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Axis Securities Report
The overall demand sentiment improved around and post the festive season. However, some moderation in demand was observed in late November and December 2021.
Wires and cables witnessed higher growth, while volume growth remained subdued. Higher growth was seen in smaller appliances and seasonal products like water-heaters, air-purifiers. Channel checks indicated 4-5% growth in fans during the quarter.
For room air conditioner’s, the preference for fixed speed Ac’s continues to be high. While most RAC brands have taken price hikes during the quarter, it may impact demand going forward.
For LED lighting, the demand traction remained strong during the festive season but pricing growth outpaced volume growth.
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