Consumer Discretionary Q2 Results Preview - Demand Environment Muted; All Eyes On H2: Nirmal Bang

Nirmal Bang Report

Overall consumer demand environment continues to remain subdued as we expect growth in our consumer discretionary coverage universe to remain weak for the quarter even as we see some signs of improvement in alcobev and quick service restaurants ahead.

We expect overall revenue of our consumer discretionary coverage universe to grow by 4.5% YoY in Q2 FY25.

We expect overall Ebitda margin of our consumer discretionary coverage universe to decline by ~40 bps YoY as we don’t expect any major uptick for paints and QSR players.

We are seeing some improvement in QSR demand month on month as indicated in our QSR channel checks in Southern India and Eastern India.

We expect United Spirits Ltd. to report strong growth numbers in H2 FY25. Unites Spirits and Westlife Foodworld Ltd. remain our preferred picks in the discretionary space.

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