CG consumer’s margins are down due to aggressive spends by company in branding, owned retail stores. Gross margins back at highs. Sales were also hit due new energy efficiency regulations by GoI due to which company could not stock up the channel as old inventories had to be cleared
V Guard seeing Gross Margin decline as company was holding high cost inventory
In case of Both –
Had high base in Q3 ( due pent up demand LY )
Likely to see sales pick up YoY in Q4
Guiding for better Q4, Q1
Disc- holding both, may add both
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