The June-quarter earnings of consumer durables manufacturers reflected diverging growth trajectories. On a sequential basis, Havells India had an impressive quarter, which contrasts remarkably with Polycab’s weaker across-the-board earnings. Polycab India result snapshot In Q1, Polycab reported a healthy year-on-year (YoY) recovery owing to a low base. However, sales plunged 38 per cent sequentially (quarter-on-quarter) due to stringent lockdowns in its key operating markets — west and south. Moreover, profitability and margins were severely impacted by raw material inflation and adverse operating...