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ICICI Direct Report
Polycab Ltd. reported a 100% sales recovery in FY21E despite a 50% loss of revenue in Q1.
Strong pent up demand and pick-up in infra spending post easing of lockdown restrictions helped the company cover up the loss of sales.
Segment wise, fast moving electrical goods reported strong growth of 24% year-on-year in FY21E led by new product launches and dealer additions.
Thus, segment revenue contribution in overall topline has also increased to 12% in FY21 vs. 9% in FY20.
On the wire & cable front, Polycab reported 100% sale recovery in FY21, better than 86% recovery of KEI Industries.
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