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Motilal Oswal Report
Our widespread consumer coverage universe, with combined revenue of Rs 4,000 billion and market cap of Rs 32,000 billion, registered aggregate revenue growth of 8%/9% in Q2 FY25/FY24. The coverage includes six segments, most of which posted revenue growth in Q2 FY25/FY24 (i.e., staples +7%/+6%, paints -2%/+4%, liquor +4%/+5%, innerwear +11%/-3%, QSR +7%/+12%, and jewelry +22%/+28% YoY).
Staple companies missed the expectation of further pickup in volume growth in Q2 FY25; however, their performance was steady and better than that of many discretionary categories. With rural performance improving, there was expectation for a sequential improvement for staple companies in Q2 FY25. However, extended monsoon, disruption in supply chain, adjustment in general trade inventory, and slow urban demand limit the desired pickup.
We continue to believe that revenue growth acceleration for staple companies was driven by steady volume, aided by price hikes. Gross margin was affected by commodity price inflation, which we believe will be gradually offset by pricing actions.
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