidiary 15.99 15.02 other benefits
Tirupati Reels Private Limited Subsidiary 4.15 4.83 Contribution to PF, Family Pension and ESI 1.04 - 1.06 -
Uniglobus Electricals and Electronics Private Limited Subsidiary 5.07 3.87
ESOP Expenses 58.99 - 1.84 -
Polycab Support Force Private Limited Subsidiary 3.15 -
Techno Electromech Private Limited Joint Venture 2.60 - Non-Executive directors
(xii) Loans given Director sitting fees 6.78 - 4.42 -
Uniglobus Electricals and Electronics Private Limited Subsidiary 950.00 54.65 Commission 15.29 15.29 10.63 10.63
Polycab Support Force Private Limited Subsidiary - 12.50 Key management personnel (excluding
(xiii) Loan given repaid CMD and WTD)
Uniglobus Electricals and Electronics Private Limited Subsidiary - 56.61
Salaries, wages, bonus, commission and 5.17 0.38 30.54 6.05
Polycab Support Force Private Limited Subsidiary - 7.50 other benefits
(F) Outstanding as at the year end: Contribution to PF, Family Pension and ESI 0.02 - 0.04 -
(H million) ESOP Expenses - - 1.23 -
Year ended Year ended
31 March 2024 31 March 2023 a A s the liabilities for gratuity and leave encashment are provided on actuarial basis for the Company as a whole, the amounts
pertaining to the directors and KMP are not included above.
(i) Loans given
Uniglobus Electricals and Electronics Private Limited Subsidiary 950.00 -
Techno Electromech Private Limited Joint Venture 100.00 100.00 (ii) Transactions with enterprises owned or significantly influenced by key managerial personnel
Polycab Support Force Private Limited Subsidiary 5.00 5.00 (H million)
(ii) Trade Receivables
31 March 2024 31 March 2023
Tirupati Reels Private Limited Subsidiary - -
Nature of transaction For the Outstanding for For the Outstanding for
Techno Electromech Private Limited Joint Venture 71.01 33.48
year ended the year end year ended the year end
Polycab Australia PTY Ltd Subsidiary 199.58 482.09
Polycab Social Welfare Donation 258.56 - 224.79 -
Uniglobus Electricals and Electronics Private Limited Subsidiary - 37.19
Foundation
Polycab USA LLC Subsidiary 3,805.20 -
(iii) Others Receivables Transigo Fleet LLP Professional fees 19.12 2.92 19.12 4.37
Tirupati Reels Private Limited Subsidiary - 1.20 AK Enterprises Reimbursement of - - 1.42 -
Techno Electromech Private Limited Joint Venture - 85.19 Electricity Expense
Dowells Cable Accessories Private Limited Subsidiary 0.95 3.74 AK Enterprises* Rent paid (including GST) 29.17 2.23 29.17 -
Polycab Support Force Private Limited Subsidiary - 0.02 Bootbhavani Fabricators Purchase of goods - - 0.14 -
(iv) Advance given for material and services (including GST)
Tirupati Reels Private Limited Subsidiary 34.52 - Bootbhavani Fabricators Purchase of Plant and - - 89.39 -
Techno Electromech Private Limited Joint Venture - 169.10 equipments
(v) Advance received for material and services S.B. Enterprise Purchase of goods - - 5.26 -
Polycab Australia PTY Ltd Subsidiary - 114.86 (including GST)
(vi) Interest accrued on loan given S.B. Enterprise Purchase of Plant and - - 22.50 -
Techno Electromech Private Limited Joint Venture 2.62 2.00 equipments
Uniglobus Electricals and Electronics Private Limited Subsidiary 0.08 -
Shreeji Traders Purchase of goods - - - -
Polycab Support Force Private Limited Subsidiary 0.11 0.46 (including GST)
(vii) Trade Payables
T.P. Ostwal & Associates Professional fees 0.73 0.11 - -
Tirupati Reels Private Limited Subsidiary - 28.95
LLP (excluding GST)
Polycab Support Force Private Limited Subsidiary 9.74 5.26
Uniglobus Electricals and Electronics Private Limited Subsidiary 8.51 16.91 * Security deposit given to AK Enterprises amounting to H6.17 million (31 March 2023: H6.17 million).
Techno Electromech Private Limited Joint Venture - 34.92
Note:
Company had provided a guarantee for credit facility availed by Tirupati Reels Private Limited, amounting
to H899.70 million (31 March 2023: H520.00 million) and by Uniglobus Electricals and Electronics Private
Limited amounting to H400 million (31 March 2023: H Nil).
474 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 475

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(H) Transactions with relatives of KMP: The Company is organised into business units based on its products and services and has three
31 March 2024 31 March 2023
reportable segments as follows:
For the Outstanding For the Outstanding Wires and Cables: Manufacture and sale of wires and cables.
year ended for the year end year ended for the year end
 ast moving electrical goods (FMEG): Fans, LED lighting and luminaires, switches, switchgears, solar products,
F
Remuneration to other related parties water heaters, conduits, pumps and domestic appliances.
Salaries, wages, bonus, commission and other 4.40 - 2.04 0.01
benefits Others: It comprise of EPC business which includes design, engineering, supply of materials, survey, execution
Contribution to PF, Family Pension and ESI 0.29 - 0.07 - and commissioning of power distribution, rural electrification projects on a turnkey basis.
Rent paid
(A) The following summary describes the operations in each of the Company’s reportable
Mrs. Jayshriben Talati 0.59 - 0.59 -
segments:
31 March 2024 31 March 2023
(I) Terms and conditions of transactions with related parties:
Wires & Wires &
i. The transactions with related parties are made on terms equivalent to those that prevail in arm’s Cables
FMEG Others Eliminations Total
Cables
FMEG Others Eliminations Total
length transactions. Outstanding balances at the period-end are unsecured and settlement External sales 162,182.97 11,432.80 7,887.70 - 181,503.47 123,987.45 11,896.30 3,638.33 - 139,522.08
occurs in cash or credit as per the terms of the arrangement.
Inter segment revenue 2,053.00 - - (2,053.00) - 1,559.04 - - (1,559.04) -
ii. Guarantees are issued by the Company in accordance with Section 186 of the Companies Act, Total Income 164,235.97 11,432.80 7,887.70 (2,053.00) 181,503.47 125,546.49 11,896.30 3,638.33 (1,559.04) 139,522.08
2013 read with rules issued thereunder. Segment Results
iii. For the year ended 31 March 2024, the Company has not recorded any impairment of receivables External 23,267.09 (911.10) 632.24 - 22,988.23 16,052.88 (33.74) 421.01 - 16,440.15
relating to amounts owed by related parties (31 March 2023: H Nil). This assessment is undertaken Inter segment results 296.20 - - (296.20) - 202.72 - - (202.72) -
each financial year through examining the financial position of the related party. Segment/Operating results 23,563.29 (911.10) 632.24 (296.20) 22,988.23 16,255.60 (33.74) 421.01 (202.72) 16,440.15
Un-allocated items:
37. Segment reporting Finance income 1,203.30 971.00
Accounting Policy Finance costs 1,004.42 560.80
Identification of segments Profit before tax 23,187.11 16,850.35
An operating segment is a component of the Company that engages in business activities from which it may Tax expenses
earn revenues and incur expenses, whose operating results are regularly reviewed by the Company’s Chief Current tax 5,358.74 3,958.57
Operating Decision Maker (“CODM”) to make decisions for which discrete financial information is available. Deferred tax charge/ 131.70 201.69
The Company’s chief operating decision maker is the Chairman & Managing Director. (credit)
Profit for the year 17,696.67 12,690.09
The Board of Directors monitors the operating results of all product segments separately for the purpose
of making decisions about resource allocation and performance assessment based on an analysis of various Depreciation & 2,047.81 314.67 8.92 - 2,371.40 1,834.54 217.71 4.32 - 2,056.57
amortisation expenses
performance indicators by business segments and geographic segments.
Non-cash expenses/ 804.58 187.24 (35.03) - 956.79 20.87 39.16 (8.34) - 51.69
(Income) other than
Segment revenue and expenses: depreciation
1 It has been identified to a segment on the basis of relationship to operating activities of the segment. Total cost incurred during 7,561.68 621.68 - - 8,183.36 3,157.11 1,312.74 0.58 - 4,470.43
the year to acquire segment
2 The Company generally accounts for intersegment sales and transfers at cost plus appropriate margins. assets (net of disposal)
3 Intersegment revenue and profit is eliminated at group level consolidation.
(B) Revenue by Geography
4 Finance income earned and finance expense incurred are not allocated to individual segment and the
same has been reflected at the Company level for segment reporting as the underlying instruments are The amount of its revenue from external customers analysed by the country, in which customers are
managed at Company level. located, are given below:

(H million)
Segment assets and liabilities:
Year ended Year ended
Segment assets and segment liabilities represent assets and liabilities of respective segments, however the 31 March 2024 31 March 2023
assets and liabilities not identifiable or allocable on reasonable basis being related to enterprise as a whole Within India 164,018.47 125,564.85
have been grouped as unallocable. Outside India 17,485.00 13,957.23
The accounting policies of the reportable segments are same as that of Company’s accounting policies described. 181,503.47 139,522.08

No operating segments have been aggregated to form the above reportable operating segments. Common
allocable costs are allocated to each segment according to the relative contribution of each segment to the
total common costs.
476 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 477

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(C) Segment assets (ii) Subsequent measurement

31 March 2024 31 March 2023 For purposes of subsequent measurement, financial assets are classified in two broad categories:
Wires & Wires & (a) Financial assets at amortised cost
FMEG Others Eliminations Total FMEG Others Eliminations Total
Cables Cables
Segment assets 74,664.35 6,464.61 8,386.31 - 89,515.27 57,414.91 7,036.61 3,582.57 - 68,034.09 (b) Financial assets at fair value
Unallocated assets: Where assets are measured at fair value, gains and losses are either recognised entirely in the Statement
Investments (Non-current and 18,243.38 13,816.83 of Profit & Loss (i.e. fair value through Statement of Profit & Loss), or recognised in other comprehensive
Current) income (i.e. fair value through other comprehensive income).
Income Tax assets (net) 170.77 147.33
Cash and cash equivalents 3,082.21 6,458.98 (a) Financial assets carried at amortised cost
and bank balance other than
cash and cash equivalents A financial assets that meets the following two conditions is measured at amortised cost (net of
Impairment) unless the asset is designated at fair value through Statement of Profit & Loss under the
Loans 1,061.26 108.47
fair value option.
Other unallocable assets 5,506.96 3,699.83
Total assets 117,579.85 92,265.53 (i) Business Model test: The objective of the Company’s business model is to hold the financial assets
to collect the contractual cash flow (rather than to sell the instrument prior to its contractual
maturity to realise its fair value changes).
(D) Segment liabilities
(ii) Cash flow characteristics test: The contractual terms of the financial assets give rise on
31 March 2024 31 March 2023
specified dates to cash flow that are solely payments of principal and interest on the principal
Wires & Wires &
Cables
FMEG Others Eliminations Total
Cables
FMEG Others Eliminations Total amount outstanding.
Segment liabilities 24,879.61 2,366.99 4,378.03 - 31,624.63 18,528.78 2,122.86 2,237.19 - 22,888.83
(b) Financial assets at fair value
Unallocated liabilities:
(i) Financial assets at fair value through other comprehensive income
Current tax liabilities (net) 111.29 223.24
Deferred tax liabilities (net) 517.97 409.06 Financial assets is subsequently measured at fair value through other comprehensive income if it
Other unallocable liabilities 3,881.84 2,690.06 is held with in a business model whose objective is achieved by both collections contractual cash
Total liabilities 36,135.73 26,211.19 flows and selling financial assets and the contractual terms of the financial assets give rise on
specified dated to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
(E) Non-current assets by Geography
The total of non-current assets excluding financial assets and deferred tax assets analysed by the country For equity instruments, the Company may make an irrevocable election to present in other
in which assets are located are given below: comprehensive income subsequent changes in the fair value. The Company makes such election
on an instrument-by-instrument basis. The classification is made on initial recognition and
(H million) is irrevocable.
31 March 2024 31 March 2023
If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes
Within India 30,829.89 23,981.11 on the instrument, excluding dividends, are recognised in the OCI. There is no recycling of the
Outside India - - amounts from OCI to P&L, even on sale of investment. However, the Company may transfer the
30,829.89 23,981.11 cumulative gain or loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all
38. Financial Instruments and Fair Value Measurement changes recognised in the Statement of Profit & Loss.
A) Financial Instruments (ii) Financial assets at fair value through profit or loss
Accounting policy
A financial asset which is not classified in any of the above categories is subsequently fair valued
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability through Statement of Profit & Loss.
or equity instrument of another entity.
(iii) Derecognition
Financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial
(i) Initial recognition and measurement assets) is primarily derecognised when:
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at
(a) The rights to receive cash flows from the asset have expired, or
fair value through Statement of Profit & Loss, transaction costs that are attributable to the acquisition of
the financial asset. However, trade receivables that do not contain a significant financing component are (b) The Company has transferred its rights to receive cash flows from the asset or has assumed an
measured at transaction price. Financial assets are classified at the initial recognition as financial assets obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-
measured at fair value or as financial assets measured at amortised cost. through’ arrangement; and either (a) the Company has transferred substantially all the risks and
rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the
risks and rewards of the asset, but has transferred control of the asset.
478 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 479

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
When the Company has transferred its rights to receive cash flows from an asset or has entered into a For recognition of impairment loss on other financial assets and risk exposure, the Company determines
pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of that whether there has been a significant increase in the credit risk since initial recognition. If credit
ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the risk has not increased significantly, 12-month ECL is used to provide for impairment loss. However, if
asset, nor transferred control of the asset, the Company continues to recognise the transferred asset credit risk has increased significantly, lifetime ECL is used.
to the extent of the Company’s continuing involvement. In that case, the Company also recognises
If, in a subsequent period, credit quality of the instrument improves such that there is no longer
an associated liability. The transferred asset and the associated liability are measured on a basis that
a significant increase in credit risk since initial recognition, then the entity reverts to recognising
reflects the rights and obligations that the Company has retained.
impairment loss allowance based on 12-month ECL.
The Company discloses analysis of the gain or loss recognised in the statement of profit and loss arising
As a practical expedient, the Company uses the provision matrix to determine impairment loss
from the derecognition of financial assets measured at amortised cost, showing separately gains and
allowance on the portfolio of trade receivables. The provision matrix is based on its historical observed
losses arising from derecognition of those financial assets.
default rates over the expected life of the trade receivables and its adjusted forward looking estimates.
At every reporting date, the historical observed default rates are updated and changes in the forward-
(iv) Impairment of financial assets
looking estimates are analysed.
The Company assesses impairment based on expected credit losses (ECL) model for the following:
ECL impairment loss allowance (or reversal) during the period is recognised as other expense in the
(a) Trade receivables or any contractual right to receive cash or another financial asset that result from Statement of Profit & Loss.
transactions that are within the scope of Ind AS 115.
(b) The Company follows ‘simplified approach’ for recognition of impairment loss allowance on trade Financial liabilities
receivables and contract assets. (i) Initial recognition and measurement
The application of simplified approach does not require the Company to track changes in credit risk. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
Rather, it recognises impairment loss allowance based on lifetime ECL at each reporting date, right payables, net of directly attributable transaction costs. The Company’s financial liabilities include trade
from its initial recognition. The Company has established a provision matrix that is based on its and other payables, loans and borrowings including bank overdrafts, lease liabilities and derivative
historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the financial instruments.
economic environment.
(ii) Subsequent measurement
The Company recognises an allowance for ECL for all debt instruments not held at fair value through
The measurement of financial liabilities depends on their classification, as described below:
profit or loss. ECL are based on the difference between the contractual cash flows due in accordance
with the contract and all the cash flows that the Company expects to receive, discounted at an
(a) Financial liabilities at fair value through profit or loss
approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms. Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial
ECL are recognised in two stages. For credit exposures for which there has not been a significant liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the
increase in credit risk since initial recognition, ECL are provided for credit losses that result from default near term. This category also includes derivative financial instruments entered into by the Company
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109.
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing (b) Gains or losses on liabilities held for trading are recognised in the profit or loss
of the default (a lifetime ECL).
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated
Ind AS 109 requires expected credit losses to be measured through a loss allowance. The Company as such at the initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities
recognises lifetime expected losses for all contract assets and / or all trade receivables that do not designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognised
constitute a financing transaction. In determining the allowances for doubtful trade receivables, the in OCI. These gains/ loss are not subsequently transferred to P&L. However, the Company may transfer
Company has used a practical expedient by computing the expected credit loss allowance for trade the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised
receivables based on a provision matrix. The provision matrix takes into account historical credit loss in the statement of profit or loss.
experience and is adjusted for forward looking information. The expected credit loss allowance is based
on the ageing of the receivables that are due and allowance rates used in the provision matrix. For (c) Loans and borrowings
all other financial assets, expected credit losses are measured at an amount equal to the 12-months After initial recognition, interest-bearing loans and borrowings are subsequently measured at
expected credit losses or at an amount equal to the 12 months expected credit losses or at an amount amortised cost using the Effective Interest Rate method.
equal to the life time expected credit losses if the credit risk on the financial asset has increased
significantly since initial recognition. (iii) Embedded Derivatives
The Company considers a financial asset in default when contractual payments are 90 days past A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated
due. However, in certain cases, the Company may also consider a financial asset to be in default when from the host and accounted for as a separate derivative if: the economic characteristics and risks are not
internal or external information indicates that the Company is unlikely to receive the outstanding closely related to the host; a separate instrument with the same terms as the embedded derivative would
contractual amounts in full before taking into account any credit enhancements held by the Company. meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit
A financial asset is written off when there is no reasonable expectation of recovering the contractual or loss.
cash flows.
480 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 481

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(iv) Derecognition Set out below, is a comparison by class of the carrying amounts and fair value of the Company’s
financial instruments:
(a) A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially (H million)
different terms, or the terms of an existing liability are substantially modified, such an exchange or Carrying value Fair value
modification is treated as the derecognition of the original liability and the recognition of a new 31 March 2024 31 March 2023 31 March 2024 31 March 2023
liability. The difference in the respective carrying amounts is recognised in the statement of profit Financial assets
or loss. Measured at amortised cost
(b) Financial guarantee contracts issued by the Company are those contracts that require a payment Trade receivables 24,184.44 12,735.57 24,184.44 12,735.57
to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make a Cash and cash equivalents 2,551.44 1,219.98 2,551.44 1,219.98
payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts Bank balance other than cash and cash equivalents 528.07 5,239.00 528.07 5,239.00
are recognised initially as a liability at fair value, adjusted for transaction costs that are directly Loans 1,061.26 108.47 1,061.26 108.47
attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher Other financial assets 521.26 336.34 521.26 336.34
of the amount of loss allowance determined as per impairment requirements of Ind AS 109 and the Measured at fair value through profit or loss account
amount recognised less cumulative amortisation. (FVTPL)
Investment in mutual funds 18,036.45 13,504.95 18,036.45 13,504.95
B) Fair value measurements
Derivative assets 23.62 7.86 23.62 7.86
Accounting policy 46,906.54 33,152.17 46,906.54 33,152.17
The Company measures financial instruments, such as, derivatives, mutual funds etc. at fair value at each Financial liabilities
Balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability Measured at amortised cost
in an orderly transaction between market participants at the measurement date. The fair value measurement Acceptances 18,619.66 12,257.56 18,619.66 12,257.56
is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
Trade payables 9,471.69 7,700.14 9,471.69 19,957.71
(a) In the principal market for the asset or liability, or Creditors for capital expenditure 838.37 563.69 838.37 563.69
(b) In the absence of a principal market, in the most advantageous market for the asset or liability Lease liabilities 512.44 358.45 563.50 361.77
Other financial liabilities 1,129.51 958.52 1,129.51 958.52
The principal or the most advantageous market must be accessible by the Company.
Measured at fair value through profit or loss account
The fair value of an asset or a liability is measured using the assumptions that market participants would use (FVTPL)
when pricing the asset or liability, assuming that market participants act in their economic best interest. Derivative liabilities 577.23 129.32 577.23 129.32
31,148.90 21,967.68 31,199.96 34,228.57
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and minimising the (a) The management assessed that cash and cash equivalents, other bank balance, trade receivables,
use of unobservable inputs. acceptances, trade payables, loans to related party, loans to employees, short term security deposit
All assets and liabilities for which fair value is measured or disclosed in the Financial Statements are categorised and other current financial liabilities approximate their carrying amounts largely due to the short-term
within the fair value hierarchy, to provide an indication about the reliability of inputs used in determining fair maturities of these instruments.
value, the Company has classified its financial statements into three levels prescribed under the Ind AS as (b) The fair value of the financial assets and liabilities is included at the amount at which the instrument could
follows, based on the lowest level input that is significant to the fair value measurement as a whole: be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities (c) Fixed deposit of H7.80 million (31 Mar 2023: H12.69 million) is restricted for withdrawal, considering it is lien
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement against commercial arrangements.
is directly or indirectly observable (d) There are no borrowings as at 31 March 2024 (31 March 2023: Nil)
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement  For secured loans, charge created by way of:
is unobservable
 (i) First ranking pari passu charge by way of hypothecation over the entire current assets including but
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the not limited to Stocks and Receivables.
basis of the nature, characteristics and risk of the assets or liability and the level of fair value hierarchy as
explained above.  (ii) Pari passu first charge by way of hypothecation on the entire movable fixed assets.
 (iii) Charges with respect to above borrowing has been created in favour of security trustee. No separate
charge has been created for each of the borrowing.
 (iv) All charges are registered with ROC within statutory period by the Company.
 (v) Funds raised on short term basis have not been utilised for long term purposes and spent for the
purpose it were obtained.
 (vi) Bank returns / stock statements filed by the Company with its bankers are in agreement with books
of account.
482 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 483

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(e) Credit facilities Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at 31 March
 The Company has fund based and non-fund based revolving credit facilities amounting to H56,650.00 2023:
million (31 March 2023: H40,250.40 million), towards operational requirements that can be used for the (H million)
short term loan, issuance of letters of credit and bank guarantees. The unutilised credit line out of these Fair value measurement using
working capital facilities at the year end is H22,677.10 million (31 March 2023: H8,636.87 million). Quoted prices Significant Significant
Date of valuation Total in active observable unobservable
 In addition to above, H37,210.00 million project specific working capital limit has been sanctioned by SBI markets inputs inputs
which is to be released on need basis.
(Level 1) (Level 2) (Level 3)
Assets measured at fair value:
(f) Measurement of fair values
Units of mutual funds 31 March 2023 13,504.95 13,504.95 - -
 The following table shows the valuation techniques used in measuring fair values, as well as the significant
observable inputs used (if any) Derivative assets
Foreign exchange forward contract 31 March 2023 7.86 - 7.86 -
 Financial instruments measured at fair value:
Liabilities measured at fair value:
Type Valuation technique Derivative liabilities
Mutual Fund Investments Net asset value quoted by mutual funds Embedded derivatives 31 March 2023 26.18 - 26.18 -
Commodity Futures Basis the quotes given by the LME broker/ dealer Commodity contracts 31 March 2023 76.17 - 76.17 -
Embedded Derivatives Basis the quotes given by the LME broker/ dealer Foreign exchange forward contract 31 March 2023 26.97 - 26.97 -
Foreign exchange forward contracts MTM value as per RBI reference rate
Notes:
Fair value hierarchy (a) Investment Property Under Construction is measured at cost as at 31 March 2024 of H762.98 million (31
All assets and liabilities for which fair value is measured or disclosed in the Financial Statements are categorised March 2023: Nil). The fair value measurement is required for disclosure purpose in the financial statements
within the fair value hierarchy, to provide an indication about the reliability of inputs used in determining fair as per Ind AS 40 (Refer note 4).
value, the Company has classified its financial statements into three levels prescribed under the Ind AS as In accordance with Ind AS 113, the fair value of investment property is determined by the Company at
follows, based on the lowest level input that is significant to the fair value measurement as a whole: H847.00 million following the risk-adjusted discounted cash flow method and based on Level 3 inputs from
an independent accredited valuation expert, as defined under rule 2 of Companies (Registered Valuers
• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities and Valuation) Rules, 2017, with relevant valuation experience for similar properties. The fair valuation is
mainly based on location and locality, current real estate prices in the active market for similar properties.
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement The main inputs used are area, location, construction cost, demand, weighted-average cost of capital and
is directly or indirectly observable trend of real estate market at the location. As at 31 March 2024, the fair value of the properties are based
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement on valuations performed by Bharat Shah & Associates, an accredited independent registered valuer.
is unobservable (b) There is no transfers into and transfers out of fair value hierarchy levels as at the end of the reporting
The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities. period. Timing of transfer between the levels determined based on the following:
(a) the date of the event or change in circumstances that caused the transfer
Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at 31 March
2024: (b) the beginning of the reporting period

(H million) (c) the end of the reporting period

Fair value measurement using
Quoted prices Significant Significant 39. Financial Risk Management Objectives And Policies
Date of valuation Total in active observable unobservable
markets inputs inputs
The Company’s principal financial liabilities, other than derivatives, comprise acceptances, trade payables,
lease liabilities and other liabilities. The main purpose of these financial liabilities is to finance the Company’s
(Level 1) (Level 2) (Level 3)
operations and to provide guarantees to support its operations. The Company’s principal financial assets include
Assets measured at fair value:
loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations. The
Units of mutual funds 31 March 2024 18,036.45 18,036.45 - - Company also holds FVTPL investments and enters into derivative transactions.
Derivative assets
The Company is exposed to market risk, credit risk and liquidity risk. The Board of Directors of the Company
Embedded derivatives 31 March 2024 1.99 - 1.99 -
has formed a Risk Management Committee to periodically review the risk management policy of the Company
Foreign exchange forward contract 31 March 2024 21.63 - 21.63 - so that the management manages the risk through properly defined mechanism. The Risk Management
Liabilities measured at fair value: Committee’s focus is to foresee the unpredictability and minimise potential adverse effects on the Company’s
Derivative liabilities financial performance.
Commodity contracts 31 March 2024 568.19 - 568.19 -
Foreign exchange forward contract 31 March 2024 9.04 - 9.04 -
484 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 485

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
The Company’s overall risk management procedures to minimise the potential adverse effects of financial Foreign currency sensitivity
market on the Company’s performance are as follows:
The following tables demonstrate the sensitivity to a reasonably possible change in USD, Euro, GBP,
CHF, RUB, CNY and AUD exchange rates, with all other variables held constant. The impact on the
(A) Market Risk
Company’s profit before tax is due to changes in the fair value of monetary assets and liabilities
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because including non-designated foreign currency derivatives and embedded derivatives. Sensitivity due to
of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and unhedged Foreign Exchange Exposures is as follows:
other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk
include loans and borrowings, deposits, FVTPL investments and derivative financial instruments. Impact on profit before tax and equity
(H million)
(i) Interest rate risk
Currency 31 March 2024 31 March 2023
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument Currency
Symbol +2% -2% +2% -2%
will fluctuate because of changes in market interest rates. The Company’s exposure to the
risk of changes in market interest rates relates primarily to the Company’s debt obligations United States Dollar USD (157.71) 157.71 (122.66) 122.66
(including acceptances) with floating interest rates. The Company is also exposed to the risk Euro Euro 30.19 (30.19) 27.22 (27.22)
of changes in market interest rates due to its investments in mutual fund units in debt funds. Pound GBP 1.09 (1.09) 5.80 (5.80)
Acceptances as at 31 March 2024 of H18,619.66 million (31 March 2023: H12,257.56 million) are at a fixed Swiss Franc CHF 0.69 (0.69) 0.05 (0.05)
rate of interest.
Ruble RUB - - (0.16) 0.16
Chinese Yuan CNY (0.18) 0.18 0.02 (0.02)
(ii) Foreign currency risk
Australian Dollar AUD 4.33 (4.33) 7.88 (7.88)
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate
because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign Figures shown in brackets represent payables.
exchange rates relates primarily to the Company’s operating activities (when revenue or expense is
denominated in a foreign currency). (iii) Commodity price risk
The Company’s exposure to price risk of copper and aluminium arises from :
Derivative financial instruments
• T
 rade payables of the Company where the prices are linked to LME prices. Payment is therefore
The Company enters into derivative contracts with an intention to hedge its foreign exchange price risk
sensitive to changes in copper and aluminium prices quoted on LME. The provisional pricing feature
and interest risk. Derivative contracts which are linked to the underlying transactions are recognised
(Embedded Derivatives) is classified in the balance sheet as fair value through profit or loss. The
in accordance with the contract terms. Such derivative financial instruments are initially recognised at
option to fix prices at future LME prices works as a natural hedge against the movement in value
fair value on the date on which a derivative contract is entered into and are subsequently re-measured
of inventory of copper and aluminium held by the Company. The Company also takes Sell LME
at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial
positions to hedge the price risk on Inventory due to ongoing movement in rates quoted on LME.
liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of
The Company applies fair value hedge to protect its copper and aluminium Inventory from the
derivatives are taken directly to Statement of Profit & Loss. To some extent the Company manages
ongoing movement in rates.
its foreign currency risk by hedging transactions.
• P
 urchases of copper and aluminium results in exposure to price risk due to ongoing movement in
Particulars of unhedged foreign currency exposures as at the reporting date: rates quoted on LME affecting the profitability and financial position of the Company. The risk
management strategy is to use the Buy future contracts linked to LME to hedge the variation in
(H million)
cash flows of highly probable future purchases. There are no outstanding buy future contracts link
Currency 31 March 2024 31 March 2023
Currency to LME as of 31 March 2024 and 31 March 2023.
Symbol Foreign currency Indian Rupees Foreign currency Indian Rupees
United States Dollar USD (94.58) (7,885.57) (74.60) (6,133.18) Sensitivity analysis for unhedged exposure for the year ended 31 March are as follows:
Euro Euro 16.73 1,509.70 15.19 1,361.18
Exposure of Company in Inventory
Pound GBP 0.52 54.73 2.85 290.24
(H million)
Swiss Franc CHF 0.38 34.69 0.03 2.40
31 March 2024 31 March 2023
Ruble RUB - - (7.38) (7.83)
Hedge Exposure Exposure Impact in Profit Exposure Exposure Impact in Profit
Chinese Yuan CNY (0.79) (9.12) 0.09 1.10 Metal
instruments in Metric in before tax in Metric in before tax
Australian Dollar AUD 3.99 216.51 7.16 394.06 Tonne K million +2% -2% Tonne K million +2% -2%

Figures shown in brackets represent payables. Aluminium Embedded 2,750 540.91 (10.82) 10.82 - - - -
derivative
Copper Embedded 10,300 7,598.21 (151.96) 151.96 5,400 3,992.49 (79.85) 79.85
derivative
486 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 487

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

(B) Credit risk Other financial assets

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer The Company has adopted a policy of only dealing with counterparties that have sufficient credit rating.
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities The Company’s exposure and credit ratings of its counterparties are continuously monitored and the
(primarily trade receivables) and from its financing activities, including deposits with banks and financial aggregate value of transactions is reasonably spread amongst the counterparties.
institutions, foreign exchange transactions and other financial instruments.
Credit risk arising from investment in mutual funds, derivative financial instruments and other balances
with banks is limited and there is no collateral held against these because the counterparties are banks and
Trade receivables and contract assets
recognised financial institutions with high credit ratings assigned by the international credit rating agencies.
The Company has adopted a policy of only dealing with counterparties that have sufficient credit rating.
The Company’s exposure and credit ratings of its counterparties are continuously monitored and the (C) Liquidity risk
aggregate value of transactions is reasonably spread amongst the counterparties. Credit risk has always The Company’s principle sources of liquidity are cash and cash equivalents and the cash flow that is
been managed through credit approvals, establishing credit limits and continuously monitoring the credit generated from operations. The Company believes that the working capital is sufficient to meet its
worthiness of customers to which the Company grants credit terms in the normal course of business. On current requirements.
account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment
loss or gain. The Company has applied Expected Credit Loss (ECL) model for measurement and recognition Further, the Company manages its liquidity risk in a manner so as to meet its normal financial obligations
of impairment losses on trade receivables. ECL has been computed as a percentage of revenue on the without any significant delay or stress. Such risk is managed through ensuring operational cash flow
basis of Company’s historical data of delay in collection of amounts due from customers and default by while at the same time maintaining adequate cash and cash equivalents position. The management has
the customers along with management’s estimates. arranged for diversified funding sources and adopted a policy of managing assets with liquidity in mind
and monitoring future cash flows and liquidity on a regular basis. Surplus funds not immediately required
The Company has sold without recourse trade receivables under channel finance arrangement for providing are invested in certain financial assets (including mutual funds) which provide flexibility to liquidate at
credit to its dealers. Evaluation is made as per the terms of the contract i.e. if the Company does not short notice and are included in current investments and cash equivalents. Besides, it generally has certain
retain any risk and rewards or control over the financial assets, then the entity derecognises such assets undrawn credit facilities which can be accessed as and when required, which are reviewed periodically.
upon transfer of financial assets under such arrangement with the banks. Derecognition does not result
in significant gain / loss to the Company in the Statement of profit and loss. The Company’s channel financing program ensures timely availability of finance for channel partners
with extended and convenient re-payment terms, thereby freeing up cash flow for business growth while
In certain cases, the Company has sold with recourse trade receivables to banks for cash proceeds. These strengthening company’s distribution network. Further, invoice discounting get early payments against
trade receivables have not been derecognised from the statement of financial position, because the outstanding invoices. Sales Invoice discounting is intended to save the Company’s business from the cash
Company retains substantially all of the risks and rewards – primarily credit risk. The amount received flow pressure.
on transfer has been recognised as a financial liability. The arrangement with the bank is such that the
customers remit cash directly to the bank and the bank releases the limit of facility used by the Company. The Company has developed appropriate internal control systems and contingency plans for managing
The receivables are considered to be held within a held-to-collect business model consistent with the liquidity risk. This incorporates an assessment of expected cash flows and availability of alternative sources
Company’s continuing recognition of the receivables. for additional funding, if required.

The carrying amount of trade receivables at the reporting date that have been transferred but have not Corporate guarantees given on behalf of group companies might affect the liquidity of the Company if
been derecognised and the associated liabilities is H508.05 million (31 March 2023: H821.25 million). they are payable. However, the Company has adequate liquidity to cover the risk (Refer note 35(A)).

Trade receivables (net of expected credit loss allowance) of H24,184.44 million as at 31 March 2024 (31 March Maturity analysis
2023: H12,735.57 million) forms a significant part of the financial assets carried at amortised cost which is The table below summarises the maturity profile of the Company’s financial assets and financial liabilities
valued considering provision for allowance using expected credit loss method. In addition to the historical based on contractual undiscounted payments.
pattern of credit loss, we have considered the likelihood of delayed payments, increased credit risk and (H million)
consequential default considering emerging situations while arriving at the carrying value of these assets. 31 March 2024 31 March 2023
This assessment is not based on any mathematical model but an assessment considering the nature of > equal to > equal to
< 1 year Total < 1 year Total
verticals, impact immediately seen in the demand outlook of these verticals and the financial strength of 1 year 1 year
the customers. The Company has specifically evaluated the potential impact with respect to customers Financial assets:
for all of its segments. Investments 18,036.45 - 18,036.45 13,504.95 - 13,504.95
The Company closely monitors its customers who are going through financial stress and assesses actions Trade receivables 22,993.74 1,190.70 24,184.44 12,209.20 526.37 12,735.57
such as change in payment terms, discounting of receivables with institutions on no-recourse basis, Cash & cash equivalents 2,551.44 - 2,551.44 1,219.98 - 1,219.98
recognition of revenue on collection basis etc., depending on severity of each case. The collections pattern Bank balance other than 528.07 - 528.07 5,239.00 - 5,239.00
from the customers in the current period does not indicate stress beyond what has been factored while cash & cash equivalents
computing the allowance for expected credit losses. Loans 1,061.26 - 1,061.26 108.47 - 108.47
Other financial assets 314.19 248.99 563.18 293.41 53.21 346.62
The expected credit loss allowance for trade receivables of H1,350.27 million as at 31 March 2024 (31 March 45,485.15 1,439.69 46,924.84 32,575.01 579.58 33,154.59
2023 `1,159.49 million) is considered adequate.
Financial liabilities:
The same assessment is done in respect of contract assets of H380.82 million as at 31 March 2024 (31 Lease liabilities 172.35 524.17 696.52 160.28 253.72 414.00
March 2023 H141.19 million) while arriving at the level of provision that is required. The expected credit Other financial liabilities 2,397.86 147.24 2,545.10 1,651.53 - 1,651.53
loss allowance for contract assets of H15.23 million as at 31 March 2024 (31 March 2023 H5.65 million) is Acceptances 18,619.66 - 18,619.66 12,257.56 - 12,257.56
considered adequate. Trade payables 9,471.69 - 9,471.69 7,700.14 - 7,700.14
30,661.56 671.41 31,332.97 21,769.51 253.72 22,023.23
488 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 489

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

40. Hedging activity and derivatives As at 31 March 2024

The company uses the following hedging types: (H million)
Carrying amount Effective Ineffective
(i) Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability
Commodity price risk Asset- Liabilities- Equity- Maturity Hedge Balance sheet portion of portion of
or an unrecognised firm commitment. increase/ increase/ increase/ date Ratio classification Hedge - Hedge -
(decrease) (decrease) (decrease) gain/( loss) gain/(loss)
(ii) Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a
Fair Value Hedge
particular risk associated with a recognised asset or liability or a highly probable forecast transaction or
Hedged Inventory of Copper and 380.34 - - Range 1:1 Inventory (380.34) (176.85)
the foreign currency risk in an unrecognised firm commitment. item aluminium within
Highly probable future - - - 1 to 6 1:1 Cash flow hedge
(A) Fair value hedge of copper and aluminium price risk in inventory purchases months Reserve
(i) The Company enters into contracts to purchase copper and aluminium wherein the Company has the Hedging Embedded derivative - (1.99) - 1:1 Current financial
instrument in trade payables of assets
option to fix the purchase price based on LME price of copper and aluminium during a stipulated time Copper and aluminium
period. Accordingly, these contracts are considered to have an embedded derivative that is required to Buy future contracts - - - 1:1 Current financial
be separated. Such feature is kept to hedge against exposure in the value of unpriced inventory of copper liabilities
and aluminium due to volatility in copper and aluminium prices. The Company designates the embedded Sell future contracts - 568.19 - 1:1 Current financial
derivative in the payable for such purchases as the hedging instrument in fair value hedging of inventory. liabilities
The Company designates only the spot-to-spot movement of the copper and aluminium inventory as the
The following table presents details of amounts held in effective portion of Cash Flow Hedge and the period
hedged risk. The carrying value of inventory is accordingly adjusted for the effective portion of change in
during which these are going to be released and affecting Statement of profit and Loss:
fair value of hedging instrument. Hedge accounting is discontinued when the hedging instrument is settled,
or when it is no longer qualifies for hedge accounting or when the hedged item is sold. (H million)
As at 31 March 2024 Cash Flow hedge release to P&L
(ii) To use the Sell future contracts linked with LME to hedge the fair value risk associated with inventory of
Less than 3 Months to 6 Months to
copper and aluminium. Once the purchases are concluded and its final price is determined, the Company Total
3 Months 6 Months 12 Months
starts getting exposed to price risk of these inventory till the time it is not been sold. The Company’s policy Commodity Price risk
is to designate the copper and aluminium inventory which are already priced and which is not been sold at
Sell Future Contracts – Copper (310.36) (42.94) - (353.30)
that point in time in a hedging relationship against Sell LME future positions based on the risk management
Sell Future Contracts – Aluminium (12.79) (14.25) - (27.04)
strategy of the Company. The hedged risk is movement in spot rates.
To test the hedge effectiveness between embedded derivatives/derivatives and LME prices of Copper As at 31 March 2023
and Aluminium, the Company uses the said prices during a stipulated time period and compares the fair (H million)
value of embedded derivatives/derivatives against the changes in fair value of LME price of copper and Carrying amount Effective Ineffective
aluminium attributable to the hedged risk.
Commodity price risk Asset- Liabilities- Equity- Maturity Hedge Balance sheet portion of portion of
increase/ increase/ increase/ date Ratio classification Hedge - Hedge -
The Company establishes a hedge ratio of 1:1 for the hedging relationships as the underlying embedded gain/( loss) gain/(loss)
(decrease) (decrease) (decrease)
derivative/derivative is identical to the LME price of Copper and Aluminium.
Fair Value Hedge
Disclosure of effects of fair value hedge accounting on financial position: Hedged Inventory of Copper and 76.85 - - Range 1:1 Inventory (76.85) 25.92
item aluminium within
Hedged item: Highly probable future - - - 1 to 6 1:1 Cash flow hedge
purchases months Reserve
Changes in fair value of unpriced inventory attributable to change in copper and aluminium prices.
Hedging Embedded derivative - 26.18 - 1:1 Current financial
Hedging instrument: instrument in trade payables of liabilities
Copper and aluminium
Changes in fair value of the embedded derivative of copper and aluminium trade payables and sell future
Buy future contracts - - - 1:1 Current financial
contracts, as described above. liabilities
Sell future contracts - 76.17 - 1:1 Current financial
(B) Cash flow hedge associated with highly probable forecasted purchases of copper and liabilities
aluminium:
The following table presents details of amounts held in effective portion of Cash Flow Hedge and the period
The Company has purchases of copper and aluminium which results in exposure to price risk due to ongoing
during which these are going to be released and affecting Statement of Profit and Loss:
movement in rates quoted on LME which affects the profitability and financial position of the Company. The
risk management strategy is to use the Buy future contracts linked to LME to hedge the variation in cash flows (H million)
of highly probable future purchases. The Company’s policy is to designate the monthly copper and aluminium As at 31 March 2023 Cash Flow hedge release to P&L
purchases as a highly probable forecasted transaction in a hedging relationship based on the risk management Less than 3 Months to 6 Months to
strategy of the Company. Total
3 Months 6 Months 12 Months
Commodity Price risk
Sell Future Contracts – Copper (59.71) - - (59.71)
Sell Future Contracts – Aluminium 0.01 - - 0.01
490 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 491

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024
The Board of Directors has constituted a Risk Management Committee (RMC) to frame, implement and monitor 43. Capital management
the risk management plan of the Company which inter-alia covers risks arising out of exposure to foreign
For the purpose of the Company’s capital management, capital includes issued equity capital, securities premium
currency fluctuations. Under the guidance and framework provided by the RMC, the Company uses various
and all other equity reserves attributable to the equity shareholders. The primary objective is to maximise the
derivative instruments such as foreign exchange forward in which the counter party is generally a bank. For
shareholders value, safeguard business continuity and support the growth of the Company. The Company
the purpose of the Company’s capital management, capital includes issued equity capital, securities premium
determines the capital requirement based on annual operating plans and long-term and other strategic
and all other equity reserves attributable to the equity shareholders. The primary objective is to maximise the
investment plans. The funding requirements are met through equity and operating cash flows generated.
shareholders value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions
The Company has entered into derivative instruments by way of foreign exchange forward contracts, which
and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may
are, as per the requirements of Ind AS 109, measured at fair value through profit and loss account. The notional
adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.
amount of outstanding contracts and loss/(gain) on fair valuation of such contracts are given below:
(H million) The capital structure is governed by policies approved by the Board of Directors and monitors capital using a
31 March 2024 31 March 2023 gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt,
Foreign exchange forward contracts- Buy 5,303.28 4,498.70 interest bearing loans and borrowings, lease liabilities and other payables, less cash and cash equivalents and
current investments.
Foreign exchange forward contracts- Sale (4,684.74) (1,576.27)
618.54 2,922.43 (H million)
31 March 2024 31 March 2023
Fair valuation loss/ (gain) on foreign exchange forward contracts (12.59) 11.25
Other payables (Refer note 21) 2,545.10 1,651.53
Lease liabilities (Refer note 18) 512.44 358.45
41. Financial performance ratios: Less: Cash and cash equivalents (Refer note 9) (2,551.44) (1,219.98)
A Performance Ratios Less: Current investments (Refer note 7B) (18,036.45) (13,504.95)
31 March 31 March Net debt (17,530.35) (12,714.95)
Numerator Denominator Variance
2024 2023 Equity (Refer note 16 and 17) 81,444.12 66,054.34
A Performance Ratios Total capital 81,444.12 66,054.34
Net Profit ratio Profit after tax Revenue from operations 9.80% 9.12% 0.7% Capital and net debt 63,913.77 53,339.39
Net Capital turnover ratio Revenue from operations Working capital 3.55 3.28 8.3% Gearing ratio (27.43%) (23.84%)

Return on Capital employed Profit before interest Capital employed 29.52% 25.92% 3.6% No changes were made in the objectives, policies or processes for managing capital during the year ended 31
and tax March 2024 and year ended 31 March 2023.
Return on Equity Ratio Profit after tax Average shareholder’s equity 24.00% 20.97% 3.0%
Return on investment (i) Closing less opening Opening market price 75.87% 21.81% 54.1% 44. Environmental, Social and Governance (ESG)
market price
As a socially and environmentally responsible business, committed to the highest standards of corporate
Debt Service Coverage ratio (ii) Earnings available Debt Service 18.17 25.54 (28.8%)
for debt services governance, the Company is focused on growing sustainably to build long-term stakeholder value by embracing
sustainable development. The Company aims to deliver value to its employees, customers, suppliers, partners,
B Leverage Ratios
shareholders and society as a whole. In this regard, the Company has developed a robust ESG framework
Debt-Equity Ratio Total Debt Shareholder’s equity - - 0.0% that will align it to the best global standards and serve as a guide for the implementation of sustainable
C Liquidity Ratios business practices.
Current Ratio Current Assets Current Liabilities 2.48 2.70 (8.1%)
D Activity Ratio 45. Scheme of Amalgamation
Inventory turnover ratio Cost of goods sold Average inventory 4.38 4.15 5.5% The Board of Directors of the Company, at its meeting held on 18 October 2022, had considered and approved
Trade Receivables turnover ratio Revenue from operations Average trade receivables 9.78 11.07 (11.7%) a Scheme of Amalgamation between the Company and Silvan Innovation Labs Private Limited, a wholly owned
Trade Payables turnover ratio Net credit purchases Average trade payable* 5.50 6.88 (20.0%) subsidiary of the Company on a going concern basis. The appointed date of the Scheme is 01 April 2022. The
Hon’ble National Company Law Tribunal (NCLT), Ahmedabad Bench, vide its order dated 08 August 2023 has
Note: Explanation for change in ratio by more than 25% approved the Scheme of Amalgamation with the appointed date of the Amalgamation being 01 April 2022.
(i) Return on investment movement is in line with market price of share. The details of the transferor company are as below:
(ii) Acceptances and lease liabilities have increased and corresponding interest cost has risen as compared to Name of the transferor company Silvan Innovation Labs Private Limited
FY 2022-23. Hence, decrease in debt coverage ratio. General nature of the business IOT and Home automation
* Average trade payable is the average of opening and closing balance of acceptances and trade payable balances. Appointed date of the Scheme 01 April 2022
Description and number of shares issued Nil
% of Company's equity shares exchanged Nil
42. Struck off Company:
The Company did not have any material transactions with companies struck off under Section 248 of the The amalgamation have been accounted in the books of account of the Company in accordance with Ind AS 103
Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year. ‘Business Combination’ read with Appendix C to Ind AS 103 specified under Section 133 of the Act, read with
the Companies (Accounting Standards) Amendment Rules, 2016.
492 Polycab India Limited / Integrated Annual Report 2023-24  Financial Statements 493

Notes to Standalone Financial Statements Notes to Standalone Financial Statements

for the year ended 31 March 2024 for the year ended 31 March 2024

Accounting treatment: (H million)

Year ended Year ended
(i) The assets, liabilities and reserves including but not limited to goodwill of Silvan Innovation Labs Private
Particulars 31 March 2023 31 March 2023 Impact in %
Limited have been incorporated in the financial statements at the carrying values as appearing in the (Reported) (Restated)
consolidated financial statement of the Company. The only adjustments are made to harmonise the Total Revenue 140,476.53 140,493.08 0.01%
accounting policies.
Total Expenses 123,589.60 123,642.73 0.04%
(ii) Inter-Company balances and transactions have been eliminated. Profit before tax 16,886.93 16,850.35 (0.22%)
(iii) 321,081 compulsory convertible preference shares and 780,700 compulsorily convertible debentures fully Basic Earnings Per Share 84.98 84.81 (0.20%)
paid in Silvan Innovation Labs Private Limited held as investment by the Company stands cancelled. Diluted Earnings Per Share 84.72 84.54 (0.20%)

(iv) The financial information in the standalone financial statements in respect of prior period have been
46. The Income-Tax authorities (‘the department’) had conducted search activity during the month of December
restated as if business combination had occurred from the beginning of the preceding period in the
2023 at some of the premises, plants and residences of few of the employees of the Company. The Company
standalone financial statements as the appointed date of merger is 01 April 2022.
extended full cooperation to the Income-tax officials during the search and provided required details,
(v) Goodwill amounting to H46.22 million recognised on acquisition of Silvan Innovation Labs Private clarifications, and documents. As on the date of issuance of these standalone financial statements, the
Limited and appearing in the consolidated financial statements has now been recognised on merger. Company has not received any written communication from the department regarding the outcome of the
search, therefore, the consequent impact on the standalone financial statements, if any, is not ascertainable.
The Management, after considering all available records and facts known to it, is of the view that there is no
Pursuant to the Scheme of merger, the authorised equity share capital of the Company has been increased by
material adverse impact on the financial position of the Company and no material adjustments are required
the authorised equity share capital of the erstwhile Silvan Innovation Labs Private Limited.
to these standalone financial statements for the quarter and year ended 31 March 2024 in this regard.
The value of assets and liabilities taken over from the transferor company as on the appointed date 01 April
2022 are as below: 47. Events after the reporting period
(H million) No significant adjusting event occurred between the balance sheet date and date of the approval of these
As at standalone financial statements by the Board of Directors of the Company requiring adjustment or disclosure.
Particulars
01 April 2022
Total Non-Current assets (including goodwill amounting to H46.22 million) 80.17
48. Others
Total Current assets 14.53
Figures representing H0.00 million are below H5,000.
Total Assets (A) 94.70
Total reserves 14.42
As per our report of even date For and on behalf of the Board of Directors of
Total Non-Current Liabilities 17.12 For B S R & Co. LLP Polycab India Limited
Chartered Accountants CIN: L31300GJ1996PLC114183
Total Current Liabilities 63.16
ICAI Firm Registration No. 101248W/W-100022
Total Liabilities (B) 94.70 Bhavesh Dhupelia Inder T. Jaisinghani Nikhil R. Jaisinghani Bharat A. Jaisinghani
Total identified assets acquired (C)= (A)-(B) - Partner Chairman & Managing Director Whole-time Director Whole-time Director
Membership No. 042070 DIN: 00309108 DIN: 00742771 DIN: 00742995
Cost of investment in merged company (D) -
Net impact transferred to capital reserve (C)-(D) - Gandharv Tongia Manita Gonsalves
Place: Mumbai Executive Director & CFO Place: Mumbai Company Secretary
Date: 10 May 2024 DIN: 09038711 Date: 10 May 2024 Membership No. A18321
Below is the summary of previously reported and restated financial numbers:

(H million)
Quarter ended Quarter ended
Particulars 31 March 2023 31 March 2023 Impact in %
(Reported) (Restated)
Total Revenue 43,414.20 43,411.87 (0.01%)
Total Expenses 37,654.03 37,661.49 0.02%
Profit before tax 5,760.17 5,750.38 (0.17%)
Basic Earnings Per Share 28.91 28.87 (0.15%)
Diluted Earnings Per Share 28.83 28.78 (0.18%)
494 Polycab India Limited / Integrated Annual Report 2023-24 Notice 495

Notice
28th Annual General Meeting

Notice is hereby given that the 28th Annual General profits of the Company to those members whose RESOLVED FURTHER THAT in addition to the T. Jaisinghani, in such manner as may be agreed
Meeting of the members of Polycab India Limited will names appear in the Register of Members as at the fees, any other fees for certification and other to between the Board of Directors and Mr. Inder T.
be held on Tuesday, 16 July 2024 at 09:00 A.M. through close of business hours on Tuesday, 09 July 2024.” permissible services under Section 144 of the Act Jaisinghani within and in accordance with the limits
Video Conferencing (‘VC’)/Other Audio-Visual Means may be paid to the Statutory Auditors at such rate prescribed in Schedule V to the Act including any
(‘OAVM’) to transact the following businesses: 4. 
Appointment of Mr. Nikhil R. Jaisinghani as may be agreed between the Statutory Auditors modifications thereof.
(DIN: 00742771) as Director liable to retire by and Management of the Company. RESOLVED FURTHER THAT the Board of Directors
rotation
ORDINARY BUSINESS: be and is hereby authorised to do all such acts,
To appoint a director in place of Mr. Nikhil R. SPECIAL BUSINESS: deeds and things and execute all such documents,
1. 
Adoption of Audited Standalone Financial Jaisinghani (DIN:00742771), Executive Director of instruments and writings as may be required and to
6. Re-appointment of Mr. Inder T. Jaisinghani
Statements the Company, who retires by rotation and being delegate all or any of its powers herein conferred to
(DIN:00309108) as Managing Director of

To receive, consider and adopt the Audited eligible, offers himself for re-appointment, and in any Committee of Directors.”
the Company
Standalone Financial Statements for the financial this regard, to consider and if thought fit, to pass
the following resolution as an Ordinary Resolution: To consider and if thought fit, to pass the following
year ended 31 March 2024, together with the reports 7. Payment of Commission to the Independent
resolution as Special Resolution:
of the Board of Directors and Auditors thereon and “RESOLVED THAT pursuant to the provisions of Directors of the Company
if thought fit, to pass, the following resolution as an Section 152 and other applicable provisions, if any, “RESOLVED THAT pursuant to the provisions of To consider and if thought fit, to pass the following
Ordinary Resolution: of the Companies Act, 2013, and the rules made Sections 196, 196(3), 197, 203 read with Schedule resolution as Special Resolution:
thereunder (including any statutory modification(s) V and other applicable provisions, if any, of the
“RESOLVED THAT the Audited Standalone “RESOLVED THAT pursuant to Section(s) 149, 197,
or re-enactment thereof for the time being in force), Companies Act, 2013 (‘the Act’) and the Companies
Financial Statements of the Company for the 198 and other applicable provision(s), if any, of the
Mr. Nikhil R. Jaisinghani (DIN: 00742771), Executive (Appointment and Remuneration of Managerial
financial year ended 31 March 2024, along with Companies Act, 2013 (‘the Act’) and rules made
Director of the Company, who retires by rotation Personnel) Rules, 2014 (including any statutory
the reports of the Board of Directors and Auditors thereunder read with Schedule V to the Act and
at this meeting and being eligible offers himself modification(s) or amendment(s) or re-enactment
thereon, as circulated to the members be and are Regulation 17(6)(a) of SEBI (Listing Obligations
for re-appointment, be and is hereby re-appointed thereof for time being in force) and SEBI (Listing
hereby received, considered and adopted.” and Disclosure Requirements) Regulations,
as Director of the Company who shall be liable to Obligations & Disclosure Requirements) Regulations,
2015 (including any amendment(s), statutory 2015, including any statutory modification(s) or
2. Adoption of Audited Consolidated Financial retire by rotation in accordance with Companies
modification(s) or re-enactment(s) thereof for the amendment(s) or re-enactment(s) thereof for the
Statements Act, 2013.”
time being in force) and upon recommendations of time being in force, the consent of the members
To receive, consider and adopt the Audited the Nomination & Remuneration Committee and of the Company be and is hereby accorded for
5. Re-appointment of B S R & Co. LLP Chartered
Consolidated Financial Statements for the financial the Board of Directors (hereinafter referred to as the payment of additional commission upto
Accountants (FRN: 101248W/-W-100022) as
year ended 31 March 2024, together with the report the ‘Board’) of the Company and subject to such H 0.50 million to the Non-Executive Chairperson(s)
the Statutory Auditors of the Company
of the Auditors thereon and if thought fit, to pass, other approval(s), permission(s) and sanction(s) as of the Committees of the Board of Directors from
the following resolution as an Ordinary Resolution: To consider and if thought fit, to pass the following Financial Year 2023-24 onwards, over and above the
may be required in this regard, the consent of the
resolution as an Ordinary Resolution: existing Commission, not exceeding H 2.50 million
“RESOLVED THAT the Audited Consolidated members of the Company be and is hereby accorded
“RESOLVED THAT pursuant to Sections 139, 141, for the re-appointment of Mr. Inder T. Jaisinghani (Rupees Two million five hundred thousand only) per
Financial Statements of the Company for the
142 and other applicable provisions, if any, of the (DIN:00309108) as Managing Director who has annum, payable individually to each Independent
financial year ended 31 March 2024, along with the
Companies Act, 2013 read with the Companies attained the age of 71 years for a further period of Director of the Company out of the net profits of
reports of Auditors thereon, as circulated to the
(Audit and Auditors) Rules, 2014 [including any 5 years with effect from 28 August 2024 and whose the Company calculated in accordance with the
members be and are hereby received, considered
statutory modification(s) or amendment(s) or period of office shall not be liable to determination provisions of Section 198 of the Act.”
and adopted.”
re-enactment(s) thereof for the time being in force] by retirement of directors by rotation on the terms
and pursuant to the recommendation of the Audit and conditions and at such remuneration as detailed 8. 
Ratification of remuneration payable to
3. Declaration of Dividend
Committee, B S R & Co. LLP, Chartered Accountants, in the explanatory statement annexed hereto. R. Nanabhoy & Co. Cost Accountants, as
To declare a Dividend of H 30/- per equity share of Cost Auditors for the Financial Year ending
having Firm Registration No. 101248W/W-100022
face value of H 10/- each for the financial year ended RESOLVED FURTHER THAT where in any financial 31 March 2025
be and are hereby re-appointed as the Statutory
31 March 2024 and in this regard, to consider and if year during the tenure of Mr. Inder T. Jaisinghani
Auditors of the Company to hold the office for the To consider and if thought fit, to pass, the following
thought fit, to pass the following resolution as an as Managing Director, the Company has no profits
second term of five consecutive years, commencing resolution as an Ordinary Resolution:
Ordinary Resolution: or its profit are inadequate, the remuneration as
from the conclusion of this 28th Annual General
may be approved by the Board of Directors of “RESOLVED THAT pursuant to the provisions
“RESOLVED THAT a Dividend of H 30/- (Rupees Meeting till the conclusion of 33rd Annual General
the Company from time to time shall be paid as of Section 148 and other applicable provisions,
Thirty only) per equity share on fully paid-up Meeting (to be held in the calendar year 2029) at
minimum remuneration. if any, of the Companies Act, 2013, read with
equity shares of face value of H 10/- (Rupees such remuneration (excluding out of pocket expenses
the Companies (Audit and Auditors) Rules,
Ten only) each, as recommended by the Board and reimbursement of expenses, if any) as may be RESOLVED FURTHER THAT the Board of Directors
2014, (including any statutory modification(s)
of Directors of the Company, be and is hereby decided by the Board of Directors in consultation be and is hereby authorised to vary and /or modify
or amendment(s) or re-enactment(s) thereof,
declared for payment for the financial year ended with the Statutory Auditors of the Company.” the terms and conditions of re-appointment and
for the time being in force), the members of the
31 March 2024, and the same be paid out of the remuneration and perquisites payable to Mr. Inder
496 Polycab India Limited / Integrated Annual Report 2023-24 Notice 497

Notice

Company hereby ratify the remuneration of the threat posed by Covid -19”, General Circular 9. Dividend: The Dividend, as recommended by the NIL/lower tax will be deducted on dividend payable
H 12,00,000/- (Rupees Twelve Lakhs only) plus Nos. 20/2020 dated 05 May 2020, 10/2022 dated Board of Directors, if approved at the Annual General to the following categories of resident members, on
applicable taxes and out of pocket expenses at 28 December 2020 and subsequent circulars issued Meeting, would be paid subject to deduction of tax submission of self-declaration:
actuals, if any, payable to R. Nanabhoy & Co., Cost in this regard, the latest being general Circular no. at source, as may be applicable, on or after Tuesday, • Insurance companies: Documentary evidence
Accountants (Firm Registration No.:000010) who 09/ 2023 dated 25 September 2023 in relation to 16 July 2024, to those persons or their mandates: to prove that the Insurance company qualify
have been appointed by the Board of Directors on “Clarification on holding of Annual General Meeting
(a) whose names appear as Beneficial Owners as as Insurer in terms of the provisions of Section
the recommendation of the Audit Committee, as (AGM) through Video Conferencing (VC) or Other
at the end of the business hours on Tuesday, 2(7A) of the Insurance Act, 1938 along with self-
‘Cost Auditors’ of the Company to conduct the Audit Audio Visual Means (OAVM)”, (collectively referred
09 July 2024 (Record date) in the list of attested copy of PAN Card.
of the Cost Records maintained by the Company as to as “MCA Circulars”) permitted the holding of
prescribed under the Companies (Cost Record and the Annual General Meeting (“AGM”) through Beneficial Owners to be furnished by National • Mutual Funds: Documentary evidence to prove
Audit) Rules, 2014, as amended, for the Financial VC/OAVM, without the physical presence of the Securities Depository Limited and Central that the mutual fund is a mutual fund specified
Year ending 31 March 2025.” members at a common venue. In compliance with Depository Services (India) Limited in respect under clause (23D) of Section 10 of the Act
the MCA Circulars, the AGM of the Company is of the shares held in electronic form; and and is eligible for exemption, along with self-
By Order of the Board of Directors
being held through VC /OAVM. The registered office (b) In physical mode, if their name appears in the attested copy of the registration documents and
of Polycab India Limited
of the Company shall be deemed to be the venue for Company’s Register of Members as on Tuesday, PAN Card.
Manita Carmen A. Gonsalves the AGM. 09 July 2024. • Alternative Investment Fund (AIF) established
Company Secretary & Vice President – Legal
5. Pursuant to the provisions of the Act, a member TDS on Dividend: In accordance with the provisions in India: Documentary evidence to prove that
M. No.: A18321
entitled to attend and cast vote at the AGM is of the Income Tax Act, 1961 (‘the Act’), dividend paid AIF is a fund eligible for exemption u/s 10(23FBA)
Place: Mumbai entitled to appoint a proxy to attend and vote on his/ on or after 01 April 2020, is taxable in the hands of of the Act and that they are established as
Date: 10 May 2024 her behalf and the proxy need not be a member of members and the Company is required to deduct Category I or Category II AIF under the Securities
the Company. Since this AGM is being held pursuant tax at source (‘TDS’) from dividend paid to the and Exchange Board of India (Alternative
Corporate Office: #29, The Ruby, 21st Floor,
to the MCA Circulars through VC/OAVM, physical members at the applicable rates. Investment Fund) Regulations, 2012, made
Senapati Bapat Marg, Tulsi Pipe Road,
attendance of members has been dispensed with. under the Securities and Exchange Board of
Dadar (West), Mumbai, Maharashtra – 400028 TDS rates that are applicable to members depend India Act, 1992 (15 of 1992). Copy of self-attested
Phone No.: +91 22 6735 1400 6. Accordingly, the facility for appointment of proxies upon their residential status and classification registration documents and PAN card should also
Website: www.polycab.com by the members will not be available for the AGM as per the provisions of the Act. The Company be provided.
and hence the Proxy Form, Attendance Slip and will therefore deduct tax at source at the time of
NOTES: route map of AGM are not annexed to this Notice. payment of dividend, at rates based on the category • National Pension System Trust & other
of Members and subject to fulfilment of conditions Members: Declaration along with self-attested
1. An Explanatory Statement pursuant to Section 7. Institutional/Corporate members are required to
as provided herein below: copy of documentary evidence supporting the
102(1) of the Companies Act, 2013 relating to the send a scanned copy (pdf/jpg format) of its Board or
exemption and self-attested copy of PAN Card.
Ordinary and Special Business under Item No. 1 to governing body resolution/Authorisation letter etc. For Resident Members:
8 be transacted at the Annual General Meeting authorising its representative to attend the AGM • Members who have provided a valid certificate
(‘AGM’) is annexed hereto. through VC/OAVM on its behalf and to vote through Tax will be deducted at source under Section 194 of issued u/s 197 of the Act for lower/nil rate of
remote e-voting. The said resolution/authorisation the Act @ 10% on the amount of dividend payable, deduction or an exemption certificate issued by
2. Details as required in Regulation 36(3) of the SEBI unless exempt under any of the provisions of the
shall be sent to the scrutiniser by e-mail through its the income tax authorities.
(Listing Obligations and Disclosure Requirement) Act. However, in case of Individuals, TDS would
registered e-mail address kr@bnpassociates.in.
Regulations, 2015 (‘Listing Regulations’) in not apply if the aggregate of total dividend paid Please also note that where tax is deductible
respect of the Director seeking appointment and 8. The Notice of AGM and Annual Report are being sent to them by the Company during the financial year under the provisions of the Act and the PAN of the
re-appointment(s) at the AGM is attached as in electronic mode to members whose e-mail address does not exceed H 5,000. shareholder is either not available or PAN available
Annexure I forming part of this Notice. is registered with the depository participant(s). The in records of the Company is invalid / inoperative,
Notice can also be accessed from the websites of No TDS will be deducted in cases where a tax shall be deducted @ 20% as per section 206AA
BOOK CLOSURE: Pursuant to Section 91 of the
3.  shareholder provides Form 15G (applicable to
the Stock Exchanges i.e. BSE Ltd and National Stock of the Act.
Companies Act, 2013 and Rule 10 of the Companies individual)/Form 15H (applicable to an individual
Exchange of India Limited at www.bseindia.com
(Management and Administration) Rules, 2014 read above the age of 60 years), provided that For non-resident members (including Foreign
and www.nseindia.com respectively and the AGM
with Regulation 42 of the Listing Regulations, the the eligibility conditions as prescribed under Institutional Investors and Foreign Portfolio
Notice is also available on the website of NSDL i.e.
Register of Members and Transfer Books of the the Act are met (click here to download the Investors):
www.evoting.nsdl.com. Members who have not
Company will be closed from Wednesday, 10 July Form 15G and 15 H). Please note that all fields
registered their e-mail address are requested to • Tax is required to be withheld in accordance with
2024, to Tuesday, 16 July 2024, (both days inclusive) mentioned in the forms are mandatory and the
register the same with their respective depository the provisions of Sections 195 and 196D of the
for the purpose of Dividend and AGM. Company will not be able to accept the forms
participant(s). In case of any assistance, the Act @ 20% (plus applicable surcharge and cess)
4. The Ministry of Corporate Affairs (“MCA”) has vide members are requested to write an email to Kfin at submitted, if not filled correctly. on the amount of dividend payable.
its General Circular Nos. 14/2020 dated 08 April einward.ris@kfintech.com. However, the members
2020 and 17/2020 dated 13 April 2020, in relation of the Company may request physical copy of the
to “Clarification on passing of ordinary and special Notice and Annual Report from the Company by
resolutions by companies under the Companies Act, sending a request at shares@polycab.com, in case
2013 and the rules made thereunder on account of they wish to obtain the same.
498 Polycab India Limited / Integrated Annual Report 2023-24 Notice 499

Notice

• As per section 90 of the Act, a non-resident • Where a member furnishes lower/nil withholding The above declaration must be provided on or 08 July 2024. The dividend will be paid after
member has an option to be governed by the tax certificate under Section 197 of the Act, TDS before 5.00 p.m. on Monday, 08 July 2024. Please deduction of tax at source as determined based
provisions of the Double Taxation Avoidance will be deducted as per the rates prescribed in note that no application under Rule 37BA would be on the aforementioned documents provided by
Agreement (‘DTAA’) between India and the such certificate. considered in the absence of the aforesaid details the respective members as applicable to them and
country of tax residence of the shareholder, if and necessary declarations prescribed under the being found satisfactory.
Application of beneficial DTAA rate shall depend
such DTAA provisions are more beneficial to Companies Act, 2013 is lodged with the Company.
upon the completeness and satisfactory review Members may note that in case the tax on
such shareholder. To avail the DTAA benefits, the No communication on the tax determination/
by the Company, of the documents submitted by said dividend is deducted at a higher rate in
non-resident shareholder will have to provide the deduction shall be entertained after the above
the Non-resident shareholder and meeting the absence of receipt of the aforementioned details/
following documents: - time limit.
requirements of the Act, read with the applicable documents from you or due to defect in any of
• Self-attested copy of PAN, if any, allotted by the DTAA. In absence of the same, the Company will To summarise, dividend will be paid after deducting the aforementioned details/documents, option is
Indian tax authorities. In case of non-availability not be able to apply the beneficial DTAA rates at tax at source as under: available to you to file the return of income as per
of PAN, declaration is to be submitted. the time of deducting tax on dividend. Act and claim an appropriate refund of the excess
i. Nil for resident individual members receiving
tax deducted, if eligible. No claim shall lie against
• Self-attested copy of valid Tax Residency dividend from the Company upto H 5,000
Section 206AB of the Act: the Company for such taxes deducted.
Certificate (‘TRC’) issued by the tax authorities of during financial year.
the country of which shareholder is tax resident, Rate of TDS @ 10% u/s 194 of the Act is subject to Kindly note that the aforementioned documents
provisions of Section 206AB of the Act (effective Nil for resident individual members in cases
ii. 
evidencing and certifying shareholder’s tax should be uploaded with Kfin at https://ris.
from July 01 2021) which introduces special provisions where duly filled up and signed Form 15G/Form
residency status. kfintech.com/form15/ on or before Monday,
for TDS in respect of taxpayers who have not filed 15H (as applicable) along with self-attested
08 July 2024 or emailed to einward.ris@kfintech.
• Filing of Form 10F on Income Tax Portal i.e. their income-tax returns (referred to as “Specified copy of the PAN card is submitted.
com. No communication on the tax determination/
Self-declaration certifying the following points: - Persons”). Under section 206AB of the Act, tax is to 10% for other resident members in case copy of
iii.  deduction shall be entertained thereafter.
− Member is and will continue to remain a tax be deducted at higher of the following rates in case valid PAN is provided/available.
resident of the country of its residence during of payments to the specified persons: UPDATION OF PAN, EMAIL ADDRESS AND
20% for resident members if copy of PAN is not
iv. 
FY 2024-25 (i.e. 01 April 2024 to 31 March 2025); − at twice the rate specified in the relevant provision OTHER DETAILS:
provided/not available or resident shareholder
− Member is the beneficial owner of the shares of the Act; is specified person under section 206AB All the members are requested to update the
and is entitled to the dividend receivable from as per compliance check utility of income residential status, registered email address, mobile
− or at twice the rate or rates in force;
the Company. tax department. number, category and other details with their
− or at the rate of 5%. relevant depositories through their depository
− Member qualifies as ‘person’ as per DTAA and v. TDS rate will be determined based on documents participants, if the shareholding is in demat form
is eligible to claim benefits as per DTAA for “Specified Person” as defined under section 206AB submitted by the non-resident Members. or with the Company, if the shareholding is held in
the purposes of tax withholding on dividend (3) of the Act.
vi. 20% (plus applicable surcharge and cess) for physical form, as may be applicable. The Company is
declared by the Company. The Central Board of Direct Taxes vide Circular No. obligated to deduct TDS based on the records made
non-resident members in case the relevant
− Member has no permanent establishment/ 11 of 2021 dated June 21 2021 has clarified that new documents are not submitted. available by National Securities Depository Limited
business connection/place of effective functionality will be issued for compliance check or Central Depository Services (India) Limited
under Section 206AB of the Act. Accordingly, for vii. Lower/NIL TDS on submission of self-attested (collectively referred to as “the Depositories”) in
management in India. Or Dividend income is
determining TDS rate on Dividend, the Company copy of the valid certificate issued under case of shares held in demat mode and from the
not attributable/effectively connected to any
will be using said functionality to determine the Section 197 of the Act. Company record in case of shares held in physical
Permanent Establishment (PE) or Fixed Base
in India. applicability of Section 206AB of the Act. The above-mentioned rates will be subject to mode and no request will be entertained for revision
applicability of Section 206AB of the Act. In terms of of TDS return.
− Member has no reason to believe that its claim Transferring credit to the beneficial owner Rule 37BA of the Income Tax Rules 1962, if dividend
for the benefits of the DTAA is impaired in any UPDATE OF BANK ACCOUNT DETAILS:
In cases where the member is merely a custodian of income on which tax has been deducted at source
manner.
the shares and, accordingly, not the beneficial owner is assessable in the hands of a person other than In order to facilitate receipt of dividend directly in your
• For cases where PAN is available, need to submit of the dividend payable in respect thereof, then, in the deductee, then such deductee should file bank account, we request you to submit / update
Online Form 10F filed on Income-tax portal. order to effect TDS to the credit of the beneficial declaration with Company in the manner prescribed your bank account details with your Depository
owner of dividend income, the member may provide in the rules. Participant, in case you are holding shares in the
• In case of Foreign Institutional Investors and
a declaration prescribed by Rule 37BA of the electronic form. In case your shareholding is in the
Foreign Portfolio Investors, self-attested copy
Income-tax Rules, 1962. The aforesaid declaration For all Members: physical form, you may submit the name and bank
of the registration certificate issued by the
shall contain- In order to enable the Company to determine the account details of the first shareholder along with
Securities and Exchange Board of India.
appropriate tax rate at which tax has to be deducted a cancelled cheque leaf with your name and bank
i. Name, address, PAN and residential status of
• In case members is tax resident of Singapore at source under the respective provisions of the account details and a duly self-attested copy of your
the person to whom credit is to be given;
and desires to claim treaty benefit, satisfaction Income-tax Act, 1961, we request you to provide PAN card, with Registered Office of the Company.
of requirement of Article 24-Limitation of Benefit ii. Payment in relation to which credit is to be the above-mentioned details and documents as In case the cancelled cheque leaf does not bear your
of India-Singapore Tax Treaty must be provided. given; and applicable to the member on or before Monday, name, please attach a copy of the bank pass-book
statement, duly self-attested.
iii. The reason for giving credit to such person.
500 Polycab India Limited / Integrated Annual Report 2023-24 Notice 501

Notice

Disclaimer: This Communication is not to be treated 18. 

The Scrutiniser shall, immediately after the Clearing Services (ECS) or Real Time Gross 28. As per Regulation 40 of SEBI Listing Regulations,
as advice from the Company or its affiliates or Kfin. conclusion of voting at the AGM, first count the Settlement (RTGS) or National Electronic Funds as amended, securities of listed companies
Members should obtain the tax advice related to votes cast during the AGM, thereafter unblock the Transfer (NEFT), National Automated Clearing can be transferred only in dematerialised form
their tax matters from a tax professional. votes cast through remote e-voting and make, not House (NACH) wherever ECS/RTGS/NEFT/NACH with effect from 01 April 2019, except in case of
later than 48 hours of conclusion of the AGM, a and bank details are available. In the absence of request received for transmission or transposition
10. Pursuant to Section 108 of the Companies Act, consolidated Scrutiniser’s Report of the total votes electronic facility, Companies are required to of securities. In view of this and to eliminate all
2013, Rule 20 of the Companies (Management cast in favour or against, if any, to the Chairman mandatorily print bank details of the investors on risks associated with physical shares and for
and Administration) Rules, 2014, as amended and or a person authorised by him in writing, who shall ‘payable-at-par’ warrants or cheques for distribution ease of portfolio management, members holding
Regulation 44 of Listing Regulations, the Company countersign the same. of Dividends or other cash benefits to the investors. shares in physical form are requested to consider
is pleased to provide the facility to members to In addition to this, if bank details of investors are converting their holdings to dematerialised form.
exercise their right to vote on the resolutions 19. The result declared along with the scrutiniser’s
not available, Companies shall mandatorily print Members can contact the Company at their
proposed to be passed at AGM by electronic means. report shall be placed on the Company’s website
the address of the investor on such payment Corporate office address at #29, The Ruby, 21st
The members, whose names appear in the Register www.polycab.com under the head “Investor
instruments. Therefore, members holding shares in Floor, Senapati Bapat Marg Tulsi Pipe Road, Dadar
of members/list of Beneficial Owners as on Tuesday, Relations – Latest updates” after the result is
physical mode are requested to update their bank (West), Mumbai, Maharashtra – 400028. Phone
09 July 2024 (cut-off date) are entitled to vote on declared by the Chairman or a person authorised
details with the Company or Registrar and Transfer No.: +91 22 6735 1400. Email: shares@polycab.com
the resolutions set forth in this Notice. by him in writing. The same shall be communicated
Agent (RTA) immediately. Members holding shares or the Company’s Registrar and Transfer Agent, KFin
by the Company to the stock exchanges i.e., BSE
11. Any person, who acquires shares of the Company and in demat mode are requested to record the ECS Technologies Ltd, at their Registered office Karvy
Limited, and National Stock Exchange of India
becomes a member of the Company after sending mandate with their DPs concerned. Selenium, Tower B Plot 31-32, Gachibowli Financial
Limited, within 2 working days’ of the conclusion
of the Notice and holding shares as of the cut-off District anakramguda, Hyderabad, Telangana,
of AGM. 24. Members who have not registered their e-mail
date, may obtain the login ID and password by 500032 (RTA), Telephone: +91 40 6716 2222 Email:
addresses, are requested to register their e-mail
sending a request at evoting@nsdl.co.in. However, 20. Since the AGM will be held through VC / OAVM, the einward.ris@kfintech.com or refer FAQs available on
address for receiving all communication including
if he/she is already registered with NSDL for remote Route Map is not annexed in this Notice. RTA’s website for assistance in this regard.
Annual Report, Notices, circulars etc. from the
e-voting then he/she can use his/her existing User ID 21. The Register of Directors and Key Managerial Company electronically. 29. Instructions for e-voting and joining the AGM are
and password for casting the vote. Personnel and their Shareholding maintained as follows:
25. Members desirous of making a nomination in
12. The voting rights of members shall be in proportion under Section 170 of the Companies Act, 2013 and
respect of their shareholding, under Section 72 of How do I vote electronically using NSDL
to their shares in the paid-up equity share capital of the Register of Contracts or arrangements in which
the Companies Act, 2013, are requested to send e-Voting system?
the Company as on the cut-off date. Directors are interested under Section 189 of the
their request to the Secretarial Department by The remote e-voting period will commence at
Companies Act, 2013 will be available for inspection
13. In case of joint holders, the member whose name sending an e-mail to shares@polycab.com. 09.00 a.m. on Saturday, 13 July 2024 and will end
in electronic mode. Members can inspect the same
appears as the first holder in the order of names as by sending an e-mail to shares@polycab.com. 26. Members are requested to note that, Dividends if at 5.00 p.m. on Monday, 15 July 2024. The remote
per the Register of Members of the Company will be not encashed for a consecutive period of 7 years e-voting module shall be disabled by NSDL for voting
entitled to vote at the AGM. 22. The Securities and Exchange Board of India (SEBI) thereafter. The members, whose names appear in
from the date of transfer to Unpaid Dividend
vide its circular dated April 20, 2018, has mandated the Register of Members/Beneficial Owners as on
14. Members attending the AGM through VC/OAVM Account of the Company, are liable to be transferred
registration of Permanent Account Number (PAN) the cut-off date i.e. Tuesday, 09 July 2024, may
shall be counted for the purpose of reckoning the to the Investor Education and Protection Fund
and Bank Account Details for all securities holders. cast their vote electronically. The voting right of
quorum under Section 103 of the Act. (“IEPF”). The shares in respect of such unclaimed
Members holding shares in physical form are Members shall be in proportion to their share in the
Dividends are also liable to be transferred to the
15. Members who are present in the meeting through therefore, requested to submit their PAN and Bank paid-up equity share capital of the Company as on
demat account of the IEPF Authority. In view of this,
VC/OAVM and have not casted their vote on Account details to Kfin by sending a duly signed the cut-off date, being Tuesday, 09 July 2024. The
members are requested to claim their Dividends
resolutions through remote e-voting, shall be letter along with self-attested copy of PAN Card results of the voting shall be announced on or before
from the Company, within the stipulated timeline.
allowed to vote through e-voting system during and original cancelled cheque. The original cancelled Thursday, 18 July 2024 and shall also be displayed
the meeting. cheque should bear the name of the member. In 27. SEBI vide its Circular SEBI/HO/OIAE/OIAE_IAD-1/P/ on the Company’s website www.polycab.com and
the alternative Members are requested to submit a CIR/2023/14 dated 11 August 2023, has introduced on the website of NSDL, besides communicating to
16. The members who have cast their vote by remote copy of bank passbook/statement attested by the Online Dispute Resolution (ODR), which is in the stock exchanges, where the Company’s equity
e-voting prior to the AGM may also attend/ bank. Members holding shares in demat form are addition to the existing SCORES platform which shares are listed.
participate in the AGM through VC/OAVM but shall requested to submit the aforesaid information to can be utilised by the investors and the Company
not be entitled to cast their vote again. their respective Depository Participant. for dispute resolution. Please note that the investors
17. The Company has appointed BNP & Associates, can initiate dispute resolution through the ODR
23. As per Regulation 12 of the Listing Regulations
Company Secretaries, to act as the Scrutiniser, to portal only after exhausting the option to resolve
read with Schedule I to the said Regulations, it is
scrutinise the entire e-voting process in a fair and dispute with the Company and on the SCORES
mandatory for all the Companies to use bank details
transparent manner. The Members desiring to vote platform. The ODR portal can be accessed at
furnished by the investors for distributing dividends,
through remote e-voting are requested to refer to https://smartodr.in/login.
interests, redemption or repayment amounts to
the detailed procedure given hereinafter. them through National/Regional/Local Electronic
502 Polycab India Limited / Integrated Annual Report 2023-24 Notice 503

Notice

How do I vote electronically using NSDL e-Voting system? Helpdesk for Individual Members holding securities in demat mode for any technical issues related to
The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below: login through Depository i.e. NSDL and CDSL.
Login type Helpdesk details
Step 1: Access to NSDL e-Voting system Individual Members holding securities in Members facing any technical issue in login can contact NSDL helpdesk by sending a
demat mode with NSDL request at evoting@nsdl.com or call at 022-4886 7000
(A) Login method for e-Voting and joining virtual meeting for Individual Members holding securities in
Individual Members holding securities in Members facing any technical issue in login can contact CDSL helpdesk by sending a
demat mode
demat mode with CDSL request at helpdesk.evoting@cdslindia.com or contact at toll free no. 1800 22 55 33
In terms of SEBI circular dated 09 December 2020 on e-Voting facility provided by Listed Companies, Individual
Members holding securities in demat mode are allowed to vote through their demat account maintained with (B) Login Method for Members other than Individual Members holding securities in demat mode and
Depositories and Depository Participants. Members are advised to update their mobile number and email Id in Members holding securities in physical mode.
their demat accounts in order to access e-Voting facility. Login method for Individual Members holding securities
in demat mode is given below: How to Log-in to NSDL e-Voting website?
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.
Type of Members Login Method
nsdl.com/ either on a Personal Computer or on a mobile.
Individual Members 1. If you are already registered for NSDL IDeAS facility, please visit the e-Services website of NSDL.
holding securities in Open web browser by typing the following URL: https://eservices.nsdl.com/ either on a Personal 2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under
demat mode with Computer or on a mobile. Once the home page of e-Services is launched, click on the “Beneficial ‘Shareholder/Member’ section.
NSDL. Owner” icon under “Login” which is available under “IDeAS” section. A new screen will open. You
will have to enter your User ID and Password. After successful authentication, you will be able to 3. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as
see e-Voting services. Click on “Access to e-Voting” under e-Voting services and you will be able shown on the screen.
to see e-Voting page. Click on options available against company name or e-Voting Service
Provider (ESP) – NSDL and you will be re-directed to NSDL e-Voting website for casting your 4. Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.
vote during the remote e-Voting period or joining virtual meeting & voting during the meeting. com/ with your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials,
2. 
If the user is not registered for IDeAS e-Services, option to register is available at click on e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically.
https://eservices.nsdl.com. Select “Register Online for IDeAS” Portal or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp 5. Members can also download the NSDL Mobile App ‘NSDL Speede’ facility by scanning the QR code
mentioned below for seamless voting experience.
3. 
Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the NSDL Mobile App is available on
home page of e-Voting system is launched, click on the icon “Login” which is available under
‘Shareholder/Member’ section. A new screen will open. You will have to enter your User ID (i.e.
your sixteen digit demat account number held with NSDL), Password/OTP and a Verification
Code as shown on the screen. After successful authentication, you will be redirected to NSDL
Depository site wherein you can see e-Voting page. Click on options available against company
name or e-Voting service provider - NSDL and you will be redirected to e-Voting website of
NSDL for casting your vote during the remote e-Voting period or joining virtual meeting & voting 6. Your User ID details are given below:
during the meeting.
Individual Members 1. Existing users who have opted for Easi/Easiest, they can login through their user id and password. Manner of holding shares i.e.
Your User ID is:
holding securities in Option will be made available to reach e-Voting page without any further authentication. The Demat (NSDL or CDSL) or Physical
demat mode with URL for users to login to Easi/Easiest are: https://web.cdslindia.com/myeasi/home/login or www. (a) For Members who hold 8 Character DP ID followed by 8 Digit Client ID
CDSL cdslindia.com and click on New System Myeasi. shares in demat account For example if your DP ID is IN300*** and Client ID is 12****** then your user ID is
2. After successful login of Easi/Easiest the user will be also able to see the E Voting Menu. The with NSDL. IN300***12******.
Menu will have links of e-Voting service provider i.e. NSDL. Click on NSDL to cast your vote. (b) For Members who hold 16 Digit Beneficiary ID
3. If the user is not registered for Easi/Easiest, option to register is available at https://web.cdslindia. shares in demat account For example if your Beneficiary ID is 12************** then your user ID is
com/myeasi/Registration/EasiRegistration with CDSL. 12**************
(c) For Members holding EVEN Number followed by Folio Number registered with the company
4. Alternatively, the user can directly access e-Voting page by providing demat Account Number
shares in Physical Form. For example if folio number is 001*** and EVEN is 101456 then user ID is
and PAN No. from a link in www.cdslindia.com home page. The system will authenticate the user
101456001***
by sending OTP on registered mobile & email as recorded in the demat Account. After successful
authentication, user will be provided links for the respective ESP i.e. NSDL where the e-Voting is
in progress. 1. Password details for Members other than Individual Members are given below:
Individual Members You can also login using the login credentials of your demat account through your Depository (a) If you are already registered for e-Voting, then you can user your existing password to login and cast
(holding securities Participant registered with NSDL/CDSL for e-Voting facility. Once login, you will be able to see your vote.
in demat mode) e-Voting option. Once you click on e-Voting option, you will be redirected to NSDL/CDSL Depository
login through site after successful authentication, wherein you can see e-Voting feature. Click on options available (b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial password’
their depository against company name or e-Voting service provider – NSDL and you will be redirected to e-Voting which was communicated to you. Once you retrieve your ‘initial password’, you need to enter the ‘initial
participants website of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting & password’ and the system will force you to change your password.
voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and
Forget Password option available at abovementioned website.
504 Polycab India Limited / Integrated Annual Report 2023-24 Notice 505

Notice

(c) How to retrieve your ‘initial password’? 2. Select “EVEN” of Company for which you wish to 2. In case shares are held in demat mode, please e-Voting system. After successful login, you can
cast your vote during the remote e-Voting period provide DPID-CLID (16 digit DPID + CLID or 16 see link of “VC/OAVM link” placed under “Join
(i) If your email ID is registered in your demat
and casting your vote during the General Meeting. digit beneficiary ID), Name, client master or copy meeting” menu against company name. You are
account or with the company, your ‘initial
For joining virtual meeting, you need to click on “VC/ of Consolidated Account statement, PAN (self requested to click on VC/OAVM link placed under
password’ is communicated to you on your
OAVM” link placed under “Join General Meeting”. attested scanned copy of PAN card), AADHAR Join General Meeting menu. The link for VC/OAVM
email ID. Trace the email sent to you from
3. Now you are ready for e-Voting as the Voting (self-attested scanned copy of Aadhar Card) to will be available in Shareholder/Member login where
NSDL from your mailbox. Open the email
page opens. (einward.ris@kfintech.com). If you are an Individual the EVEN of Company will be displayed. Please note
and open the attachment i.e. a .pdf file.
Members holding securities in demat mode, that the Members who do not have the User ID and
Open the .pdf file. The password to open 4. Cast your vote by selecting appropriate options
you are requested to refer to the login method Password for e-Voting or have forgotten the User ID
the .pdf file is your 8 digit client ID for i.e. assent or dissent, verify/modify the number of
explained at step 1 (A) i.e. Login method for and Password may retrieve the same by following
NSDL account, last 8 digits of client ID for shares for which you wish to cast your vote and click
e-Voting and joining virtual meeting for Individual the remote e-Voting instructions mentioned in the
CDSL account or folio number for shares on “Submit” and also “Confirm” when prompted.
Members holding securities in demat mode. notice to avoid last minute rush.
held in physical form. The .pdf file contains 5. 
Upon confirmation, the message “Vote cast
your ‘User ID’ and your ‘initial password’. successfully” will be displayed. 3. Alternatively, shareholder/members may send a 2. Members are encouraged to join the meeting
request to evoting@nsdl.com for procuring user through Laptops for better experience.
(ii) If your email ID is not registered, please 6. You can also take the printout of the votes cast
id and password for e-voting by providing above
follow steps mentioned below in process by you by clicking on the print option on the 3. Further members will be required to allow Camera
mentioned documents.
for those members whose email ids are confirmation page. and use Internet with a good bandwidth to avoid
not registered 7. Once you confirm your vote on the resolution, you 4. In terms of SEBI circular dated 09 December 2020 any disturbance during the meeting.
will not be allowed to modify your vote. on e-Voting facility provided by Listed Companies,
2. If you are unable to retrieve or have not received 4. Please note that Participants Connecting from
Individual Members holding securities in demat mode
the “Initial password” or have forgotten Mobile Devices or Tablets or through Laptop
General Guidelines for members are allowed to vote through their demat account
your password: connecting via Mobile Hotspot may experience
maintained with Depositories and Depository
1. Institutional members (i.e. other than individuals, Audio/Video loss due to Fluctuation in their
(a) Click on “Forgot User Details/Password?” Participants. Members are required to update their
HUF, NRI etc.) are required to send scanned copy respective network. It is therefore recommended to
(If you are holding shares in your demat mobile number and email ID correctly in their demat
(PDF/JPG Format) of the relevant Board Resolution/ use Stable Wi-Fi or LAN Connection to mitigate any
account with NSDL or CDSL) option account in order to access e-Voting facility.
Authority letter etc. with attested specimen kind of aforesaid glitches.
available on www.evoting.nsdl.com.
signature of the duly authorised signatory(ies) who
THE INSTRUCTIONS FOR MEMBERS FOR 5. Members who would like to express their views
(b) 
Physical User Reset Password?” (If you are are authorised to vote, to the Scrutiniser by e-mail
or ask questions during the AGM may register
holding shares in physical mode) option to kr@bnpassociates.in with a copy marked to e-VOTING ON THE DAY OF THE AGM ARE themselves as a speaker by sending their request
available on www.evoting.nsdl.com. evoting@nsdl.com. AS UNDER: from their registered email address mentioning
(c) If you are still unable to get the password 2. It is strongly recommended not to share your 1. The procedure for e-Voting on the day of the AGM their name, DP ID and Client ID/folio number,
by aforesaid two options, you can send a password with any other person and take utmost is same as the instructions mentioned above for PAN, mobile number at shares@polycab.com. The
request at evoting@nsdl.co.in mentioning care to keep your password confidential. Login remote e-voting. Speaker Registration will open from Wednesday,
your demat account number/folio number, to the e-voting website will be disabled upon 10 July 2024 (09:00 a.m. IST) to Friday, 12 July
five unsuccessful attempts to key in the correct 2. Only those Members, who will be present in the AGM
your PAN, your name and your registered 2024 (till 5:00 p.m. IST). Those members who
password. In such an event, you will need to go through VC/OAVM facility and have not casted their
address etc. have registered themselves as a speaker will only
through the “Forgot User Details/Password?” or vote on the Resolutions through remote e-Voting
be allowed to express their views/ask questions
(d) Members can also use the OTP (One Time “Physical User Reset Password?” option available and are otherwise not barred from doing so, shall be
during the AGM. The Company reserves the right
Password) based login for casting the on www.evoting.nsdl.com to reset the password. eligible to vote through e-Voting system in the AGM.
to restrict the number of speakers depending on the
votes on the e-Voting system of NSDL.
3. In case of any queries, you may refer the Frequently 3. Members who have voted through Remote e-Voting availability of time for the AGM.
3. After entering your password, tick on Agree Asked Questions (FAQs) for Members and e-voting will be eligible to attend the AGM. However, they will
6. Members seeking any information with regard to
to “Terms and Conditions” by selecting on the user manual for Members available at the download not be eligible to vote at the AGM.
the accounts or any matter to be placed at the
check box. section of www.evoting.nsdl.com or call on
4. The details of the person who may be contacted 28th AGM, are requested to write to the Company
022 - 4886 7000 or send a request to Ms. Rimpa
4. Now, you will have to click on “Login” button. for any grievances connected with the facility for on or before Friday, 12 July 2024 through e-mail on
Bag at evoting@nsdl.com.
e-Voting on the day of the AGM shall be the same shares@polycab.com. The same will be replied by
5. After you click on the “Login” button, Home
person mentioned for Remote e-voting. the Company suitably.
page of e-Voting will open. Process for those members whose email ids are not
registered with the depositories for procuring user 7. Members who need assistance before or during the
Step 2: Cast your vote electronically and join id and password and registration of email ids for INSTRUCTIONS FOR MEMBERS FOR AGM, can contact NSDL on evoting@nsdl.com or
General Meeting on NSDL e-Voting system. e-voting for the resolutions set out in this notice: ATTENDING THE AGM THROUGH VC/ call on.: 022-4886 7000
1. In case shares are held in physical mode please OAVM ARE AS UNDER:
How to cast your vote electronically and join
provide Folio No., Name of shareholder, scanned 1. Member will be provided with a facility to attend
General Meeting on NSDL e-Voting system?
copy of the share certificate (front and back), PAN the AGM through VC/OAVM through the NSDL
1. After successful login at Step 1, you will be able (self-attested scanned copy of PAN card), AADHAR e-Voting system. Members may access by following
to see all the companies “EVEN” in which you are (self-attested scanned copy of Aadhar Card) by the steps mentioned above for Access to NSDL
holding shares and whose voting cycle and General email to (einward.ris@kfintech.com).
Meeting is in active status.
506 Polycab India Limited / Integrated Annual Report 2023-24 Notice 507

Notice

EXPLANATORY STATEMENT UNDER The Board of Directors while recommending the dividend Except Mr. Inder T. Jaisinghani, Mr. Nikhil R. Jaisinghani Brief Profile
have taken into consideration various parameters such and Mr. Bharat A Jaisinghani and their relatives, none of
SECTION 102(1) OF THE COMPANIES ACT, as profits earned during the financial year, retained the Directors, Key Managerial Personnel of the Company,
B S R & Co. (‘the firm’) was constituted on 27 March
2013 1990 as a partnership firm having firm registration
earnings, earnings outlook for next three to five years, or their relatives are in any way interested or concerned,
no. as 101248W. It was converted into limited liability
Item Number 1 & 2: fund requirements for future investments for growth and financially or otherwise in the said resolution except to
partnership i.e. B S R & Co. LLP on 14 October 2013
Adoption of Audited of Standalone and Consolidated expected future capital/liquidity requirements. the extent of their shareholding if any, in the Company.
thereby having a new firm registration no. 101248W/W-1
Financial Statements For shares held in dematerialised form, the dividend The Board recommends the passing of resolution set out 00022. The registered office of the firm is at 14th Floor,
In terms of section 129, 133 of the Companies Act shall be paid to those members whose names appear as at Item Number 4 for approval of the members as an Central B Wing and North C Wing, Nesco IT Park 4,
2013, the Board based on recommendation of Audit beneficial owners pursuant to the details received from Ordinary resolution. Nesco Center, Western Express Highway, Goregaon
Committee has adopted the Audited Standalone and the depositories as on close of business hours of Tuesday (East), Mumbai- 400063. The firm is a member entity of
Consolidated Financial Statements for FY 2023-24. 09 July 2024. Item Number 5: B S R & Affiliates, a network registered with the Institute of
The Audited Standalone and Consolidated Financial Re-appointment of B S R & Co. LLP, Chartered Chartered Accountants of India. The Firm audits various
The Company will endeavour to pay the dividend as early
Statements show true statement and represent a true Accountants (FRN: 101248W/-W-100022) as the companies listed on stock exchanges in India including
as possible after the date of AGM however not later than
and fair view of the Company’s affairs, the Company Statutory Auditors of the Company companies in the industrial manufacturing sector.
30 days therefrom. The same is subject to deduction of
submits its Standalone and Consolidated Financial
tax at source (“TDS”) as applicable. In accordance with the provisions of Section B S R & Co. LLP have given its consent to act as Statutory
Statements for FY 2023-24 for adoption by members at
139 of the Companies Act, 2013 (“Act”) read Auditors of the Company for a second term and have
the Annual General Meeting (“AGM”). None of the Directors, Key Managerial Personnel of the
with the Companies (Audit and Auditors) Rules, confirmed that their re-appointment, if made, will be
Company or their relatives are deemed to be interested
The Company hereby confirms that during the 2014, B S R & Co. LLP, Chartered Accountants in accordance with the conditions prescribed under
or concerned, financially or otherwise in the said
financial year Standalone and Consolidated Financial (FRN: 101248W/-W-100022) was appointed as Sections 139 and 141 of the Act.
resolution except to the extent of their shareholding in
Statements have: Statutory Auditors of the Company for a term of 5 (five)
the Company. The proposed remuneration payable to B S R & Co.
(a) no change in accounting policies; consecutive years to hold office from the conclusion of
LLP for conducting statutory audit of the Company for
The Board recommends the passing of resolution set out the 23rd AGM till the conclusion of 28th AGM. The same
(b) no trade receivable from related party has been the financial year ending 2024-25 is H 14.50 million
at Item Number 3 for approval of the members as an was approved by the members of the Company at their
written-off; (exclusive of applicable taxes and out of pocket
ordinary resolution. 23rd AGM held on 26 June 2019.
(c) no fraud has been reported by the Statutory expenses, if any). Further, the Board of Directors, on
Auditors; and The first term of B S R & Co. LLP, Chartered Accountants, the recommendation of the Audit Committee, shall
Item Number 4:
as Statutory Auditors of the Company shall come to an decide the remuneration of B S R & Co. LLP as Statutory
(d) sufficient Cash Flow/Cash Equivalents.
Re-appointment of Mr. Nikhil Jaisinghani end upon conclusion of the ensuing AGM. The Board Auditors for the remaining part of its tenure.
The Financial Statements of Subsidiaries are placed on (DIN: 00742771) as Director liable to retire by of Directors, on recommendation of Audit Committee
In addition to the Statutory Audit, the Company may
Company’s website for members ease of reference. rotation. and subject to approval of members, has re-appointed
also obtain certifications from B S R & Co. LLP under
B S R & Co. LLP, Chartered Accountants as Statutory
The Standalone and Consolidated Financial Statements In terms of the provisions of Section 152 of the Act at various statutory regulations and other permissible
Auditors of the Company for a second term of 5 (five)
of the Company along with the reports of the Board least two third of the total number of directors, shall be non-audit services as required from time to time, for
consecutive years to hold office from the conclusion of
and Auditors thereon have been sent to the members liable to retire by rotation, out of which at least one-third which their remuneration shall be approved by the Audit
this AGM till the conclusion of 33rd AGM (to be held in
on their registered email address and uploaded on the of the total number of such directors shall retire at every Committee, in accordance with the provisions of Sections
calendar year 2029) in accordance with the provisions of
website of the Company, i.e. www.polycab.com, under AGM. In compliance with this requirement, Mr. Nikhil 142 and 144 of the Act.
Section 139 of the Act and rules thereunder.
the ‘Investors section’. R. Jaisinghani, Executive Director would be retiring
None of the Directors, Key Managerial Personnel of the
at the AGM and being eligible, has offered himself for While considering the re-appointment of B S R & Co.
None of the Directors, Key Managerial Personnel of the Company or their relatives are deemed to be interested
re-appointment. Based on performance evaluation, the LLP, Chartered Accountants, the Audit Committee and
Company or their relatives are deemed to be interested or concerned, financially or otherwise in the said
Board recommend his re-appointment at the Annual Board of Directors, the management team had, under
or concerned, financially or otherwise in the said resolution except to the extent of their shareholding in
General Meeting. the guidance and supervision of the Audit Committee
resolution except to the extent of their shareholding in the Company.
identified and evaluated top audit firms serving top 100
the Company. Mr. Nikhil R. Jaisinghani joined the Company in 2012 and
Nifty Companies in the industry. Thereafter, through The Board recommends the passing of resolution set out
thereafter in 2021 was appointed as Executive Director.
The Board recommends the passing of resolution set out an RFP process, initial discussions were conducted at Item Number 5 for approval of the members as an
He holds a Master’s in Business Administration (MBA)
at Item Number 1 and 2 for approval of the members as with the participant firms and proposals obtained for ordinary resolution.
from Kellogg School of Management, North western
an ordinary resolution. the consideration of the Audit Committee. The Audit
University, Illinois, USA. He has worked in different areas
Committee evaluated firms on various parameters Item Number 6:
of sales, marketing, Information Technology, production
Item Number 3: including but not limited to independence, competence,
and other support services and currently oversees the Re-appointment of Mr. Inder T. Jaisinghani
Declaration of Dividend technical capability, approach on transition, overall
power & special cable business along with working as (DIN: 00309108) as Managing Director of the
audit approach, sector expertise and understanding of
In accordance with Dividend Distribution Policy of change agent for the Company. Company
the Company & its business. The Audit Committee and
the Company, the Board recommended dividend of
The other details of Mr. Nikhil R. Jaisinghani in terms of Board of Directors considered B S R & Co. LLP, Chartered Mr. Inder T. Jaisinghani was re-appointed as Managing
H 30/- (Rupees Thirty only) (300%) per equity share of
Regulation 36(3) of the Listing Regulation and Secretarial Accountants suitable to continue to handle the scale, Director of the Company by the members of the
H 10/- (Rupees Ten) each for the financial year ended
Standard 2 are given in Annexure I to this Notice. diversity and complexity associated with the audit of the Company at the 23rd Annual General Meeting held on
31 March 2024.
financial statements/results of the Company. 26 June 2019 for a period of 5 (Five) years commencing
from 28 August 2019 to 27 August 2024.
508 Polycab India Limited / Integrated Annual Report 2023-24 Notice 509

Notice

The Nomination and Remuneration Committee v. Mr. Jaisinghani continues to drive digital initiatives Present day: Past remuneration:
(“NRC”) at its meeting held on 09 May 2024 within the Company that would help in strengthening
Under Mr. Jaisinghani’s leadership and guidance, Mr. Inder T. Jaisinghani had been paid the following
had considered various factors including the the business objectives and stakeholder aspirations
the Company has witnessed continued strength remuneration during last five (5) years viz:
following key factors while recommending the by focusing on end-to-end digitalisation of front-end
and resilience and has propelled Polycab’s strategic (H in million)
re-appointment of Mr. Inder T. Jaisinghani as Managing sales, enhancing customer experience and enabling
expansion plans, both domestically and internationally.
Director of the Company for a further period of 5 years access to relevant data to perform deep analytics Financial Year
Salary &
Commission* Total
His strategic acumen facilitates the identification of new Perquisite
commencing from 28 August 2024 to 27 August 2029: for better understanding of customer demand.
growth avenues and the effective execution of initiatives 2023-24 63.89 239.57 303.46
vi. 
The mission statement formulated under the to capitalise on them. This includes exploring new
Past achievement and Key factors for 2022-23 52.62 164.73 217.35
guidance of Mr. Jaisinghani including his vision to markets, diversifying product offerings, and fortifying
recommending re-appointment of Mr. Jaisinghani: 2021-22 45.50 91.86 137.36
be sustainability leader in the industry and has the company’s presence across various segments.
i. Mr. Inder T. Jaisinghani has over 55 years of hands- made a significant progress in this direction by 2020-21 42.01 99.06 141.07
on experience in the electricals industry. He is the formulating Environment, Social and Governance Future potential: 2019-20 39.78 49.65 89.43
founder of India’s largest wires and cables Company. (‘ESG’) framework and charter. Today, the electrical industry stands at an inflection * Computed as per the provisions of Section 198 of Companies Act, 2013.
He continues to serve the Company by maintaining
vii. Mr. Jaisinghani leading the Company’s flagship point, poised for significant growth led by government
strong oversight of various business divisions and
multiyear transformation program – Project initiatives around infrastructure growth, energy Proposed remuneration:
functions of the Company.
Leap, by providing strategic direction and active transition, urbanisation, electrification of transportation,
The details of proposed remuneration, as approved by
ii. Under his leadership, the Company has performed involvement in achieving the Company’s aspirations. digitalisation, and the integration of electrical solutions
the Board of Directors at its meeting held on 10 May
exceedingly well across all financial parameters. In His continuous efforts have helped to create within the booming real estate sector. In this dynamic
2024 based on the recommendation of NRC, payable to
the 5 year period from FY 2019-20 to FY 2023-24, the significant value for all stakeholders including landscape, Mr. Jaisinghani’s experience, market
Mr. Inder T. Jaisinghani is as under:
revenues of the Company grew from H 79,856 million trade partners and customers. He has contributed understanding and vision are indispensable assets that
to H 1,80,394 million, at a CAGR of 18%. The immensely by fostering long-lasting relationships will enable the Company to capitalise on emerging
A. Remuneration:
Company’s market share in organised cables and with all stakeholders including distributors and opportunities. In a rapidly evolving market landscape,
wires industry improved from 18% to 25-26%. The continuity in leadership is essential for maintaining (a) Salary per month
channel partners.
EBITDA margins exhibited an improvement from momentum and executing long-term strategic initiatives. Basic salary not exceeding H 3.06 million per
12.8% to 13.8%, translating into the net profits of viii. His vision and execution capabilities have also Re-appointment of Mr. Jaisinghani will ensure stability month with annual increment not exceeding 20%
the Company registering a remarkable growth helped the organisation in attracting, grooming and at the helm and communicate Polycab’s commitment to of the annual salary effective from 1st April of the
from H 7,656 million to H 18,029 million, at a CAGR of retaining talent. The Company has made significant sustained growth and stakeholder value creation. subsequent financial years as decided by the Board
29%, making Polycab the most profitable Company progress in professionalising the leadership and based on the recommendation of the Nomination
in the Indian electrical ecosystem. Polycab’s net its workforce. Alignment of remuneration of Managing Director and Remuneration Committee.
cash position too witnessed an impressive growth, ix. Mr. Jaisinghani has been a major contributor, with long-term interests of the Company:
improving from H 1,642 million to H 21,408 million. through his visionary thought and leadership, A significant portion of around 65%-70% of the Managing (b) House Rent Allowance (‘HRA’)
iii. Mr. Jaisinghani played a pivotal role in transforming driving the Company to newer heights. Since its Director remuneration consists of Commission linked He shall be entitled to HRA equivalent to 50% of the
the Company’s business model. Under his guidance, listing in April 2019, Polycab’s market capitalisation to profits of the Company, which directly assist in basic salary.
the Company shifted from being a B2B company to has surged from approximately H 8,000 Crore at driving and enabling Company performance. At the
a distribution driven business. Currently, over 80% listing to around H 87,200 Crore, creating immense beginning of each financial year, annual goals of the (c) Allowances
of the Company’s business is generated through wealth for its shareholders. Managing Director (along with metrics for performance He shall be entitled for various allowances as per
a widespread network of authorised dealers and and target achievement) are approved. The same is Company’s policy or as may approved by the Board
x. As Chairman of the Board, Mr. Jaisinghani was
distributors, most of which have been connected measured and rated at the end of the year on the basis of Directors including the following in aggregate not
responsible to:
with Polycab for over a decade. of which commission is determined. This ensures strong exceeding 50% of the basic salary:
(a) 
o versee, monitor and super vise the alignment of goals and performance of Managing
iv. Mr. Jaisinghani also led to diversification of business i. Education Allowance;
performance of the Board of Directors and Director to annual and long-term business objectives
by playing an active role in establishing new other sub-committees to achieve aspiration of the Company and creation of shareholder value. ii. Supplementary Allowance;
business verticals like FMEG, Optical fiber cables, of all stakeholders and objectives as defined Goals of the Managing Director typically include driving iii. Meal card;
special purpose cables and International Business, in business strategy and conform with the growth in consolidated business performance, targets iv. Leave Travel Allowance (LTA) for self and family
amongst others, which are now adding new Corporate Governance; on revenues, profits and market share, driving long-term including dependents; and
levers of growth as well as helping strengthen the and strategic transformational initiatives in the area of
Company’s market position in electricals industry. (b) act as Chairman of the Board at the Board’s v. Grade Allowance.
innovation and diversification of business achievement
Since, FY 2019-20, Polycab’s international business meetings and Shareholders’ meetings by
of identified sustainability and ESG metrics, retention of
and FMEG businesses have grown at a CAGR of 42% supervising the conduct of the meeting in fair (d) Perquisites
key leadership talent and capability building and such
and 15% respectively. Accordingly, Polycab is now and impartial manner, ensuring effective and He shall be entitled to perquisites as per Company’s
other areas as may be determined by the management.
a dominant market leader in the Indian wires and efficient participation of all stakeholders; policy including Mediclaim Insurance Policy, Term
cables industry, one of the largest exporter of cables (c) promote the independent and transparent Insurance Policy, Personal Accident Insurance Policy,
and one of the fastest-growing FMEG players. expression of opinions in the meetings. domiciliary expenses as per Company’s Policy.
510 Polycab India Limited / Integrated Annual Report 2023-24 Notice 511

Notice

(e) Benefits D. Continuation of Employment: Further, in terms of Section 160 of the Act, the NRC In seeking an effective Chairperson, the most crucial
He shall be entitled to the following benefits which and Board have recommended the re-appointment of aspects are knowledge and experience relevant to the

The period of continuous employment for
shall not be included in computation of the ceiling Mr. Jaisinghani as Managing Director. The Company work of the Committee and proven leadership and
computation of other emoluments including
on remuneration specified below: has also received a notice in writing from a member behavioural skills that will be essential if the Committee
ex-gratia entitlements shall begin from the date of
proposing the candidature of Mr. Jaisinghani to be is to work effectively. The role of Chairman requires extra
i. Provision for use of car, telecommunication appointment as employee of the Company and shall
re-appointed as Managing Director of the Company. work, time for communication with the Board, Committee
facilities and other expenses incurred for remain in continuous effect until the last date of
members, Key Managerial Personnel, Senior Managerial
business purpose; cessation of employment from the Company. The additional information in respect of Mr. Jaisinghani,
Personnel amongst others so that he remains informed
ii. 
Contribution to the provident fund, pursuant to Regulation 36 of the SEBI Listing Regulations
about the developments and is able to resolve conflicts
superannuation fund or annuity fund to the E. Minimum Remuneration and the Secretarial Standard on General Meetings (SS-2),
among members.
extent these either singly or put together are In any financial year during the currency of the is given at Annexure I to this notice.
not taxable under the Income Tax Act, 1961; term of Mr. Inder T. Jaisinghani as the Managing In addition to the foregoing, the Board deliberated and
Director, the Company has no profit or its profits are Disclosure of interest: considered the role of the Chairman of the Committee
iii. Gratuity as per Company’s policy;
inadequate, the Company will pay remuneration to Mr. Inder T. Jaisinghani, Mr. Bharat A. Jaisinghani and as the key to an effective and efficient functioning of
iv. 
Leave and Leave encashment as per a Board Committee which included setting the tone,
him by way of salary, HRA, allowances, perquisites, Mr. Nikhil R. Jaisinghani, being Executive Directors and/
Company’s policy. pace and strategies of the Committees’ functioning.
benefits, Incentives & other allowances, perquisites or his relatives are deemed to be concerned or interested,
& benefits and other emoluments as specified financially or otherwise, in the resolution set out in Item Further, the Chairperson is required to demonstrate
(f) Commission: motivational, behavioural and leadership skills to
above, subject to further approvals as may be Number 6 to the extent of their shareholding if any, in
He shall be entitled to commission as may be required under Schedule V of the Act or any the Company. Save and except the above, none of the co-ordinate work and establish an environment of
determined by the Board from time to time not modification(s) thereto. Directors, Key Managerial Personnel of the Company or thoughtful deliberation. Enhanced time commitment is
exceeding 1% of the net profit of the company, their relatives are in any way, concerned or interested, expected from the Chairperson for fulfilling additional
calculated as per Section 198 of the Companies F. Reimbursement of Expenses financially or otherwise, in the proposed resolution. roles and responsibilities as may be entrusted by
Act, 2013. the Board from time to time. The Chairperson of

The Company shall bear all business- The Board recommends the passing of resolution set each Committee shall enhance their knowledge and
related expenses incurred by or on behalf of out at Item Number 6 for approval of the members as a
(g) 
Other Allowances, ex-gratia, Perquisites and experience relevant to the work of the Committee and
Mr. Inder T. Jaisinghani, during or in performance special resolution.
Benefits: invest adequate time and efforts to keep themselves
of his duties, including without limitation, expenses
Any other allowances, ex-gratia, perquisites and informed about the developments in the Company. The
incurred in connection with business-related Item Number 7:
benefits as per Company’s policies and/or as Chairpersons are constantly expected to demonstrate
travel, accommodation, food, telecommunication
may be approved by the Board of Directors. The skills to resolve disagreements among members and
and entertainment. Payment of Commission to the Independent
remuneration payable every year to Mr. Inder T. establish an environment of thoughtful deliberation.
Directors of the Company.
Jaisinghani by way of other allowances, ex-gratia, The terms of confidentiality and other matters shall
The advent of globalisation and the blurring of Considering the evolving trends in industries and the
perquisites and benefits as per Company’s policy, be governed as per the terms and conditions of
geographical borders have created tremendous time and efforts spent including the enhanced role and
as the case may be shall not exceed 50% of the agreement entered between him and the Company.
demands on the Boards of Directors & its Committee(s), responsibilities of the Independent Directors who were
basic salary. occupying the position in the capacity of chairperson
Other information: in terms of their time, commitment and required skill
sets. The regulatory requirements are complex and the of the Board committees’ the Board proposed to pay
B. Industry benchmarking of remuneration with Peers: Mr. Jaisinghani is neither disqualified from being additional commission to such Independent Directors,
onus on the Board is immense and therefore, it became
The above remuneration payable to Mr. Jaisinghani appointed as a Director in terms of Section 164(2) of subject to necessary approval of the members in the
increasingly imperative to delegate certain matters to
as Managing Director is in line with industry the Act, nor debarred from holding the office of director ensuing general meeting of the Company.
specialist board committees. The Board Committees,
benchmarking. Terms of remuneration as mentioned by virtue of any SEBI order or any other such authority
with formally established terms of reference, criteria for
herein is based on outcome of such benchmarking, and has given all the necessary declarations and Factors considered for payment of additional
appointment, life span, role and functions, constitute
with a view to align with the market and adopt confirmation including his consent to be re-appointed commission to the Chairperson(s) of Board
an important element of the governance process. The
competitive remuneration structure as a measure as Managing Director of the Company. In terms of the Committee(s)
Committees enable better management of Board’s time
of retention. provisions of Sections 196, 197, 198, Schedule V and other
and allow in-depth scrutiny and focused attention, which The Board considered the aspects detailed above
applicable provisions, if any, of the Companies Act, 2013
leads ultimately to evolve appropriate strategies. The including the following key factors:
C. Notice period. and the rules made thereunder (including any statutory
Board Committees being a sub-set of the Board, derive • reviewing agenda.
modification or re-enactment thereof for time being in
The agreement to be entered into between the their authority from the powers delegated to them by
force) and relevant provisions of Articles of Association • conducting meetings.
Managing Director and the Company can be the Board. With raising of the benchmark of corporate
of the Company. Mr. Jaisinghani has attained the age • reviewing and signing of minutes.
terminated by either party by giving three months’ governance, the Board of Directors delegate its authority
of 71 years, hence approval of the members by way of
notice. The Company may require the Managing to various Board Committees under the Companies Act • representing the Committee before the Board
special resolution would be sought for continuation of his
Director to serve an additional notice period of three and the Listing Regulations. and members
office as Managing Director of the Company in terms of
months to enable transition.
Section 196(3) of the Companies Act 2013.
512 Polycab India Limited / Integrated Annual Report 2023-24 Notice 513

Notice

and recommended additional commission of upto to conduct the audit of the cost records of all the units of Annexure I
H 0.50 million per annum to the Chairperson(s) of the Audit the Company as applicable for the financial year ending
Committee, Nomination and Remuneration Committee 31 March 2025, at a remuneration of H 12,00,000 (Twelve Information of directors seeking appointment/re-appointment at the ensuing annual general
and Risk Management Committee and upto H 0.25 million Lakhs only) plus applicable taxes and reimbursement of meeting of the company as per Regulation 36 of SEBI (Listing Obligations and Disclosure
per annum to the Non-Executive Chairperson(s) of other out-of-pocket expenses at actuals if any. Requirements) Regulations 2015 and Secretarial Standard – 2:
Committees in addition to the existing commission
R. Nanabhoy & Co. is one of the leading Cost Accounting Particulars Mr. Nikhil R. Jaisinghani Mr. Inder T. Jaisinghani
of upto H 2.50 million payable individually to each
and Cost Audit firm in India in practice for over seven Age 38 years 71 years
Independent Director of the Company from Financial
decades. They provide effective cost accounting reports DIN 00742771 00309108
Year 2023-24 onwards.
and offers wide spectrum of service in the areas Cost & Qualification He holds a master’s degree in business Secondary School Certificate Level
The Commission payable to the Independent Directors Management Accounting. administration (MBA) from Kellogg School
shall be in accordance with the Nomination and of Management Northwestern University,
Based on the certification received from the Cost Auditors,
Remuneration Policy and within the limit of 1% of the Illinois, USA
it may be noted that the Cost Auditors do not suffer from
net profit of the Company computed in accordance with Experience including expertise Strategy Planning and implementation, Strategy Planning and implementation,
any disqualifications as specified under Section 141(3)
Section 198 of the Companies Act 2013. in specific functional area Business Leadership, Sales and marketing Business Leadership, Sales and marketing
of the Act, their appointment is in accordance with the including Global Business, Corporate including Global Business, Corporate
The aforesaid Commission shall be paid to all such limits specified in Section 141(3)(g) of the Act; none of Governance, Ethics & ESG, Operational Governance, Ethics & ESG, Operational
Independent Directors in addition to the sitting fees their Partners is in the whole-time employment of any experience, Financial Acumen & Risk experience, Financial Acumen & Risk
being paid to them for attending meetings of the Board Company and they are an independent firm of Cost Assessment, Information Technology Assessment, Consumer insights & innovations.
and Committees thereto. Accountants holding valid certificate of practice and are & Digitalisation, Consumer insights &
innovations.
at arm’s length relationship with the Company, pursuant
Except, Independent Directors, none of the Executive Terms and conditions for Executive Director, liable to retire by Re-appointment as the Managing Director
to Section 144 of the Act.
Directors, Key Managerial Personnel of the Company, or appointment/re-appointment rotation. (not liable to retire by rotation) for a period of
their relatives are, in any way, interested or concerned, In accordance with the provisions of Section 148 of the five years w.e.f. from 28 August 2024. Terms and
financially or otherwise in the said resolution. Act read with the Companies (Audit and Auditors) Rules, conditions of his re-appointment and proposed
remuneration are specified in the resolution and
2014, the remuneration payable to the Cost Auditors as
The Board recommends the passing of resolution set explanatory statement annexed to this notice
recommended by the Audit Committee and approved (Refer item no.6).
out at Item Number 7 for approval of the members as
by the Board, has to be ratified by the members of the
special resolution. Mr. Inder T. Jaisinghani is further designated as
Company. Consequently, ratification by the members
Chairman of the Board.
is sought for the remuneration payable to the Cost
Item Number 8: Remuneration last drawn H24.37 million H303.46 million
Auditors for the financial year ending 31 March 2025.
Date of appointment on the 13 May 2021 20 December 1997
Ratification of remuneration payable to the Cost None of the Directors, Key Managerial Personnel of the Board
Auditors for the financial year ending 31 March 2025 Company or their relatives are deemed to be interested or
Shareholding in the Company 53,32,472 equity shares 1,88,73,976 equity shares
The Company has manufacturing units at several concerned, financially or otherwise in the said resolution. as on 31 March 2024
locations. The cost records of these units and such other
The Board recommends the passing of resolution set out Relationship with other Nephew of Mr. Inder T. Jaisinghani, Paternal uncle of Mr. Bharat A. Jaisinghani and
units of the Company as may be included from time to Directors/Key Managerial Chairman & Managing Director and Mr. Nikhil R. Jaisinghani, Executive Directors.
at Item Number 8 for approval of the members as an
time are required to be audited by the Cost Auditors. Personnel cousin of Mr. Bharat A. Jaisinghani,
ordinary resolution.
Executive Director.
Based on the market trend and current industry
By Order of the Board of Directors Number of meetings of the 5 (Five) Board meetings were held during 5 (Five) Board meetings were held during the
practices, the Audit Committee reviews the proposal for
of Polycab India Limited Board attended during the year the year and all the meetings had been year and all the meetings had been attended
appointment and remuneration payable to Cost Auditors attended by him. by him.
and recommend the same to Board for their approval. Manita Carmen A. Gonsalves
Directorship of other Boards Nil 1
Company Secretary & Vice President – Legal as on 31 March 2024#
The remuneration of the Cost Auditors is being
M. No.: A18321
determined in consensus with the Cost Auditors taking Membership/Chairmanship of Nil Nil
into consideration the agreed scope of work for all units, Place: Mumbai Committees of other Boards
the performance of the Cost Auditors and turnover of Date: 10 May 2024 as on 31 March 2024
the Company. #  xcludes Directorships held in private companies, foreign companies and companies under Section 8 of the Act and Polycab India Limited
E
Corporate Office: #29, The Ruby, 21 st Floor,
and excludes Committee Memberships/Chairmanships of Polycab India Limited private companies, foreign companies and companies under
The Board of Directors of the Company, based on Senapati Bapat Marg Tulsi Pipe Road, Dadar (West), Section 8 of the Act. Only Audit Committees and Stakeholders’ Relationship Committees are considered as per the provisions of Regulation
the recommendation of the Audit Committee, had Mumbai, Maharashtra – 400028 26 of Listing Regulations.
approved the appointment of R. Nanabhoy & Co. Cost Phone No.: +91 22 676227600/227700
Accountants, Mumbai (Firm Registration No.:000010) Website: www.polycab.com
514 Polycab India Limited / Integrated Annual Report 2023-24 515

Glossary Key Ratios

A Performance Ratios Consolidated
EBITDA/Net Sales % EBITDA = PBT + Interest + Depreciation - Other Income / Net Sales = Revenue from operations FY 23
EBIT/Net Sales % EBIT = PBT + Finance Cost - Other Income / Net Sales = Revenue from operations FY24 FY22 FY21 FY20
(Restated)
Fixed Assets Turnover ratio Net Sales/ Total Fixed Assets
Financials
Asset Turnover Net sales/ Total assets
Debtors Turnover Net Sales/ Average Trade Receivables Net Sales 180,394 141,078 122,038 87,922 88,300
Inventory Turnover Cost of Goods Sold/ Average Inventory EBITDA 24,918 18,429 12,626 11,117 11,276
Return on Capital Employed % (PBT+Finance Cost)/Capital Employed
Return on Equity PAT/ Average Shareholder’s Funds EBIT 22,468 16,337 10,611 9,356 9,667
International Revenue share International Revenue/ Net Sales PBT 23,593 17,073 11,159 10,122 10,100
B Leverage Ratios
PAT 18,029 12,831 9,173 8,859 7,656
Interest Coverage Ratio EBIT/Interest cost
Debt Equity Ratio Total Debt/Shareholders Funds Net Fixed Assets 29,160 23,177 20,506 19,686 16,632
Debt/Total Assets Total Debt/Total Assets Net Working Capital 51,361 42,883 33,998 27,581 20,408
C Liquidity Ratio
Current Ratio Current Assets/ Current Liabilities Shareholders Networth 81,871 66,372 55,437 47,539 38,364
Quick Ratio (Current Assets - Inventories)/ Current Liabilities Debt 898 730 831 2,487 1,571
D Activity Ratio
Cash and Bank Balances 4,024 6,952 4,071 5,313 2,813
Inventory days Inventory / Cost of Goods Sold * 365
Receivable days Current Receivables / Net Sales * 365 Investments – Current 18,224 13,505 7,641 6,231 400
Payables days (Total current liabilities - Provision - Borrowings - Channel financing)/ Cost of Goods Sold * 365 Performance Ratios
Net Cash Cycle days Inventory days + Receivables days - Payables days
E Investor related Ratios EBITDA / Net Sales % 13.8% 13.1% 10.3% 12.6% 12.8%
Price to Earnings Ratio Period closing share price / EPS EBIT / Net Sales % 12.5% 11.6% 8.7% 10.6% 10.9%
Enterprise Value Period closing market capitalisation + Debt + Non controlling interest - Cash & Cash equivalents
PAT / Net Sales % 10.0% 9.1% 7.5% 10.1% 8.7%
F Others
Cash and cash equivalents Cash + Bank Balances Fixed Assets Turnover Ratio 6.2 6.1 6.0 4.5 5.3
CY Year ending December Asset Turnover 1.5 1.5 1.6 1.3 1.5
FY Year ending March
mn Million
Debtors Turnover 10.6 11.1 8.9 6.1 6.4
Inventory Turnover 4.0 4.1 4.5 3.3 3.2
Return on Capital Employed 29.6% 25.7% 20.4% 20.7% 26.4%
List of Web Links mentioned in this Integrated Annual Report
Return on Equity 24.2% 21.0% 17.7% 20.5% 22.8%
S. Name of the Policy /
Weblink International Revenue share 8.0% 9.8% 7.6% 8.5% 12.4%
No. Programme / Documents
1. Vigil Mechanism / Whistle Blower Policy https://polycab.com/wp-content/uploads/2021/07/Whistle-Blower-Policy-1.pdf Leverage Ratios
2. Dividend Distribution Policy https://polycab.com/wp-content/uploads/2020/05/DIVIDEND-DISTRIBUTION-POLICY.pdf
Interest Coverage Ratio 20.7 27.3 30.2 21.9 19.5
3. Familiarisation Programme for https://polycab.com/wp-content/uploads/2021/07/Details-of-Familiarization-Programme-Imarted-To-
Independent Directors Independent-Directors-During-Financial-Year-2023-24.pdf Debt Equity Ratio 0.01 0.01 0.01 0.05 0.04
4. Corporate Social Responsibility Policy https://polycab.com/wp-content/uploads/2020/05/CORPORATE-SOCIAL-RESPONSIBILITY-POLICY.pdf
Debt / Total Assets 0.01 0.01 0.01 0.04 0.03
5. Risk Management Policy https://polycab.com/wp-content/uploads/2021/07/RISK-MANAGEMENT-POLICY-1.pdf
6. Policy on Materiality of Related Party https://polycab.com/wp-content/uploads/2021/07/Related-Party-Transaction-Policy.pdf Liquidity Ratios
Transactions and on Dealing with Related Current Ratio 2.4 2.6 3.0 2.4 2.0
Party Transactions
7. Annual Return https://polycab.com/wp-content/uploads/2021/07/MGT-7_FY-2023-24.pdf Quick Ratio 1.4 1.5 1.7 1.4 1.1
8. Nomination & Remuneration Policy https://polycab.com/wp-content/uploads/2021/05/NOMINATION-REMUNERATION-POLICY.pdf Activity Ratios
9. Disclosures with respect to Employees https://polycab.com/wp-content/uploads/2021/07/ESOP-Annexure-2023-24.pdf
Stock Option Scheme, 2018 of the Receivable days 41 32 39 59 59
Company pursuant to Regulation 14 of
Inventory days 101 102 85 110 110
the Securities and Exchange Board of
India (Share Based Employee Benefits Payables days 94 85 63 102 105
and Sweat Equity) Regulations, 2021
as on 31 March 2024 Net Cash Cycle days 48 50 61 67 64
10. CSR Committee https://polycab.com/wp-content/uploads/2021/07/COMMITTEES-OF-THE-BOARD-2.pdf Investor Ratios
11. Corporate Social Responsibility Policy https://polycab.com/wp-content/uploads/2020/05/CORPORATE-SOCIAL-RESPONSIBILITY-POLICY.pdf
12. CSR Projects 2023-24 https://polycab.com/wp-content/uploads/2021/07/CSR-Annual-Action-Plan-2023-24.pdf
Earnings Per Share 118.9 84.9 60.9 59.2 51.2
13. T&C for Appointment of https://polycab.com/wp-content/uploads/2021/05/TERMS-AND-CONDITIONS-FOR-APPOINTMENT- Dividend Per Share (Interim + Final)* 30.0 20.0 14.0 10.0 7.0
Independent Directors OF-INDEPENDENT-DIRECTOR.pdf
Dividend Payout % (Excluding DDT) 25.4% 23.6% 23.0% 16.9% 13.7%
14. Criteria for making payment to https://polycab.com/wp-content/uploads/2020/06/Criteria-for-making-payment-to-the-Non-Executive-
Non-Executive Directors Directors.pdf Price to Earnings Ratio 42.6 33.9 38.8 23.3 14.5
15. Terms of Reference of Committee https://polycab.com/wp-content/uploads/2021/07/COMMITTEES-OF-THE-BOARD-2.pdf
Enterprise Value / EBITDA 30.4 23.3 28.0 18.3 9.8
16. Policy for determining material subsidiaries https://polycab.com/wp-content/uploads/2019/09/PIL-Policy-for-determining-Material-Subsidiaries.pdf
17. Code for Prevention of Insider Trading https://polycab.com/wp-content/uploads/2021/05/CODE-OF-CONDUCT-TO-REGULATE-MONITOR- Enterprise Value / Net Sales 4.2 3.0 2.9 2.3 1.2
AND-REPORT-TRADING-BY-ITS-DESIGNATED-PERSONS-AND-THEIR-IMMEDIATE-RELATIVES.pdf
18. Polycab’s Code of Conduct https://polycab.com/wp-content/uploads/2021/07/Polycab-Code-of-Conduct.pdf * FY24 dividend recommended.
19. Scrutiniser Report on AGM e-voting https://polycab.com/wp-content/uploads/2021/07/ScrutinizersReport30062023.pdf
20. Annual Secretarial Compliance Report https://polycab.com/wp-content/uploads/2021/07/10-05-2024-PIL-SD-ASCR-FY-2023-24.pdf
21. Board Diversity Policy https://polycab.com/wp-content/uploads/2019/09/POLICY-ON-DIVERSITY-OF-THE-BOARD-OF-
DIRECTORS.pdf
Notes Corporate Information
Board of Directors Auditors
Mr. Inder T. Jaisinghani B S R & Co. LLP
Chairman and Managing Director Chartered Accountants
14th Floor, Central B Wing and North C Wing, Nesco
Mr. Bharat A. Jaisinghani IT Park 4, Nesco Center, Western Express Highway,
Executive Director Goregaon (East), Mumbai – 400063

Mr. Nikhil R. Jaisinghani Sustainability Assurance Provider

Executive Director
KPMG Assurance and Consulting Services LLP
Mr. Gandharv Tongia 02nd Floor, Block T2 (B-Wing), Lodha Excelus
Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi
Executive Director & CFO
Mumbai – 400 011
Mr. Rakesh Talati
Bankers
Executive Director
State Bank of India
Mr. T. P. Ostwal Bank of Baroda
Bank of India
Independent Director
HDFC Bank
RBL Bank
Mr. R. S. Sharma
ICICI Bank
Independent Director Standard Chartered Bank
Citibank
Mrs. Sutapa Banerjee HSBC Bank
Independent Director Yes Bank

Mrs. Manju Agarwal Corporate Office

Independent Director #29, The Ruby, 21st Floor, Senapati Bapat Marg, Tulsi
Pipe Road, Dadar (West), Mumbai – 400 028
Mr. Bhaskar Sharma
Tel: +91 22 6735 1400
Independent Director
Email: info@polycab.com
(Appointed w.e.f. 12 May 2023)

Registered Office
Company Secretary and Vice President – Legal
Unit No.4, Plot No.105, Halol Vadodara Road, Village
Ms. Manita Carmen A. Gonsalves
Nurpura, Taluka Halol, Panchmahal, Gujarat – 389350
Tel: 2676- 227600 / 227700
CIN: L31300GJ1996PLC114183
Email: shares@polycab.com
Website: www.polycab.com

Concept, content and design at | whatsup@stirrup.works

Registered Office
Unit 4, Plot No. 105, Halol Vadodara Road,
Village Nurpura, Taluka Halol,
Panchmahal, Gujarat – 389 350
Tel: 2676-227600 / 227700
CIN: L31300GJ1996PLC114183
E-mail: info@polycab.com
Website: www.polycab.com

Corporate Office
#29, The Ruby, 21st Floor, Senapti Bapat Marg,
Tulsi Pipe Road, Dadar (West), Mumbai – 400 028
Tel: +91 22 2432 7070-74
Email: info@polycab.com
Website: www.polycab.com