Polycab India - In-Line Q4; Long-Term Growth Outlook Intact: Anand Rathi

Cables and wires manufactured by Polycab India Ltd. (Source: Company website)

Polycab India - In-Line Q4; Long-Term Growth Outlook Intact: Anand Rathi

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Anand Rathi Report

Driven by domestic cables and wires/fast moving electrical goods (up ~70%/89% YoY) and a 13.9% Ebitda (stable QoQ), Polycab India Ltd.’s Q4 revenue/profit after tax were up 43%/32% YoY (in line).

Its vision of over Rs 200 billion revenue by FY26 (18% implied compound annual growth rate) further strengthens our belief in its robust outlook.

Rising infra spend, export opportunity and its expansion in adjacent categories will drive its business-to-business portfolio.

Fast moving electrical goods crossed Rs 10 billion revenue in FY21, a 25% compound annual growth rate (FY16-21: 37%) and margin expansion will hold in coming years.

Click on the attachment to read the full report:

Anand Rathi Polycab India Company Update.pdf

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