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Dolat Capital Report
The impact of omicron wave, which began in latter part of Q3 FY22, continued to be felt in the first half of Q4 FY22. Just when activities looked to be getting back to normal as omicron tapered down, global geo-political tensions played spoilsport further exaggerating the already spiraling input costs.
Ripple effects of this are likely in H1 FY23. However, the fag end of Q4 FY22 saw some green shoots appearing on demand. Geo-political tensions appeared to soften a tad and major macro events (elections) turned out to be on expected lines.
AlcoBev especially Indian made foreign liquor as a category is likely to register growth in prestige and above.
Hoteliers YoY performance is not comparable due to low base of last year. In Q4 FY22, occupancies have been impacted in January/February, however average room rate have held well on QoQ basis.
In media, for Zee Entertainment Enterprises Ltd. /Sun TV Network Ltd. we expect domestic ad revenue growth of 5/2% YoY.
In retail, revenue growth for Avenue Supermarts Ltd. had been subdued.
Telecom was least impacted by Covid-19 and is likely to register healthy QoQ improvement in revenues (6-8%) led by full-impact of tariff increase of 20% from end November 2021 with minimum impact on subscribers through sim consolidation and / or breakage in recharges.
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