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Nirmal Bang Report
Revenue growth for the capital goods and consumer durables sector in Q4 FY22 is expected to be ~30% YoY, which largely reflects price-led growth. In consumer durables/electricals, demand in January/February 2022 months was muted due to the Omicron scare and continued price hikes.
However, pick-up in demand was seen in March 2022, particularly in seasonal categories like room air conditioner/cooler/fans.
Channel checks suggest that volume in Q4 FY22 was either flat YoY or declined across all product categories. Therefore, our revenue growth estimates largely reflect price-led growth.
Capital goods and consumer durables sectors continued to face challenges such as steep rise in commodity prices, elevated transportation costs (both overseas ocean freight and domestic transport) and shortage of imported components due to global shipping challenges.
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