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    FMCG Review: Some green shoots appearing, though not yet out of the woods

    Rural markets are likely to recover on the back of normal monsoon and higher MSP

    Nandish Shah
    June 28, 2022 / 09:27 AM IST
    FMCG Review: Some green shoots appearing, though not yet out of the woods

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    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    In the March 2022 quarter, our coverage universe of 14 FMCG (excluding ITC) companies saw revenues, gross profit, EBITDA and net profit growing by 17 percent, 6 percent, 7 percent and 9 percent, respectively, year on year (YoY). Quarter on quarter (QoQ), growth remained flattish. Among individual companies, Adani Wilmar reported one of the highest revenues and gross profit growth of 40 percent and 26 percent, respectively. Tata Consumer Products saw an EBITDA (earnings before interest, taxes, depreciation and amortization) growth...

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