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C&W cos to lead durables sector
Mint Mumbai
|October 11, 2023
Investors in shares of Polycab India Ltd and KEI Industries Ltd are enjoying a dream run. The stocks have gained as much as 103% and 83% respectively in 2023 so far.
It helps that the two consumer durables companies catering mostly to the cables & wires (C&W) segment are set for another strong quarter for the three months ended September (Q2FY24). Demand in this vertical continued to be robust led by the business-to-business sector and infrastructure spending. What is more, the price of copper, a key raw material, was up by 12% year-on-year in Q2, which is a plus for price realization. This is because the C&W industry can immediately pass on the increase or decrease in raw material costs to consumers.
Prabhudas Lilladher expects Polycab and KEI to clock year-on-year revenue growth of 14% each in Q2 led by the C&W business. In FY23, C&W segment accounted for 86-87% of the consolidated revenues of these companies.
Beyond Q2, copper prices are key to monitor. So far in October, copper price is down by 6% versus Q2. Nonetheless, the robust volume performance on the back of solid demand would continue to aid earnings in the second half of FY24.
This story is from the October 11, 2023 edition of Mint Mumbai.
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