Consumer Sector — Q2 FY24 Earnings Overview
5 companies reported. 2 bullish, 3 neutral, 0 bearish.
Average revenue growth: 12.1%
Sector sentiment: neutral
Aggregate revenue: ₹36,821 Cr
Average margin: 13.4%
Company Results
| Company | Revenue | YoY | Margin | Sentiment |
|---|---|---|---|---|
| Hindunilvr | ₹15,623 Cr | +4% | 24.0% | neutral medium |
| Asianpaint | ₹8,479 Cr | — | — | neutral medium |
| Britannia | ₹4,433 Cr | +1% | 20.0% | neutral medium |
| Kalyan Jewellers | ₹4,415 Cr | +27% | — | bullish high |
| Varun Beverages | ₹3,871 Cr | +28.3% | 23.0% | bullish high |
Key sector risks this quarter
Britannia · high
Rural growth has turned lower than urban, impacting overall volume growth. Management noted a clear slowdown in rural economy.
Hindunilvr · highHigh milk and coffee prices continue to pressure volumes in HFD and coffee, with no near-term relief expected.
Varun Beverages · mediumBevCo's lower realization per case and higher working capital days are dragging consolidated margins; turnaround may take several quarters.
Varun Beverages · mediumExcessive rains or harsh winters could dampen out-of-home consumption and pressure volume growth in H2.
Varun Beverages · mediumCurrency volatility (e.g., Zimbabwe) and political instability in African markets could impact profitability, though management has managed well historically.