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It said consumer giants witnessed a slower growth than the others in the sector.
The brokerage has upgraded its rating on Godrej Consumer Products Ltd to ‘hold’ with a target price of ₹1,015 per share, a downside of 2%. It also has a ‘hold’ rating on Colgate-Palmolive with a target of ₹2,559 per share.
The brokerage said its top long ideas were Zomato, Swiggy, Varun Beverages, ITC, and Avenue Supermarts.It said the top underperform ideas were Jubilant Foodworks, Asian Paints, Marico, and HUL.
The brokerage said there was a sequential uptick in staples on a weaker base but discretionary was stable. It said the incremental quick commerce and food delivery gross order values (GOVs) were on the rise.
The brokerage said the EBITDA margin were also down sequentially and on a yearly basis.
First Published: Feb 19, 2025 9:11 on IS
