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Quote on Polycab India - 2QFY22 -Result Updates By Mr. Amarjeet Maurya, Angel One Ltd
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Below is quote on Polycab India - 2QFY22 -Result Updates by Mr. Amarjeet Maurya - AVP - Mid Caps, Angel One Ltd
For 2QFY22, Polycab India (PIL)’s top-line grew by ~48% to ~Rs3,129cr on the back of strong wires & cables revenue (grew by ~46% on a yoy basis). Overall demand environment continued to stage a sequential recovery. Exports business grew ~12 % yoy contributing ~8% to overall revenue in 2QFY22. On the operating front, the company reported margin contraction (down by 510bp YoY to 9.7%), primarily on account of higher raw material costs. The reported net profit de-grew by ~9% YoY to ~Rs200cr due to poor operating performance. Overall result was below our expectation. Currently, we have a neutral rating stock.
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