Consumer Durables Q3 Results Preview - Electrical Categories Witness Softer Demand: Nirmal Bang

Nirmal Bang Report

1. For our coverage universe, we expect a topline growth of 24.3% YoY with 29 basis points margin improvement.

2. consumer durables : We expect a topline growth of 39.4% YoY, mainly led by Dixon Technologies Ltd.’s mobile category and room AC players.

3. consumer electricals : We expect a topline growth of 12.2% YoY. healthy growth in wires and Cables is expected to be offset by tepid growth in consumer lighting and fans.

4. Margins: consumer durables/consumer electricals is expected to post 60 basis point YoY/61 bps YoY margin expansion.

While easing raw material costs, benefits of backward integration and higher contribution from premium products are expected to improve margins, operating de-leverage and higher ad-spends are expected to keep margin expansion in check.

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