FMCG companies witnessed strong headwinds post demonetisation (DeMo), which reflected in their 3QFY17 numbers. Although the DeMo impact from the demand point of view has nearly vanished, wholesale channels and rural market growth continued to be challenging in 4QFY17. Most of the FMCG companies witnessed a minor impact of DeMo in 4QFY17 too. However, a complete recovery is expected starting 1QFY18.