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Prabhudas Lilladher Report
We estimate our coverage universe to show sales, Ebitda and profit after tax growth of 21.9%/21.5%/21.9% YoY. We expect margins to bottom out in Q2 with sequential margin expansion in H2, due to price hikes being absorbed and softening of commodity prices.
Consumer demand and sentiments were largely unchanged during Q2 FY23 which saw impact of further price hikes and inflation and continued rural weakness.
However, there exists a huge pent up demand across quick service restaurant, apparel and retail segments. Discretionary demand remained strong, more so with high sales proportion from middle and upper middle class of population.
We expect varied trend in volume growth across segments like staples, food, QSR, jewellery, paints etc.
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