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<ul><li>FMCG companies are expected to register strong margins in Q1 as they will see the full effect of earlier-taken price hikes playing out. Cooling raw material prices will help. </li><li>Demand for staples have been stable, but the beauty and personal care category has not yet recovered fully. </li><li>The summer has seen a decline or low growth in ice creams and juices due to unseasonal rains. </li></ul>With cooling raw material costs, the FMCG sector is expected to kick in the first quarter of FY24 with ‘good quality’ profits, backed by improvement in margins. Input costs have been cooling over the last few quarters and have either remained stable or seen mild moderation, and companies have not been passing them off very generously in the form of price cuts. “We expect most of the companies to register stronger sequential gross profit margin (GPM) improvement in 1Q24F with input cost inflation cooling down further, high-priced inventory getting consumed and the full effect of earlier-taken price hikes playing out,” said a research report by Nomura. Certain categories such as hair oils, edible oils and soaps had witnessed price cuts in earlier quarters, which will flow through in the first quarter, as per BNP Paribas. Also, new price cuts and promotions were seen in laundry, edible oils and other home care categories during the quarter but no major price cuts were seen in biscuits and salts. Double digit revenue growth expected Price cuts and volume growth for the sector are directly proportional for the sector, and as of now most of growth seen in the sector was pricing-led. But that’s changing, analysts say. Demand from urban areas has been stable, with slight sequential improvement in rural demand as well. Also, the demand for staples have been stable, but the beauty and personal care category has not yet recovered though improving due to the price cuts. All in all, the sector should be able to present a good revenue growth for the quarter – notwithstanding the cooler summer this April-June with unseasonal rains that affected sales of juices and ice creams. “We estimate staples/discretionary (ex-ITC) pack to register 10.2%/8.8% revenue growth. We expect a good quarter from Nestle, Godrej Consumers and ITC and a weak print from Marico,” says a report by Kotak. Antique Stock Broking also expects the FMCG sector (not including ITC) to report early double digit revenue growth with moderation in pricing led growth. ITC is expected to see a fall in revenue as its agri business is expected to see a drop due to high-base effects. Nomura expects Nestle, Tata Consumers and Dabur to report the highest revenue growth YoY, and with ITC and Marico to post lower value growth. FMCG sector revenue growth projections YoY <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Antique Stock Broking </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 9.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.6%* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Marico </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dabur </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Godrej Consumer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consumer Products </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr></tbody></table>Source: Research reports *Kotak has considered standalone results for ITC Price cuts &amp; rising competition The street will closely watch management commentary on pricing, as analysts believe that the sector is poised for a good show in the first half of FY24 with a raw material cost tailwind. “However, in the second half of FY24 we expect revenue growth to moderate as pricing benefits should fade and growth would have to be volume-led,” said a report by BNP Paribas. There has been no aggressive price war as of now in the sector as of now, but if price cuts are not taken by large players in the segment, it might lead to unorganized players gaining market share. In the last one year, many consumers have ‘downtraded’ to unbranded products or local brands during periods of high inflation. “Prices of most stock keeping units (SKUs) have increased sharply over the last two years. Soap and detergent prices have risen 40-50% over that period. So far the price cuts have been limited and largely confined to the value segment. We believe price cuts might be needed to drive volumes,” said BNP Paribas. Without pricing strategies laid out, most FMCG players might see revenue growth challenges re-emerge this year, especially in the second half. 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FMCG sector Q1 preview — Caught between price cuts and volume growth

Three foreign subsidiaries of <keyword id="62997" type="General" weightage="80" keywordseo="dabur" source="Orion">Dabur</keyword> India are facing multiple lawsuits in the federal and state courts in the US and Canada over allegation that their hair-relaxer products have caused ovarian <keyword id="6355291" type="General" weightage="20" keywordseo="cancer" source="Orion">cancer</keyword>, uterine cancer and other related health issues. The three Dabur India subsidiaries facing multiple lawsuits are -- <keyword id="5548093" type="General" weightage="20" keywordseo="namaste-laboratories-llc" source="Orion">Namaste Laboratories LLC</keyword>, <keyword id="5719867" type="General" weightage="20" keywordseo="dermoviva-skin-essentials" source="Orion">Dermoviva Skin Essentials</keyword> Inc and <keyword id="387380" type="General" weightage="20" keywordseo="dabur-international" source="Orion">Dabur International</keyword> Ltd -- said a late-night regulatory filing from the homegrown FMCG and Ayurvedic products maker on Wednesday. "Cases have been filed in both federal and state courts in the United States and in Canada. The federal cases were consolidated as a Multi-District Litigation, also referred to as MDL, before the United States District Court for the Northern District of Illinois," it said. Currently, there are approximately 5,400 cases in Multi-District Litigation, which named Namaste, Dermoviva and DINTL as defendants, along with certain other industry players, it added. "Certain consumers in the hair relaxer product industry have alleged that some industry players or defendants sold and/or manufactured hair relaxer products that contain certain chemicals and that the use of these hair relaxer products has caused ovarian cancer, uterine cancer and other health issues in the users," the company informed. According to Dabur, its subsidiaries - Namaste, Dermoviva and DINTL "deny liability" and have retained counsel to defend them in these lawsuits as "these allegations are based on unsubstantiated and incomplete study," it added. All these cases are in the pleadings and early discovery phases of litigation, which means the parties are challenging the adequacy of the plaintiffs' complaints and, in some cases, exchanging requests for information and documents. "There are various motions pending as well," it added. Over expected financial implications on the company due to compensation, penalty etc, Dabur said at this stage of the litigation, any such implication "due to settlement or verdict outcome cannot be determined". "Since we are in the initial stage of litigation, any final claim settlement amount is neither probable nor estimable," it said. However, the company said defence costs for the litigation are expected to breach the materiality threshold in the near future. According to the latest report, Dabur India has 27 subsidiary companies, which contributed to 26.60% of the consolidated revenue from operations in FY 2022-23. Its revenue from international business was at Rs 2,867 crore, recording a growth of 11.1% in constant currency terms in FY23. Dabur India has 8 International manufacturing locations, according to its latest annual report.

Dabur's three foreign subsidiaries face lawsuits in US, Canada

Leading <keyword id="34523" type="General" weightage="20" keywordseo="fmcg" source="Orion">FMCG</keyword> and ayurvedic products maker <keyword id="62997" type="General" weightage="20" keywordseo="dabur" source="Orion">Dabur</keyword> is planning to set up a new <keyword id="6368585" type="General" weightage="20" keywordseo="factory" source="Orion">factory</keyword> in <keyword id="6355466" type="General" weightage="20" keywordseo="south-india" source="Orion">South India</keyword> in less than a year's time, as its <keyword id="6355515" type="General" weightage="20" keywordseo="business" source="Orion">business</keyword> scales in the region, according to company's CEO Mohit Malhotra. Dabur, which now gets 20 per cent of its domestic sales from South India with its business there doubling in the last 5-6 years, is identifying gaps and usages to launch products customised to the markets, he told PTI in an interview. The company, having 13 manufacturing units across the country, is augmenting its capacity further to meet the demand and is diversifying its manufacturing activities by adding new lines, he added. Dabur India, which has an annual capex of around Rs 350-450 crore, also plans to expand its manufacturing activities in the international markets catering to regions such as the Middle East and Europe. Besides, the company is consolidating its manufacturing operations and has shut down some units where tax sunsets are coming in, and opening new units where GST regime is coming in, Malhotra added. On Dabur's business in South India, Malhotra said,"We have made substantial progress in South India... it now contributes 19 to 20 per cent of Dabur's domestic business. This was not even 10 per cent around seven to eight years back and thus contribution from the Southern region has doubled." When asked about the new plant in South India, Malhotra said,"I do not think it's a few years away. Maybe it is a year away .Within a year, we might plan something for South of India as business scales up." Dabur's last investment to open a new unit was at Indore, where it had invested around Rs 350 crore. In the southern market, several FMCG makers, including Wipro have jumped into the food segment with relevant regional offerings. Dabur is identifying gaps there to launch customised products. "We are creating a framework in the company where we can create products which are exclusively meant for the South of India for which we have got this framework called RISE, which is regional insights, speed and execution," said Malhotra. Some brands such as Dabur Red, contribute 40 per cent of its business in South India and Dabur Honey and Odonil are very salient there, he added. "So we are looking at a lot of pollination of products in South of India to increase our saliency," he said. However, Malhotra also added that in comparison with other FMCG makers having a saliency of 30 per cent, Dabur's salience is in the range of 20 per cent. "So there is a huge gap of 10 to 15 per cent to be covered in the South. That is an area that will be our focus for geographical growth," he added. Talking on international markets, he said MENA (Middle East &amp; North Africa) is the largest market and a "growth frontier". It has a manufacturing facility in the UAE and uses the Greater Arab Free Trade Area Agreement (GAFTA) to cater to Saudi Arabia. "If Saudi Arabia opens up and scales up, we might look at a manufacturing unit even in Saudi Arabia. We have another second unit in Egypt, which is the second largest market after Saudi Arabia," he said. Dabur uses Common Market for Eastern and Southern Africa (COMESA) while manufacturing in Egypt and supplying to East Africa. Dabur also has a factory in Turkiye, which ships to European markets. It also has a factory in South Africa which caters to SADC (Country / Southern African Development Community) markets of 12 countries. While in the US, it has a contract manufacturer, which also caters to the Canadian market. "Business is doing well in international markets. There is a recovery after Covid but geopolitical issues are always there," said Malhotra while referring to trouble brewing in the Middle East, and the Russia-Ukraine War.

Dabur plans to open manufacturing unit in South India; portfolio expansion in the offing

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

Encouraged by volume growth, margin improvement and recovery in rural sales, India's top fast-moving consumer goods (FMCG) companies are now back to their normal growth cycle as they step up investments as well as spending on advertising and marketing. <keyword id="84065" type="General" weightage="20" keywordseo="fmcg-companies" source="Orion">FMCG companies</keyword> are chasing volume growth again after a gap of a few quarters, offering higher grammage and price cuts thanks to inflationary pressures softening on key raw materials for everything from soaps to food items. Hindustan Unilever (HUL), Dabur, Marico, Godrej Consumer Products, ITC, Tata Consumer Products and Nestle reported volume recovery in the March quarter and said they expect a gradual pickup in consumption in FY24. "The prospects of a sustained recovery have strengthened. After five quarters of volume decline, the sector has posted volume growth," Marico MD and CEO Saugata Gupta said in the company's earnings conference call. "Urban consumption has been steady while rural is showing some convincing signs of having bottomed out." Foods continue to drive growth for the sector, while the home and personal care segment also entered positive territory after an extended slowdown. Marico, which owns popular brands like Saffola, Parachute and Livon, reported an 18.7 per cent increase in its consolidated net profit to Rs 305 crore for the fourth quarter ended March 2023 while sales rose 3.65 per cent to Rs 2,240 crore, driven by single-digit volume growth and moderation in commodity prices. HUL said rural areas have shown improvement with higher value growth sequentially. While HUL's volumes continue to fall, the extent of decline has reduced versus last quarter. "The slowdown in the FMCG market is bottoming out. This improvement was led by volumes, which have turned flat in this quarter, versus a mid-single-digit decline in the December quarter," said HUL CFO Ritesh Tiwari in its earnings call. The makers of popular brands such as Rin, Lux, Surf Excel and Pond's said it expects the price-volume growth to rebalance further. "We expect volumes to recover gradually due to high levels of cumulative inflation and the fact that consumption habits typically recover with a lag," he said. For the March quarter, HUL reported an increase of 12.74 per cent in its consolidated net profit to Rs 2,601 crore. Net sales rose 10.83 per cent to Rs 14,926 crore. However, HUL warned the near-term operating environment is likely to remain volatile due to global slowdown risk and uncertainty related to weather phenomena like El Nino and heatwaves. Abneesh Roy, Nuvama Group Executive Director for Institutional Equities, said the outlook for the <keyword id="495979" type="General" weightage="20" keywordseo="fmcg-industry" source="Orion">FMCG industry</keyword> was "positive" with volume growth and improvement in margins for most companies in FY24. "As raw material prices are cooling off, companies shall start paring prices via grammage increase or gradual price reductions. Price growth shall ease while volume growth will improve," he said. Roy also cautioned about the impact of El Nino and the "aggression" from billionaire Mukesh Ambani-led Reliance Industries Ltd, a known disrupter, which aims to be a big player in the USD 110-billion FMCG segment. Meanwhile, Godrej Consumer reported an 11.47 per cent increase in its India revenue to Rs 1,822.92 crore in the March quarter. This was led by volume growth of 11 per cent. Its home care segment, which consists of household insecticides and air fresheners, grew 14 per cent and 17 per cent, respectively. "We expect to build on the current momentum and deliver volume-led growth along with upfront marketing investments and improvement in profitability," said its Managing Director and CEO Sudhir Sitapati. Britannia Executive Vice-Chairman and Managing Director Varun Berry also expressed optimism. "Volume growth will be certainly much better than this year," he said. On commodity prices, Berry said there is deflation in prices of palm oil, laminates and corrugated material for packing but flour and milk prices are soaring. "There are certain brands and certain packs where we have already initiated price reductions or promotions," he said. In the March quarter, Britannia reported a 47.53 per cent jump in consolidated net profit to Rs 557.60 crore. Its revenue from operations rose 10.93 per cent to Rs 3,892.02. Similarly, Dabur reported volume growth of 11 per cent during the March quarter and 14 per cent for FY23. Its quarterly net profit was Rs 292.76 crore and revenue from operations stood at Rs 2,677.8 crore. "Despite near-term concerns around inflationary pressures, we plan to accelerate the growth momentum by continuing to invest in brand building, innovation, and capabilities that will drive growth," said Dabur India CEO Mohit Malhotra. Other companies also recorded growth. ITC's revenue from the FMCG segment rose 19.34 per cent to Rs 4,951.17 crore from Rs 4,148.62 crore while EBITDA jumped 76 per cent. Nestle, the maker of Maggi, Kitkat and Nescafe, reported an increase of 24.69 per cent in its net profit to Rs 736.64 crore in the March quarter. Sales rose 20.43 per cent to Rs 4,808.40 crore. Tata Consumer reported a 21.12 per cent rise in its consolidated net profit to Rs 289.56 crore. Its revenue from operations was up 13.96 per cent at Rs 3,618.73 crore. Tata Consumer said it recorded growth in the India beverages business and food. It had a "strong margin growth and strong topline growth driven both by volume and price," the company said in its earnings call. "We have started seeing volume growth coming back. The impact of inflation and monetary tightening on economic growth and demand seems to be slowing down, but I would keep my fingers crossed and monitor it closely," said Tata Consumer MD and CEO Sunil D'Souza. "In the near term, we are seeing stability." 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FMCG makers expect sustained recovery in volume and margins with price reduction in FY24

<ul><li>The acquisition marks <keyword id="62997" type="General" weightage="100" keywordseo="dabur" source="Orion">Dabur</keyword>’s entry into the over ₹25,000 crore branded spices and seasoning market in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>. </li><li>Mohit <keyword id="200" type="General" weightage="80" keywordseo="burman" source="Orion">Burman</keyword>, chairman of <keyword id="6373748" type="General" weightage="50" keywordseo="dabur-india" source="Orion">Dabur India</keyword> said that they intend to leverage their global market presence to grow the business globally. </li><li>The transaction is expected to be cash <keyword id="179896" type="General" weightage="50" keywordseo="eps" source="Orion">EPS</keyword> neutral in the first year and accretive thereafter, the company said.</li></ul>Dabur India announced that it signed definitive agreements to acquire 51% shareholding of Gujarat-based spice maker Badshah Masala for ₹587.52 crores, today. Badshah is engaged in the business of manufacturing, marketing and export of ground spices, blended spices and seasonings. “The Indian spices and seasoning category is a large and attractive market. Badshah Masala is one of the key players in this space. Our investment in Badshah Masala will help expand this business and continue to provide unmatched quality products,” said Mohit Burman, chairman of Dabur India. The company said that the acquisition is in line with Dabur’s strategic intent to expand its food business to ₹500 crores in three years and expand into new adjacent categories. “This also marks Dabur’s entry into the over ₹25,000 crore branded spices and seasoning market in India,” Dabur said in a press release. Dabur is acquiring the majority stake for ₹587.52 crores, less proportionate debt as of the closing date. The deal values the company at ₹1,152 crores. This translates to a revenue multiple of around 4.5x and an EBIDTA multiple of around 19.6x of FY2022-23 estimated financials. “The transaction is expected to be cash EPS neutral in the first year and accretive thereafter. The acquisition is expected to be completed within this fiscal. As per our agreement, we will acquire the balance 49% shareholding after 5 years,” P D Narang, group director, Dabur India. Burman said that they intend to leverage their global market presence to grow the business globally. “This transaction will enable us to accelerate our growth by adding our products to Dabur's broad portfolio to meet the needs of consumers across geographies,” Hemant Jhaveri, managing director of Badshah Masala. According to Mohit Malhotra, CEO of Dabur India, the branded spices market in India is growing at healthy double digits, led by increasing consumption, upgradation from unbranded to branded and growing preference for regional flavours across states. “The market is dominated by regional players and holds significant potential for growth in the future. Badshah's portfolio will gain from Dabur’s extensive distribution reach. We look forward to unlocking further synergies and market opportunities to capture the full potential of Badshah Masala,” Malhotra added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/walmart-reportedly-raising-up-to-3-bn-for-flipkart-to-expand-india-biz/articleshow/95100711.cms">Walmart reportedly raising up to $3 bn for Flipkart to expand India biz</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/microsoft-cloud-exceeds-25-bn-in-sales-github-at-1-bn-arr-nadella/articleshow/95099741.cms">Microsoft Cloud exceeds $25 bn in sales, GitHub at $1 bn ARR: Nadella</a>

Dabur acquires majority stake in Badshah Masala for ₹587.5 crore

<ul><li>Shares of fast moving consumer goods company fell 5% after the company reported lower than expected volume growth along with cautious commentary.</li><li>The company reported 9% year-on-year growth in net profit to ₹2,187 crore as against ₹2,009 crore in the same quarter last year.</li><li>Further, the company said they remain cautiously optimistic about demand recovery.</li></ul>Shares of consumer goods company <keyword id="6365619" type="General" weightage="20" keywordseo="hindustan-unilever" source="Orion">Hindustan Unilever</keyword> (HUL) fell as much as 5% on Tuesday after the company reported its September quarter earnings. Although the company reported 9% year-on-year growth in net profit to ₹2,187 crore as against ₹2,009 crore in the same quarter last year, investors were disappointed on lower than expected volume growth. The company delivered 4% year-on-year volume growth in the July-September quarter lower than estimates of 5-7%. Food segment that includes products like Horlicks, Kissan, Bru, Kwality Wall’s saw a slowdown in revenue growth. Food segment grew only 7% in the September quarter as against 12% in the June quarter. Hindustan Unilever attributed the dull growth in the food segment to reasonably high sales in the previous quarters. <div type="image" title="HUL cchart" height="900" width="1200" msid="87136921" hostid="261"></div> The company has declared a dividend of ₹15 per share in this quarter. Adding to it, the company gave a cautious remark on the demand recovery. “Looking forward, we remain cautiously optimistic about demand recovery,” said Sanjiv Mehta, chairman and managing director of HUL. Meanwhile, muted consumer sentiment with rising inflation bothered the (fast moving consumer goods) FMCG major. “September quarter witnessed a sequential improvement in trading conditions, albeit remained challenging with unprecedented levels of input cost inflation and subdued consumer sentiments,” added Mehta in a statement to stock exchanges. Cautions comments by HUL will impact the outlook for the sector and competing players like <keyword id="75190" type="General" weightage="20" keywordseo="nestle" source="Orion">Nestle</keyword>, <keyword id="6359432" type="General" weightage="20" keywordseo="britannia" source="Orion">Britannia</keyword>, and <keyword id="6357073" type="General" weightage="20" keywordseo="itc" source="Orion">ITC</keyword>. Shares of other FMCG players also ended lower on October 19. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FMCG companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock change on October 19 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Marico </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dabur </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/iex-lt-infotech-ttk-prestige-and-two-other-stocks-that-have-ignored-the-market-mood-to-hit-a-one-year-high/slidelist/87132594.cms">IEX, L&amp;T Infotech, TTK Prestige and two other stocks that have ignored the market mood to hit a one-year high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/dmart-is-continuing-to-do-what-it-knows-best-but-the-street-wants-more/articleshow/87113806.cms">DMart is continuing to do what it knows best but the street wants more</a>

Horlicks and Boost maker HUL sees slowdown in food segment in the last three months

The present <keyword id="6354680" type="General" weightage="20" keywordseo="Credit" source="Orion">credit</keyword> growth is far away from being considered "exuberant" and there is no "big gap" between the credit growth and deposit accretion when looked at the absolute numbers, <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said on Wednesday. "I think the credit growth at the current point is certainly far far away from exuberance or something like that. It is definitely very, very steady. We are monitoring it very very carefully," Das said while speaking at the <keyword id="6356925" type="General" weightage="20" keywordseo="BFSI" source="Orion">BFSI</keyword> Summit organised by Business Standard. When one compares the credit growth and deposit growth, it seems like a wide gap because of the base effects, Das said, adding that the credit growth is going up after two years of being depressed, while deposit growth number has come off a relatively higher growth during the pandemic years. "Just as the credit growth looks very high because of the low base effect of the previous years, the deposit growth is also pretty low because of the base effects of the previous years," he said. For the fortnight ending December 2, the system reported a credit growth of 17.5 per cent while the deposit growth has been trailing at 9.9 per cent. Das said in absolute terms, the credit expansion for the year to December 2 had come at Rs 19 lakh crore, while the deposit growth was Rs 17.5 lakh crore, which makes it clear that there is no "big gap" in the number. He said the credit growth, apart from being driven by base effects, is also indicative of the underlying fundamentals of the economy. Das acknowledged that he does get asked about deposits not growing, while credit is growing and if we are heading for an unsustainable situation and added that the answer to these concerns is in deposits growing to sustain credit growth over the medium to long term. Replying to a question on the banking system being unfair to savers, Das said the <keyword id="45828" type="General" weightage="20" keywordseo="deposit-rates" source="Orion">deposit rates</keyword> in the system are already moving up and he expects them to move up further. He said while the lending rates have moved up by 1.17 per cent, the deposit rates have gone up by 1.50 per cent in the system. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/airtel-dabur-delhivery-among-stocks-to-watch-out-for-on-wednesday/articleshow/96387096.cms">Sensex, Nifty50 open higher amid mixed cues in US and Asian markets – Airtel, Dabur, Delhivery among stocks to watch out for</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rbi-governor-das-on-history-major-taunt-was-messi-also-a-post-graduate-in-history/articleshow/96395995.cms">RBI Governor Das on 'history major' taunt: Was Messi also a post-graduate in history?</a>

Credit growth far away from being considered as 'exuberant', says RBI Governor Das

<ul><li>India’s organic food market may grow at a compounded annual growth rate of 20% to $2.1 billion by 2024.</li><li>Dabur accounts for almost 25% of the branded ayurvedic market in India.</li><li><a href="https://www.forbes.com/profile/burman/#3d70a0c86a17">Forbes</a> had estimated Burman’s net worth at $8.3 billion in September 2019.</li></ul><keyword id="6373748" type="COMPANY" weightage="20" keywordseo="dabur-india">Dabur India</keyword>’ share price hit the highest level in a year on February 6. The stock has surged nearly 7% in the last four days since the company reported a lacklustre 5.6% volume growth in the latest quarter ending December 2019. 
 
 
 
 
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The secret of the strength in Dabur’s share price is Chyawanprash, a dietary supplement⁠— based on Ayurvedic texts ⁠— that has everything from sugar, honey, ghee, Indian Gooseberry (amla) jam, sesame oil, berries to various herbs and spices. 
 
 
 
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While Dabur struggled to sell other product segments, Chyawanprash sales grew a solid 25%, lifting the growth in the entire healthcare segment to 12%. Other categories like hair oils, skincare, and home care waddled anywhere between zero and 5%. The overall consumer confidence in India was at a six-year low. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth in the latest quarter </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Digestives </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.10% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Health Supplements </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.40% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oral Care </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.30% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OTC &amp; Ethicals </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.50% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Home Care </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.90% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Foods </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.70% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Skin Care </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.10% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hair care </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr></tbody></table> A wave of Indian consumers who prefer tags like organic and ayurvedic products are sweeping products like the Chyawanprash off the shelves. India’s organic food market may grow at a compounded annual growth rate of 20% to $2.1 billion by 2024, according to <a href="https://www.imarcgroup.com/indian-organic-food-market">IMARC</a>. And if that’s not enough, the Indian government has rolled out the red carpet for those making a business out of India’s traditional wisdom. They get support both in terms of infrastructure as well as lower tax rates. The fad and the freebies have attracted even multinationals like Unilever, Colgate, Nestle, Pepsi, and Coke into giving their brands an Indian flavour. Even Dabur’s new launches between October and December 2020 ⁠— Hajmola Chatpati Hing, Odonil Aerosol, Real Aloe Vera Kiwi Juice and Arshoghani Vati ayurvedic tablet ⁠— reflect the same theme. Dabur in the driver’s seat But, it is Dabur that accounts for almost 25% of the branded ayurvedic market in India, according to Dabur. And the FMCG major has thrived even as newer competitors like Patanjali— Baba Ramdev’s venture that sells Ayurveda-based products— <a href="https://economictimes.indiatimes.com/industry/cons-products/fmcg/what-went-wrong-with-patanjalis-dream-run/problems-were-expected/slideshow/69753711.cms">have failed to sustain </a>the momentum. That is the power of the 136-year old Dabur brand. And the company’s billionaire Chairman, Anand C Burman, is making hay even when the sun don’t shine. <a href="https://www.forbes.com/profile/burman/#3d70a0c86a17">Forbes</a> had estimated Burman’s net worth at $8.3 billion in September 2019. In 2015, the Burman family <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/dabur-chairman-anand-c-burman-to-buy-bungalow-in-delhi-for-rs-120-crore/articleshow/61027635.cms">bought </a>a bungalow in New Delhi’s Golf Links area for ₹160 crore ($2.2 million). The Burman family also owns a property in the posh Prithviraj Road in Central Delhi. Dabur ranks among the country’s top five FMCG companies and has an annual consolidated revenue of ₹7,700 crore. It may be even bigger when the tide turns for the better. 
 
 
 
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 SEE ALSO: <a href="https://www.businessinsider.in/business/news/rbi-consumer-confidence-index-falls-further-from-a-six-year-low/articleshow/73987637.cms?src=hp_latest">India’s consumer confidence was at a six-year low— and it just dipped further</a> <a href="https://www.businessinsider.in/business/telecom/news/billionaire-sunil-mittal-net-worth-and-airtel-q3-earnings-report/articleshow/73932668.cms">Billionaire Sunil Mittal got wealthier while Airtel lost a million users every 3 months for a year⁠— here’s why</a> <a href="https://www.businessinsider.in/policy/economy/article/healthy-diets-are-hurting-coke-pepsi-amul-sales-as-well-as-the-economy/articleshow/72976410.cms">Your ‘healthy’ diet is making the Indian economy leaner ⁠— but it’s not for you to change</a>

You Searched For "Dabur growth" and got 9 results

FMCG sector Q1 preview — Caught between price cuts and volume growth

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Dabur's three foreign subsidiaries face lawsuits in US, Canada

PTI

Dabur plans to open manufacturing unit in South India; portfolio expansion in the offing

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

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FMCG makers expect sustained recovery in volume and margins with price reduction in FY24

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Dabur acquires majority stake in Badshah Masala for ₹587.5 crore

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Horlicks and Boost maker HUL sees slowdown in food segment in the last three months

Bhakti Makwana

Credit growth far away from being considered as 'exuberant', says RBI Governor Das

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Chyawanprash, and the government’s blessings, are helping Dabur make hay even when the sun don’t shine

Navdeep Yadav

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