WE ANTICIPATE Q4FY24 demand trends to be similar to Q3FY24.
Rural slowdown still persists. Urban markets continue to drive growth led by demand for premium products. Extended winter hurt categories such as household insecticides but did not benefit winter care products too much. Summer has been delayed and impact on demand shall be seen in Q1FY25.
The upcoming elections could temporarily boost demand for small packs of snacks and biscuits in Q1FY25. We anticipate a gradual recovery starting from H2FY25, aided by normal monsoons, and foresee the return of price hikes in FY25.Our top stock picks― Pidilite, United Breweries, Nestle, Godrej Consumer, Dabur & Tata Consumer.
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