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Unilever v/s Procter & Gamble: War of the Worlds

Jul 4, 2013

In this series, Equitymaster examines ongoing battle between global FMCG majors

HUL: Time for a different strategy?

Jul 21, 2009

The article is trying to highlight how HUL's flawed strategy is allowing competitors to gain market share at its expense and how it is trying to rectify the same

FMCG midcaps: Feel good

Aug 21, 2007

Earlier we had analysed the performance of the FMCG biggies for the June quarter. In this article, we have highlighted the performance of the smaller FMCG players namely Marico, Colgate, Godrej Consumers (GCPL) and GSK Consumer.

FMCG Mid-cap: FY07 review...

May 30, 2007

The financial year has come and gone! The annual results that were awaited amidst much hype and expectations have been declared. The performance of the midcap FMCG has been well in line with what we expected. The volume growth continues to be encouraging. The midcap FMCG companies continued their good performance throughout the fiscal. In this article, we bring you an analysis of the performance of 4 mid-cap FMCG companies under our coverage. This analysis comprises of Marico, Pidilite, Godrej

Indian Oral care sector: Say Cheez!

Dec 27, 2006

World over, the oral care sector is represented by toothpaste and toothbrush.

FMCG Mid-cap: 1QFY07 review

Aug 25, 2006

In our last article we wrote on the performance of the large FMCG companies (link) for the June quarter. In this article, we bring you an analysis of the performance of 4 mid-cap FMCG companies. This analysis comprises of Marico, GSK Consumers, Godrej Consumer Products (GCPL) and Colgate.

FMCG: 4QFY06 and beyond

Apr 17, 2006

The time has come for corporate India to unravel their March quarter results, and amongst the most awaited is that of the FMCG sector. The sector is often referred to as the ‘Sun’ and the ‘Moon’, from the perspective of everlasting demand for consumer products. In our view, the March quarter results will reinforce the underlying robustness in demand for consumer products. We have listed some of the major growth drivers for the sector in this article.

FMCG: Deserves the interest?

Mar 8, 2006

A while ago, we wrote about how small FMCG companies performed in the December quarter 2005 in comparison to the same quarter the previous year and the picture was astounding, atleast on the profitability front. In this article, we analyse the performance of the larger 5 FMCG companies viz. HLL, ITC, Nestle, Britannia and Colgate. If one were to go by the numbers, there are surprises in the offing.

FMCG: Small is beautiful!

Jun 16, 2005

Yesterday we wrote about how large FMCG companies performed in FY05 in comparison to FY04 and the picture was quite bleak. Today, we compare 5 other FMCG companies, albeit this time from the mid-cap space. The five companies included here are Dabur, Godrej Consumer Products, Colgate, Marico and Pidilite.

Rural India: FMCG hotspot

Jun 2, 2005

As per the latest HLL annual report, 70% of India's population lives in 627,000 villages, creating a huge market for FMCG companies. India's two largest companies have already set shops for their rural patrons. Let’s have a look at their business models.

FMCG: What's it upto?

Apr 11, 2005

Fast moving consumer good (FMCG) stocks have been the talk of the town from sometime now, not because of abnormal returns given to investors unlike all other sectors, but for clearly underperforming even the benchmark indices from a while.

Colgate: A SWOT analysis

Mar 16, 2005

A name synonymous with the Indian oral care industry, Colgate, is the undisputed market leader in toothpastes with over 45% share in the Rs 21 bn (90,000 TPA) oral care segment. The company's parent has a presence in over 200 countries worldwide. In India, Colgate ranks No.1 in top of the mind recall in many consumer surveys. Let's take a look at the company's journey over the years and what's in for it in the future.

HLL: Profit down but picture looks better

Feb 11, 2005

FMCG behemoth, Hindustan Lever (HLL), has declared its December quarter as well as full year 2004 numbers. The company has reported a marginal recovery in revenue growth during the quarter, which is a better performance as compared to over 3% dip in September quarter topline. For the full year, the company has reported over 2% dip in topline. But price competition took a big toll on operating margins of the company, both for the quarter, as well as for CY04. Consequently, profits have dipped by

Henkel recast: What's the implication?

Nov 25, 2004

As the small and mid cap rally is picking up, Henkel Spic India is also among the key gainers. The company is the third largest MNC in the detergent space in terms of sales and has recently approved a major restructuring proposal. Let us evaluate the merits of the restructuring and the pitfalls for investors who want to cash in on this opportunity.

HLL: Margin woes continue

Oct 28, 2004

FMCG behemoth, Hindustan Lever (HLL), has declared its September quarter numbers. The company has reported a over 3% dip in topline, which is somewhat better than the 4.8% dip it saw in the June quarter. But price competition continues to take a big toll on its operating margins (down over 5% YoY). Consequently, profits have dipped by nearly 27% during the quarter.

P&G: Contracting saves the day

Oct 27, 2004

P&G Hygiene and Healthcare (P&G) has reported an 11% growth in September quarter revenues (its first quarter for the current year), and over 34% bottomline growth. Though the revenue performance is encouraging, it pales in comparison to FY04, where the company had clocked over 30% growth during the year. The company earned an exceptional income to the tune of Rs 64 m as profit on sale of fixed assets during the quarter. Excluding this, profits before tax still grew by an encouraging 17% YoY.

Colgate: Buoyancy continues

Oct 20, 2004

Oral care major, Colgate Palmolive, has seen continued buoyancy in revenues during the September quarter. Its topline has grown by 6.5% during the quarter (almost at the same rate as in June quarter), led by volume growth in its core business of oral care. Continued operating margin improvement led the company to report a strong 16% bottomline growth during the quarter.

Gillette: Ad push bruises margins

Oct 15, 2004

Revenue growth of shaving products major, Gillette India, seems to be back on track. After reporting a staid 5% topline growth during the June quarter, the company is back to double digit growth at 16% YoY. However, operating margins took a toll on the company's profitability (down over 8% YoY). On a nine month basis, Gillette has reported nearly 13% topline and around 24% bottomline growth.

HLL: Reality check

Sep 21, 2004

Recently, both Hindustan Lever (HLL) and P&G have raised price of their detergent sachets, which could signal a cooling off of the intense marketing war between the two. This has resulted in a lot of renewed optimism in HLL on the stock market. We examine the issue.

FMCG perspective

Jan 2, 2004

The indices continue their bull run, backed by expectations of continued buoyancy in the economy, favourable political environment as well as expectations of higher allocation to India by foreign funds. One sees renewed interest in the FMCG sector, which was one of the key laggards in 2003. Why so?


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