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ICICI Direct Report
Polycab India Ltd. reported a strong recovery in the business during Q2 FY21 post easing of lockdown restrictions.
Consolidated revenue fell approximately 6% YoY in Q2 FY21 led by a similar decline in revenue of its core business i.e. wire and cable.
While cable demand remained muted throughout the quarter, the housing wire segment (approximately 40% of total wire and cable segment) witnessed strong double digit growth in Q2 FY21 supported by good demand from semi urban and rural regions.
Despite such a challenging scenario, gross margins increased approximately 180 basis points YoY led by better mix.
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