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Q1FY22 Result Update - Polycab India - ICICI Direct

Posted On: 2021-07-25 07:30:07 (Time Zone: UTC)


Higher input costs delayed a recovery in the EBITDA margin.

- Reported revenue growth of 93% YoY to Rs. 1880.5 crore (down 38% QoQ)

- Better operating leverage helped drive EBITDA margin up by 152 bps YoY to 7.8%. However, the same is still lower than its pre-Covid-19 level range of 11-13% due to a sharp decline in gross margin (~400 bps YoY)

- Lower other income (down 25% YoY) and tax benefits in the base quarter impacted profitability with PAT coming in at Rs. 75 crore (down 36% YoY)

Key triggers for future price performance

- Set a target to achieve Rs. 20,000 crore revenues by FY26 (18% CAGR)

- Beneficiary of government's plans to invest ~ Rs. 111 lakh crore in FY20-25 under its National Infrastructure pipeline

- Total ~1.7 crore new houses under PMAY, urbanisation and rising aspiration level will give a significant boost to demand for home appliances

- Model revenue, earnings CAGR of 20%, 14%, respectively, in FY21-23E

For details, click on the link below: Link to the report


Source: Equity Bulls

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