External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Axis Top Picks basket reported a resilient performance with an astounding return of 143% since its inception, notably beating an 84% return reported by the benchmark NIFTY 50 Index over the same period.</li><li>A few picks that reported encouraging returns amidst prevailing volatility included APL Apollo Tubes (9.6%), Astral (6.7%), CCL Products (4.7%), and HealthCare Global Enterprises (4.4%)</li><li>PoW delivered an excellent cumulative strike rate of 72% in Sep’22.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks basket reported a resilient performance with an astounding return of 143% since its inception, notably beating an 84% return reported by the benchmark NIFTY 50 Index over the same period.A few picks that reported encouraging returns amidst prevailing volatility included APL Apollo Tubes (9.6%), Astral (6.7%), CCL Products (4.7%), and HealthCare Global Enterprises (4.4%)PoW delivered an excellent cumulative strike rate of 72% in Sep’22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>The industry witnessed an improvement in consumer sentiment manifested in the higher demand recovery seen in seasonal products such as ACs, coolers, fans, and refrigerators</li><li>While Jan’22 and Feb’22 witnessed moderate demand, Mar’22 witnessed strong volumes</li><li>OUR TOP PLAYS Positive: Amber Enterprises, Polycab India Negative: Symphony Ltd</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The industry witnessed an improvement in consumer sentiment manifested in the higher demand recovery seen in seasonal products such as ACs, coolers, fans, and refrigeratorsWhile Jan’22 and Feb’22 witnessed moderate demand, Mar’22 witnessed strong volumesOUR TOP PLAYS Positive: Amber Enterprises, Polycab India Negative: Symphony LtdContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables: Margin Pressure Continues; Growth Recovering

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Polycab India (POLYCAB)’s 2QFY25 earnings were in line with our estimates, as lower-than-estimated margins offset higher-than-estimated revenue growth.</li><li>Its revenue grew 30% YoY to INR55.0b (10% beat) while EBITDA grew ~4% YoY to INR6.3b (est. INR6.6b).</li><li>OPM contracted 3.0pp YoY to 11.5% (est. ~13%). PAT increased ~3% YoY to INR4.4b (est. INR4.6b) Management indicated demand momentum to remain strong in the Cables and Wires (C&amp;W) segment and believes that 2H should be better than 1H.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Polycab India (POLYCAB)’s 2QFY25 earnings were in line with our estimates, as lower-than-estimated margins offset higher-than-estimated revenue growth.Its revenue grew 30% YoY to INR55.0b (10% beat) while EBITDA grew ~4% YoY to INR6.3b (est. INR6.6b).OPM contracted 3.0pp YoY to 11.5% (est. ~13%). PAT increased ~3% YoY to INR4.4b (est. INR4.6b) Management indicated demand momentum to remain strong in the Cables and Wires (C&amp;W) segment and believes that 2H should be better than 1H.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Polycab India - Weak Margin Offsets Strong Revenue Growth

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Takeaways: (1) Polycab reported robust broad-based revenue growth YoY led by favourable demand tailwinds.</li><li>All segments reported strong double digit revenue growth YoY.</li><li>(2) EBITDA margin at 11.5% (-295bps YoY) was at two-year low.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Takeaways: (1) Polycab reported robust broad-based revenue growth YoY led by favourable demand tailwinds.All segments reported strong double digit revenue growth YoY.(2) EBITDA margin at 11.5% (-295bps YoY) was at two-year low.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Prabhudas Lilladher's research report onPolycab India Polycab reported healthy revenue growth of 29.3% YoY in Q4FY24, on account of robust volume growth in W&amp;C domestic business.</li><li>Growth was largely from cable business on the back of government &amp; private capex and uptick in real estate.</li><li>The company expects sustained volume growth in dom.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onPolycab India Polycab reported healthy revenue growth of 29.3% YoY in Q4FY24, on account of robust volume growth in W&amp;C domestic business.Growth was largely from cable business on the back of government &amp; private capex and uptick in real estate.The company expects sustained volume growth in dom.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Polycab India (POLYCAB IN) - Robust Volume Growth to Drive Revenue

India

Polycab India Ltd. is India's largest manufacturer of wires and cables, and a prominent player in the Fast Moving Electrical Goods (FMEG) industry, offering products such as electric fans, LED lighting, switches, switchgear, and solar products. The company also operates in the Engineering, Procurement, and Construction (EPC) sector, specializing in power distribution and rural electrification projects. Polycab India is headquartered in Mumbai, India, and was incorporated in 1996.

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Polycab India (POLYCAB IN)

Axis Research Scorecard Report - Sep 22

Axis Top Picks basket reported a resilient performance with an astounding return of 143% since its inception, notably beating an 84% return...

Axis Direct

Consumer Durables: Margin Pressure Continues; Growth Recovering

The industry witnessed an improvement in consumer sentiment manifested in the higher demand recovery seen in seasonal products such as ACs,...

Axis Direct

Polycab India - Weak Margin Offsets Strong Revenue Growth

Polycab India (POLYCAB)’s 2QFY25 earnings were in line with our estimates, as lower-than-estimated margins offset higher-than-estimated revenue...

Motilal Oswal

Polycab India - White Goods

Takeaways: (1) Polycab reported robust broad-based revenue growth YoY led by favourable demand tailwinds. All segments reported strong double digit...

ICICI Securities Limited

Polycab India (POLYCAB IN) - Robust Volume Growth to Drive Revenue

Prabhudas Lilladher's research report onPolycab India Polycab reported healthy revenue growth of 29.3% YoY in Q4FY24, on account of robust volume...

Prabhudas Lilladhar

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