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Systematix Research Report
The cables and wires segment should perform well, as we expect healthy traction in housing and infrastructure activities to continue, and affordability in copper prices to sustain.
The electrical consumer durable segment should recover by Q4 on good monsoon, high-cost inventory liquidation, channel restocking in fans (close to BEE implementation from January 01, 2023) and other categories (on softening raw material prices).
Post Q2 result, we have broadly retained our ECD revenue estimates for FY23/FY24, but cut earnings (led by Havells India Ltd., Orient Electric Ltd., Crompton Greaves Consumer Electricals Ltd. and V-Guard Industries Ltd.) anticipating lower margins.
We have marginally raised the revenue and earnings estimates of our C&W pack on robust outlook.
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