FMCG manufacturers expect sales, profits to improve in 2023-24, prices may come down

India’s leading FMCG (daily household items) companies have now returned to normal growth cycle after the Covid pandemic and have ramped up investment as well as spending on advertising and marketing. FMCG companies are buoyed by improvement in sales and profits and good performance in rural areas. FMCG companies are again witnessing a rise in sales after a few quarters. After easing inflationary pressure, weights of items ranging from soap to food and beverages are being increased and prices are being cut.

Hindustan Unilever (HUL), Dabur, Marico, Godrej Consumer Products, ITC, Tata Consumer Products and Nestle reported improvement in sales in the March quarter. These companies say that they expect a gradual growth in the current financial year. Saugata Gupta, Managing Director and Chief Executive Officer of Marico, said at a company event, “The expectation of continuous improvement has strengthened. The segment registered growth after five quarters of declining sales. Marico, the parent company of popular brands like Saffola, Parachute and Livon, reported a 18.7 per cent rise in consolidated net profit at Rs 305 crore for the March 2023 quarter, while 3.65 per cent growth in sales at Rs 2,240 crore. HUL said that rural areas have shown improvement. HUL’s sales continue to decline, but it is lower than in previous quarters. HUL’s consolidated net profit for the March quarter stood at Rs 2,601 crore, up 12.74 per cent. Net sales stood at Rs 14,926 crore, a growth of 10.83 per cent.

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