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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Prabhudas Lilladher Report

Q3 was a mixed bag, as post strong start in October 2021 and buoyant festive sales, demand momentum tapered off. We expect our consumer durables universe to register a 14.3% YoY growth in sales (largely value led) given-

  1. demand slowdown due to price hikes and

  2. large base of last year.

With sustained raw material inflation (London Metal Exchange spot copper/ aluminum prices up by 4.6%/ 5.3%), inability to increase prices due to weakened demand and return of some discretionary costs, we expect margins to remain under pressure.

We expect Ebitda/profit after tax YoY growth of 4%/ 5% across our coverage universe. Also with threat of a third wave looming large coupled with an inflationary environment, we anticipate near term pressures on demand and margins.

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