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ICICI Securities Report
The goods and service tax rates on LED bulbs are likely to increase to 18% from 12%, as per media reports.
We believe any increase in taxes in a highly competitive segment like lighting may impact the industry profitability. Smaller / unorganised companies are likely to gain market shares.
As most durable companies have raised prices by more than 20% in past 18 months, any further price hikes may impact volumes and /or may result in down-trading.
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