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FMCG Companies Moving Towards Robust Growth The fourth quarter results of FMCG companies show the industry's ability to navigate complexities and adapt to evolving market dynamics

By Shrabona Ghosh

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Nielsen IQ in its report has said India's FMCG market, despite challenges, remains resilient and is poised for a 4.5 per cent-6.5 per cent growth in FY24. The industry's ability to navigate complexities and adapt to evolving market dynamics underscores its significance in the Indian economy, offering promising opportunities in the future. The FMCG companies in their quarterly results reflected a similar sentiment.

Dabur India

Dabur India on Thursday reported a 16.5 per cent increase year-on-year (YoY) in its net profit at INR 341 crore for the January to March quarter (Q4FY24), as against INR 292.8 crore it recorded in the corresponding quarter of last fiscal. In Q4FY24, the total revenue of the company was INR 2,814.64 crore, rising 5.11 percent from INR 2,677.80 crore in the year-ago quarter.

Dabur has been investing in growing the rural footprint, which has helped rural demand for brands to grow ahead of urban. "Alongside, we have expanded our product basket in the rural market with the launch of newer affordable and rural-specific packs across categories to feed these markets and push demand growth. The company has also invested in consumer activities in the hinterland to better reach out to consumers, giving them an opportunity to touch, feel and experience our products," said Mohit Malhotra, CEO, Dabur India. "Our rural coverage during the year expanded by 22,000 villages to 122,000 villages. Dabur's rural distribution has, in fact, been the highest in the industry, giving us a distinct advantage and helping us drive rural growth. These ahead of the curve investments have resulted in our rural business growing 400 bps ahead of urban," Malhotra added.

Nestle India

FMCG major Nestle India reported a net profit of INR 934 crore for the month ended March 31, 2024 (Q4 FY24), an increase of 26.73 per cent from INR 737 crore a year earlier. Revenue from operations jumped to INR 5,268 crore in Q4 FY24, up 9.05 per cent from INR 4,831 crore in the year-ago period.

Suresh Narayanan, chairman and MD, Nestle India said, "I am pleased to share that we have delivered double-digit growth, despite challenges posed by rising food inflation and volatile commodity prices. We have witnessed a strong growth momentum across our product portfolio led by a combination of pricing and mix. Our domestic sales crossed INR 5,000 crore this quarter, a notable milestone for us."
Confectionery delivered strong performance, fuelled by KITKAT, making India the second-largest market for the brand globally. The beverages business recorded robust performance. Milk Products and nutrition witnessed strong growth despite inflationary pressures. Prepared dishes and cooking aids registered strong growth across the portfolio led by MAGGI Noodles and MAGGI Masala-ae-Magic. India emerged as the largest market worldwide for MAGGI. The Out-of-Home business reported strong growth and e-commerce sustained its upward trajectory, contributing to 6.8 per cent of sales. "We remained steadfast on our RUrban journey and expanded to encompass over 200,000 villages, marking a significant milestone in our journey," added the CEO.

Adani Wilmar

Adani Wilmar reported a 59 per cent surge in its standalone net profit at INR 156 crore for the quarter ended 31 March, 2024. The Gautam Adani company had posted a net profit of INR 98 crore in the year-ago period. In the same quarter, revenue from operations experienced a 5 per cent year-on-year decline, amounting to INR 13,238 crore. The company noted that its sales volume maintained robust growth, experiencing substantial increases in both the edible oils and foods segments throughout the quarter and the entire fiscal year. This growth was attributed to heightened retail penetration.

The Food & FMCG segment reached a milestone of almost INR 5,000 crore in FY'24, and nearly doubled in 2 years, the company said in a statement. "We continued to witness strong volume growth in our edible oils & foods business driven by increased retail penetration. A focused approach in sales & marketing and regional approach in each category is leading to gaining market share from the local players. The adoption of our Integrated Business model strategy allows us to effectively compete with large and regional players," said Angshu Mallick, MD & CEO, Adani Wilmar Limited.

Hindustan Unilever

Hindustan Unilever Ltd reported a drop in its fourth-quarter (Q4 FY24) profit. Profit after tax stood at INR 2,561 crore compared with INR 2,600 crore reported during the same time last year. Full year turnover was INR 59,579 crores with a USG of 3 per cent and UVG of 2 per cent. EBITDA margin remained at 23.8 per cent with an increase of 40 bps YoY. PAT (bei) and EPS was up 4 per cent and 2 per cent respectively. Rohit Jawa, CEO and MD, said,

"In FY'24 we delivered a resilient performance with 3 per cent USG and crossed INR 10,000 crores Net Profit mark. We remain focused on driving operational excellence and have continued to build back our gross margins whilst stepping up investment in brands and long-term capabilities. Looking forward, I am optimistic that consumer demand will gradually improve due to a normal monsoon and better macro-economic indicators."

Procter & Gamble Health

Procter & Gamble Health said its profit after tax declined 21 per cent year-on-year to INR 46 crore for the third quarter ended March 2024.

The company following the July-June financial year, reported a profit after tax (PAT) of INR 59 core a year ago. Its revenue from operations declined to INR 252 crore for the period under review compared to INR 321 crore in the year-ago period, Procter & Gamble (P&G) Health said in a regulatory filing. "The company's continued efforts to strengthen our reach and distribution with a transformed go-to-market model reflected in a one-time impact on the quarter's sales owing to the transition and optimisation of trade management and inventory," P&G Health India Managing Director Milind Thatte said.

NIQ's snapshot portrays a dynamic FMCG landscape in India, where urban-rural convergence, non-food sector resurgence, and modern trade's continued strength define the industry's growth narrative. The optimistic outlook for 2024 signals a robust future for the FMCG sector, emphasizing the industry's adaptability and enduring significance.

Shrabona Ghosh


A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 

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