Despite the demand softness in India, Godrej Consumer Products is eyeing to deliver double-digit sales growth backed by low single-digit volume growth during Q3 FY23. During the quarter, the Indian FMCG sector witnessed slow growth driven by poor rural consumption and a slowdown post the festive season.
As per the company, there has also been a sequential improvement from high single-digit sales growth and mid single-digit volume decline in the previous quarter. The growth is broad based and led by around double-digit sales growth in both Home Care and Personal Care.
The company’s Indonesia business has started to see gradual recovery in performance, with constant currency sales decline in low single digits. However, growth ex-Hygiene, is marginally positive. Godrej Africa, USA, and Middle East (GAUM) continues its strong sales growth momentum, clocking double-digit sales growth in constant currency terms.
At a consolidated level, the company expects to deliver sales growth in mid-teens in constant currency terms and around double-digit in INR terms with flattish volumes. The growths have sequentially improved from mid-to-high single digit sales growth and mid-single digit volume decline in the previous quarters.
Godrej Consumer Products is a leading emerging markets company.
