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Polycab reported strongest-ever Q2 with a stellar revenue growth of 30% y-o-y. Revenue growth was contributed by strong growth across segments C&W (24%), FMEG (21%) and Others (190%). Topline strongly beats our estimates.

Reported revenues stood at $103.6 million, up 4.7% q-o-q/10.2% y-o-y in constant currency (CC) terms, beating our estimates of $101.5 million.

Revenues stood at $1,589 million, up 0.7% q-o-q/ 1.2% y-o-y in CC terms, beating our estimates of $ 1,577 million.

Havells reported strong performance in B2C segment with 20% revenue growth YoY. Broad-based growth across segments led to strong revenues but higher operational costs weighed on margins.

Polycab reported robust broad-based revenue growth YoY led by favourable demand tailwinds. All segments reported strong double digit revenue growth YoY.

Wipro’s (WPRO) 0.6% QoQ CC revenue was ahead of our and consensus estimates. BFSI-led growth was in line with the results announced so far in the sector, marking third consecutive quarter of BFSI vertical growth for WPRO.

Given the company's strong growth potential, supported by robust deal wins and superior execution capabilities, we recommend a HOLD rating on the stock.

In light of the improving macroeconomic outlook, stronger client engagement, and upgraded guidance, we upgrade our recommendation to a BUY

Calibrated growth with improved asset quality