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Motilal Oswal Report
With consumer electrical and durable companies having reported their Q1 FY22 results, and post the conclusion of the Onam festival in Kerala, we have analysed some important trends for the entire sector. Here are the key highlights:
While April–May 2021 sales were muted due to the lockdowns, consumer electrical companies posted healthy sales in June 2021.
While the base year was modest, the two-year revenue compound annual growth rate for consumer electrical companies stood flat to -14% – Havells India Ltd.'s core business outperformed with a flat two-year revenue CAGR.
For white goods, the two-year revenue CAGR range stood in the range of -10% to -30%, with room air conditioner companies affected the most due to the washout summer season.
Post June, demand has been robust for electricals, while the real test for white goods would be the upcoming festive season.
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