Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>Polycab India</h2>
<h3>Strong performance in Q4, long term strategic goals revealed</h3>
<p>Polycab India reported highest ever quarterly revenue of Rs30.4bn in 4QFY21, up 43% YoY and broadly in-line with our/consensus estimates. Wires and Cables (W&amp;C) segment’s revenue jumped 37% YoY to Rs25.4bn (81% of total sales) while FMEG segment’s revenue rose 89% YoY to Rs3.5bn (11% of total sales). Gross margin contracted 510bps YoY to 25.5%, owing to continued steep rise in commodity costs, but was…</p>

<p>Initiating Coverage</p>
<h2>Polycab India</h2>
<h3>FMEG scale-up; rising cash to drive transformation</h3>
<p>Having attained industry leadership in Cables &amp; Wires with 18%-20% market share, Polycab India has also successfully established itself in FMEG category over the past five years with likely revenue of Rs10bn in FY21E. The Cables &amp; Wires industry is one of the key beneficiaries of revival in capex and also offers more relative resilience amid inflationary commodity costs. The FMEG segment continues to offer…</p>

India

Polycab India Limited produces and distributes electronic equipment. The Company offers cables, wires, fans, switches, lighting, junction boxes, circular lids, and pumps. Polycab India serves customers in India.   

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