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Polycab- Market Share Gain Continue, Launch Of New Brand Targeting Value-For-Money Consumers: ICICI Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Polycab India Ltd.’s double digit volume growth led by distribution expansion and new product launches resulted in market share gains in organised wires and cables segment in FY22.

It also launched an economy segment brand Etira, with housing wires and plans to expand its product portfolio aggressively to gain market share in semi-urban and rural areas.

Due to large capex and high working capital investments, its free cash flow generation was impacted in FY22, and will likely continue to remain muted in next two-three years (our view).

We model Polycab to report revenue and profit after tax compound annual growth rates of 15.7% and 20.8% over FY22-FY24E.

We remain structurally positive on the company due to its competitive advantages and growth opportunity in consumer durables, but over-dependence on wires and cables segment remains a key concern.

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