BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Management as well as consensus commentaries on FY21E demand outlook are likely to turn incrementally positive with September 2020 posting sharp approximately 20% month on month/more than 10% YoY growth.
Consensus may still not be factoring-in the impact of low base for March 21E, which may see 55-60% YoY reported growth and hence add approximately 5% to annual growth.
We continue to factor in low single-digit decline in industry volumes for FY21E versus consensus view of at least low double-digit decline.
Given weak exit pricing due to monsoon and mounting cost escalations, companies have announced price hikes of Rs 10-30/bag across most regions with-effect-from October 2020.
We see possibility of partial price hike absorption during Q3 FY21E and expect sustainably firm prices during January-June 21E.
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