Consumer Electrical Q4 Preview- Soft For FMEG, White Goods; Cable, Wires Outperformance To Sustain: Systematix

Systematix Research Report

Consumer electrical companies could witness another soft quarter (revenue/profit after tax up 8%/down 1% YoY and 12%/19% QoQ) due to inflation-led weak consumer sentiment.

Within our coverage (eight companies), we expect KEI Industries Ltd., Polycab India Ltd. and Bajaj Electricals Ltd. to report healthy Q4.

Our channel checks suggest weak demand for all fast moving electrical goods categories, led by fans (high channel inventory in non-star stocks).

Unseasonal rains impacted room AC and fan volumes, generating intense competition. Demand for cables and wires stayed healthy on channel restocking (copper prices up 12% QoQ).

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