Polycab India Q2 Review - Battling Input Costs: Dolat Capital
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Dolat Capital Report
Polycab India Ltd.'s Q2 saw sales grew 46% YoY to Rs 31.3 billion, while Ebitda fell 3% to Rs 3 billion.
Overall Ebitda margin came in at 9.7%, down 510 basis points mainly due to gross margin pressure.
Net cash position in Q2 was Rs 8.7 billion lower as compared to Q1 FY22 which was at Rs 6.7 billion, as working capital improved with cash conversion cycle at 57 days versus 67 days in FY21.
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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