Consumer companies from Reckitt to Nestle have invested heavily in product innovation to win back shoppers who had turned to cheaper brands during the COVID-19 pandemic and more recent cost-of-living crisis. They hope improvements to existing products will allow them to raise prices without taking a hit on sales volumes. Reckitt’s other products include Nurofen tablets, cold remedy Lemsip and Durex condoms.
Procter & Gamble (P&G) has reported sales of ₹16,089 crore and net profit of ₹1,682 crore in India, almost touching the $2-billion sales mark, over three decades after entering the country. Despite pressure on input costs and price increases, P&G grew 15% year-on-year in FY23, with its largest arm, P&G Home Products, experiencing the biggest surge in profit and net sales.
The Directorate General of GST Intelligence is investigating Godrej’s acquisition of Raymond’s consumer goods business. The tax authorities have asked for an explanation from the companies regarding GST on the transaction. GCPL acquired the business for ₹2,825 crore through a slump sale. The DGGI is conducting the investigation in Mumbai and can conduct inspections based on suspicions of tax evasion.
India’s largest consumer goods firm Hindustan Unilever (HUL) reported a 4% increase in both net profit and sales in the September quarter, saying the market was gradually recovering as inflation is no longer a concern. This revival, however, is largely led by urban markets, while demand in rural areas has fallen.
Hindustan Unilever (HUL), India’s largest consumer goods firm, is embarking on a global first by experimenting with innovative technology to produce essential raw materials for detergents. The company aims to drastically reduce greenhouse gas emissions by utilizing Green Ammonia and collaborating with suppliers and vendors. HUL’s recent Clean Future Summit highlighted its commitment to sustainability and introduced its new technology for manufacturing soda ash and silicate. HUL plans to scale up low GHG soda ash production and create near-zero soda ash and green silicate using carbon capture technology and biomass utilization.
