Unlike the strong first half of financial year 2021-22 (H1FY22), the consumer durables industry was impacted in the third quarter (Q3) as fewer people stepped out to visit stores due to the third wave of the pandemic.
“The industry witnessed a volume [contraction] of 25-30 per cent in Q3 due to omicron. Price hikes provided some respite in value terms as the fall was capped,” Kamal Nandi, head and executive vice president at Godrej Appliances, told Business Standard. In value terms, the contraction was lower by 15-18 per cent in Q3, Nandi added.
According to Capitaline data, the combined net sales of 12 consumer durable goods companies grew by 11.2 per cent year-on-year (YoY) to Rs 13,620 crore in Q3,