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Systematix Research Report
Consumer staples companies sustained the recovery trend in Q1 FY22 while the resurgence of Covid-19 impacted discretionary/retail firms.
After a muted May 2021, staples companies witnessed a smart recovery in June 2021, while discretionary firms remained stressed due to lower mobility and restricted store timings.
The rapid spread of infection in rural areas in the second wave is likely to hit demand growth in the near term but a normal monsoon, hike in minimum support prices and government incentives would offset the impact.
We expect margin contraction for staples companies on a year-on-year basis due to raw material inflation and lower other expenses in the base quarter but see an improvement sequentially.
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