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Anand Rathi Report
The scorching summer boosted demand for seasonal products (Glucon-D, prickly heat talc, cooling products, certain beverages, etc.). Emami, Zydus Wellness, Varun Beverages were prime beneficiaries of seasonal (summer) sales.
The searing heat and elections in Q1, however, curtailed sales of certain products, especially alcoholic beverages, owing to supply-chain woes and restrictions imposed during this period.
Per media, Nielsen-tracked FMCG volumes were the lowest in five quarters (3.8% in Q1, 6.5% in Q4). In fact, rural volume growth at 5.2% exceeded urban volume growth of just 2.8% (for the second quarter in a row).
FMCG revenue overall grew just 4% (6.3% in H2 FY24, 10.6% in H1 FY24), per Nielsen. We expect good revenue growth ahead, aided by an upswing in rural demand and return of pricing.
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