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Food stocks - Are high PEs justified?

Sep 17, 2012

This is the first article of the series in which we compare Shoppers' Stop with Wal-Mart.

FMCG: Best and the worst

Dec 28, 2010

Equitymaster's analysis of the best and the worst performers of the Indian FMCG sector

Food Processing: What's holding it back?

Dec 14, 2007

In the last few articles we looked at the prospects of the food-processing sector. In this article we highlight the factors that are hampering its growth.

Food processing: Indian advantage...

Oct 24, 2007

The food processing industry is the fifth largest industry in India and contributes around 6.3% of the GDP. However, the food processing industry in India is at a nascent stage with only 2% of the total produce being processed. India was once a net food importer but now produces a food surplus, India has the potential to become one of the leading players in the industry, due to its low labor and food production costs, government initiatives (tax holidays) and the availability of raw materials.

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.

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: Mid-caps take centre stage...

Feb 1, 2006

FMCG results for the December quarter have been splendid in comparison to the same quarter the previous year. Today, we bring you an analysis of the performance of 4 mid-cap FMCG companies and reason as to why these companies are considered as the 'darlings of the markets', with every investor wanting to own them. The analysis comprises of Marico, Essel Propack, Pidilite and GSK Consumers.

GSK Consumer: Over the years...

Apr 4, 2005

GSK Consumer is the market leader in the malted beverages segment with a dominating share of over 65% of the market valued at Rs 13 bn. It's product folio includes brands like 'Horlicks', 'Boost', 'Viva' and 'Maltova'. Let's look at the company's journey over the past 5 years.

Nestle - A SWOT analysis

Feb 17, 2005

Nestle India Limited is the Indian arm of Nestle SA, which holds a 51% stake in the company.

Nestle: Not too enthusing

Oct 28, 2004

Nestle has reported over 5% topline growth during the September quarter ended 2004. However, pressure on its margins, reduced other income and lower extraordinary income has resulted in the company reporting over 9% dip in 3QCY04 profits. The performance is however, better than the 36% dip in bottomline that it saw during the June quarter this year.

Britannia: Perfectly 'baked' recipe

Oct 26, 2004

Bakery products major, Britannia Industries, continues to log double digit topline growth. The company has reported nearly 13% revenue growth in September quarter and nearly 15% growth for the first half of the year. The trend is encouraging considering the fact that most of its FMCG peers have found it tough to grow the topline. Operating margins have also improved during the quarter, though for the first half they have remained stable. Other income buoyancy continues to drive bottomline growth

GSK Consumer: Looking for rhythm

Oct 25, 2004

GSK Consumer Healthcare has reported 3% revenue growth during the third quarter ended September 2004. The company margins have improved significantly, thereby resulting in a 37% bottomline growth during the quarter. For the nine months ended September 2004, GSK has reported almost 8% revenue and around 7% bottomline growth.

FMCG: Fast moving...

Dec 17, 2003

Markets all over the world have been on a roll in 2003 and the Indian bourses are no exception having gained almost 60% in 2003. During this period, while there are sectors that have outperformed this benchmark index by substantial margins, there are also sectors that have not kept pace with the general market trend during the last one-year.

Nestle: Business as usual

Oct 31, 2003

One of India's largest processed food companies, Nestle India, continues to grow steadily. The company has reported nearly 9% topline growth during 3QFY04, in a segment where its FMCG peers are hard pressed for growth. What's more, the company has finished the quarter with a significant 72% bottomline growth, propelled by extraordinary income in the form of a provision write back (Rs 129 m).

GSK Consumer: Mal(t) nourished…

Oct 23, 2003

GlaxoSmithKline Consumer Healthcare Ltd. (erstwhile SmithKline Beecham Consumer Healthcare) continues to struggle with its performance. After reporting a strong 27% topline growth in the June quarter, the company seems to have lost the momentum. The company has reported nearly 2% decline in September quarter topline. What is worse, GSK Consumer has finished the quarter with a 32% dip in net profit.

Britannia: Steady growth

Oct 17, 2003

Bakery major, Britannia Industries, has reported a 5% topline growth in the September quarter. The company has reported a much better 26% growth in bottomline led by improvement in operating margins, as well as a strong other income growth. The company seems to have restated last year's numbers (especially for the topline). As per the release of the company to the BSE, the topline growth in nearly 10% YoY. However, we have not received the detailed release by the company. As such, we have carrie

Nestle: Topline strength continues

Aug 1, 2003

Nestle India continues on its growth path. In the June quarter, the company has reported a 7% topline and nearly 15% bottomline growth. Overall, the company has finished first half of FY04 with a 10% topline and over 18% bottomline growth.

Britannia: Other income fillip…

Jul 29, 2003

Britannia Industries has reported just over 3% growth in 1QFY04 topline. The company has however finished the June quarter with a significant 53% net profit growth.

SBCH: Blockbuster June quarter

Jul 25, 2003

GlaxoSmithkline Consumer Healthcare (SBCH) has posted a strong 27% topline growth during the June quarter. It seems that the company's relaunch strategy for both Horlicks and Boost seems to have rubbed off on the performance. It may also be an indication that the inventory correction undertaken by the company last year is now over. There is a minor difference between our revenue growth and the reported growth due to change in numbers of previous quarter figures.


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