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ICICI Securities Report
Recent optimism of acceleration in consumption, driven by expectations of the government implementing social welfare schemes, may improve the demand conditions for all consumer companies, though conversion of these expectations into better volume growth might span 12–24 months.
For FY25, we continue to envisage headwinds petering out (negative pricing, competitive intensity) while a few tailwinds (populist measures, above normal monsoons, rural recovery) shall help lift the sector.
Though, valuation multiples provide a shallow margin of safety – trading similar to or higher than their five-year/10-year average of their one-year forward price/earning multiples.
That said, we continue to prefer companies executing well with a self-help approach while consumption recovery is another tailwind too for these companies.
Our top picks in consumer staples remain Marico, Godrej Consumer, Tata Consumer, Jyothy Labs and Honasa Consumer.
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