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Dolat Capital Report
The Covid-19 pandemic impacted volumes across staple categories—some positively and some negatively.
The gains were prominent for home consumption categories eg. packaged food, easy to cook range and biscuits.
The negative impact was seen on the discretionary categories - hair color, hair oils, skin.
Short term impact apart, we now believe that the pandemic is also likely to trigger a shift in consumer spending pattern which in turn would pressurize volume growth.
Considering deteriorating macros, the consumers are likely to scout for ‘ for money’ products compared to premiumization earlier.
This is likely to trigger down-trading and would pressurize margins.
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