Q1 review: A sub 5% Nifty PAT growth earns 2% FY25 earnings downgrade from this brokerage

A notable trend this quarter was the shrinking disparity in domestic consumption between high-end and mass markets. This was observed as growth in luxury segments like passenger vehicles, hotels, and jewellery decelerated. In contrast, the FMCG sector stabilised, and durables experienced a robust quarter, largely attributed to the heatwave, according to the Nuvama note.

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