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Motilal Oswal Report
We expect a cumulative growth of 8.8% in the topline, 14.3% in Ebitda, and 9.7% in profit after tax, in Q4 FY23, for the 19 consumer companies under our coverage.
The three-year and four-year sales/Ebitda/profit after tax compound annual growth rate is 15.9%/16.8%/14.1% and 10.3%/10.3%/10.6%, respectively.
In terms of volume growth, our fmcg universe is likely to see another subdued quarter in Q4 FY23, especially as there are no clear signs of revival in rural demand.
‘Cigarettes' is showing signs of demand resilience, while other categories such as paints/adhesives/innerwear are showing signs of reduced growth on a very high base of the past couple of years.
Many companies indicated that advertisement and promotion spends would normalise going forward as commodity costs stabilise.
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