The brokerage is ‘overweight’ on Private Banks, NBFCs (large diversified), Insurance, Cement, Real Estate, OMCs. It is ‘underweight’ on IT, FMCG, and Auto; and ‘neutral’ on Pharma, and Capital Goods.
While stating that the demand environment remains similar to that witnessed in Q2, Godrej Consumer Products expects consolidated revenue to decline in low-single digits YoY in INR terms.