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Result Update – Polycab India, ICICI Direct

Strong performance led by the wire & cable business.

  • Revenues were up ~11% YoY to ~| 3332 crore led by ~12% growth in the wire & cable segment. FMEG segment revenue de-grew ~11% YoY on a higher base and subdued rural demand
  • Gross margin increased ~418 bps YoY supported by better product mix, judicial price revisions and lower RM costs. That helped drive
  • EBITDA margin up by ~309 bps YoY to ~13%
  • PAT up ~35% to | 271 crore YoY; tracking strong topline growth and EBITDA margin expansion

Key triggers for future price performance

  • Set a target to achieve | 20,000 crore revenues by FY26 (13% CAGR)
  • Beneficiary of the government’s plans to invest ~ | 111 lakh crore in FY20-25 under its National Infrastructure Pipeline
  • Total ~1.7 crore new houses under PMAY, urbanisation and rising aspiration level will give a significant boost to demand for home appliances
  • Model revenue, earnings CAGR of ~12%, respectively, in FY22-24E

For report, https://www.communicationstoday.co.in/result-update-polycab-india/

CT Bureau

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