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Prabhudas Lilladher Report
Our interaction with industry experts and channel partners indicate that domestic industry will likely post subdued performance in Q1 FY23 (likely to grow at mid-single to low double digit YoY) (our estimate: 14% YoY growth) primarily led by late onset of monsoons resulting in slower placements.
Growth will be largely driven by superior realisation as industry has taken price hikes to the tune of 4-5% during Q1 FY23 to partially offset higher raw material cost and rupee depreciation.
Lower than expected rainfall during June 2022 is likely to have spillover of sales from Q1 to Q2. We believe 25-30% of total kharif sowing is done in June, hence with expectations of better rainfall in July, sowing activities will eventually pick up.
We expect Ebitda for our coverage universe to increase by 15% YoY with margin likely to be flat YoY (up 20 basis points YoY), led by price hikes taken in the recent past.
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