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Here you will find all the research and views that we post on Equitymaster. Use the tools to customize the results to suit your preference!


Is Africa the next growth driver for Indian companies?

Apr 17, 2013

In this series, Equitymaster examines the attractiveness of the African markets

FMCG: The power of advertising

Aug 4, 2009

Equitymaster analyses how increase in advertisement spending helped consumer goods companies in the June quarter

FMCG: Where to from here?

Jul 15, 2009

Equitymaster presents an analysis of HDFC Bank's 1QFY10 results. The bank has shown a tepid growth in consolidated advances, while keeping its NPAs under control.

FMCG's Budget wish list

Jun 29, 2009

As the D-day (Budget announcement) comes closer, companies are venturing forth with their expectations, and so FMCG companies are not way behind. Further, with the rain gods not very pleased this year, the Rs 1,016 bn industry is banking on the government to take measures.

Bottom of the pyramid: The flipside

Jun 8, 2009

In the previous article, we saw the huge opportunity provided by the bottom of the pyramid segment. In this article, we shall take a look at the other side of the coin.

The bottom of pyramid - a mixed opportunity

Jun 5, 2009

India's demographic profile has offered Indian companies several options to cater to diverse profile of customers. However, the segment that has excited the maximum interest in the recent past has been the bottom of pyramid (BOP). First used in 1932 by U.S. president Franklin D. Roosevelt and later highlighted by Professors C.K. Prahalad and Stuart L. Hart in 1998, Bottom of Pyramid (BOP) has caught the eye of many.

Rural India: Glitter in times of gloom

Apr 13, 2009

No company can afford to ignore two third of the consumer population pie.

FMCG: Buffett's pick

Feb 25, 2009

Their resistance to economic cycles has historically helped FMCG companies fetch relatively better valuations as compared to other sectors during economic downturns. But this is not the only reason why this sector has endeared itself to some of the most discerning investors like Mr. Warren Buffett.

FMCG: Braveheart of 2008

Jan 6, 2009

2008 was a year that left companies across sectors looking for some relief from the downward spiral in sales growth and margins. The gloomy outlook for 2009 even persuaded some to cut down sales and retrench employees. While most of the sectors relented to the slowdown pressure, FMCG companies made hay even when the sun was not shining. The BSE FMCG index was down only 16.5% YoY in 2008 (after growing 19.5% in 2007) as against the fall of 52% YoY in the BSE Sensex. In this article we highlight t

What lower inflation means to FMCG players?

Nov 19, 2008

The latest statistics on inflation showed that the same has cooled off to a 6-month low and come down to single digits, primarily thanks to lower commodity prices. Since FMCG companies play a major role in driving consumption growth, which is necessary for a slowing economy, we analyse what kind of impact the inflation number can have on the FMCG sector.

FMCG: Strong volumes, margin pressure

Aug 27, 2008

In the June quarter, FMCG companies saw an impressive topline growth. However, rising input prices and inflation took a toll on profitability. In this article we give an insight to the performance of the FMCG companies.

FMCG: A defensive play

Mar 19, 2008

The worries of an economic recession in the US are having serious repercussion on the global economy and India is no exception. From the highs of 21,000 in Jan 2008, the BSE Sensex has touched 15,000 in mid March. Further, higher crude prices and rising inflation is adding fuel to the fire.

FMCG: Not fast moving enough

Jan 3, 2008

While the FMCG sector continued with its growth momentum, the sector nevertheless under performed the Sensex in 2007. This can be gauged from the fact that while the Sensex notched gains of 45% in 2007, FMCG index grew by just 20%.

FMCG: The year gone by

Jan 2, 2008

India is the world's twelfth largest consumer market. The Rs 700 bn FMCG sector grew by 12% in 2007. Most of the products in the FMCG space, though at different rates, witnessed growth. The sector had a satisfying year led by a booming economy and consumerism.

Someone's nibbling at the grocery bag!

Sep 12, 2007

Inflation is a bane that has been imposed upon the mankind courtesy his unending greed in a world of limited resources. While there may be a debate over the fact that a steady inflation rate is good for the economy,

FMCG: Effort at efficiency!

Sep 5, 2007

One of the most important areas in a firm is the day-to-day management of working capital. Adequacy or inadequacy of these funds would determine the efficiency with which the daily business may be carried on. Working capital refers to funds invested in current assets.

FMCG: What is in store?

Jul 18, 2007

The result season is back! With FMCG companies about to announce their results this week, we review the factors that are expected to impact their performance in the coming quarters. Most categories in the FMCG space are expected to grow at a steady rate led by strong consumer demand and low levels of penetration in India and better lifestyle.

FMCG: Long way ahead

Jul 11, 2007

The past three years have been good for the Rs 700 bn Indian FMCG sector. The usual growth drivers like penetration, per capita consumption, population and household income have been strong. The share of FMCG items in the Indian consumer's wallet has increased gradually over the past few years.

FMCG majors: Not way behind!

Jun 6, 2007

Like the midcaps, though slower, the FMCG large caps continued to sustain robust growth momentum supported by the shift from the unorganised sector, increased realisations and acquisitions. The pressure from the rising input prices was visible leading to a fall in the margins. We give you a review of the performance of the majors like ITC, Dabur, Tata Tea and Britannia for the year.

The evolving Indian hair care industry

Apr 12, 2007

Indians have evolved from the 'champi' times, wherein hair oil was considered to be the only product meant for hair care. Today, there are a plethora of options available from shampoos and conditioners to hair dyes and post wash products. In this article we focus on the shampoo segment, which is considered to be one of the fastest growing segment in the hair care industry.

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