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Nirmal Bang Report
During our recent visits to the mandis (large trading market) in Jaipur, we learned that the outlook for the Rabi crop seems to be better than expected and there has been no adverse impact yet despite some unseasonal rain recently in Rajasthan.
Britannia Industries Ltd. and Parle are the most preferred brands in Biscuits with Parle being a key player in deep rural markets.
Demand environment, barring chocolates, still remains weak, but with likely good Rabi crop, demand outlook could recover post harvesting season in April 2024.
In the staples space, we remain positive on Britannia, Tata Consumer Products Ltd. and Gillette India Ltd. while in the discretionary space, we remain positive on United Breweries Ltd. and Westlife Foodworld Ltd.
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