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Sep 30 2021, 06:45 IST/BST
Ratings and price correct at time of issue
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We expect Q3-21 results to confirm strong operating momentum for the sector leadership. The reopening of COVID impacted channels has led to a strong rebound in fine fragrance and out-of-home consumption. Supply chain agility and inflation recovery are points of difference in a challenging environment. Longer-term fundamental, consumer-led demand changes across nutrition (human/animal), proactive health, pet health and plant alternative platforms are expected to bear fruit. While near-term bond market vagaries may continue to shape sector price action, we maintain our long-term positive outlook for the sector.