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Motilal Oswal Report
Our vibrant consumer universe, with a revenue pool of Rs 4,000 billion and a market cap pool of Rs 32,000 billion, recorded an aggregate revenue growth of +6%/+9% in Q1 FY25/FY24. The coverage includes six sub-buckets, all of which posted growth in Q1 FY25/FY24 (i.e., staples +5%/+6%, paints -1%/+4%, liquor +9%/5%, Innerwear +4%/-3%, QSR +6%/+12%%, and jewelry +15%/+28% YoY).
Most sub-categories maintained a similar trend in Q1 FY25. The staples universe continued to experience steady volume improvement, while margin delivery was better than expected.
Paints witnessed a slowdown in growth due to industry factors, with weak margins. Liquor companies sustained healthy growth in the premium segment, with improved operating margin in Q1 FY25. QSR faced growth challenges, particularly in the dine-in format and reported sluggish margins.
Jewelry recorded a moderation in growth due to heat waves, gold inflation, et al., but its margin performance was surprising. Though management commentary for H2 FY25 remains optimistic, backed by pricing, it appears more achievable for staple companies at present.
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