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Dolat Capital Report
Q3 FY23 is a tale of two halves viz. healthy demand momentum during festive month of October and moderation of the same in November/December viz. annual phenomenon in our view.
Global geo-political tensions played spoilsport exaggerating the already spiraling input costs. Q3 FY23 to continue to see the effects of this with erosion in margins on YoY basis.
This is further exaggerated by rising costs in absence of rent concessions and higher selling, general and administrative spend.
For Q3 FY23 in our coverage sectors, we expect hotels to report the healthiest performance versus pre-Covid, followed by telecom and retail.
AlcoBev companies are expected to see a modest top-line growth, but subdued bottom-line due to high raw material prices. Media companies are likely to register struggle on both top-line and margins.
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