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Business

Expect positive surprises from FMCG space in Q3FY21, says Axis Securities' Naveen Kulkarni

Updated : January 14, 2021 02:08 PM IST

Naveen Kulkarni, CIO of Axis Securities discussed what is lined up in Q3FY21 for fast-moving consumer goods (FMCG) sector.

“Valuations are in the context of growth. However, the important factor that we need to look at from the sector perspective is that which are the companies that can still surprise positively. In that context, Hindustan Unilever Ltd (HUL) can still surprise positively. We feel that there is a good amount of chance that Dabur can still surprise positively,” he said.

“In the discretionary space, the expectations are still quite mixed. If they can surprise positively then there is still value to be created,” he said.

He believes Colgate can do well on both the volume numbers as well as margins.

According to him, there is scope for the paint companies also to surprise positively.

“History has been in favour of paint companies in terms of positive surprises especially for the likes of Asian Paints. Once that delivers, other companies follow suit,” Kulkarni said.

The challenges on ITC continue to remain and it may not perform well, he said.

“The estimates are not very encouraging. From a budget perspective, there is always a chance where something or the other might get introduced to cigarettes as a business. So from that perspective, the challenges continue to remain. ITC is yet to come back fully to its normal growth trajectory. Its FMCG business is quite good but it is still not contributing sufficiently to the overall growth engine. In the short-term for the next three months, it may not be a great performer but there is still a lot of value in the stock,” he said.

For more, watch the video...

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