ICICI Securities: White Goods Segment Does Not See Any Discernible Business Trend Post Q1

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.Q1 FY21 should not have any bearing on the business expectations in a steady state situation considering the unique impact of nationwide lockdown which will continue albeit in an intermittent manner in Q2FY21 as well.All three consumer electrical companies (Havells India Ltd., V-Guard Industries Ltd. and Crompton Greaves Consumer Electricals Ltd.) have reported approximately 45% revenue drop in Q1 FY21.April has witnessed complete shutdown with gradual restoration to approximately 70% levels in May and 90-105% growth YoY in June. However, the proportion of business decline is more due to higher sales share of April.Additionally, due to pent up demand, the revenue trajectory has been decided more by the level of business normalcy rather than execution.Common trends include more demand of business to consumer compared to business to business products, better sales in non-metro regions and relative inelasticity of price as sales have been driven by more of a push rather than sales.Havells has reported market share gain from unorganised players who were impacted from supply-chain disruption..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Securities: White Goods Segment Does Not See Any Discernible Business Trend Post Q1

ICICI Securities: White Goods Segment Does Not See Any Discernible Business Trend Post Q1

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