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ICICI Securities Report
Trends from interaction with companies and channel checks in July-August 2023 are as follows:
B2B demand has remained strong,
B2C demand has recovered in July-August 2023 partially helped by favorable base YoY,
there is improvement in demand for fans, and fan companies are likely to raise prices by 1-1.5% of BLDC fans,
lighting segment continues to be under pressure and the deflationary trends continue.
There is reduction in trade inventory with changes in technology and price deflation. Prices of key raw materials like steel, HDPE and aluminium are still in deflation YoY.
However, copper prices are up almost 10% YoY. We model the margin expansion story to continue to unfold in rest of FY24.
We model increase in ad-spend and researcn and development (new launches) in FY24. Trade discounts are likely to inch up to pass on benefits of commodity correction but trade schemes are likely to reduce due to lower-than expected off-take.
We remain positive on white goods and durables sector. Top pick is Havells India Ltd. due to thrust on premiumisation.
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