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Nirmal Bang Report
La Opala RG Ltd.'s Q4 FY22 operating performance came in line with our estimates, but importantly, the third consecutive strong quarter indicates recovery in demand and overall improvement in the economic environment.
Q4 FY22 revenue was well above pre-Covid level and our interaction with the management suggests that similar demand momentum has continued even in Q1 FY23, led by growth across channels.
La Opala RG's e-commerce channel's share in FY22 was at ~6%. While advertising and promotion spends were broadly similar to the historical average, management has guided that the same should be ~5% of revenue from FY23.
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