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Thematic (Sector/Industry)

<ul><li>With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory stock-outs as demand outstripped supply</li><li>Ex of the cooling portfolio, there was the sustenance of only a gradual improvement in consumer sentiment</li><li>Rising RM prices, high A&amp;P spending and EPR costs are likely to keep margins under check</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory stock-outs as demand outstripped supplyEx of the cooling portfolio, there was the sustenance of only a gradual improvement in consumer sentimentRising RM prices, high A&amp;P spending and EPR costs are likely to keep margins under checkContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Durables & EMS: Summer Season Drives Demand Uptick

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>This insight provides select Industry-wise highlights from the 59 checks, across 5 sectors and 14 industries that we did in Q4 (Jan 2022 to March 2022).</li>
<li>The objective of the checks is to understand the underlying business narrative not to forecast the coming quarter and hence the limited sample sizes. </li>
<li>These checks are used as a tool to identify areas of discrepancy between management commentary and ground reality that could be the subject of future deeper dives. </li>
</ul>


This insight provides select Industry-wise highlights from the 59 checks, across 5 sectors and 14 industries that we did in Q4 (Jan 2022 to March 2022).
The objective of the checks is to understand the underlying business narrative not to forecast the coming quarter and hence the limited sample sizes. 
These checks are used as a tool to identify areas of discrepancy between management commentary and ground reality that could be the subject of future deeper dives. 


India Channel Insight | Q4 Report Card | 59 Checks Across 5 Sectors

<h3>About The Narrative</h3>
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> / <a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a> / <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> / <a href="https://www.smartkarma.com/entities/ttk-prestige-ltd" target="_blank" data-smartkarma-citation="entities:9779:1" rel="noopener">TTK Prestige (TTKPT IN)</a> / <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> 
We have separated the quotes to highlight Demand Environment &amp; Business Performance,  Pricing, Volume and Margins, Market Shares, E-Commerce Business, Inventory and Outlook.

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Havells India (HAVL IN) / Symphony Ltd (SYML IN) / Crompton Greaves Consumer Electricals (CROMPTON IN) / TTK Prestige (TTKPT IN) / Bajaj Electricals (BJE IN) 
We have separated the quotes to highlight Demand Environment &amp; Business Performance,  Pricing, Volume and Margins, Market Shares, E-Commerce Business, Inventory and Outlook. 

The Narrative | Q2 FY22 | India Household Durables - Havells, Symphony, Crompton Cons, TTK, Bajaj

Inspired by <a href="https://thetranscript.substack.com/" target="_blank" rel="noopener">"The Transcript"</a>, We build our very own version of the same called "The Narrative".
The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. 
For the narrative, we will be covering commentary on Demand environment and overall Industry, Consumer behaviour and premiumisation, Commodity costs, Pricing action, new product launches, Capex, PLI, Inventory, Competition and market share, Exports, E-commerce, Competitiveness with China and Future outlook.   
Companies covered include <a href="https://www.smartkarma.com/entities/amber-enterprises-india-ltd" target="_blank" data-smartkarma-citation="entities:32202:1" rel="noopener">Amber Enterprises India (AMBER IN)</a>, <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> , <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> , <a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a> , <a href="https://www.smartkarma.com/entities/ttk-prestige-ltd" target="_blank" data-smartkarma-citation="entities:9779:1" rel="noopener">TTK Prestige (TTKPT IN)</a>

Inspired by "The Transcript", We build our very own version of the same called "The Narrative".
The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. 
For the narrative, we will be covering commentary on Demand environment and overall Industry, Consumer behaviour and premiumisation, Commodity costs, Pricing action, new product launches, Capex, PLI, Inventory, Competition and market share, Exports, E-commerce, Competitiveness with China and Future outlook.   
Companies covered include Amber Enterprises India (AMBER IN), Bajaj Electricals (BJE IN) , Crompton Greaves Consumer Electricals (CROMPTON IN) , Symphony Ltd (SYML IN) , TTK Prestige (TTKPT IN)

The Narrative | Q1 FY22 | India Household Durables - AMBER, BJE, CROMPTON, SYML, TTKPT

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Given Indian's demographic dividend of a young working population with rising incomes, the consumer discretionary sector warrants attention. In this insight, based on our interactions with channels on the ground, we attempt to understand what is really driving demand for electronic consumer durables (ECD), a sub-sector under consumer discretionary. Have unorganised players disappeared post GST? What is leading to premiumisation? What drives value for urban and rural customers? What is driving replacement and upgrade cycles? Which brand leads in which category? and is Indian ECD space a earnings growth or a margin expansion story? Our checks visit to unorganised and organised retail include dealers of <a href="https://www.smartkarma.com/entities/9158" target="_blank" data-smartkarma-citation="entities:9158:1">Havells India (HAVL IN)</a> , <a href="https://www.smartkarma.com/entities/24046" target="_blank" data-smartkarma-citation="entities:24046:1">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> , <a href="https://www.smartkarma.com/entities/3254" target="_blank" data-smartkarma-citation="entities:3254:1">V Guard Industries (VGRD IN)</a> &amp; <a href="https://www.smartkarma.com/entities/27791" target="_blank" data-smartkarma-citation="entities:27791:1">Orient Electric Ltd (ORIENTEL IN)</a>

Given Indian's demographic dividend of a young working population with rising incomes, the consumer discretionary sector warrants attention. In this insight, based on our interactions with channels on the ground, we attempt to understand what is really driving demand for electronic consumer durables (ECD), a sub-sector under consumer discretionary. Have unorganised players disappeared post GST? What is leading to premiumisation? What drives value for urban and rural customers? What is driving replacement and upgrade cycles? Which brand leads in which category? and is Indian ECD space a earnings growth or a margin expansion story? Our checks visit to unorganised and organised retail include dealers of Havells India (HAVL IN) , Crompton Greaves Consumer Electricals (CROMPTON IN) , V Guard Industries (VGRD IN) &amp; Orient Electric Ltd (ORIENTEL IN)

Beyond the Street | Demand Drivers for Electronic Consumer Durables Insights from the Ground

India

Bajaj Electricals Limited is an Indian consumer electrical equipment manufacturing company. It operates across two primary business segments: Consumer Products, including appliances, fans, and non-electrical kitchen aids, and Lighting Solutions, comprising consumer and professional lighting. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1938.

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Bajaj Electricals (BJE IN)

Consumer Durables & EMS: Summer Season Drives Demand Uptick

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory...

HDFC Securities

India Channel Insight | Q4 Report Card | 59 Checks Across 5 Sectors

This insight provides select Industry-wise highlights from the 59 checks, across 5 sectors and 14 industries that we did in Q4 (Jan 2022 to March...

Pranav Bhavsar

The Narrative | Q2 FY22 | India Household Durables - Havells, Symphony, Crompton Cons, TTK, Bajaj

The edition focuses on key quotes from the earnings transcripts of Havells / Symphony / Crompton Consumer / TTK Prestige / Bajaj Electricals

Pranav Bhavsar

The Narrative | Q1 FY22 | India Household Durables - AMBER, BJE, CROMPTON, SYML, TTKPT

The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks.

Pranav Bhavsar

Beyond the Street | Demand Drivers for Electronic Consumer Durables Insights from the Ground

Given Indian's demographic dividend of a young working population with rising incomes, the consumer discretionary sector warrants attention. In...

Pranav Bhavsar

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