FMCG earnings

FMCG earnings preview

We expect the overall revenues of Sharekhan's FMCG universe to increase by 13% yoy with Marico maintaining its 20%+ growth trend. Though the growth in the top line is a combination of higher volumes and price increases, price hikes had a bigger role to play this time around. We expect all the companies under our FMCG universe to improve their margins yoy. Thus, we expect the operating profit growth (of 19.2% yoy) to outpace the increase in the top line. The adjusted net profit is expected to grow by 16%.