Let us take a look at the companies that have reported business updates so far and some common ground in the trends and challenges facing the sector.

Marico:

The company reported a gradual recovery during the quarter with mid-single digit volume growth in India. While Parachute and value added hair oils saw high single-digit and double-digit growth respectively, Saffola remained stable on a sequential basis but dropped year-on-year. Consolidated revenue growth during the quarter remained in low single-digits. The company expects expansion in gross margin and reasonable growth in operating profit.

Kalyan Jewellers: The jewellery company saw revenue growth of nearly 17 percent during the March quarter, with India operations seeing revenue growth of close to 16 percent. The company added 11 new stores in the March quarter and plans to open another 15 new showrooms over the next three months. Non-south markets saw higher-revenue growth, while share of non-south and studded jewellery increased year-on-year. Online business saw revenue decline by 16 percent during the quarter.

Adani Wilmar: Edible oil volumes are flat year-on-year for the March quarter, while value declines in the mid-teens. Overall, the company saw revenue decline in the high-single-digit. Food & FMCG business saw value growth of 60 percent and volume growth of 40 percent year-on-year. The company said that the supply of imported edible oils has been smoother during the March quarter. Prices have also cooled off from historically high levels. The oil business has been a drag due to lower demand from bakery and frying industry. The company also said that wheat prices are normalising.

From these updates, we can see that the Indian consumer sector is recovering, with steady demand and growth in certain categories. However, there are still challenges in terms of seasonality, consumer pullback in discretionary spending, and revenue de-growth in some online businesses.