Fast-moving consumer goods (FMCG) sales continued to be lower in June compared to May with urban sales witnessing a steeper decline than rural. Sales of goods from shampoos to biscuits stayed lower due to inflationary pressures on commodities. This pushed consumer companies to continue taking price hikes, thus impacting demand, according to data by Bizom.
Even as raw material prices start cooling off from their peaks, fast-moving consumer goods (FMCG) companies' margins are expected to remain under pressure at least in the next quarter. This is because commodity prices continue to remain high year-on-year (YoY). Consumer companies will also continue to increase rates as they have been taking price hikes in a staggered manner. They have not yet passed the entire price increase of raw materials to consumers.
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Expect fast-moving consumer goods makers (FMCG) to raise prices again next month owing to raw materials, transport, labour and packaging material costs remaining high or becoming even costlier. Whether it is packaged wheat flour and basmati rice or biscuits and shampoos, these products will become 2-10 per cent more expensive. Adani Wilmar will hike the price of its packaged wheat flour by 5-8 per cent and of its basmati rice by 8-10 per cent next month.
Consumer companies have started taking orders via phone calls and are also pushing retailers to order through their B2B applications.
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'Companies are coming to the campuses, and we have companies booking their slots for the placement season, but the overall number of companies signing is low, and the hiring numbers are also lower.'
'The focus on easier access and faster delivery is creating a new consumption pattern that allows consumers to satisfy their last-minute cravings and restock essentials at the click of a button.'
The festival season has already begun in the west and south of India with Ganesh Chaturthi and Onam, respectively, and consumer companies are witnessing a pick-up in sales compared to pre-Covid levels. Retailers, fast-moving consumer goods (FMCG) and consumer durables companies expect their sales to grow in double digits this festival season compared to pre-pandemic times, as there are no curbs on movement now. Adani Wilmar expects sales volume to be higher by 15-20 per cent as rural India has largely witnessed good monsoon rains, and employment has picked up in urban areas.
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FMCG firms such as ITC, Parle Products, Marico, Emami, PepsiCo India and CG Corp Global on Wednesday assured uninterrupted supply of their products based on the learnings from the last year's lockdown, even as surge in COVID-19 cases in India forced Maharashtra to declare a 15-day curfew while other states also imposing various restrictions.
With theatres remaining shut, new releases are making a beeline for OTT platforms, and companies are forging tie-ups to reach out to the target audience.
'For a very long time I could not bring myself to watch several of their films because I couldn't see them depressed, in trouble or dead on screen.' 'It was hard to separate my parents from their characters, so I stayed away.' 'It was only after I became an actor that it became a job requirement.'
Top companies reported that despite most of them making staples and essential products, movement of raw material, goods and labour remained restricted, impacting sales.
As the second wave of the pandemic ebbs and the daily caseload falls, the struggles of the urban poor have come into focus. Many have suffered income and job losses after two successive waves. The second wave, in particular, has seen the poor being hit hard on account of lack of medical and financial help. For the fast-moving consumer goods (FMCG) companies this has meant that an important segment is under severe distress.
'While most companies were bullish before the second wave of double-digit sales growth in FY22, that may not be the case now.'
'Some of us are overweight, some underweight, some too tall, some too short, some too fair, some too dark, but that's no reason to get bogged down by society's rules about what fits.'
Sanjiv Mehta, chairman of the country's largest consumer goods company, HUL, believes that the second wave of the Covid-19 pandemic between April and June this year has been a mere pause in India's consumption story, and that it will not change the country's overall growth trajectory. India is poised for growth, especially in the fast-moving consumer goods (FMCG) sector, Mehta told shareholders at the company's annual general meeting on Tuesday. The signs of recovery are becoming evident with many states lifting lockdown restrictions in recent weeks.
From paints to apparel and lifestyle majors, brewers, distillers and fragrance makers have stepped into the market, even as the frontline companies including FMCG players, pharma and healthcare majors were the first to seize the opportunity created by Covid-19.
While FMCG companies were not barred from carrying out their operations during the 21-day lockdown, since most manufacture staples and essential products, capacity utilisation remained poor, owing to the restricted movement of raw materials, finished goods, and labour.
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However, the government's draft policy on e-commerce companies has forced consumer companies to also adapt to the changes. For Dabur India, e-commerce channel continues to be a key driver of growth in urban India. The contribution of online sales to its entire portfolio is at six per cent compared to 1.5 per cent before the pandemic.
'It is a ticking time bomb if the authorities don't come forward to help these hapless people.'
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In May, Satpal Singh, who runs a dairy business with three buffaloes in Jewar, near Noida, was worried about the steep spike in input costs. Singh said dry fodder rates, which cost Rs 1,500-2000 per tractor trolley last year, were quoting at Rs 4,500-5,000. The price of other cattle feed ingredients (that include mustard meal and similar mixes) had also gone up from Rs 2,000 per quintal to Rs 3,100-3,200 per quintal.
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