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Dolat Capital Report
Polycab India Ltd.'s Q1 saw sales, Ebitda and profit before tax coming in higher by 93%, 2.4 times and 2.5 times YoY at Rs 18.8 billion, Rs 1.4 billion and Rs 1 billion respectively due to the base effect of a weak quarter in Q1 FY21.
Overall Ebitda margins came in at 7.4%, with negative operating leverage in fast moving electrical goods.
Net cash position in Q1 was Rs 6.7 billion lower as compared to Q4 FY21 which was at Rs 9.1 billion, as working capital went up.
Polycab India has a multi-year growth strategy, where they target sales of Rs 200 billion by FY26.
This translates into ~18% compound annual growth rate over the next five years.
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