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Nirmal Bang Report
We expect overall revenue of our consumer discretionary coverage universe to grow by 7.6% YoY in Q3 FY24, driven by quick-service restaurant companies (~14.5% YoY growth) followed by alco-bev companies (~10.1% YoY growth) on the back of festive season mismatch.
Ebitda of our consumer discretionary coverage universe is expected to increase by 25.1% YoY while adjusted profit after tax is expected to increase by 31.6% YoY.
We expect Jubilant FoodWorks Ltd. to do well in the quick-service restaurant space - being a delivery focused brand - on the back of World Cup demand while in the Alco-Bev space, we expect United Breweries Ltd. and United Spirits Ltd. to report strong numbers on the back of strong end-of-year uptick in demand as highlighted in our recent channel check note.
However, demand sentiments remain challenging as consumers continue to spend cautiously on discretionary items.
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