naraykln

Polycab - Wires & Cables demand in multiple sectors

Largo
NSE:POLYCAB   POLYCAB INDIA LTD
Concall
  • Polycab...3K Cr Capex over 3Y. A bit towards backward integration(improves efficiency) & FMEG segment
  • Seen 30-40% volume growth in Q4 & last year. Industry at 22% growth
  • No material impact in pricing pressure despite rise in commodities(copper & Aluminium) pricing. Mgmt seems to have witnessed this
  • G8 demand in Infrastructure, Power, Renewable energy, EV, Railways sectors...and so capacity expansion.
  • Seems to be an article published mentioning power deficit in India in June
  • 12-13% consistent margins achievable over long time
  • Distributors playing key role in sales.. Cuz only 10% customers directly buying from company. 89-90% sales is thro' distributors...
  • RDSS govt project open orders close to Rs. 50 Bn
  • FY 23 closed with 18K Cr revenue. Previously set target was 20K Cr top line by FY 26. But this will be revised(increased) by this FY

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