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Dinodia Capital Advisors September 2012
I. II. Executive Summary Market Overview
– – – – Industry Overview Evolution of the Indian FMCG Sector Porter’s Five Forces Model SWOT Analysis Key Challenges Trends in the Industry Growth Drivers Government Policies Major Segments
– – – – –
IV. Investments in the Sector
– Recent M&A Deals – Recent Private Equity Deals
– Major Players – Common Stock Comparison
VI. Profiles of the Major Players
– – – – – – – – – ITC HUL Nestle Dabur Godrej Consumer Colgate-Palmolive Marico GSK Consumer Britannia
VII. Corporate Profile (Dinodia Capital Advisors)
slick packaging and strong distribution networks. heavy advertising. the FMCG industry’s future prospects look bright which is expected to further boost sales Growth in the sector is led by higher urban and rural demand. raw material prices play an important role in determining the pricing of the final product Modern retail formats too have contributed in a major way in pushing the growth in the FMCG sector. With rising income levels and the spread of modern retail. thanks to higher disposable incomes and the retail revolution. amongst all the FMCG segments. the government’s growing support to agriculture will drive long-term growth in consumption from the rural sector In our view. The products are branded and backed by skilled marketing. Also.Executive Summary (1/2) The Fast Moving Consumer Goods (FMCG) sector in India has been growing at a healthy CAGR of 11% over the last decade Riding on the back of increasing demand and changing consumer preferences. the food segment will outperform over the coming years 3 . Going forward . the sector has been posting double-digit growth over the past couple of years The industry is volume driven and is characterized by low margins.
(food constitutes about 36% of the consumer wallet) The Indian food industry is poised to grow by a whopping 63. Edelweiss Feb’12 4 .8% to Rs. The Health foods segment is likely to see one of the highest growth in the Food segment To exploit this trend many companies have launched health based products viz.In our view.288. Dabur introduced a juice with fiber and HUL introduced Soya and multigrain atta. Britannia launched Nutrichoice biscuits. both of these are an opportunities for Food companies.5% from Rs 788. energy drinks We believe that the demand for these products is going to outpace the overall Food Category growth for the years to come Source: 1 India Food Guide.Executive Summary (2/2) The Indian food industry is a significant part of the Indian economy. iodized salt. Danone launching probiotic yogurt.100crs now to Rs.900crs in next 5 years and by 137.100crs in next 10 years.874. 1.1. throwing up huge opportunities for investments across the entire value chain1 India faces contrasting problems of having one of the highest malnutrition cases and also being the diabetes capital of the World.
Market Overview MARKET OVERVIEW Industry Overview Evolution of Indian FMCG Sector Porter’s Five Forces Model SWOT Analysis 5 .
lower per capita consumption and intense competition between the organized and unorganized segments FMCGs are slowly and gradually positioning and deeply penetrating in the fast growing rural market.Industry Overview Fast Moving Consumer Goods (FMCG) goods. drive consistent growth 6 Source: 1 Dabur Corporate Presentation March’12 .100crs1 The market is estimated to grow to US$ 100 billion by 2025. more contemporary food categories and as a result. low operating cost. 167. according to market research firm Nielsen In the last decade the FMCG sector has grown at an average of 11% a year. low penetration levels. annual growth accelerated to 17% The FMCG Industry is characterized by a well established distribution network. in the last five years. play a vital role as a necessity and as an inelastic product The Indian FMCG sector is the fourth largest sector the economy with a total market size of Rs. popularly named as consumer packaged goods. The Rural mindset is open to consumption of newer.
451 CY 10 CY 11 CY 10 CY 11 FMCG Industry Rural (in Rs bn) 559 491 The FMCG sector in India continues on a strong growth path with both Urban and Rural India contributing to its growth. changing lifestyles and favorable demographics Source: 1 Dabur Corporate Presentation March’12 7 . Rural India contributes one third of FMCG sales in India CY 10 CY 11 Growth driven by increasing consumption led by rise in incomes.Industry Overview Urban Vs.111 960 1.671 FMCG Industry Urban (in Rs bn) 1. Rural FMCG Industry Size (in Rs bn) 1.
the Indian FMCG market is expected to cross $80 billion by 2026 in towns with population of up to 10 lakh The sector has a tremendous opportunity for growth in India. the Indian rural market is probably the single largest “unit” of opportunity Also with changing lifestyle and increasing consumer demand. the rising incomes.7% in the rural market and 10.8% in the urban market during the quarter ended December 2011. while growth in the urban market improved to 16. FMCG growth was 10. in the rural market* Source: *Business Standard May’12 8 . Across the globe. with the growing population.5%. to 17.2%. education and urbanization. the advent of modern retail. it rose even higher. for the quarter ended March 2012.Industry Overview Rural India accounts for more than 700 Million consumers or 70% of the Indian population and accounts for 40% of the total FMCG market The Rural market is a large market space with very low organized player penetration. and a consumption-driven society # According to Nielsen.
Industry Overview The following matrix shows the room for growth in various categories of the FMCG products: There is ample room for growth in various categories of FMCG products 100% 90% 80% 70% Rural penetration (%) Edible oil Washing pow eders Hair oil T oilet soap Detergent bar Tea Biscuits 60% 50% Shampoo 40% Toothpow der Talcum Pow der 20% 10% Coffee Skin cream Soft drinks Utensil clearners Insencticides Vanaspati Balms Toothpaste Milk pow der Health Ice Cream Chocolates Mints Baby oil T oilet cleaners Noodles Floor cleaners 0% Ketchup Deodorants Urban penetration (%) Source: HSBC Global Research December 2011 9 .
Evolution of the Indian FMCG Sector # The industry is volume driven and is characterized by low margins 10 Source: IBEF .
thereby discouraging customers’ product shift • Low switching costs Overall: Moderately Attractive FMCG Industry Bargaining power of Suppliers: Moderate • Prices are generally governed by international commodity markets.Porter’s 5 Forces Model Threat of new entrants: Moderate • Low regulatory barriers • High competitive intensity requires large investments in brand building which deters small players Threat of Substitutes : High • Multiple brands positioned with narrow product differentiation • Companies entering a category / trying to gain market share compete on pricing which increases product substitution Bargaining power of consumers: Low • High brand loyalty for some products.. making most FMCG companies price takers Rivalry • Aggressive marketing strategies among competitors: High • Due to the long term relationships with suppliers etc. FMCG companies induce customers to switch • More MNCs entering the country negotiate better rates during times of between products high input cost inflation • Advertising spends continue to grow and marketing budgets as well as strategies are becoming more aggressive 11 .
SWOT Analysis • Moderate operating costs • Presence of established distribution networks in both urban and rural areas • Presence of well-known brands in FMCG sector • Favorable government policies Strengths Weaknesses • Lower scope of investing in technology and achieving economies of scale. increase in purchasing power of consumers • Large domestic market. i.a population of over one billion • Export potential • High consumer goods spending Opportunities Threats • Removal of import restrictions resulting in replacement of domestic brands • Slowdown in rural demand • Tax and regulatory structure 12 . especially in small sectors • Low exports levels • Counterfeit Products • Untapped rural market • Rising income levels.e.
Industry Analysis INDUSTRY ANALYSIS Key Challenges Trends in the Industry Growth Drivers Opportunities in the Sector Government Policies Segment Overview 13 .
making it difficult for FMCG firms to pass on the increased costs • Private labels serve to lower the consumer’s price points. affecting the final price of the product Price of inputs • Indian consumers are very price-sensitive and value conscious. which make it difficult to finalize raw material prices.Key Challenges • Commodity prices fluctuate. promotions etc) • These products narrow the scope of FMCG products in rural and semi-urban market • The spurious pass off products affect large. (in terms of display space. high quality brands which have actually invested money in research and development to create their products and build brand equity Emergence of Private Labels Counterfeit and Pass-offs Infrastructural Bottlenecks • Power Costs • Transportation Infrastructure • Agricultural Infrastructure 14 . particularly at the mass level • Conflicts of interest when a retail chain has its own label whose packaging looks like category leaders’ and stocks brands of other manufacturers.
Industry Trends Consolidation Indian FMCG companies are consolidating their existing business portfolios Several companies have started innovating by launching or customizing their existing product portfolios for new consumer segments Lifestyle and premium range products are the current hot target product segments among Indian FMCG players Product innovation Lifestyle products Expanding horizons A number of companies are exploring the business potential of overseas markets and several regional markets Backward integration Backward integration is becoming the preferred strategy for increasing profit margins Expanding distribution networks Companies are now focused on improving their distribution networks to expand their reach in rural India 15 .
FMCG companies are hiring field staff from areas such as Kalpa (Himachal Pradesh). This approach has helped companies focus on front-end marketing Companies are increasingly introducing smaller stock keeping units at reduced prices. Such foreign investments are encouraged by local governments. They generate the required energy from renewable sources and earn CER credits for the same 16 .Industry Trends Third-party manufacturing FMCG players often outsource manufacturing or processing of a certain range of products to small vendors. Mangaliya (Madhya Pradesh). This helps them sustain margins. Kota (Rajasthan). and Shirdi (Maharashtra) to sell diverse products FMCG companies entering Africa as it helps to be close to consumption markets within Africa. as they offer incentives to enter the markets Rising importance of smaller-sized packs Increased hiring from tier II/III cities Focus on enhancing presence in Africa Reducing carbon footprint FMCG players in India are focusing on reducing their carbon footprint. maintain volumes from price-conscious customers and expand their consumer base Small towns are emerging as significant hiring zones.
Growth Drivers Large Market Spending Pattern FDI Support Growth Drivers Rise of rural consumers Increasing per capita income of urban population Growing popularity of organized retail Changing Profile and Mind Set of Consumer 17 .
which houses 2/3rd of the total Indian population. indicating the untapped market potential With 200 million people expected to shift to processed and packaged food. solar energy and vast human resources is imperative for FMCG’s overall growth in India 18 .Opportunities in the Sector Untapped Rural Market The fragmented and untapped huge rural market. is vital for the growth of FMCG sector as a whole In order to reduce the marketing costs and raise efficiency through van sales or by creating rural supermarkets. hair wash etc in India is low. toothpaste. the FMCG companies should join forces in targeting the fragmented and broken rural market Food-Processing Industry Penetration level as well as per capita consumption in most product categories like jams. India needs around US$ 30 billion of investment in the foodprocessing industry Lack of Infrastructure and storage facilities Huge shortage of infrastructure facilities and storage facilities in rural areas of the country. which makes its difficult for FMCG companies to market their products Huge investments in developing rural infrastructure and efficient utilization of resources like our coast line. skin care.
which is expected to be further increased to 100%. which will boost the nascent organized retail market in the country Priority Sector: The Government of India recognizes food processing and agro industries as priority sectors Relaxation of license rules: Industrial licenses are not required for almost all food and agro-processing industries. These investments are allowed in food processing segments such as coffee and tea FDI in organized retail: India currently allows 100 per cent FDI in Cash & Carry segment and 51% in single-brand retail. 1966.Government Policies & Regulatory Framework Investment Approval: Automatic investment approval up to 100 per cent foreign equity for NRI and overseas corporate bodies. cane sugar. and hydrogenated animal fats and oils as well as items reserved for exclusive manufacturing in the small-scale sector Statutory Minimum Price: In October 2009. barring certain items such as beer. potable alcohol and wines. and replaced the Statutory Minimum Price (SMP) of sugarcane with Fair and Remunerative Price (FRP) and the StateAdvised Price (SAP) 19 . the government amended the Sugarcane Control Order. India is also expected to allow 51% FDI in multi-brand retail.
Segment Overview Market Segments The food and beverages segment is the highest contributor to the FMCG sector The FMCG market has three major segments 20 .
emergence of small pack sizes and sachets is picking up In the washing powder segment. HUL is the leader and other major players like Nirma.Segment Overview Household Care The detergents segment dominates the household care segment and has been growing at an annual growth rate of 10-11% in the past five years Local and unorganized players account for a major share of the total volume of the detergent market The Household care segment is plagued by intense competition and high level of penetration. With rapid urbanization. Henkel and Proctor & Gamble continue to provide stiff competition/innovation 21 .
Segment Overview Personal Care The Personal care segment includes personal washing products. The coconut oil market accounts for 72% share in the hair oil market The skin care market is at a primary stage in India. greater product choice and availability. oral care products. E. align themselves with global trends. people are becoming more alert about personal grooming The oral care market can be segmented into toothpaste – 60%.g. shampoos. With the change in life styles. and hair gels. skin care etc The hair care market can be segmented into hair oils. hair colorants & conditioners. fuelled by rising disposable income and changing lifestyles. cosmetics. toothpowder – 23%. toothbrushes – 17% The Indian personal care segment is set to change significantly in the coming years as consumption habits. increase in disposable incomes. hair care products. bath soaps are likely to be replaced by shower gel or liquid soap variants and there will be growing use of hair conditioners and electronic tooth brushes 22 .
bread and biscuits. Mineral Water and ice creams The three largest consumed categories of packaged foods are packed tea. 2013 and could be a serious threat for Anand based Amul 23 . health beverage industry. chocolates & confectionery. where the organized eating-out market is currently estimated at US$ 2 billion and growing at a CAGR of 25% Sahara India reportedly plans to enter into dairy production business by opening the world's biggest dairy on April 1.Segment Overview Food and Beverages The Food and Beverages segment comprises of the food processing industry. biscuits and soft drinks The Indian hot beverage market is dominated by tea and the major share of the tea market is dominated by unorganized players India is one of the fastest growing branded restaurants markets in the world.
Investments in the Sector INVESTMENTS IN THE SECTOR Recent M&A Deals Recent Private Equity Deals 24 .
Recent M&A Deals Announced Date December 3. AHCL diversified its Ltd (AHCL) business into 2 beverages business 25 . 2011 March 3. 2011 Soft drink and fruit based beverages business along with the brand.70mn. 2010 Target Acquirer Details GCPL has acquired a 100% stake in NC and EC for an undisclosed amount in order to extend its leadership in the specialty liquid detergent category Marico bought an 85% stake in the maker of Vietnam's top malegrooming brand X-Men in a deal estimated at US$55-60mn in order to strengthen the presence in the male grooming space Naturesse Consumer Care Products (NC) and Essence (GCPL) Consumer Care Products Ltd (EC) International Consumer Products Corporation February 19. 'Fruitnik' from Siva's Soft Drink Pvt Ltd Amrutanjan With the deal size of US$ Health Care 5.
80mn May 6.20mn in an all-cash deal in order to strengthen its urban distribution network. 2011 SweekarMarico Ltd's brand With the deal size of US$ 13.9% stake in Henkel India for US$ 13. for Marico.04mn. the move was in line with its decision to focus on its flagship brand 'Saffola' Jyothy Laboratories Ltd Jyothy Laboratories increased its stake to 50.97% in Henkel India from Henkel AG & Co for US$ 25. as Henkel has a strong presence in the modern retail formats March 28. 2011 Henkel India 26 .Recent M&A Deals Announced Date March 17. 2011 Target Acquirer Details Jyothy Laboratories acquired a 14.
Ltd Omega Seeds Ltd Ag. 2011 Blue park sea foods Pvt.63mn December 1. 2011 Target Acquirer Details Godrej Consumer Products Ltd acquired 51% stake in African hair care firm Darling Group Holdings in order to scale up its operations in the region and to strengthen its position in the hair care market Darling Group Godrej Holdings Consumer Products Ltd June 6.Recent M&A Deals Announced Date June 1.66% stake Agro Tech Foods US$ 11.Omega Ag-Seeds (Punjab) Punjab acquired a 15% shareholding in Blue Park Sea Foods for a total consideration of US$ 1.27mn which increased its stake in the company to 51. 2011 VVF LtdAramusk and Moloy brands Wipro Consumer With the undisclosed deal size.77% 27 . Care Wipro’s move was to strengthen its position in the increasingly competitive soap market in the country September 15. 2011 Agro Tech Foods Ltd ConAgra Foods North American food Inc giant ConAgra Foods Inc acquired 3.
personal care business Henkel India Ltd Jyothy Laboratories Ltd Marico Limited is acquiring personal care business of Paras Pharmaceuticals from Reckitt Benckiser for an undisclosed amount Consumer goods company Jyothy Laboratories Ltd is merging Henkel India Ltd with itself to consolidate its personal care products business under a single umbrella American Furniture company – HNI Corp has acquired 95% stake in office furniture company BP Egro for~ Rs.Recent M&A Deals Announced Date December 21. 2012 BP Egro Ltd HNI Corporation 28 . 2011 Target Amrit Banaspati Company Ltd edible oil business Acquirer Details New York based food company Bunge Limited acquired the edible oils and fats business of Amrit Banaspati Company Limited for US$ 78mn February 16. 2012 Paras Marico Ltd Pharmaceutical s. 2012 August 13.200 crores June 15.
Footprint Ventures. 2011 June 27.30 April 6. 2011 October 18.57 29 . and four angel investors Standard Chartered PE Sequoia Capital Future Ventures India Ltd % Stake NA Investment Value (US$ mn) 5 NA 1. 2011 August 19. 2011 March 28. 2011 NA NA 3% 25 30 NA Manpasand SAIF Partners India Beverages Pvt Ltd VVF Ltd Reliance Equity Advisors NA 10 NA 29.Recent Private Equity Deals Announced Date February 1. 2011 Investee Milk Mantra Dairy Pvt Ltd Hector Beverages Pvt Ltd Bush Foods Overseas Prakash Snacks Capital Foods Investor Aavishkaar Venture Management services Pvt Ltd Catamaran Investment Pvt Ltd. 2011 August 12.
2011 December 6.9% 136. 2011 Investee VKS Farms Pvt Ltd Sresta Natural Bioproducts Ltd Godrej Consumer Ltd Marico Ltd Adiga'sfast food chain Investor Ventureast Life Fund Peepul Capital % Stake NA Investment Value (US$ mn) 5. 2012 Temasek through Baytree Investments GIC and Baring Private Equity Partners India New Silk Route Partners 4. 2012 April 10. 2012 July 13.57 30 . 2012 April 25.45 5% 100 NA IncuCapital Saif Partners NA May 24.43 NA 15 January 23.07 8.Recent Private Equity Deals Announced Date November 14.2012 STEAMMO (F&B Chain) Blue Star Ltd NA NA 0.
Major Players MAJOR PLAYERS Strong FMCG Brands Common Stock Comparable Analysis 31 .
Strong FMCG Brands 32 .
044.621. 1 2 3 4 5 6 7 8 9 Company Name ITC (standalone) HUL (consolidated) Nestle (Consolidated)* Dabur (consolidated) Godrej (consolidated) Colgate (Standalone) Marico (consolidated) GSK Consumer* Britannia (Consolidated) Financials as on ….622.40 25. . 174.73 9.378.99 3.57 86.Common Stock Comparison (Rs.621.30 6.25 33 Source: As per research reports available from leading brokers like Goldman Sachs.65 1.72 446.17 840. 29.60 Net Income 2012 Rs.996.73 7.64 174.21 34.50 264.15 9.116.500.19 924.47 317.96 1.10 592.246.66 1.474.14 474.10 759.535.20 629.10 644.4126.96.36.1990.20 1.30 4.90 4.11 726.00 11.95 16.360.76 580.00 22. 6. 2.37 2.60 890.187.10 3.18 509. 1 2 3 4 5 6 7 8 9 Company Name ITC (standalone) HUL (consolidated) Nestle (Consolidated)* Dabur (consolidated) Godrej (consolidated) Colgate (Standalone) Marico (consolidated) GSK Consumer* Britannia (Consolidated) 2012 Rs.50 432.034.61 10.91 19.75 2013E Rs.305.40 11.90 1.176.63 7.50 Shares Outstandi ng March'12 781.84) Rs.978.11 413.10) 119.960. 8.85 3. Citi Group etc.850.30 642.42 4.118.025.277.17 (309.541.81 3.80 10.40 5. 10.60 61.40 2.124.337.790. 177.600.85 106. 31-Mar-12 31-Mar-12 31-Dec-11 31-Mar-12 31-Mar-12 31-Mar-12 31-Mar-12 31-Dec-11 31-Mar-12 Share Price 226.40 479.00 174.60 Rs.165.96 88. In Crs) S no.50 2.686.80 3.92 (1.00 514.49 4.322.54 14.646.850. 24.03 Sales S no.37 15.27 45.12 (1.010.84 216.40 44.051.85 409.01 498.00 3.70 5.20 1.162.826.197.55 2013E Rs.09 477.867.871.643.30 5.53 9.176.94 2.95 Market Cap Net Debt 2012 EV Rs.30 5.987.70 2012 EBITDA 2013E Rs.739.13) 798.460.429.183.80) 606.70 3.40 412.602.71 18.623.21 11.46 (Rs.077.90 286. 7.798.20 199.355.14 17.03 13.311.40 662.70 691.
01% 16.75x 37.72x 23.26x 24.32 3.86% 5.22x 5.37x 29.02% 11.34 17.98x 1.56 5.47 30.25% 17.78% 12.92x 31.53 20.50 24.75 19.54 24.78 22.84 3.04x 3. In Crs) EV/Sales S no.29 31.79x 17.99 33.66 29.98x 3.44x 34 Source: As per research reports available from leading brokers like Goldman Sachs.93% 3.20x 19.24% 7.13x EV/EBITDA 2012 20.75 37.84 25.17% 24.13 3.34 17.34x 2012 28.41 24.77 4.44 18.55 18.86 35. .61x 7.87 2.06 3.51% 13.61 3.20% 12.84x 31.14 21.98% 19.78x 31.44 26.04x 1.44x 24.35 4.91 19.65% 15.75 26.38x 22.84 21.20 23.98x 3.95 3.40% 17.14% 17.05x 21.05 4.Common Stock Comparison (Rs.67 2.53 29.22% 2012 7.38 28.33% 13.85 25.46x P/E 2013E 24.85% 13.32% 14.46 33.05 24.61x 28.51 17.22 3.85x 2013E 16.64 16.60 1. 1 2 3 4 5 6 7 8 9 Company Name ITC (standalone) HUL (cons olidated) Nes tle (Cons olidated)* Dabur (cons olidated) Godrej (cons olidated) Colgate (Standalone) Marico (cons olidated) GSK Cons um er* Britannia (Cons olidated) Mean Median Maximum Minimum EBITDA PAT Margin Margin 34.14 23.64x 24.06 21.75x 16. Citi Group etc.34 2.09% 13.04 1.14% 20.32x 2013E 5.40x 3.91x 29.
Profiles of the Major Players PROFILES OF THE MAJOR PLAYERS 35 .
Packaging and Agri-Exports It is the leading cigarette manufacturer based out of Kolkata with a 67% share of the market by volume and 83% by value The company is rapidly gaining market share even in its nascent businesses of Packaged Foods & Confectionery. Paperboards. Hotels.Indian Tobacco Company Company Profile Company Snapshot Incorporation Year Industry Group Main Product 1910 FMCG Cigarettes Chairman Exec. Personal Care and Stationery ITC's Agri-Business is one of India's largest exporters of agricultural products ITC is one of the eight Indian companies to figure in Forbes A-List for 2004. Forbes has also named ITC among Asia's'Fab 50' and the World's Most Reputable Companies 36 . Director Director K N Grant A Baijal Company Overview ITC is an outstanding market leader in its traditional businesses of Cigarettes. Branded Apparel. Director Exec. Director Board of Directors Yogesh Chander Deveshwar N Anand P V Dhobale Exec. featuring 400 of "the world's best big companies".
Indian Tobacco Company Product Portfolio Products Snapshot 37 .
Indian Tobacco Company Product Portfolio Products Snapshot 38 .
Indian Tobacco Company Financial Performance Financial Summary Financial Highlights (Rs. In Crs.) Source: Annual Report * Debt includes Long term and short term borrowings 39 .
Indian Tobacco Company
Incorporation Year Industry Group Main Product 1933 Household Care Cosmetics, toiletries, soaps & detergents Chairman MD & CEO Exec. Director Exec. Director Exec. Director Board of Directors Harish Manwani Nitin Paranjpe Sridhar Ramamurthy Gopal Vittal Pradeep Banerjee
Company Overview HUL, a 51% subsidiary of Unilever Plc, is the largest Indian FMCG company (excluding cigarettes) based out of Mumbai It has a portfolio of over 50 brands across categories such as soaps, detergents, foods, ice cream and water purifiers The key strengths of the company are an extensive distribution network (its products are available in over 6mn outlets), powerful brands (most of its brands are market leaders and straddle price segments), strong balance sheet, and high-quality management
) Source: Annual Report * Debt includes Long term and short term borrowings 43 . In Crs.Hindustan Unilever Financial Performance Financial Summary Financial Highlights (Rs.
Hindustan Unilever Financial Performance Financial Summary 44 .
backed by strong parent support 45 . KIT KAT.8% subsidiary of its parent Nestlé S. of Switzerland.A.Nestle India Company Profile Company Snapshot Incorporation Year Industry Group Main Product 1959 Food & Bevrages Dairy products Chairman & MD Director Director Board of Directors Antonio Helio Waszyk Shobinder Duggal Christian Schmid Director Director Pradeep Baijal Rakesh Mohan Company Overview Nestle. MILKYBAR. is India’s third largest consumer goods company after HUL and ITC Nestlé India manufactures products of truly international quality under internationally famous brand names such as NESCAFÉ. MILO. and instant coffee It enjoys a distinct advantage over competitors in the F&B space on account of its strong focus on developing products around the nutrition. a 62. instant noodles. MILKMAID and NESTEA Nestle enjoys leadership position in its core categories such as baby foods. health. MAGGI. BAR-ONE. and a culture of renovation and innovation in its offerings. and wellness platform.
Nestle India Product Portfolio Company Snapshot Category Category 46 .
In Crs.Nestle India Financial performance Financial Summary Financial Highlights (Rs. plans to invest nearly Rs 5 billion in a Maggie noodles and confectionerymanufacturing plant in Gujarat Source: Annual Report * Financial Year Ends in December 47 . a subsidiary of Nestle SA. the Swiss major in food and beverages.) Nestle India.
Nestle India Financial performance Financial Summary 48 .
and branded ethical. Dabur Foods Ltd produces fruit juices. and baby and skin care products. Director Director P D Narang Mohit Burman Company Overview Dabur is one of India’s most trusted names and the world’s largest Ayurvedic and Natural Health Care Company and is the second largest FMCG company in India. sauces. oral care. and classic products.Dabur Company Profile Company Snapshot Incorporation Year Industry Group Main Product 1975 Personal Care Diversified Chairman Vice Chairman Exec. The Consumer care division (CCD) offers a wide range of products in hair care.) Amit Burman Pradip Burman Exec. digestives and candies. based on ayurveda o Second. health supplements. Director Board of Directors Anand Burman (Dr. in terms of Product portfolio Dabur has three divisions in India apart from its international operations : o First. Asavs. The consumer health division (CHD) includes over‐the‐counter(OTC) products. and items for institutional food purchases 49 . cooking pastes. The CHD division has been merged with CCD to leverage the companies distribution networks o The third.
Dabur Product Portfolio Company Snapshot 50 .
) Source: Annual Report * Debt includes Long term and short term borrowings 51 . In Crs.Dabur Financial Performance Financial Summary Financial Highlights (Rs.
Dabur Financial Performance Financial Summary 52 .
JET.P. Jet.P. 1. GCPL completed the acquisition of 49% stake in Godrej Sara Lee Limited which had several leading brands such as Good Knight.) Nisaba Godrej (Ms. which include Good knight. Expert. Godrej Kesh Kala oil and Nupur hair dyes in the lower end and Renew and Coloursoft in the higher segment and give stiff competition to foreign brands in the hair colour segment In June 2009. Godrej No. Hit. Brylcreem and KIWI The company employs 950 people and has three state-of-the-art manufacturing facilities at Malanpur (M. among others. are household names across the country Major brands include Godrej Hair Dye (liquid and powder). Protekt and Snuggy.second largest player in soaps and largest in hair color Godrej Consumer brands. Cinthol.). HIT. Ezee.) 53 .Godrej Consumer Products Company Profile Company Snapshot Incorporation Year Industry Group Main Product 2000 Personal Care Diversified Chairman Director Director Board of Directors A B Godrej Jamshyd N Godrej Nadir B Godrej Company Overview Additional Director Additional Director Tanya Dubash (Ms.) Godrej Consumer is among the leading FMCG companies in India . Fairglow. Guwahati (Assam) and Baddi (H.
Godrej Consumer Products Product Portfolio Company Snapshot Source: HSBC Global Research December 2011 54 .
Godrej Consumer Products Financial Performance Financial Summary Financial Highlights (Rs.) Source: Annual Report * Debt includes Long term and short term borrowings 55 . In Crs.
Godrej Consumer Products Financial Performance Financial Summary 56 .
namely Hindustan CibaGeigy Ltd. but is seeing increasing competition from domestic players 57 .. CC Health Care Products Pvt Ltd. is the largest oral-care company in India. Colgate has also driven inorganic growth through acquisitions. Supported by a wide distribution network. Advanced Oral Care Products and SS Oral Hygiene Prod Colgate Palmolive is a market leader in the toothpaste segment with a market share of ~50% in India. around 26% by individuals and around 21% by institutional investors. 51% owned by Colgate USA. Ltd. it derives over 96% revenue from this category The company's 51% stake is owned by the foreign promoters (colgate-palmolive group).Colgate-Palmolive Company Profile Company Snapshot Incorporation Year Industry Group Main Product 1937 Household Care Preparations for oral or dental hygiene Chairman Vice Chairman Deputy Chairman MD Director Board of Directors D Samuel R A Shah P K Ghosh M V Deoras P E Alton Company Overview Colgate. Professional Oral Care Products Pvt.
Toothbrushes. Further. Kid’s products. Whitening products.Colgate-Palmolive Product Portfolio Company Snapshot Product Categories Oral Care Toothpastes. fluoride therapy. and specialty cleaning Personal care Body Wash Liquid Hand Wash Skin Care Hair Care Products Household Care Dish washing pastes 58 . gingivitis treatment. tooth whitening. treatment. it provides various dental care products for Toothpowder. mouth ulcer And Mouthwashes. sensitivity treatment.
) Source: Annual Report * Debt includes Long term and short term borrowings 59 . In Crs.Colgate-Palmolive Financial Performance Financial Summary Financial Highlights (Rs.
Colgate-Palmolive Financial Performance Financial Summary 60 .
India Its manufacturing facilities are located at Goa. the Middle East. Egypt. and Vietnam and is headquartered in Mumbai. South Africa.Marico Company Profile Company Snapshot Incorporation Year Industry Group Main Product 1988 Household Care Oils Chairman & MD Director Director Board of Directors Harsh Charandas Mariwala Rajeev Bakshi Atul Champaklal Choksey Director Director Nikhil Khatau Anand Kripalu Company Overview Marico has evolved into one of the leading Indian FMCG companies from a coconut oil manufacturer over the past few years It has positioned itself on the beauty and wellness platform and caters to the hair care. Kanjikode (Kerala).Saswad(Maharashtra). health care. Malaysia. and skin care segments The company operates in India. Jalgaon (Maharashtra). Dehradun (UP) and Daman Marico is present in more than 25 countries across Asia and the African continent 61 . SAARC countries. Singapore. Pondicherry.
Marico Product Portfolio Company Snapshot Category Range 62 .
In Crs.Marico Financial Performance Financial Summary Financial Highlights (Rs.) Source: Annual Report * Debt includes Long term and short term borrowings 63 .
Marico Financial Performance Financial Summary 64 .
000 retail outlets Headquartered in the UK. GSK has over 100. glucose powder etc The company has manufacturing facilities in Nabha (Punjab). noodles. including around 35. an Indian group company of GSK plc UK (which holds 43% in GSK).GSK Consumer Healthcare Ltd.000 employees worldwide.. is one of the largest players in the Indian malted food drinks (MFD) industry It is India’s leading health food drinks (HFD) manufacturer (69% market share in HFD) with growing presence in categories such as biscuits. Rajamundry (Andhra Pradesh) and Sonepat (Haryana) and has a strong marketing and distribution network in India with direct coverage of over 700.000 employees at 85 manufacturing sites in 37 countries 65 . Company Profile Company Snapshot Incorporation Year Industry Group Main Product 1958 Dairy products Malted milk foods Chairman MD Director Board of Directors S J Scarff Zubair Ahmed Kunal Kashyap Director Director Mukesh H Butani Naresh Dayal Company Overview GSK Consumer Healthcare Ltd. snacks. sports drinks.
Boost. Maltova and Viva 66 .GSK Consumer Healthcare Ltd. Product Portfolio Company Snapshot GSK is the undisputed dominant player in the fast‐growing under‐penetrated domestic malted health drink segment (~70% market share) with Horlicks.
In Crs.GSK Consumer Healthcare Ltd.10 billion in the same period last year Source: Annual Report * Financial Year Ends on December 67 .31 billion for the quarter ended March 31. 2012 as compared to Rs 1. Financial Performance Financial Summary Financial Highlights (Rs.) Glaxo Smithkline Consumer Healthcare posted a net profit of Rs 1.
Financial Performance Financial Summary 68 .GSK Consumer Healthcare Ltd.
11.) K K Dadiseth Company Overview Director Director Avijit Deb Anil K Hirjee Britannia Industries Limited is based in Kolkata and is famous for its Britannia and Tiger brands of biscuits. the company's principal activity is to manufacture and sell biscuits. which are popular throughout the country With an estimated market share of ~38%.Britannia Company Profile Company Snapshot Incorporation Year Industry Group Main Product 1918 Household Care Bisciuts Chairman MD Director Board of Directors Nusli N Wadia Vinita Bali (Ms. growing at 13-14% CAGR Britannia has enhanced its premium cream portfolio with a launch of several differentiated products including Bourbon Cappuccino.500crs. cakes and dairy products The Britannia brand is the trust of almost one-third of India's one billion population CRISIL has assigned a credit rating to Britannia Industries’ as AAA rating The biscuit industry is the largest processed foods segment in India with size exceeding Rs. bread. Pure Magic Praline and a new range of creamy flavours for Treat 69 . rusk.
Britannia Product Portfolio Britannia Category Range 70 .
) Source: Annual Report * Debt includes Long term and short term borrowings 71 . In Crs.Britannia Financial Performance Britannia Financial Highlights (Rs.
Britannia Financial Performance Britannia 72 .
Dinodia Capital Advisors CORPORATE PROFILE 73 .
Restructure. Transform and Turnaround businesses. Take advantage of financial and strategic opportunities.Dinodia Capital Advisors Dinodia Capital Advisors Corporate Profile Dinodia Capital Advisors is a Financial Consulting firm based in New Delhi. The firm helps clients Raise Capital. It assists clients across all industries grow. Balance investor expectations. both organically and inorganically. India. Resolve challenging problems. Execute Mergers & Acquisitions opportunities. DELIVER VALUE 74 .
technology. acting as a trusted advisors to facilitate the India entry strategy Organizational Transformation We work with companies to put systems. processes and people in place to help take advantage of both organic and inorganic synergies Turnarounds We work closely with companies to help devise and implement a turnaround strategy by plugging the deficiencies of management. capital or partnerships 75 . strategic and operational efficiency India Entry Strategy We help set up and incubate businesses in India.Dinodia Capital Advisors Service Offerings Dinodia Capital Advisors Advice Clients on : Mergers and Acquisitions We help in conducting a robust scan of the market and selecting the most suitable buyer or seller Capital Raising We advice clients on their capital needs and find them the right partner who brings more than just capital Restructuring We advise on business restructurings to help achieve financial.
Website .www. developing deep expertise in our areas of operations.com C-37. hand-holding clients from start to finish and caring deeply for every match that we make” . creating an environment of teamwork.com Tel No: +91 11 2341 7692. Fax No: +91 11 4151 3666 Email: dinodiacapital@dinodiacapital. 2341 5272.Dinodia Capital Advisors Private Limited Connaught Place . “We at Dinodia Capital Advisors believe in building long-term relationships based on trust with our clients. providing the highest quality and timely advice.dinodiacapital. New-Delhi 110001.
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