Mixer Industry Analysis: Steady Growth To Continue: ICICI Securities
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ICICI Securities Report
We believe most white goods and durables companies will be beneficiaries of steady growth in the mixer industry in India as:
The industry is growing in mid-high single digits.
Penetration level across India is just 32% with only 24% in rural markets.
There is strong scope to improve realisations/ margins via introduction of premium products.
While mixer and its subsegments are dominated by Indian players, we also note multiple multinational companies too are present.
We believe Bajaj Electricals Ltd. has the advantage of established brand, distribution and a large product portfolio, hence we expect it to be a medium to long term winner.
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