Consumer Sector Q1 Earnings Review - Not Such A Bad Quarter After All: Nirmal Bang
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Nirmal Bang Report
Compared to the first Covid-19 wave, the intensity of the blow on operations was milder in Q1 FY22 since mobility was not as restricted and companies were better prepared with their supply chains to ensure availability of products.
However, since there was no pantry loading, essentials did not see a spike versus the first Covid-19 wave.
In Q1 FY22, essentials/staples more or less sustained the momentum on a QoQ basis and delivered an improved performance on YoY basis.
Recovery of discretionary categories was affected in Q1 FY22, but their performance was significantly better compared to Q1 FY21, when a much stringent nationwide lockdown was imposed.
Within the quarter, the first few weeks of April 2021 saw sustained demand across sub-sectors, which was then followed by a muted consumption trend in May 2021.
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