Consumer Sector — Q1 FY25 Earnings Overview
5 companies reported. 2 bullish, 2 neutral, 1 bearish.
Average revenue growth: 11.4%
Sector sentiment: bullish
Aggregate revenue: ₹41,659 Cr
Average margin: 15.4%
Company Results
| Company | Revenue | YoY | Margin | Sentiment |
|---|---|---|---|---|
| Hindunilvr | ₹15,707 Cr | — | 24.0% | neutral medium |
| Asianpaint | ₹8,970 Cr | -3% | — | bearish high |
| Varun Beverages | ₹7,197 Cr | +28.9% | 28.0% | bullish high |
| Kalyan Jewellers | ₹5,535 Cr | +27% | 6.8% | bullish high |
| Britannia | ₹4,250 Cr | +4% | 18.0% | neutral medium |
Key sector risks this quarter
Kalyan Jewellers · high
The reduction in gold import duty will result in an inventory loss of INR 120-130 crore, impacting profitability in Q2 and Q3.
Asianpaint · highInput costs rose 1.8% in Q1 and are expected to rise another 1.5% in Q2, pressuring gross margins if price hikes are not fully passed through.
Varun Beverages · mediumNew competitors like Campa and Reliance are expanding aggressively, potentially impacting market share and pricing.
Varun Beverages · mediumSouth Africa margins are lower than India and may take longer to improve due to high own-brand mix and need for backward integration.
Kalyan Jewellers · mediumManagement noted that local/regional players increase ad spending around Kalyan's store launches, potentially requiring sustained higher marketing investments.