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FMCG: Recovery in gross margins work in progress, investment in brands to continue

Investors need to keep track of the recovery in rural markets, given that almost 35-40 percent of revenue contributions come from that segment

November 18, 2022 / 12:52 PM IST
FMCG: Recovery in gross margins work in progress, investment in brands to continue

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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

Highlights Majority of the large-cap results were in-line with expectation Sequential improvement in gross margins likely from the December quarter Higher investment in A&P will keep operating margins under check Remain positive on ITC and Britannia, neutral on HUL and Nestle and Tata Consumer The FMCG (fast moving consumer goods) industry grew 9 percent in the July-September quarter of FY23 as against an 11 percent rise in the April-June quarter of the current financial year and a growth of 13 percent in the July-September...

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