India Inc may say goodbye to more employees this year: Survey
While their revenue in the quarter may still be lower than the sequential December quarter, when festival demand and discount offers boosted their sales, most retailers expect their sales to pick up further in the new fiscal. .
“The disposable income of the target segment is higher than two years ago, driving consumption up,” Venu Nair, managing director of Shoppers Stop, recently told analysts. “The number of wedding events is starting to increase. Schools and offices are opening, for which wardrobe will have to be revamped. The beauty and consumption of children’s clothing will return. So, the next six months will be juicy for us,” he said. said. added.
ICICI Securities expects apparel brands and retail companies such as Trent, Aditya Birla Fashion & Retail, VMart, Shoppers Stop, and TCNS Clothing Co to post over 20% year-on-year revenue growth in the March quarter backed by healthy store additions.
The rise of the third wave of COVID-19 in December and restrictions on operations of malls, multiplexes and restaurants had an impact on their sales in January, limiting revenue realization at 60% of pre-Covid levels, according to an ICICI Securities report. . , February corrected with 80-85% recovery and March saw an even higher bounce.
Titan said its watches business grew 12% in the March quarter, while jewelery fell 4% due to a sharp rise in gold prices and uncertainty due to volatility and geopolitical situation. The Tata-owned retailer is positive about demand in the first quarter of 2022-23. “Demand remains strong across all of its businesses, with most segments witnessing a very strong year-on-year growth rate on a very strong Q4 FY21 basis,” Titan said.
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