Consumer Sector — Q2 FY24 Earnings Overview

Rural growth has turned lower than urban, impacting overall volume growth. Management noted a clear slowdown in rural economy.

High milk and coffee prices continue to pressure volumes in HFD and coffee, with no near-term relief expected.

Management noted that geopolitical tensions could increase crude and derivative prices, potentially leading to input cost inflation in H2.

Kitchen and bath segments saw double-digit declines; management cited demand weakness and network challenges, with no clear recovery timeline.

AP Global saw degrowth due to currency depreciation in Egypt and weak demand in Nepal/Bangladesh; management expressed uncertainty about recovery.