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Polycab India: Encouraging consumer sentiment to drive recovery

Polycab is well positioned to gain from premiumisation and economies of scale that will lead to significant margin expansion and improved profitability

October 29, 2020 / 08:44 PM IST
Polycab India: Encouraging consumer sentiment to drive recovery

Polycab India | India Ratings has upgraded the long term rating from 'AA' to 'AA+.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Wire and cables manufacturer Polycab India had a resilient Q2 FY21. With consumer sentiment recovering quite strongly after the initial drop, the business is showing encouraging signs of getting back on its feet. Quarterly result highlights Polycab India’s Q2 revenues declined 6 per cent year on year (YoY) to Rs 2,114 crore. The easing of lockdown restrictions and a pick-up in consumer sentiments supported the top line in the quarter gone by. The earnings before interest, taxes, depreciation and amortisation (EBITDA)...

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