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Prabhudas Lilladher Report
Q3 was a mixed bag, as post strong start in October 2021 and buoyant festive sales, demand momentum tapered off. We expect our consumer durables universe to register a 14.3% YoY growth in sales (largely led) given-
demand slowdown due to price hikes and
large base of last year.
With sustained raw material inflation (London Metal Exchange spot copper/ aluminum prices up by 4.6%/ 5.3%), inability to increase prices due to weakened demand and return of some discretionary costs, we expect margins to remain under pressure.
We expect Ebitda/profit after tax YoY growth of 4%/ 5% across our coverage universe. Also with threat of a third wave looming large coupled with an inflationary environment, we anticipate near term pressures on demand and margins.
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