 "Polycab, Polycab India")
BENGALURU (Reuters) - Polycab India posted an 82% surge in first-quarter profit on Tuesday, helped by higher sales in its mainstay wires and cables business.
Consolidated net profit for India's largest wires and cables maker climbed to 3.99 billion rupees ($48.65 million) in the three months ended June 30, compared with 2.20 billion rupees in the year ago.
The company's shares rose as much as 3.6% to hit a record high of 4,055 rupees after the results.
For further results highlights, click:
KEY CONTEXT
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Analysts had expected the wires and cables segment - also Polycab's biggest business - to grow in the April-June quarter, due to infrastructure spending by the government and continued healthy demand from the real estate sector.
Polycab reported double-digit increase in earnings over the previous four quarters, while profit lagged for rivals amid subdued demand in an inflationary environment.
Rival Havells India is scheduled to report its quarterly results on Thursday.
PEER COMPARISON
Valuation (next Estimates (next Analysts' sentiment
12 months) 12 months)
RIC PE EV/EBITD Revenue Profit Mean # of Stock Div
A growth growth rating* analysts to yield
price (%)
target
**
Polycab India 40.33 25.70 14.58 16.37 Buy 26 1.12 0.51
Finolex 21.31 16.83 14.85 22.84 Buy 5 0.96 0.69
Cables
Havells India 50.81 34.24 14.26 33.10 Buy 23 0.95 0.58
KEI 34.56 23.01 17.65 23.94 Buy 14 1.13 0.15
Industries
** The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE
-- All data from Refinitiv
-- $1 = 82.0200 Indian rupees
(Reporting by Rama Venkat in Bengaluru; Editing by Janane Venkatraman)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
