Polycab to expand its international presence
Polycab India is planning to expand its presence in the international markets, where dependence on Chinese imports is higher. The company is targeting markets like the US, Australia, Europe, and Africa, among others.
As a strategy, the company is specifically targeting the markets where local manufacturing is not so strong or the dependence on Chinese imports is large. These markets are now looking at India and it wants to take advantage of this opportunity. The company has already identified around ten markets or customer sectors, where the imports from China have been traditionally higher.
In the recently-concluded quarter (Q1FY21), the company reported approximately 49 per cent YoY drop in the net sales to Rs 992.22 crore while its EBITDA tanked nearly 75 per cent YoY to Rs 55.88 crore. However, PAT declined by approximately 16 per cent YoY to Rs 112.28 crore.
The stock of Polycab in today's trade was trading in a positive bias. The stock, which opened at Rs 823.85, surged nearly 3.5 per cent to touch an intraday high of Rs 848.65 apiece.
Polycab India is the largest cables and wires manufacturer. It is also the fastest-growing company in the Indian cable industry with consistent growth. The company also deals in the business segment of EPC and cables.