Polycab India Q4 Review- Capex Cycle Revival, FMEG Key For Future Growth: ICICI Direct

Wires and cables sit at a computer centre in U.S. (Photographer: Bing Guan/Bloomberg)

Polycab India Q4 Review- Capex Cycle Revival, FMEG Key For Future Growth: ICICI Direct


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ICICI Direct Report

Polycab Ltd. reported a 100% sales recovery in FY21E despite a 50% loss of revenue in Q1.

Strong pent up demand and pick-up in infra spending post easing of lockdown restrictions helped the company cover up the loss of sales.

Segment wise, fast moving electrical goods reported strong growth of 24% year-on-year in FY21E led by new product launches and dealer additions.

Thus, segment revenue contribution in overall topline has also increased to 12% in FY21 vs. 9% in FY20.

On the wire & cable front, Polycab reported 100% sale recovery in FY21, better than 86% recovery of KEI Industries.

Click on the attachment to read the full report:

ICICI Direct Polycab India Q4FY21 Result Update.pdf


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