Brokerage firm Citi has retained its Buy rating on Polycab share price but has massively raised its target price for Polycab shares after the wires and cable player announced its Q4 results on Friday, May 10. Brokerage firm Citi has a new target price of Rs 7,708 on Polycab stock, which implies an upside of nearly 25% on the share price from previous close of Rs 6,180 on the NSE.
Polycab reported a strong set on strong growth in C&W business in Q4 results. Polycab’s internals remain strong with healthy cash accretion and good control on working capital continuing, said Citi in its note. While export revenue growth was little muted in FY24, Polycab’s strategy for driving a distribution led growth in export business as well bodes well for the future, Citi added.
Polycab‘s Q4 net profit surged 29% YoY to Rs 553 crore, compared to Rs 428 crore in the year-ago period. The company’s revenue also surged 29% YoY to Rs 5,592 crore as against Rs 4,324 crore in same period last year.
