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Demand trajectory across urban and rural markets in India has shown a "slight improvement" sequentially in the March quarter, although it falls short of a full recover, FMCG major Dabur said. Despite near-term consumption pressure, some "green shoots" are emerging such as moderating inflation, improving consumer confidence and increase in government spending. "While urban markets have returned to positive volume growth, rural markets still remain muted," said Dabur in its latest quarter updates. The company expects a "mid-single digit revenue growth" for the January-March quarter in such a scenario. Its F&amp;B business continues to trend at robust levels and will report strong double-digit growth, while healthcare portfolio is expected to be in a positive growth trajectory, it added. Home &amp; Personal Care (HPC) will report low single-digit revenue growth on account of a slowdown in the personal care categories. "Our brands continued to record gain in market shares in most of the segments," it said. March quarter also marks the consolidation of Badshah Masala, a business which it acquired. It is in the process of being integrated and is tracking as per expectations. Over international sales, Dabur said it expects "high single-digit growth" in constant currency. "However, due to currency headwinds in Egypt and Turkey, the reported growth in INR will be impacted. While there are short-term pressures, we are restructuring our distribution network in key markets and increasing investments behind our brands which will benefit us in the long term," it said. "Overall, Dabur's consolidated revenue is expected to report mid-single digit growth during the quarter," it said. During the quarter inflation continued to cool off for most of our commodities. "India gross margins are expected to show an improvement, but Consolidated gross margin will be impacted mainly due to currency headwinds in International Business. We have also strategically increased our spending behind our brands, leading to short-term pressure on the operating margin, which is expected to be lower by around 200-250 bps as compared to Q4 FY22," it said. While the environment has been challenging, the fundamentals of the business continue to be resilient. "We will continue to invest strongly behind Power Brands, Innovation, Distribution expansion and a robust back end which will enable us to increase our market shares and achieve profitable and sustainable growth," it said. This quarter update will be followed by detailed financial results and earnings presentation once the Board of Directors of the Company approves the consolidated and standalone financial results. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/monetary-policy-impact-rbis-pause-to-support-real-estate-demand-particularly-affordable-segment/articleshow/99290486.cms">Monetary Policy Impact: RBI’s pause to support real estate demand - particularly affordable segment</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-revises-indias-fy24-growth-outlook-expects-softer-inflation-on-the-back-of-lower-commodity-prices/articleshow/99290005.cms">RBI revises India’s FY24 growth outlook, expects softer inflation on the back of lower commodity prices</a>

Demand trajectory slightly improves sequentially in March qtr, green shoots emerge, says Dabur

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

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Demand trajectory slightly improves sequentially in March qtr, green shoots emerge, says Dabur

PTI

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

PTI

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