Polycab India posted a 15.4% rise in its third-quarter profit on Thursday on strong sales in its cables and wires business, its largest segment.

Polycab India on Thursday reported a net profit of 416 crore in its third quarter, Mint reported

Consolidated net profit rose to 413 crore in the three months ended Dec. 31 from 358 crore a year earlier, Reuters reported. The third quarter results were revealed week after the income tax department said it detected “unaccounted cash sales” of about 1,000 crore following raids on the wires, cables and electrical items manufacturer.

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Searches were carried out against the Polycab group last December, leading to seizure of unaccounted cash worth over 4 crore and more than 25 bank lockers were put on restraint.

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