Havells aquired Llyod back in 2017 .Before that and since then ,except the solitary year of 2021 , when it was 15% , Havells OPM has been 13% or lower . Polycabs OPM has been about the same except at 2022. Even if I accept the dubious logic of shrugging of a low margin business 6 years after its aquisition, where is the “far superior” OPM ??
I am no expert on brands but Polycab surely is lagging as far as B2C is concerned ,but then they started late and as far as FMEG is concerned its early days .
Since I first bought polycab at 830 in 2020 , its PE has expanded from about 18 to 44 while Havells has been stuck in the range of 60 and 70 in the same period.
Atleast , Polycab has things to achieve and can do so organically,Havells seem to have outgrown that phase and more dependent on inorganic growth .
Only time will tell if ever polycab will get same PE as Havells but as far as I am concerned Polycab has more left in its tanks .
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