Thread by @BullsforBears

@PolycabIndia #Q3marketupdates #Q3investorpresentations

Q3 earnings presentation
Revenue Q3 27988 mn ,up 12% yoy
9m 58891 mn ,up 12% yoy
PAT 2636mn ,up 19% yoy
9m 6027 mn,up 9% yoy
Net cash Q3 - 1335 mn

Wires&cables
6% yoy growth
Distribution channel double digit growth
Institutional businesses continues 2 face headwinds
Wires > cables
Housing wires strong momentum
Export 2.9 bn,10.5% overall sales,down 33% yoy due higher Dangote base
Exc Dangote, Aus,Asia,UK 29% yoy growth

Fast moving electrical goods
Strong 41% yoy growth in total Rev back of consumer demand,distribution, product mix
FMEG mix to sales up 215bps, up 10.8% yoy
Fans took leadership in few geographies
Segment Ebit margin 5.9% in Q3 & 4.7% in 9mnths

EPC down on strong base
Total Rev & segment Ebit in Q2fy21 down 53 % & 71% yoy

Other parameters
Fixed assets INR mn
Q3 21 19395
Q3 20 16262

Inventories
Q3 18301
Q2 20416

Receivables
Q3 11860
Q2 10827

Cash ,bank balance
Q3 5473
Q2 3387

Payables
Q3 17864
Q2 13277

Receivables days
Q3 54
Q2 52
Inventory days
Q3 109
Q2 130

Shareholders
Promoters 68.3
FPIs 7
MFs 4
IFC 5.6
Others 15.1

Mkt leader Wires & cables - 12% share
25 facilities, 7 locations
4000+ dealers, distributors
FMEG Cagr 5 yr 47%

Fy 20 Rev 88300 mn
W&C 85%
Fmeg 9
Oths 6

Outlook
Metro cities India - to increase 46 in fy11 to 68 in Fy30
GOI to spend INR 111 Lk crs next 5 yrs - housing for all ,100% electrification of railways ,100% population coverage for telecom,broadband, optical fiber
Total energy capacity to increase from 356 GW to 583 in 2025

Cut in corporate tax rate ,policy to revive discoms, no foreign participation in < 200 crs projects to drive growth opportunities

W&C Mkt 500-550 bn
Share - Org 18 to 20% ,overall 12 to 13%

FMEG - forayed in 2014
Fans,lighting,switches,switchgear,water heater,agro pump,solar

Fmeg rev
2016 2167 mn ,3.8% share
2020 8536 mn ,9.4%

FMEG industry India in bn
Fans 93
Switches 46
Switchgear 210
Lighting 223

Shifting focus from B2B to B2C

ADV & Sales
Fy14 163 mn,0.4%
Fy20 1087 mn ,1.2% sales

Distribution by geography %
West 23
South 30
East 21
Nor 26

Total revenue contribution %
Top customer 9
Top 5 19
Top 10 27
Rest 73

Exports as % rev
Fy18 5.1
Fy20 12.3

Launched Project Josh for increasing Fmeg business- increased distribution to 125 locations
Launched environment friendly Green wires in 2017

100 engineers&technicians

D/E
2016 0.44
2020 0.04

Capex
Fy16 2464 mn
Fy20 2891

Net cash
Fy16 -7091 mn
Fy20 +1642 mn

Mkt cap Dec 20
INR 154.5 bn

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