Even before the fight against covid-19 intensified in the March quarter leading to a lockdown in India, many fast-moving consumer goods (FMCG) firms were facing demand blues.
Marico Ltd’s and Godrej Consumer Products Ltd’s (GCPL’s) Q4 FY20 updates show that the lockdown has made things worse. The updates also point to a stark difference in the performance of the two companies, which is likely to do with their different product portfolios.
Of the two firms, GCPL’s commentary is far weaker than expectations. The company said domestic business revenue in Q4 FY20 would report a decline of high teens.
Analysts had anticipated the decline in domestic revenue to be in the mid-single-digit territory. Marico, on the other hand, said its India