Engineering, Capital Goods Q2 Preview - Healthy Execution Momentum Constrained By Cost Headwinds: Anand Rathi
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Anand Rathi Report
With the second wave behind us, the situation (domestically and in exports) is almost at pre-Covid-19 levels.
We believe on-ground order executions at manufacturing and construction sites have picked up.
Led by vaccination drives and fewer new cases, labour shortages have eased. Supply chains are largely in place, except in semi-conductor chips.
On the other hand, margin can be seen to have been impacted by higher raw material prices with several companies finding it difficult to pass on price rises due to fixed-price contracts, customer resistance or competition.
We believe these headwinds will normalise in the coming quarters for most companies in our coverage.
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