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Nirmal Bang Report
Through this update, we present our Q3 FY22 estimates for our consumer discretionary universe (sub-sectors covered: paints, alcohol-beverage and quick service restaurant). After resumption of recovery in discretionary consumption in Q2 FY22, the demand momentum for the same accelerated in Q3 FY22.
We expect growth in our consumer discretionary coverage to outpace growth in our fast moving consumer goods coverage in Q3 as discretionary goods, services and out-of-home consumption (supported by festive season and some pent-up demand) picked up pace, led by improved mobility.
Similar to Q1 FY22 and Q2 FY22, we have highlighted the two-year compound annual growth rate for Q3 FY22 in most of our comparisons for the growth numbers to make better sense.
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