Polycab India Q3 Review - Strong Traction In B2C Portfolio, Key To A Re-Rating: Anand Rathi
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Anand Rathi Report
Polycab India Ltd.’s Q3 revenue/profit after tax rising 12%/20% YoY was driven by its business-to-consumer portfolio (wires, fast moving electrical goods) while rising raw material costs weighed on the gross margin (down 319 basis points).
Business-to-business is expected to revive due to the infra-focus in the coming Union budget. Exports prospect look bright due to growing traction in many countries.
We introduce FY23e and expect 13%/18% compound annual growth rates in revenue/profit after tax (FY20-23) with the return on equity nearing 20% and healthy free cash flows.
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