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Dolat Capital Report
Demand in Q4 FY23 seems to be mix-bag with modest performance in January/March and weak in February YoY performance will be healthy due to soft base on account of third wave of Covid impact in Jan-22.
Performance versus pre-Covid too is not comparable due to Covid impact in March 2020. While inflation seems to have stabilised and albeit moderating, Q4 FY23 is expected to see margin pressure on account of higher input costs, new store additions and higher advertising and promotion spend.
For Q4 FY23 in our coverage universe, we expect hotels to report strongest performance on YoY/QoQ/pre-Covid basis. Telecom too shall report stable performance YoY and QoQ adjusted for lower number of days.
Retail companies are expected to see healthy revenue growth but muted margins. Alcobev to see healthy revenue growth in premium segment but off-set by decline in regular category. Gross margin to show modest signs of improvement on QoQ basis.
Media companies are expected to witness de-growth on both top-line and margins
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