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Prabhudas Lilladher Report
Q1 started on an optimistic note with demand momentum sustaining until mid-April, despite a strong close to March, post which the sentiment was disrupted until May due to 2nd Covid wave. However, June saw some pent-up demand, as markets opened up.
We expect our consumer durables universe to register high growth rates given the following factors:
Favourable base due to complete lockdown impact.
Delayed monsoon onset to extend seasonal product sales window.
Retention of FY21 market share/shelf space gains.
However, we expect it to be 75%-80% of Q1FY20 levels. We expect sales/EBITDA/PAT growth of 57%/140%/175% across our coverage universe.
Commodity prices remained in an uptrend with LME spot copper/aluminium prices up by 15%/16% QoQ, which are likely to negatively impact gross margins as pricing actions remain inadequate to cover all costs.
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