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Prabhudas Lilladher Report
We cut our FY22 earnings of Polycab India Ltd. by 13.4% given raw material volatility led margin pressure and focus on topline growth and market share gains in the near term.
However, thereafter, we expect margins to recover gradually and remain structurally positive on longer term prospects given:
sustained increase in business to consumer mix with focus on premiumisation
pick up in infrastructure/ renovation/ construction activities
Polycab India's implementation of Project Leap (targeting Rs 200 billion revenue; margin improvement; go-to-market expansion by FY26)
gains from consumer shift from unorganised to organised sector.
We estimate sales/ profit after tax compound annual growth rate of 21.8%/ 22.4% over FY21-24E.
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