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Systematix Research Report
Q2 FY23 is expected to be another quarter where discretionary stocks will likely outperform staples with no visible change in demand trends during the quarter.
Staples companies are expected to have a soft volume growth quarter, with rural demand still reeling from the effect of inflation, and non-essential fast moving consumer goods categories yet to recover.
Revenue growth, however, will likely be quite strong, given the price hikes in home and personal care and foods categories, aided by strong growth in international markets.
Urban discretionary demand is expected to remain strong, supported by a low base in few segments. Retail demand seems to have picked up in July and August, especially in urban-led categories, and is poised for festive growth after some slowdown in September.
Discretionary companies could see their margins normalise this quarter on operating leverage and cost efficiencies.
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