FMCG
FMCG
SECTOR | 16 Jan 2023
ICICI Securities Limited
In India, a ‘growth market’, investors tend to (rightly) ignore short-term profit sacrifice, provided the trajectory of volume performance is good (as it’s DCF- accretive). 10-year CAGR volume growth performance of ~4-7% (includes mix benefits (in some cases) and population growth) appears underwhelming while margin expansion (premiumisation-led) has been impressive.
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