Consumer Discretionary Q2 Review - On-Trade Consumption Plays Did Well But Paint Cos Disappointed: Nirmal Bang

Nirmal Bang Report

In continuation to our Q2 FY23 review update for the consumer fmcg sector, we now look at performance of our consumer discretionary universe (sub-sectors covered: paints, alcoholic beverages and quick service restaurant).

Within our consumer discretionary universe, operating performance of paint companies came in below our expectations.

On the other hand, alco-bev companies delivered better performance.

Aggregate revenue of our consumer discretionary coverage companies grew by 20% YoY in Q2 FY23 (three-year compound annual growth rate of 13.9%), led by paint companies (grew by 19.4% YoY; three-year CAGR of 18.7%) where the volume CAGR continued to remain robust, supported by price hikes.

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