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

Motilal Oswal

External broker reports(aggregated public sources)

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. 

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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

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>The company reported revenue growth of 29% YoY to Rs 5,592 Cr, which stood 17% above our estimates.</li><li>Wires &amp; Cables segment grew by 19% YoY to Rs 4,865 Cr, thanks to favourable industry demand and robust volume growth.</li><li>Higher execution in project business resulted in EPC (Others) segment’s growth of 275% YoY to Rs 502 Cr.</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 company reported revenue growth of 29% YoY to Rs 5,592 Cr, which stood 17% above our estimates.Wires &amp; Cables segment grew by 19% YoY to Rs 4,865 Cr, thanks to favourable industry demand and robust volume growth.Higher execution in project business resulted in EPC (Others) segment’s growth of 275% YoY to Rs 502 Cr.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 - Robust Volume Growth Led by Strong Demand Environment

<ul><li>Polycab has maintained a leadership position in the organized C&amp;W segment with a leading market share.</li><li>With a strong network and re-aligned distribution strategy aided by strong brand recall, the company continues to gain market share in Wires &amp; Cables and improved performance in the FMEG business.</li><li>The management expects strong traction in domestic Cables &amp; Wires, increasing contribution from exports and strong demand led by government spends, private Capex, and increasing real estate demand.</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 has maintained a leadership position in the organized C&amp;W segment with a leading market share.With a strong network and re-aligned distribution strategy aided by strong brand recall, the company continues to gain market share in Wires &amp; Cables and improved performance in the FMEG business.The management expects strong traction in domestic Cables &amp; Wires, increasing contribution from exports and strong demand led by government spends, private Capex, and increasing real estate demand.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 - Sustained Growth Momentum

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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Polycab India (POLYCAB IN)

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