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Nirmal Bang Report
For our coverage universe, we expect a topline growth of 19.6% YoY with a flattish Ebitda margin movement (21 basis points fall YoY).
Consumer Durables: We expect a topline growth of 28.7% YoY, mainly led by Dixon's Mobile category and room AC players.
Consumer Electricals: We expect a topline growth of 10.3% YoY. Healthy growth in wires and cables is expected to be offset by tepid growth in consumer lighting.
Margins: While consumer durable is expected to post 11 basis points YoY margin expansion, consumer electrical is expected to post 18 bps YoY margin contraction. While easing raw material costs, benefits of backward integration and higher contribution from premium products are expected to improve margins, higher ad-spend is expected to keep margin expansion in check.
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