We recommend Buy on Polycab India Limited (Polycab) with a PT of Rs. 1,060, given healthy net earnings growth outlook over FY2021E-FY2023E along with attractive valuation. The company reported strong outperformance on OPM and net profit along with double digit y-o-y growth in FMEG and strong improvement in EBIT. Adjusting for tax write back in Q2FY2020, net profit would have risen by 31% y-o-y. Expect H2 to be better than H1 as FMEG continues to witness double-digit growth and C&W; sees improvement with rising infrastructure investments. We expect margins to be aided by various cost initiatives undertaken....