3QFY16 FMCG Results, Falling Volumes is the concern acroos the board

3QFY16 FMCG Results, Falling Volumes is the concern across the board:

1. Most of the big FMCG Companies have reported 3QFY16 results (ITC, Hind Unilever, GCPL, Dabur, Marico). Britannia & Nestle are yet to report the nos.

2. On consolidated basis sales & profit grew less than 5%.

3. Except, HUL, most of the companies reported double digit growth in PBIDT.

4. In ITC, Cigarette volume decline was more than expectation.

5. To maintain volumes, HUL relied on price-cuts and expend more on advertising, and its PBIDT fell by shocking 20%.

6. GCPL had robust volume growth and it seems that it did not passed on the benefit of falling commodities price to the customer, leading to profit growth of 23% on Sales growth of 6%.

7. On Volume front, Dabur was disappointing, but lower input cost helped it in posting 13% profit growth.

3QFY16_Results

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