India Consumer Thematic Report - 030610

8/9/2019 India Consumer Thematic Report - 030610

1/86

Thursday 03, June 2010

India ConsumerIndia ConsumerIndia ConsumerIndia ConsumerIndia Consumer AMBIT CAPITAL

THEMATIC REPORT

Ambit Capital and / or its affiliates do and seek to do business including investment banking with companies covered in itsresearch reports. As a result, investor s should be aware that Ambit Capital may have a conflict of i nterest that could affect theobjectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

Please refer to disclaimer section on the last page for further important disclaimer.

Source : Illustration titled Welcome to Bombay by Mario de Miranda


2/86

CONSUMER SECTOR 03 JUNE 2010 2

Ambit Capital Pvt Ltd. Consumer Sector

CONTENTSCONTENTSCONTENTSCONTENTSCONTENTS

Macro Trends ..................................................................................................................6

Segment Trends ............................................................................................................ 15

Staples ..........................................................................................................................16

Food & Beverages .....................................................................................................................................17

Personal care ............................................................................................................................................28

Home care ................................................................................................................................................33

Discretionary .................................................................................................................35

Automobiles ............................................................................................................................................. 36

White Goods ............................................................................................................................................. 38

Paints .......................................................................................................................................................39

Clothing and Footwear .............................................................................................................................41

Consumer Services ........................................................................................................44

Travel & Tourism .......................................................................................................................................45

Organized Retailing ..................................................................................................................................48

Healthcare Services ...................................................................................................................................50

Education .................................................................................................................................................52

Telecom ....................................................................................................................................................54

Media .......................................................................................................................................................56

Corporate Analysis ........................................................................................................ 58

Historical performance ..............................................................................................................................60

Recommended Consumer Portfolio............................................................................... 63

Risks and Challenges....................................................................................................66

Annexures ..................................................................................................................... 69


3/86

India ConsumerIndia ConsumerIndia ConsumerIndia ConsumerIndia Consumer AMBIT CAPITAL

THEMATIC REPORT

03 June 2010

Ambit Capital and / or its affiliates do and seek to do business including investment banking with companies covered in itsresearch reports. As a result, investor s should be aware that Ambit Capital may have a conflict of in terest that could affect theobjectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

Please refer to disclaimer section on the last page for further important disclaimer.

AnalystVijay ChughTel.: +91-22-3043 3054

[email protected]

Gaurav JainTel.: +91-22-3043 [email protected]

About About About About About Cutting Chai, Costa CoffeeCutting Chai, Costa CoffeeCutting Chai, Costa CoffeeCutting Chai, Costa CoffeeCutting Chai, Costa Coffee

and eveand eveand eveand eveand eve rything in betweenrything in betweenrything in betweenrything in betweenrything in betweenThe Indian consumer is much more confident today than he/she has been atany time in the recent past. Amidst all the din and chaos (inflation, slowdownand global concerns), nearly a billion individuals are out in the marketplaceshopping for soaps, TVs and luxury cars. Our exhaustive inquiry into consumptionbehaviour and trends through extensive market visits, interaction with companies,market experts and senior government officials, has revealed following insights:

We expect aggregate Private Final Consumption Expenditure (PFCE) growthof 14% supported by a very healthy underlying household savings rate of 23%. This is about 100bps higher than recent trends and will imply anincrease in contribution to global consumption from approximately 3% now to more than 5% in the next decade.

Mid and small towns are increasingly the markets of reckoning. Combinedsales in key mid-cities exceed by nearly 25% compared with metros. Despiteforeign investment hurdles in retail, we expect choice expansion to continueacross categories. We expect more than fourfold growth in choices led by both domestic and global marketers. Global marketers presence in India islow, with just 1% contribution to their topline from the country versus Indiascontribution of 3% to global consumption.

Food and Housing spends are major divergent spend areas compared toglobal averages. Consumption trends, in our opinion, will continue to show a tilt towards services. Our expectation is that contribution of consumer services

will see an increase by 760bps to 41.8% in a decade. We expect out of home(OOH) and processed foods, consumer durables, personal care goods &services, travel & tourism, speciality and lifestyle retailing, organizedhealthcare, and vocational education to report above-average growth.

Based on macro and category trends, we recommend following investmentportfolio weights in consumer companies:

Exhibit 1: Consumer portfolio weights

Cons. segment Current weight Recommended weight

Staples 43% 33%Discretionary 29% 32%Consumer Services 28% 35%

Source: Ambit Capital research

Some of our key ideas within these segments are Dabur, Bajaj Auto, Titan, IndianHotels, Whirlpool and Apollo Hospitals.

High aggregate consumption growth, in our opinion, will also lend anupward bias to inflation (as per IMF, 130bps higher than other EMs) and willbe a key challenge for marketers in the country. Roadways have been arevelation in the infrastructure segment, however challenges in power and

water still remain very high. Stagnating agricultural growth and its consequentimpact on food security is another area of concern.


4/86



Exhibit 2: Recommended consumer portfolio

Sector/ Top picks Current Current Recomm Macro/ Category trendsmkt cap weight weightUS$ bn

STAPLESFood Packaged foods and processed dairy will witness faster

growth with rising awarness of health aspects

Nestle India Ltd. 6.1 4.8% 5.0%GSK Consumer Healthcare Ltd. 1.6 1.2% 1.5%Tobacco & Liquor In tobacco, steady volume growth and uptrading where

as in liquor, increased per capita consumption andhigher penetration should be key drivers for growth

ITC Ltd. 24.0 18.9% 19.0%Others 3.7 2.9% 3.0%Home & Personal Care Personal care will grow ahead of the category led by

skin care with signs of consumer uptradingDabur India Ltd. 3.5 2.8% 3.0%Emami Ltd. 1.1 0.9% 1.0%Zydus Wellness Ltd 0.4 0.3% 0.5%Restaurants It will outpace the growth of packaged foods, QSRs will

remain the fastest growing segmentJubilant Foodworks Ltd 0.4 0.3% 0.5%

Others 13.6 10.7% 0.0% Staples Total 54.5 42.9% 33.5%

Staples PFCE share 2010 - 50.3% 2015 - 45.5% Share of staples will decline with slower growth inF&B. Although share of personal goods willincrease on account of high growth rates

Discretionary Auto Rising per capita incomes, particularly in rural markets

will drive future growthBajaj Auto Ltd 7.0 5.5% 6.0%Hero Honda Ltd 8.5 6.7% 7.0%Maruti Suzuki India Ltd 8.1 6.4% 6.5%Consumer Durables Several segments at tipping points, innovation remains

the key Whirlpool Of India Ltd 0.7 0.6% 0.5%Hitachi Home & Life Solution 0.1 0.1% 0.5%TTK Prestige Ltd 0.1 0.1% 0.5%Paints Better industrial demand scenario and premiumisation

to drive growth Asian Paints Ltd 4.4 3.5% 3.5%Kansai Nerolac Paints Ltd 0.9 0.7% 1.0%Retail Lifestyle and speciality retail are likely to be amongst

the fastest growing segmentsTitan Industries Ltd 2.2 1.7% 2.0%Pantaloon Retail India Ltd 1.6 1.3% 1.5%Other Retailers 0.4 0.3% 0.0%Others Rising per capita consumption and auxillary demand

will be key growth driversCastrol India Ltd 1.0 0.8% 1.0%Pidilite Industries Ltd 1.2 1.0% 1.5%

Discretionary Total 36.5 28.7% 31.5%

Discretionay PFCE share 2010 - 15.5% 2015 - 16.5% Share of discretionary spend will rise with fastgrowth in consumer durables and automobiles


5/86



Exhibit 2: Recommended consumer portfolio (contd.)

Sector/ Top picks Current Current Recom. Macro/ Category trendsmkt cap weight weightUS$ bn

Consumer ServicesEducation Its a key spend priority amongst all SECsEducomp Solutions Ltd 1.1 0.9% 2.0%

Everonn Education Ltd 0.1 0.1% 0.5%Healthcare Higher penetration, lifespan, lifestyle will drive rapid

growthFortis Healthcare Ltd 1.1 0.9% 2.0%

Apollo Hospitals Enterprise 1.0 0.8% 2.0%Hospitality Better infrastructure and higher consumption priorities

will propel the category Indian Hotels Co Ltd 1.7 1.3% 2.0%EIH Ltd. 1.0 0.8% 1.0%Hotel Leelaventure Ltd 0.4 0.3% 0.5%

Media Growth will be steady, but marred by fragmentationZee Entertainment 2.7 2.1% 2.5%Sun TV Network Ltd 3.5 2.8% 4.0%DB Corp 0.9 0.7% 1.5%Jagran Prakashan 0.7 0.6% 1.0%Telecom Acceptance of value added services remain key for

future growth potential.Bharti Airtel Ltd 21.7 17.1% 16.0%

Consumer Services Total 36.0 28.3% 35.0%

Consumer Services 2010-34 .2% 2015- 37.9% Share of services will increase rapidly withPFCE share growth in education, healthcare, travel & tourism

and other personal services

TOTAL 127.0 100.0% 100.0% Source: Ambit Capital research

For more information on these companies please refer annexure (page 69-84)


6/86



About Cutting Chai, Costa Coffee and everythingin betweenThe Indian consumer is clearly much more confident than he/she has been atany time in the recent past. So amidst all the din and chaos (inflation, slowdown,global concern) nearly a billion individuals are out in marketplace shopping for soaps, television and luxury cars. Our endeavor was to capture the essence of all these changes and identify the consumers fresh perspective.

Before compiling this report we have understood the thinking of individuals andorganizations operating in this value chain, be it consumers, producers, suppliers,regulators or market experts. We have traveled across the country (to more than15 cities and a similar number of small towns/villages) to gain closer understandingof markets and have surveyed several consumers across SECs. We also met withseveral companies across sectors including Dabur, Maruti, Fortis Healtcare,Indian Hotels, Zydus Wellness and a host of unlisted companies to understandtheir strategy in the changing consumption pattern in India. Importantly, we

understood the perspective of the government and allied institutions by meetingsenior government representatives.

MACRO TRENDS Aggregate consumption has come a long way Aggregate consumption (PFCE) has come a long way with collective spend inexcess of US$800bn. Over the last four decades, growth in consumption hasbeen in double digits and considering this growth pattern we expect aggregateconsumption to exceed one and a half trillion dollars in the next five years. As apercentage of GDP, PFCE has seen a decline to 57% and is now broadly consistent

with that in other countries. Considering the significant increase in householdsavings we expect consumption trends to be much more resilient to any increased volatility arising out of globalization. This pace of consumption growth, in our opinion, also lends an upward bias to inflation, which will continue to remain akey challenge for marketers in the country.

Exhibit 3: Macro trends in growth, consumption and savings

1950-51 1960-61 1970-71 1980-81 1990-91 1995-96 2000-01 2005-06 2008-09

GDP (Rs billion) 101 174 462 1,454 5,696 11,918 21,023 35,867 55,744PFCE (Rs billion) 90 152 368 1,120 3,769 7,517 13,393 20,554 32,182HHold savings (Rs billion) 6 11 44 187 1,048 2,010 4,549 8,647 12,613

GDP per capita (US$) 84 112 267 374 382 453 740 1,017% of GDPPFCE 89.1% 87.4% 79.6% 77.0% 66.2% 63.1% 63.7% 57.3% 57.7%Household savings 5.7% 6.5% 9.5% 12.9% 18.4% 16.9% 21.6% 24.1% 22.6%

Aggregate savings 8.6% 11.2% 14.2% 18.5% 22.8% 24.4% 23.7% 34.2% 32.5%1950-60 1960-70 1970-80 1980-90 1990-95 1995-00 2000-05 2005-08

Inflation WPI 9.9% 7.2% 10.5% 5.1% 4.7% 6.2%CPI 8.9% 8.9% 10.2% 7.2% 4.1% 7.4%CAGRGDP 5.6% 10.3% 12.1% 14.6% 15.9% 12.0% 11.3% 16.2%GDP per capita NA 2.9% 9.1% 3.4% 0.4% 3.5% 10.3% 11.3%

PFCE 5.4% 9.2% 11.8% 12.9% 14.8% 12.2% 8.9% 14.1%Household savings 7.0% 14.4% 15.7% 18.8% 13.9% 17.7% 13.7% 13.5%

Aggregate savings 8.4% 12.9% 15.1% 17.1% 17.5% 11.4% 19.7% 13.8% Source: RBI, Ambit Capital research


7/86



Comparatively, Indias aggregate and percentage of household consumption isin line with those of advanced emerging markets. However, in terms of GDP per capita and savings, this behaviour is at a significant deviation. Considering currentgrowth trends we expect household consumption contribution as a percentageof global consumption to see a rise of 66% to more than 5% from 3% currently.

Exhibit 4: Comparative macro statistics

Countries GDP US$ GDP HH spend HH spend HHUS$ bln Per Capita US$ bln % GDP Savings

Average Median Average Median % GDPMedian

India 1,235 1,030 710 57 34 Advanced Emerging 1,124 8,457 659 60 23MarketsSecondary Emerging 249 4,356 183 63 23MarketsDeveloped Markets 3,188 38,480 2,097 56 25

Source: IMF, World Bank, Ambit Capital research

Hinglish ConsumerIndian consumer spending pattern, on account of various socio-economicreasons, is still quite different from that of his counterparts in other countries inEmerging and developed markets. Although he has made a significant crossover,he still stands constrained by income levels to a large extent. Food and Housingare the some of the areas which stand at significant divergence when compared

with spends in Emerging and developed markets. We expect consumer spend tocontinue to move away from food to discretionary and services. The concept of nuclear families has already gained significant acceptance in key metros and weexpect this to spread eventually to the smaller towns and rural markets over the

next decade. These trends augur well for spend in categories such as eating out,durables and communication. Our expectation is that share of staples will see adecline of 990bps and share of discretionary and consumer services will seeincrease of 230bps and 760bps respectively.

Exhibit 5: Comparative consumer spends across various countries

Emerging Markets Developed Markets

India China Brazil Russia US UK Canada Australia S Korea

Staples 50.2% 39.5% 40.4% 37.3% 25.5% 24.9% 42.4% 28.6% 28.7%Food 35.8% 33.9% 24.6% 29.1% 12.7% 9.3% 10.4% 17.1% 12.6%

Alcohol & Tobacco 3.1% 2.6% 1.9% 2.3% 1.3% 3.5% 1.7% 2.6% 2.6%Miscellaneous goods 11.2% 3.0% 13.9% 5.9% 11.5% 12.1% 30.3% 8.9% 13.5%Discretionary 8.2% 13.3% 8.4% 17.9% 10.3% 10.6% 6.8% 9.8% 8.5%Clothing and Footwear 4.2% 8.6% 3.4% 10.4% 3.5% 5.4% 4.0% 4.0% 5.1%Household goods 4.0% 4.7% 5.1% 7.5% 6.8% 5.2% 2.8% 5.8% 3.3%Services 41.6% 47.2% 51.1% 44.8% 64.2% 64.5% 50.8% 61.6% 62.8%Housing 12.1% 12.1% 15.0% 10.4% 32.3% 22.7% 22.5% 24.8% 17.0%Health 4.2% 8.3% 4.4% 2.9% 6.1% 1.6% 4.6% 5.1% 6.1%Transport 15.0% 3.1% 13.0% 15.5% 17.6% 14.8% 13.6% 15.6% 11.5%Communication 3.1% 10.6% 5.4% 3.7% 0.2% 2.1% 2.1% 0.0% 4.5%Leisure 1.9% 2.9% 3.4% 7.7% 5.8% 11.3% 5.7% 12.8% 8.1%Education 2.5% 6.3% 7.2% 1.6% 2.2% 1.4% 1.7% 1.9% 7.5%Hotels and Catering 2.7% 3.9% 2.7% 3.0% 10.6% 0.6% 1.4% 8.4%

Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Source: IMF, Ambit Capital research


8/86



Heterogenity of Indian ConsumerUnlike other markets, Indian market is significantly heterogeneous best epitomizedby the fact that there are nearly 122 languages and 234 mother tongues withminimum speaker strength of 10,000 (Census 2001). Marketers often have tosegment it in several cluster groups based on varying socio-economic criteria.Urban-Rural and SEC A-E are some of the most commonly used criteria by marketers. Several marketers try to adopt a portfolio approach and its notuncommon for them to reach both Mass (Often consumes half a cup of teaavailable at starting price of Rs 3) and Affluent Consumers (engages inconsumption of coffee which sometimes start upwards of Rs 75 per cup). Thetop 100 cities in India contribute to not more than 50-60% of overall consumptionspends so there are large cluster groups in rural markets which often has to befactored in while planning launch and/or penetration s strategies. It is estimatedthat more than 2/3rds of next generation youth will come from rural India.

These trends of heterogeneity in our opinion will continue to drive importance of Customization and Reach as opposed to just superior product and attractivepricing in several markets. Besides media (more than 150 regional channels)several other product and service categories also demonstrate this need for customization and micro-marketing. In our opinion therefore not just superior products but supply chains and distribution reach will be extremely critical fromgrowth perspective. Organisations with robust supply chains and distributionreach in our opinion can enjoy growth rates almost 50% higher the normalgrowth rates.

Exhibit 6: Consumer India in terms of Income Quintiles

Population % of All India % of All India Surplus Income Rural-

Quintile Households Households Income Index Urban Arranged by Income in Expenditure as % of total SplitIncome Quintile in Quintile Income HQ1 (lowest) 6 9 -12 100 52-48Q2 9 12 11 161 44-56Q3 14 17 20 225 23-77Q4 21 22 31 335 17-83Q5 51 40 55 841 9-91

Source: NCAER-CMCR


9/86



Mid and Small town India (Bharat) has maderapid stridesFinancial inclusion, improved Agri Markets, Industralisation and Media/Telecompenetration have meant that satellite and other towns now exceed the overallmarket size and growth compared to the top 6 metro towns in the country.Several new towns in recent years, such as Kochi, Raipur, Bhubaneshwar andChandigarh would have got added to this list implying the widespread growthof markets beyond the six metro towns. Assuming growth differentials of 2% atcurrent levels, these markets, on a combined basis, would be 25% higher versusthe top 6 metro towns.

Importance of the small town has also accelerated with significant interventionby the government through NREGA , a progmamme for development of ruralIndia. Proximity to rural and key agri markets has only strengthened their growth.

Nearly all consumer brands have reached out to these mid and small towns,and in terms of aspiration and lifestyle, most of these towns appear to beconverging fast with the likes of metro cities.

Exhibit 7: Income, Savings and Consumption of Top Indian cities (Rs bn)Top 19 towns Annual Annual Annual Top 6 Annual Annual Annualnon-Metros HH Income HH Savings Consumption Metros HH Income HH Savings

Thane 408 108 294 Delhi 949 309 640Pune 338 96 242 Mumbai 732 201 531

Ahmedabad 336 108 228 Bangalore 537 212 325Surat 226 72 154 Chennai 283 51 233Coimbatore 182 31 151 Hyderabad 260 101 159Thiruvallur 136 25 110 Kolkatta 214 74 140Lucknow 169 59 110Jaipur 189 80 109

Vadodara 163 55 108Nagpur 146 40 106Kancheepuram 110 20 91Kanyakumari 107 18 89Jamshedpur 110 22 88Ludhiana 124 37 87Madurai 101 18 83Faridabad 130 48 82

Salem 96 17 80Indore 102 30 73Bhopal 99 29 70TOTAL 3,272 913 2,354 TOTAL 2,975 947 2,028

Source: Indicus


10/86

CONSUMER SECTOR 03 JUNE 2010 1 0


Exhibit 8: Middle class penetration

Categories Cities Boom towns Niche cities

Cars 57.5 43.5 46.8Motorcycle 47.1 60.9 43.7

Mobile phone 76.8 79.1 76.2Computer 16.8 20.1 16.8

Television 90.5 87.4 85.8Refrigerator 90.2 89.5 91.3

Airconditioner 10.0 14.2 9.8 Washing machine 66.0 55.3 62.0

DVD player 63.1 63.2 59.2Microwave oven 13.7 14.1 14.3

Source: NCAER

Choice Explosion in several categoriesLed by media, the choice expansion that we have seen in several categories hasbeen substantial. We expect these trends to continue to remain an importantfeature of Indian markets over at least the next 10 years before scale andconsolidation assume important features. Our estimates suggest that the averageconsumer choice has seen expansion of at least 3-4 times in the last decade and

we expect this pace to sustain over the next decade. Currently, combined shareof turnover from India, of global marketers, is less than 1% compared to 3%contribution to global consumption by India. Nearly 2/3rds the top 100 globalmarketers are already present in the country and we expect increased investmentsfrom them that will continue to drive further expansion. We expect digital marketingto facilitate this to some extent in the absence of foreign retailers.

Exhibit 9: Increase in consumer choices

Categories 2000 2005 2010

MediaNo. of TV Channels 161 251 395

RetailNo. of Malls 10 100 400Nos. of franchisors 250 650 1300

Nos. of franchisees 400 32000 120000

Consumer StaplesSkin cream (No. of brands/products) 20 55 95Beverages (No. of products) 10 20 >35

Consumer Durables (no. of models)Cars 20 35 70TV (standard type) 30 64 100Refrigerators 48 96 160

Air conditioners 30 56 100 Source: Co. websites, Ambit Capital research


11/86



Media spend Global salesUS$mn US$mn

P&G 9,730 83,503Unilever 5,720 59,313L'Oreal 4,040 25,676GM 3,670 148,979

Toyota 3,200 204,532Coca-Cola 2,670 21,807J&J 2,600 63,747Ford Motor 2,450 146,277Reckitt Benckiser 2,370 10,854Nestle 2,310 101,565

Volkswagen 2,310 166,579Honda 2,220 99,652Mars 2,000 30,000McDonalds 1,970 23,522Sony 1,850 76,945Glaxo Smithkline 1,830 44,654

Deutsche Telekom 1,810 90,260Kraft 1,790 42,867Nissan 1,720 83,982

Walt Disney 1,590 37,843Danone Groupe 1,580 22,277GE 1,550 183,207Time Warner 1,530 46,984PSA Peugeot 1,510 79,560Pfizer 1,510 48,296

Yum Brands 1,410 12,000PepsiCo 1,390 43,251Maxingvest 1,380 13,300Panasonic 1,290 77,298Ferrero 1,260 8,400Metro 1,240 101,217News Corp 1,240 30,000Henkel 1,230 19,002Renault 1,220 55,314

Walmart 1,100 405,607Colgate 1,050 15,327Kellog 1,040 13,000Hyundai 993 72,542SC Johnson 985 9,000

Viacom 984 4,098 Vodafone 975 69,138Chrysler 960 30,000

AB In Bev 935 23,568Merck & Co 933 23,850Samsung 928 110,350Daimler 924 140,328

Vivendi 868 37,166Sears Holding 863 46,770Bayer 849 48,182General Mills 846 14,691Kao 789 13,000

Exhibit 10: Top 100 global marketers (by media spend)

Media spend Global salesUS$mn US$mn

Fiat 770 86,914Nintendo 755 15,000Telefonica 742 81,200

Aldi Group 719 58,000

Mitsubishi 710 61,182SAB Miller 686 25,302Canon 668 39,611Campbell 644 7,586Kia 643 14,500Mazda 633 25,242LVMH 627 23,800BMW 619 77,864Suzuki 615 29,911Carrefour 607 129,134Microsoft 575 60,420Novartis 572 44,267LG 553 82,082Dell 547 61,101Mattel 525 5,920Citigroup 518 112,372Bristol Myers 517 18,808Sharp 504 28,341

Apple 503 32,479ING 494 226,577

Visa 484 6,900Clorox 476 5,000Burger King 465 2,537Ikea 447 31,794Nokia 446 74,224Doctors Associates 443 1,000Boehringer 441 18,200Cadbury 439 9,600Fuji Heavy 439 14,457Coty 432 4,000Eli Lilly 432 21,836Kimberly Clark 414 19,100HP 410 114,600MasterCard 390 5,100

American Express 388 24,500Heineken 367 20,580Shiseido 367 6,900

Ahold 364 39,102Diageo 358 14,898Pernod Ricard 336 10,084

Avon 333 10,000Hasbro 327 4,070HSBC 320 142,049Sanofi Aventis 320 38,640

Abbott Labs 316 29,528

TOTAL 117,908 5,395,592 Source: Adage, Ambit Capital research (companies in bold are without any presence/ marginal presence in India)


12/86



Youth and Women likely to stay key influencersConstituting nearly 25% of the population (10-24-year age) the youth segmentis of significant interest to all marketers in the country. It is well established now that youth have a significant influence on discretionary consumption and beingtomorrows decision makers, most marketers work overtime to earn their trustand respect. The Pepsi Youngistaan campaign (media reports place Season 2010investment at US$10mn), symbolizes the importance attached to this segment.

Although geographical and income spread of this segment is huge there arecommonalities such as Sports (cricket) and Films (bollywood) etc. that can besuccessfully leveraged. Based on this groups consumption pattern, we estimatethat they influence nearly 75% of overall consumption directly and/or indirectly.

Exhibit 11: Monthly spend across key categories

Rs/month Boys Girls Avg

Clothing 294 268 281Going out 183 184 184Electronics 111 183 147Cell / Mobile phone 125 106 116Health and beauty 102 107 105Entertainment 92 103 98Transportation 79 89 84Soft drinks 47 43 45Snacks 45 42 44

Source: BW Marketing Whitebook

Education, Social Empowerment and rise of the Services sector have supportedimprovement of the status of women significantly in India. With job creation inservices likely to remain a dominant feature of our economic growth, we expect

womens participation in the total workforce will only look up from current levels

of 30-35%. Women are expected to influence more than two-thirds of consumptionexpenditure in India; and some areas that are likely to see significant growthbecause of their changed social and economic status are Apparel, Food andGrocery, Consumer Electronics and a host of products and services addressingHealth, Beauty and Fitness. According to the Harvard Business Review, globally

women control about US$20 trillion in annual consumer spending and we expect women in India to achieve a similar status of importance.

Influence of both these categories is also borne out by the media spend inTelevision and the Press, where we estimate that collectively more than 50% of the spend is exclusively targeted at these segments.

Exhibit 12: Top sectors contributing to advertisements in 2009 (%)Television 14 Press 15

Food & Beverages 14 Education 15Personal care 11 Services 12Services 6 Banking/Finance/Investment 9Telecom / ISPs 5 Auto 7Hair care 5 Retail 6

Auto 4 Durables 4Banking/Finance/Investment 4 Personal accessories 4Personal acessories 4 Personal healthcare 3Personal healthcare 3 Corporate/ Brand Image 2

Household products 3 Textiles/Clothing 2Others 41 Others 36Total 100 100

Source: FICCI KPMG Media & Entertainment report


13/86



Brand relevance is changing very fastThe fast-changing consumption pattern in our opinion is also having a significantimpact on brand equity and relevance. Some of the most trusted brands (ETBrand Equity survey) about three years ago do not find any reckoning in thebuzziest brand survey (Agency FAQs) and even in a comparable survey; at leastone of three brands is new. Increasingly, we expect that service brands will leadthis space as is evident from the recent trends in consumption and the recentbuzziest brand surveys.

Exhibit 13: Brand survey ranking top 10

2007 2009 2010

Colgate Nokia Facebook Vicks Colgate VodafoneLux Lux Twitter Nokia Lifebuoy IdeaBritannia Dettol IPL

Dettol Horlicks ColorsLifebuoy Tata Salt TataPepsodent Pepsodent PepsiPonds Britannia NokiaTata Tea Reliance Mobile Maggi

Source: 2007 & 2009 - Brand Equity survey, 2010 - Buzziest brand survey agency FAQs

Multiplier benefits from banking, mobile andinternet still in its early days

Although penetration of banking services has seen significant improvement, webelieve it is still early days and improvement of these services can have a wide-reaching impact on consumption. Personal loans as a percentage of PFCE stillstands at a small number, to some extent reflecting the risk averse behaviour,and high savings rate. There is significant scope of increase here.

Credit Card spend as a percentage of PFCE has seen improvement from 1.8% inMarch 2006 to 2.6% in March 2009. We expect this number to double withincreased rollout of POS. In India, currently POS terminals are around 0.5million and can easily increase to nearly 2 million in about five years. Similarly,the ATM density per million population, which currently stands at less than 40could see significant increase. Global benchmarks for ATMs are in excess of 500

with South Korea having nearly 1,600 and US having more than 1,300.

Exhibit 14: Banking penetration

In mln Mar06 Mar07 Mar08 Mar09 Mar10

ATMs 0.02 0.03 0.04 0.04 0.06Banking branches 0.071 0.074 0.078 0.082Points of Sale terminals 0.39 0.42 0.51Debit and Credit card users 67 98 130 162 196Retail outlets 15,500Rs bnDebit and Credit card spend 398 495 705 839Personal loans by banks 573 409 164

PFCE 21,583 24,772 28,156 32,181Personal loans as% of PFCE 2.3% 1.5% 0.5%Credit card spends as % of PFCE 1.8% 2.0% 2.5% 2.6%

Source: RBI


14/86



In line with PC usage growth of about 21%, internet usage in the country hasalso seen significant increase by about 31% and currently stands at an estimatedbase of 75 million users in urban markets. The usage is not restricted to merely metros but has spread to remote corners with the smaller towns accounting for higher numbers. This reach of internet, in our opinion, will have significantinfluence on consumption of services sectors such as Education, Music, Travel,Gaming, News and Banking over the next decade. With improved bandwidths

we expect that rural India will increasingly become extensive users of this service.

Exhibit 15: Purpose of accessing Internet in 2009 (%)

Non-commercial Commercial

Email 87 Education 65General information 80 Music/video 45Text chat 40 Online jobsites 33

Online gaming 33Financial info 24Book railway tickets 18

Online news 16Internet telephony 14Online banking 12

Source: IMRB

Mobile internet could well overtake the traditional internet if the current 3G auctiontrends are to be considered. With wireless subscriber base well in excess of 585mn,it has reached nearly 6 times that of internet. In our opinion, with technologicalsupport, devices have transitioned to the small screen and now can supportexperience that is available on big screen. Similar to internet this trend couldhave a significant influence on consumption of Media and Entertainment, Banking

and M Commerce. India has opted for the bank-led M Commerce model with adaily cap of Rs5,000 for funds transfer and Rs10,000 for transactions involvingpurchase of goods and services. We expect this will gradually be raised as usersand providers become more comfortable with technology and security aspects.

Exhibit 16: Usage patterns of internet through mobile phone (2009)

Source: IMRB

E-Commerce, 2%Entertainment,

7%

Online Services,

8%

Info Search, 23% Communication,60%


15/86



SEGMENT TRENDSThe share of wallet of the Indian consumer has witnessed a significant shift inrecent times and has started moving in the direction of the consumption patternof more developed economies. In the past five years, share of staples has fallenby 4% to 50%, and significant share gain is observed in discretionary expenditureand services. Finer detailing indicates that in staples, share of food consumptionhas declined significantly while lifestyle changes have moved higher the share of consumer durables and personal effects. A slightly worrying trend is the declinein share of medical services and healthcare (however, recent government initiativesin the Finance Bill, 2010 has helped revive confidence in the health sector).

We have estimated likely changes in wallet share in the forthcoming 10 years. Itindicates a further decline in the share of staples (a further 10% by 2020) while

we expect consumers to spend more on discretionary services including lifestylegoods and services, education and recreation (combined increase of 10%).

Exhibit 17: Share of wallet based on PFCE dataParticulars (US$bn) 2005A 2010E 2015E 2020E

Staples 54.4% 50.3% 45.5% 40.4%Discretionary 14.4% 15.5% 16.5% 17.8%Services 31.2% 34.2% 37.9% 41.8%

Source: PFCE data CSO, Ambit Capital research

We expect healthy growth of 14% in household consumption expenditure for thenext 10 years with growth led by discretionary goods and services (15-16%).More specifically, we expect certain segments such as personal care, consumer durables and communication to continue its robust growth.

Exhibit 18: Growth in private final consumption expenditure (PFCE)

Particulars (US$bn) 2005A 2010E 2015E 2020E

PFCE total 467.8 907.5 1,758.3 3,352.25-year CAGR 14.2% 14.1% 13.8%Staples 254.7 456.5 800.8 1,353.85-year CAGR 12.4% 11.9% 11.1%Discretionary 67.4 141.1 290.9 597.45-year CAGR 15.9% 15.6% 15.5%Services 145.7 310.0 666.7 1,400.95-year CAGR 16.3% 16.6% 16.0%

Source: PFCE data CSO, Ambit Capital research

In the unfolding sections we have discussed each sector along with their growthforecasts. We have highlighted relevant segments in each sector where we foreseemaximum growth potential along profitability trends.


16/86



STAPLESShare of staples in PFCE, currently at 50%, is expected to decline to40% in the next decade. Decline will be largely due to slower growth of food& beverages ( share decline -930bps)

In the food and beverages segment, quick service restaurants

(QSRs),organized processed dairy, bottled water and packaged fruit juicesare expected to grow fastest due to increasing health consciousness andfast-changing lifestyles. QSRs will need to ramp up their supply chain fastand get their act right.

Tobacco and Liquor will continue to grow at a steady pace despite severalimpediments

In personal care segment, skin care, colour cosmetics, deodorants andpharma OTC products and personal care services will outpace growth of other categories as impact media penetration and general awareness

spreads.

Home care (except Laundry) segment growth will be led by surface cleanersalthough intense competitive activity will impact the pricing power and profitmargins of the players.

Exhibit 19: Fastest growing categories in Staples


Organized OOH F&B 0.7 1.6 4.2 9.65-year CAGR 17.2% 21.0% 18.0%Organized Processed dairy 5.2 10.5 21.5 40.75-year CAGR 15.0% 15.5% 13.7%Juices 0.4 1.0 2.5 5.25-year CAGR 18.6% 19.1% 16.2%Bottled Water 0.6 1.6 4.2 9.75-year CAGR 23.7% 20.3% 18.4%Colour Cosmetics 0.1 0.4 0.8 2.05-year CAGR 23.2% 16.5% 20.0%Skin Care 0.6 1.5 3.7 9.25-year CAGR 19.8% 19.4% 20.0%OTC - Pharma Companies 0.0 0.1 0.5 2.25 year CAGR 32.6% 33.4% 35.7%Deodorants 0.0 0.2 1.0 2.95 year CAGR 47.7% 40.0% 25.0%Personal Care Services 0.4 1.4 4.6 9.25 year CAGR 29.9% 25.9% 15.0%Hard Surface Cleaners 0.0 0.1 0.2 0.55-year CAGR 20.3% 19.4% 16.6%Hand Dishwash 0.1 0.3 0.6 1.35-year CAGR 18.8% 15.8% 14.6%

Source: Various market studies, Ambit Capital research


17/86



FOOD & BEVERAGESFood continues to be an important part of the Indian share of wallet withexpenditure of 39% monthly. The share food as seen in the exhibit below wasas high as 60% about 30 years ago. In fact, the bulk of this massive change hasoccurred in the last 15 years after structural changes were made in the FDIpolicy in 1991. These structural changes provided the Indian consumer withmore cash in hand for expenses along with more choices. At the same time, thetechnology leaps in the last decade have resulted in a significant shift in share of

wallet.

Exhibit 20: Average value of expenditure per person per 30 days inurban india (at 2006-07 prices)

Year Food Total Food share

1972-73 526 880 59.8%1977-78 468 821 57.0%1987-88 523 976 53.6%

1993-94 528 1,035 51.0%2000-01 486 1,160 41.9%2006-07 517 1,312 39.4%

Source: IFPRI Discussion Paper, 2009

The shift in share of wallet is not just occurring between different categories, it is within categories as well. In case of Food & Beverages, we note a consistent shifttowards out-of-home (OOH) consumption from in-home consumption. Some of the important observations about the F&B category are as below:

India still consumes most of the food 'Fresh'

India still is a large consumer of staples in the unprocessed/low processed form with 59% food in rural and 52% food in urban areas consumed in this form.

Exhibit 21: Indian food consumption expenditure according to level ofprocessing (2004-05)

Urban Rural

Primary products 16.8 15.3First processing (up to 5%) 34.8 43.9First processing (5%-15%) 38.2 35.1Second processing 10.2 5.7

Total 100 100 Source; IFPRI Discussion Paper, 2009

No inclination to change food habits

Indians are very sticky about their food preferences and are least willing to changethem. Our extensive on-ground survey revealed that people, particularly in tier 2and tier 3 cities are hesitant to adopt foods which are not fresh. The belief persists that food which is frozen/packed for a long time is not healthy. Moreover,the 'value equation' for processed foods is still not acceptable.


18/86



Out-of-home (OOH) versus packaged F&B

As lifestyles are changing, 'convenience' will take over the 'value' proposition for sure. But, a key question that remains is: Which segment will grow faster, OOHor packaged F&B? Based on our consumer survey, the perception on variousparameters of F&B are as follows:

Exhibit 22: Food perception on various parametersCriteria Fresh food Packaged food OOH food

Fresh & Natural High Low MediumHealthy High Low Medium/Low Easy to prepare Low Medium/High High (No preparation

required) VFM High Low/Medium MediumStorage convenience Low High High (on demand)Taste High Medium/ High HighHygienic High Medium/ High Medium


In nearly every parameter, out-of-home consumption scores over packaged food.Since food preferences are slow to change, we believe that these perceptions willalso change only gradually.

We have discussed the stated perception with respect to the F&B category atlength in the following pages. In a nutshell, the F&B category will continue tomaintain a healthy growth rate of 11% for the next five years with growth of OOH consumption outpacing that in In-home consumption. After 2015, we willsee some moderation in the growth rates of both the segments.

Exhibit 23: Projections - OOH and In Home F&B consumptionParticulars (US$bn) 2005A 2010E 2015E 2020E

F&B Total 179.3 302.5 505.1 813.55-year CAGR 11.0% 10.8% 10.0%OOH F&B 46.0 83.2 167.3 294.95-year CAGR 12.6% 15.0% 12.0%In-home Total F&B 133.3 219.3 337.8 518.65-year CAGR 10.5% 9.0% 9.0%*Includes alcoholic beverages

Source: CSO, Businessworld Marketing Whitebook, Technopak, Ambit Capital research

ProjectionsIndia currently consumes c. 28% of the food out of home. In 2005, this number

was 26%. This is still much lower compared to the more developed economies. Incountries such as the USA and China people consume 57% and 51% of their food out of home respectively.

We project that out-of-home food consumption will increase at a rate of 15%CAGR for the next five years while in-home food consumption will grow at 9%.

Within in-home, consumption of packaged foods will increase at 12% which, webelieve, will accelerate to 15% beyond 2015.


19/86



Exhibit 24: Projections - Food & Beverages


F&B TOTAL 179.3 302.5 505.1 813.55-year CAGR 11.0% 10.8% 10.0%

OOH F&B 46.0 83.2 167.3 294.95-year CAGR 12.6% 15.0% 12.0%

Organized 0.7 1.6 4.2 9.65-year CAGR 17.2% 21.0% 18.0%

Unorganized 45.3 81.6 163.2 285.35-year CAGR 12.5% 14.9% 11.8%

In-home total F&B 133.3 219.3 337.8 518.65-year CAGR 10.5% 9.0% 9.0%

In-home packaged F&B 19.5 35.3 62.2 125.05-year CAGR 12.6% 12.0% 15.0%

In-home Fresh F&B 113.8 184.0 275.6 393.65-year CAGR 10.1% 8.4% 7.4%

Source: CSO, Businessworld Marketing Whitebook, Technopak, Jubiliant Foodworks RHP, Ambit Capital research

Organized OOH Consumption

Exhibit 25: Popular QSR brands

Source: Company websites, Ambit Capital research

Source: Company websites, Ambit Capital research

Penetration is still low

Share of organized OOH food consumption is extremely small, at less than 2%.

A key reason, apart from immaturity of markets, was insufficient presence of chain restaurants. Data on the number of outlets of top 6 QSRs across Indiaindicates the same.

Exhibit 27: QSR outlet2Exhibit 26: QSR outlet1


20/86


21/86



Processed Dairy India's sizeable vegetarian population ensures a constant demand for dairy products and milk that have been an integral part of the Indian diet for millennia.Per capita dairy consumption in India has been increasing steadily for past few years at a rate of c.2% (volume terms). However, in spite of being the highest milk producing country in the world it still ranks 7 th in per capita availability (even

lower than Pakistan).

Affordability has been the only issue

The Indian consumer has never been averse to dairy products. Only affordability has been the issue. Fortunately, by the efforts of government and dairy co-operatives, affordability has been improving.

For illustration, milk prices were equal in India and New Zealand (another largemilk producing nation) 10 years ago. (Indians earn just 1/9th that of New Zealanders on per capita PPP income basis). Currently, milk prices in India are 2/

5th that of New Zealand. Further, in 2007 alone, milk prices across the worldincreased by 46% on an average (FAO). But in India, prices increased by just 5%that year. We therefore see a much better case of growth for dairy sector in India.

Projections

Currently 70% (65% in 2005) of the milk is consumed in processed format out of which 56% is in the form of milk solids and 14% is in the form of packaged liquidmilk. The dairy market has grown at 8.4% in the past five years. We expect thisrate to accelerate to 9.8% (volume growth of c.3%) over next five years withgrowth moderating by 1% after that. This growth will be driven by processeddairy with increased contribution by organized players.

Exhibit 30: ITC initiative


Exhibit 31: Dairy farm in Madhya Pradesh



22/86



Exhibit 32: Projection Dairy

Particulars (US$bn) 2005A 2010E 2015A 2020E

Dairy total 40.0 59.8 95.4 145.45-year CAGR 8.4% 9.8% 8.8%

Unprocessed Dairy 14.0 17.9 23.8 29.15-year CAGR 5.1% 5.9% 4.1%

Processed Dairy 26.0 41.8 71.5 116.35-year CAGR 10.0% 11.3% 10.2%

Organized 5.2 10.5 21.5 40.75-year CAGR 15.0% 15.5% 13.7%

Unorganized 20.8 29.8 38.0 48.65-year CAGR 7.4% 5.0% 5.0%

Source: CSO, Businessworld Marketing Whitebook, Ambit Capital research

What will drive Processed Dairy?Innovation

Rate of innovation in processed dairy formats is quite high. As per FoodBev.com,

almost every alternate day a new dairy innovation is launched in global markets.Some of the latest innovations in dairy are:

Yoghurt cooking sauce (Unilever)

Milk Caramel Shake (Yoplait)

IttiBitz ice cream balls (Get Silly ice creams)

Lactose free cheese (Heinrichsthaler)

In India the rate of innovation is slower but the past few years have seen launchof several new products including fat free milk & ice-creams, packaged & flavoured

milk and yoghurt, new cheese formats etc.

At one end, innovation helps to keep the consumer excited, at the other end, itprovides an opportunity to the manufacturer/supplier to charge a more thanproportionate premium for the value addition. Price range in certain dairy productsillustrates the same.

Exhibit 33: Dairy product prices

Product type Lower band Medium band Upper band

Liquid milk (per litre) 24 35 45Processed cheese 158 NA 235(per kg)Butter (per kg) 112 122 140


Health Consciousness

The world is suffering from obesity and this condition is catching up in Indiarather quickly. More than 6% of the population in India is currently suffering fromobesity with a concentration in the urban areas owing to lifestyle issues,particularly in the metros. At the same time, health awareness is growing inparallel to curtail this phenomenon. The focus of most innovations in dairy productsin India and overseas has been to reduce the fat content. The trend is going tocontinue and we will see more people switching to processed dairy formats.


23/86



Other minor factorsDisappearing culinary skills as consumers lose these skills due to changinglifestyles and rub off effect of tetrapak technology which helps in preservingdairy products for longer time

Organized sectorIndia's dairy industry is dominated by an unorganized, traditionally informalsector, which involves traders handling raw milk and traditional milk products only 25% of the market is formalized. However the growth rate for organizedsector is quite strong with a 5-year CAGR of 15%. This trend is likely to bemaintained with entry of players such as Danone and Kraft into the Indian market.

We expect the organized segment to grow at 15.5% for the next five years.

Non Carbonated BeveragesPhenomenal opportunity

Approximately 120bn litres of beverages are consumed by Indians every year,

but only 5% represent store-bought packaged beverages. The majority of Indianconsumers (75%) still consume non-alcoholic store-bought beverages 'less thanonce a day', highlighting a large untapped market opportunity, particularly injuice or juice-based markets.

Per capita consumption in India is less than 7 litres per annum of non-alcoholicbeverages, which is just 1/11 th the global average and 1/4 th the regional average.

While consumption frequency decreases with age, it is found to increase withincome levels, except in the topmost economic strata of society. Although marketsize for non-carbonated beverages is c. US$4bn, still, penetration of packagedliquid refreshment and beverages in India is below 20%. The opportunity is hugein the category and corporates are leaving no stone unturned to exploit the fullpotential.

What is driving demand?Increasing penetrationIndia has always spearheaded the packaging innovation in most FMCG products.The same was witnessed in beverages with lowering of price points in every beverage category. This was particularly relevant in the case of carbonated drinks

where price pointed packs of Rs5 and Rs10 drove the penetration in rural areas.Even today penetration of carbonated drinks is as low as 35%. These penetrationlevels are expected to increase but more importantly a lot of consumers are

switching to packaged non-carbonated beverages from home made beverages,thereby surpassing the normal premiumisation curve.

Rising health consciousness

As discussed in the dairy section, India is becoming more health conscious. Thisawareness is leading to higher consumption of fruit juices and functional drinksparticularly in urban areas where people are switching from carbonatedbeverages to fruit juices and functional drinks. This cannibalization is leading topremiumisation in the category.

Hygiene consciousness

Even today, 0.78 million deaths per annum (7.5% of total deaths) in India aredue to water borne diseases. As awareness, education and affordability improves,more and more people are switching to water purifiers at home and bottled

water out of home.


24/86



Continuous innovation

Exhibit 34: Recent launches in beverages

Product Company

Tropicana Twister fruit drink PepsicoNimbooz lemon drink PepsicoLMN lemon drink Parle AgroSaint fruit Juices Parle Agro

Appy Fizz carbonated drink Parle AgroMinute Maid orange drink Coca ColaSugarfree DLite Zydus WellnessBurrst fruit drink Dabur India


Product innovation in the category has been high, particularly in the past few years. Continuous innovation ensures that regular entry and engagement of consumers in the category. Further, it is also helping premiumisation of thecategory.

Projections

The category has shown healthy growth of 11.3% in the past five years. Thecategory shows strong signs of premiumisation with significantly higher growthrates of fruit juices, bottled water and functional drinks versus carbonates. Growthin carbonates was also impacted due to controversies over quality during thisperiod. Still, we believe that growth of bottled water, fruit juices and functionaldrinks will drive the category growth ahead. The growth of cold beverages willbe 15.1% for the next five years.

Exhibit 35: Projections - Cold beveragesParticulars ($bn) 2005A 2010E 2015A 2020E

Cold beverages total 2.6 4.4 8.8 18.25-year CAGR 11.3% 15.1% 15.6%Carbonates 1.5 1.6 1.8 2.15-year CAGR 1.0% 3.1% 3.0%Juices 0.4 1.0 2.5 5.25-year CAGR 18.6% 19.1% 16.2%Bottled water 0.6 1.6 4.2 9.75-year CAGR 23.7% 20.3% 18.4%Functional drinks 0.0 0.0 0.3 1.05-year CAGR 74.1% 40.4% 31.7%Concentrates 0.1 0.1 0.1 0.15-year CAGR 2.8% 4.3% 5.0%

Source: Businessworld Marketing Whitebook, Ambit Capital research Source: Company websites, Ambit Capital research


25/86



TobaccoIndia is the second largest producer of tobacco in the world after China. Thetobacco market in India continues to maintain its unique characterstics of low share of cigarettes (15-20%) compared with overall tobacco consumption; this islargely owing to taxation policies. Per capita consumption of cigarettes, whichgot a boost after reduction in taxes on non-filter cigarettes in 1994, was reversedin 2008 after the Government of India announced a more than 200% increasein excise levies on non-filter cigarettes in its 2009 budget. The recent ban on FDIin cigarette manufacturing is a major positive for domestic cigarettemanufacturers.

Despite regulatory measures, cigarette volume growth in India has remainedsteady and there are no signs of moderation. Further, the conversion from bidisto cigarettes is also taking place at moderate growth.

Internationally, several changes have taken place in the global tobacco industry over the last 2-3 years. Consolidation has been a very important theme. In terms

of regulation, taxes have seen a significant increase across the globe. Smugglingand taxation remain important issues for countries in Europe and North America.In Canada, it is estimated that 20% of cigarettes consumed are illicit.

ITC Limited (ITC IN Equity)

Diversification has been a constant endeavor at ITC, which has a more than80% market share in cigarettes. Agri business (leaf tobacco and other agricommodities) which was contributing merely 1% to earnings at the beginning of the decade has seen an increase of contribution to nearly 8%. The E-choupalsand Choupal Sagar initiative is integral part of this business and is one of the

key reasons supporting the significant improvement seen in profitability of thisbusiness. It extensively supports the commodity trading business which also enjoysan ISO 9001: 2000 certification.

E Choupal which started out as a pilot project in June 2000 now reaches outthrough a network of 6,500 choupals to about 40,000 villages and nearly 4million individuals in rural areas. Our field visit to Mogagram Choupal near Sehore gave us the following insights:

Availability of market information in terms of produce and price has improvedthe farmers decision making capabilities for sowing and harvesting

Several initiatives have been undertaken both in farming (soil testing, seeds)and infrastructure (check dams) which have helped boost productivity. Wheatproductivity over last 10 years has seen improvement by nearly 40% to about20 quintals per acre.

Also, facilitated distribution of several FMCG products from both the company (Superia and Vivel) and outsiders.

Choupal Sagar, which is an extension of the E-choupal model now has a strengthof 24. It has facilitated an alternate option for the local mandi to farmers whoalso obtain a fair price for their produce based on scientific evaluation. Our key

takeaways from the Sehore Choupal Sagar visit were as follows:

Choupal Sagar reaches out to nearly 53 choupals. Prices and other paymentterms, were to some extent, better than that at the local mandi . It followed best

Images from ITC E Choupal and Choupal Sagar at Sehore


26/86



practices for quality checks, electronic weighing and cash payments.

Supports daily procurement of nearly 200mt of wheat and 500mt of soya andhad storage facilities in excess of 3,000 tonnes internal and 8,000 tonnes external.

Multi Department Store a part of Choupal Sagar, had 200-250 footfalls every day. It had approximate daily sales of Rs50-60,000 and fuel sales of Rs200,000.

Besides selling its own brands it also stocked brands of Colgate, Marico, Emami,Eveready, TVS Motors, Mak Lubricants and M&M.

LiquorThe alcoholic beverage market in India is estimated around USD 15 billion. Nearly 75% of this market is made up of spirits and the balance is contributed by beer,

wines and other flavoured beverages. Whisky, brandy, rum, vodka and ginmanufactured in India are referred to as 'India-made foreign liquor'. The brandedspirits IMFL market is estimated to be nearly 190 million cases of nine bulk litres

each. Brown spirits (whisky, brandy and rum) account for 96% of the Indianindustry. Whisky is the largest selling liquor in the country with a 62% share of the IMFL market. Brandy (18%) and Rum (14%) are the next big segments. Whitespirits account for the remaining 6% of sales. The second largest segment nextto branded spirits is country liquor (home grown segment). Abut 175-200 millioncases are consumed during 2009.

Spirits industry growth is estimated to be around 10-12% p.a. High income growth,rising aspirational levels and larger share of young population have resulted indramatic lifestyle changes. Liquor consumption which was earlier considered ataboo is now becoming a fashion statement. Increasing on-premise liquor availability reflects greater acceptance of 'open' liquor consumption culture inthe country. The number of retailers selling IMFL has increased significantly over the past 4-5 years as government regulations eased on the distribution front.Country liquor, which has double the market size of branded liquor, is facingprohibition by the government in many states. Also, as income levels rise,consumers will tend to trade up to branded products from cheap country liquor.

Beer market in India is estimated to be around only 20% of alcohol sales (withspirits making up 75%) but this is fast changing. In case terms the size is about195 million cases nearly the same size as that of IMFL. Global beer market sizeis estimated upwards of 135 billion litres and India contributes to meagre 1.3%of global sales. Though beer is much milder form of alcohol it is taxed at thesame rate as those of spirits. The beer market in India is duopolistic in natureand is largely dominated by strong beer sales. Unlike other countries it is generally understood that the distributor margins in India are very high in the region of 20-25% as against global norms of 5-15%


27/86



Round up - Profitability in Food sector An analysis of common size financials of foods sector indicates that topline growthhas been robust, c.19.5% CAGR in past four years, with EBITDA marginsmaintained at around 14.5%. This growth has been achieved despite recentfood inflationary pressures and increasing competitive intensity. As we see ahead,topline growth will remain robust over the next 10 years. Further, we believe thatdespite some short term volatility EBITDA margins will consistently show improvement as the companies expand and more consumers enter the category.

Exhibit 36: Common size financials of selected food companies(including Nestle, Parle etc.)

Growth % 2005-06 2006-07 2007-08 2008-09 4-yr CAGR

Sales growth 13.5% 23.0% 20.4% 21.1% 19.5%Total expenses growth 13.7% 23.8% 19.5% 21.2% 19.5%EBITDA growth 12.3% 18.2% 26.1% 20.5% 19.2%

As % of sales 2004-05 2005-06 2006-07 2007-08 2008-09COGS 34.6% 36.8% 40.1% 39.1% 39.6%

A&P 7.3% 6.9% 5.3% 8.2% 9.4%EBITDA 15.0% 14.8% 14.3% 14.9% 14.8%EBIT 12.3% 12.2% 12.1% 13.2% 13.2%PBT 14.7% 14.7% 14.9% 15.1% 14.8%PAT 9.7% 9.6% 9.4% 10.4% 10.3%

Source: Capitaline, Ambit Capital research


28/86



PERSONAL CAREPersonal care (excluding Personal wash) has been growing at a rate of +15%for the past few years. The growth has shown acceleration recently as theawareness and importance of personal grooming has increased. Further thegrowth has all important elements viz penetration, consumption andpremiumisation.

There has been entry of several MNCs in the segment particularly in last twoyears. At the same time, several domestic companies (including certainpharmaceutical companies) have launched several products in the category. Wedo see higher competitive intensity in the sector but the growth and profitability trends indicate a positive outlook.

Category structure seems to be changing with categories like skin care,deodorants, colour cosmetics etc. outpacing growth of traditional categoriessuch as oral, shampoos and hair oils. This change in growth structure ispenetration led, particularly in urban areas. In rural areas, basic categories still

continue to grow well as the growth is consumption driven. Importantly, we seethe segment of 'personal care services' growing at a significantly faster pace.These services are driven faster by increasing affluence in metros and selecturban towns. We will discuss these specific segments in the pages ahead.

Projections

We expect accelerated growth to continue in the personal care segment withgrowth rates further increasing to 17% over the next five years. The share of personal care services which is currently small at 21% of the total category isexpected to increase to 31% by 2015.

Exhibit 37: Projections - Personal care

Particulars ($bn) 2005A 2010E 2015A 2020E

Personal care total 3.2 6.6 14.8 30.75-year CAGR 15.7% 17.4% 15.8%Cosmetics 2.8 5.0 9.2 18.55-year CAGR 13.0% 14.5% 16.1%Services 0.4 1.4 4.6 9.25-year CAGR 29.9% 25.9% 15.0%

Source: Businessworld marketing whitebook, Ambit Capital research


29/86



Dabur India Ltd. (DABUR IN EQUITY)

We met the management of Dabur India to understand their perspective onconsumer behaviour in rural India where it enjoys strong brand equity. In Dabur's

view, the rural consumer is changing fast with emergence of new aspirations.The company is focused on serving the consumer with relevant product innovationsat affordable prices. We are positive of Dabur's growth strategy and it is our top

pick in the Personal care segment. Highlights of our meeting with management:Income and consumption are growing well, led particularly by states suchas Rajasthan, UP, Chattisgarh etc. Income growth in rural areas is beinghelped by NREGA, infrastructure investment and better visibility to crop prices.Dabur is focusing on these high growth areas and has positioned itself well.

Micromarketing in rural areas makes a better impact than TV and pressadvertising. The company is leveraging micromarketing well. Dabur Lal DantManjan and Dabur Amla Hair Oil recently ran successful micromarketingcampaigns.

Products in this category at low price points are important in rural areas.Dabur is positioned well with its economical range of shampoos, oral careand cosmetics to canvass the opportunity in full.

People in semi-urban/rural areas are looking for familiar brands even innew categories and segments. Dabur has responded well with recentinnovations (variants) incl. Chyawan Junior, Babool Gel Toothpaste andHajmola.

Dabur's marketing success stories include Oral Care (through Babool), Hair Care (through LUPs), Gulabari, Fruit Juices and Health supplements.

Dabur has developed a hybrid distribution model to serve its multiplecategories, markets and channels well. Further, the company has plenty of initiatives to increase distribution strength both in terms of reach and efficiency.

Rama Agencies, Dabur stockist, Roorkee

Dabur products which have done well in market include Fruit Juices, Vatikashampoo, Dabur Lal paste, Dabur honey, health supplements etc.

Dabur provides extensive support to dealers in marketing, product availability and credit extension

Categories (where Dabur is not present) like confectionary, dairy products,hand wash soap and hand sanitizers are seeing fast growth

Images from Dabours micro marketingcampaign at Kumbh Mela, Haridwar


30/86



Personal Care - Pharmaceutical Companies

What is OTC?

Over-the-counter (OTC) drugs are medicines that may be sold directly to aconsumer without a prescription from a health care professional (Wikipedia).However, the line of differentiation between OTC drugs and personal care

products is thinning fast as a number of pharma companies (or companies withpharmaceutical heritage) are entering the personal care market with nicheofferings and specific benefits. In fact, for certain companies, personal careportfolio is bigger than the core pharmaceutical portfolio. Some examples are:

Exhibit 38: OTC pharma companies

Company Current Product range

Zydus Wellness Skin Care, Niche FoodsParas Pharma Hair Care, Skin Care, Deos, SanitizersElder Pharma Hair Care, Antacids, Skin CareHimalaya Healthcare Baby Care, Hair Care, Skin Care, Oral Care

Source: Company websites, Ambit Capital

Exhibit 39: OTC products Himalaya Healthcare


Product marketing

These companies are not just launching products but also marketing themaggressively. In fact, in the list of top 10 FMCG print advertisers, 8 out of 10companies are pharmaceutical companies.

Exhibit 40: Top advertisers of FMCG sector in print during 2009

Rank Top 10 advertisers

1 Hindustan Unilever Ltd.2 Ratan Ayurvedic Sansthan3 Prince Pharma4 Mankind Pharma Ltd.5 Repl India6 Makewell Pharmaceuticals7 Ban Labs Ltd.

8 Shree Baidyanath Ayur Bhawan9 LOreal India Pvt. Ltd.

10 Multani Pharmaceuticals Ltd. Source: TAM Media research


31/86



Distinct advantagesProducts are relatively priced at premium because of their niche appeal

Consumers perceive product claims of these companies as more reliable.

Strong foothold in chemist channel.

Projections

We believe that market share of pharmaceutical companies will increase to 10%of the cosmetics market by 2020, growing at more than 34% for next 10 years.

Exhibit 41: Projections OTC pharma companies

Particulars ($bn) 2005A 2010E 2015A 2020E

Pharma companies - OTC products 0.0 0.1 0.5 2.25-year CAGR 32.6% 33.4% 35.7%

Source: Businessworld Marketing Whitebook, Ambit Capital research

Industry profitability

As in the case of other personal care companies, these companies have witnessedgood growth in topline and bottomline for the past few years with good operatingleverage. Further, these companies have shown a higher resilience to competitivepressures due to their niche offerings. We believe that EBITDA margins will improveand sustain +20% levels, as these companies gain size and share in the market.

Exhibit 42: Common Size financials - selected OTC pharma companies(including Zydus, Elder etc.)

Growth % 2005-06 2006-07 2007-08 2008-09 4 yr CAGR

Sales growth 19.10% 29.20% 18.90% 28.80% 23.90%COGS growth 22.10% 24.30% 16.50% 27.90% 22.60%

A&P growth 8.90% 8.50% 14.10% 53.10% 19.90%Total expenses growth 12.30% 27.90% 15.70% 34.60% 22.30%EBITDA growth 67.00% 35.60% 33.30% 6.00% 33.70%

As % of sales 2004-05 2005-06 2006-07 2007-08 2008-09

COGS 43.30% 44.40% 42.70% 41.80% 41.50% A&P 15.20% 13.90% 11.60% 11.20% 13.30%EBITDA 12.40% 17.40% 18.20% 20.40% 16.80%PAT 9.50% 11.90% 11.10% 12.80% 9.80%


Colour & Premium CosmeticsColour and Premium cosmetics category has been growing at more than 18%p.a. CAGR for the past five years. The growth rate is expected to be around 15%p.a. for next 5 years. This growth will be underpinned by:

Increasing participation of women in white collar jobs

Percentage of women employees in organized sector is c. 20% and is increasing

at 0.5%-1% p.a. In industries like IT etc. the number is more than 30%. Further,the media has been instrumental in increasing the awareness of 'looking good'.


32/86



Higher brand consciousness and premiumisation

Rising income levels resulted in increasing the affordability of cosmetics andtoiletries for lower-income groups as well as those upgrading from unbrandedto branded products. Meanwhile, mid- and high-income consumers in urbanareas began to seek out value-added mass brands and premium products.

ProjectionsExhibit 43: Projections Cosmetics

Particulars (US$bn) 2005A 2010E 2005A 2010E

Colour cosmetics 0.1 0.4 0.8 2.05-year CAGR 23.2% 16.5% 20.0%Premium cosmetics 0.2 0.4 0.8 1.55-year CAGR 13.7% 13.6% 14.4%

Source: Technopak,BW Marketing whitebook, Ambit Capital research

DeodorantsBody odour was not perceived as a problem traditionally. However with massivemedia campaigns, flurry of launches by both domestic and MNC players andsignificant lowering of prices, the segment has seen rapid growth of 48% in thepast five years. The trend is likely to continue because of significant potential inthe category, as per capita consumption is extremely low, just 11US$ cents lessthan 1/10 th that of developed markets. In our consumer survey we found that asignificant youth proportion, particularly in tier 2 and tier 3 cities, has never used deodorants. But awareness is high and it remains a high aspiration product.

Exhibit 44: Projections - Deodorants


Deodorants 0.0 0.2 1.0 2.95-year CAGR 47.7% 40.0% 25.0%


Personal Care ServicesPersonal care includes a gamut of services such as beauty salons, gyms, spasetc. Most of these services address both healthcare and wellness aspects. Our discussion with market experts yielded the following insights:

Huge under-penetration in tier 2 and tier 3 towns

More than 50% of the market is currently concentrated in the six metros. Mumbaialone contributes c.20% of the total market. Hereon, the metro markets will beinnovation driven and markets in tier 2 and tier 3 towns will be penetration andcustomer experience driven.

Industry does not rely on direct marketing, A&P expenditure will remain low

These services rely on 'word-of-mouth' marketing rather than any other form.

Direct marketing is helpful to create awareness but not customer acquisition.


33/86



'Salon Hair Care' growth will be faster than 'Salon Skin Care'

Since salon services are 'assistance' driven, 'Salon Hair Care' category will naturally grow faster than 'Salon Skin Care'.

Projections

Currently the sector is small and largely unorganized but growing at c.30% p.a.Further, presence of organized players is still marginal, that too largely concentrated in metros. But recently, companies have started expanding their geographical presence. We expect the sector to grow at 26% CAGR in next 5years.

Exhibit 45: Projections - Personal care services


Services 0.4 1.4 4.6 9.25-year CAGR 29.9% 25.9% 15.0%

Source: Talwalkar's Fitness RHP, BW Marketing Whitebook, Ambit Capital research

HOME CAREBecause of a predominant rural background, traditionally, hygiene consciousnessremains low in India. The standards severely lack matching with WHO stipulationsfor hygiene and sanitation. 67% of Indian population in 2004 was deprived of minimum standards of sanitation. India ranks just above some 20 poorest Africannations. (Source: Global Statistical Online, Tata Services Ltd., 2009)

The growth of household care segment (except Laundry) was slow until 2005.

Further, most of the category was unbranded with low innovation. But in line with other categories this too has seen a level improvement in growth in the pastfew years. Some significant changes occurring at the level of the end-consumer leading to faster category growth are:

Urbanisation

As a matter of common knowledge, India is getting urbanized fast and over thenext 10 years this rate is expected to be 38-40% from the current 30% level(CSO). The consequent lifestyle change would introduce the importance of hygieneand sanitation.

Hygiene consciousness

With years of government awareness initiatives and better education levels,hygiene consciousness is spreading fast in both urban and rural areas. In fact,our survey of rural areas indicated that the awareness is spreading much faster there. This trend can provide further boost to the growth in forthcoming years.

Emerging consumer needs

As technology is helping to spread information, the consumer is demandingnewer and better innovations in the category. In fact, some large segments existingin markets overseas have started making inroads into India. E.g. air care, liquid

detergents, different types of surface cleaners, perfumed scourers etc. In fact,the past 3-4 years have witnessed several new differentiated launches.


34/86



Projections

Exhibit 46: Projections - Home care


Home Care FMCG 0.2 0.5 1.0 2.05-year CAGR 16.7% 15.5% 14.6%Hard Surface Cleaners 0.0 0.1 0.2 0.55-year CAGR 20.3% 19.4% 16.6%Hand Dishwash 0.1 0.3 0.6 1.35-year CAGR 18.8% 15.8% 14.6%Polishes 0.0 0.1 0.1 0.15-year CAGR 5.8% 5.5% 6.8%

Air Care 0.0 0.0 0.0 0.15-year CAGR 12.3% 15.0% 15.6%

Source: BW marketing whitebook, Ambit Capital research

Industry profitability

There are several listed and unlisted players operating in the category. Althoughgrowth opportunities are huge, there are definite concerns about the level of competitive activity. We believe that companies will need to relook their competitivestrategy to grow faster and increase operating leverage.

Exhibit 47: Common size financials - select Home care companies(including Reckitt Benckiser, SC Johnson etc.)

Growth % 2005-06 2006-07 2007-08 3 yr CAGR

Sales growth 22.20% 17.10% 15.50% 18.20%COGS growth 22.90% 14.20% 15.80% 17.60%Total expenses growth 22.40% 16.40% 15.90% 18.20%EBITDA growth 20.20% 22.70% 11.80% 18.10%

As % of sales 2004-05 2005-06 2006-07 2007-08

COGS 44.30% 44.50% 43.50% 43.60% A&P 10.60% 11.00% 11.30% 12.10%O/Hs 27.00% 26.20% 26.00% 25.90%EBITDA 10.70% 10.50% 11.00% 10.70%PAT 10.00% 9.10% 10.10% 11.20%



35/86



DISCRETIONARY Share of discretionary spends will increase by 230bps to 17.8% in a decadedriven by consumer durables, personal effects and other lifestyle products.

Growth of automobiles will be healthy largely driven by volumes. Competitivepressures will also increase at the same time.

Consumer durables category is at a tipping point and is expected to grow rapidly hereon.

Clothing and footwear will continue to grow at a steady pace with organizedretail fuelling the growth.

Paints and adhesives will remain important categories and will be driven by changing lifestyles.

Exhibit 48: Fastest growing categories in Discretionary


Consumer Durables total 11.2 32.0 97.7 225.25-year CAGR 23.5% 25.0% 18.2%Branded Paints 1.1 2.7 6.0 11.95-year CAGR 19.2% 17.2% 14.7%

Source: Various market studies, Ambit Capital research


36/86



AUTOMOBILESIndia is emerging as one of the worlds fastest growing passenger car marketsand second largest two-wheeler manufacturer. The key theme underpinninggrowth in this segment low penetration levels and rising affordability augur

well for sustainable demand momentum. Buoyed by strong domestic demand,India is likely to account for more than 15% of the global incremental demand inthe next five years. Consequently, almost all the big global players have plans toexpand their presence.

Passenger vehicle segment at inflexion point

Motorisation rates increase rapidly in the above US$3,000 per capita incomerange in terms of PPP (purchasing power parity). Studies conducted by OECDthrow up interesting results, with elasticity increasing to over 2 at GDP per capitaof about US$5,000. Further, India's income pyramid is undergoing rapid changes,

with massive growth in middle and high-income households and a fall in low income households. The resultant increase in the number of households thatcould afford to buy a car augurs well for car demand. New launches in thecompact car segment provide the Indian consumer with several choices, which

was not the case a few years ago.

Rural demand to drive two-wheeler growth

Rural penetration is roughly one-fourths that in large cities (with population of more than 1 mn) and offers the next growth area for two-wheelers. Consequently,almost all players (including previously niche players like Yamaha) are now turningtheir attention to the entry/executive segment. With clear signs of an economicrevival, urban consumer confidence is back. This could further support two-

wheeler growth with higher level of replacement demand. Two-wheeler financinglevels are set to improve, as liquidity in the system is at a comfortable level.

Projections

Exhibit 51: Projections - Personal vehicles


Personal vehicles 8.6 12.1 21.6 35.15-year CAGR 7.0% 12.4% 10.2%

Source: SIAM, PFCE, CRISIL, Ambit Capital research

00.3

0.6

0.9

1.2

1.5

1.8

2.1

F Y 0 4

F Y 0 5

F Y 0 6

F Y 0 7

F Y 0 8

F Y 0 9

F Y 1 0

-5%0%

5%

10%

15%

20%

25%

30%

Domestic PV (mn nos) -LHS % chg - RHS

0

3

6

9

12

F Y 0 4

F Y 0 5

F Y 0 6

F Y 0 7

F Y 0 8

F Y 0 9

F Y 1 0

-10%-5%0%5%10%15%20%25%30%35%

Domestic 2W (mn nos) - LHS % chg - RHS

Exhibit 49: Passenger Vehicle industry sales

Source: SIAM, Ambit Capital research

Exhibit 50: Two-wheeler industry sales

Source: SIAM, Ambit Capital research

Inputs from:

AnalystNavin MattaTel.: +91-22-3043 [email protected]


37/86



Maruti Suzuki Ltd. (MSIL In EQUITY) We met the management of Maruti Suzuki India Ltd. Key highlights shared by thecompany are:

Rural consumer is largely risk averse and only goes for tried and testedbrands/ models. Maruti enjoys high brand trust among rural consumers.

He/ She is more inclined towards value-for-money buy with exact no. of features. He is looking at his basic needs to be fulfilled at the basic cost.'Brand premium' makes little sense to most rural consumers. Maruti servesthe consumers well across pyramid with strong brand recognition and'value for money' proposition among lower and middle income consumers.

Better road connectivity, higher no. of earning members in the family,recent rise in agricultural incomes has led to faster growth in ruralmarkets versus urban markets.

Credit sales form a substantial portion of car sales. In urban markets,

70- 75% of the car sales and in rural markets, 60% of the car sales is oncredit.

Micromarketing works better in rural areas than media advertising.Consumer is looking for a more personal touch.

83% of the Indian consumers take advice (word of mouth) from friends,relatives etc. before buying cars. 77% of the car buyers do not consider any other brand than Maruti in their purchase decision.

Average age of buyers has come down to 40 years but it is still muchhigher than developed countries (in 20s) and 46% consumers are firsttime buyers.

At $3,000 per capita income (PPP basis) car markets across the worldhave seen tipping points. India is currently at US$2,600 per capita income(PPP basis).


38/86



WHITE GOODS

Incomes at tipping points

The market for white goods will be one of the fastest growing markets, as Indiais reaching the tipping points for several consumer durable categories.Importantly, top 22% of Indian households are earning incomes in the range of

2.5 times the national average (higher than per capita income of China). Theseconsumers have already crossed these tipping points and are driving theconsumption. Further, these consumers will drive the bulk of category growthalong with premiumisation.

Electricity infrastructure issues are being resolved or 'bypassed'

One of the major impediments for the sector was inadequate electricity infrastructure. After conscious efforts by the government, electricity infrastructurehas improved substantially in the past decade (although still short of expectations).

Another important aspect is the enterprising spirit and innovation abilities of theIndian companies. These companies have time and again introduced 'Indiarelevant' innovations to bypass infrastructure issues. Some of the latest examplesin the durables category are electricity free water purifiers (HUL and TCS), Battery operated refrigerator (Godrej Appliances), and Battery operated LED night lamps(Eveready Industries). These innovations have been an important factor in drivingpenetration in the sector.

Global innovationsSome of the innovations in the category occurring globally can have a far reachingimpact on other sectors as well and can present great opportunities and seriouschallenges. We have discussed in the macro section the power of Mobile money.There are other examples as well. Haier's US$1,000 detergent-free washingmachine is already available in Europe. Live TV recording options in DTH cableservices is making TV advertisements futile.

Projections

The category has been growing at the rate of 23.5% CAGR for the last five years.

The growth is likely to accelerate to 25% CAGR as all required levers are in place.Further, since penetration levels are still low, growth will be driven by rural areas.

0

20000

40000

60000

I n d i a

I n d o n e s i a

C h i n a

B r a z

i l

M a l a y s i a

S o u t

h

K o r e a

U S A 0

50

100

150

Per Capita Income PPP, 2007TV penetration %, 2007

0

20000

40000

60000

I n d i a

I n d o n e s i a

C h i n a

B r a z

i l

M a l a y s i a

S o u t

h

K o r e a

U S A

0

500

1000

Per Capita Income PPP, 2007PC penetration (per 1000 users)

0

20000

40000

60000

I n d i a

I n d o n e s i a

C h i n a

B r a z

i l

M a l a y s i a

S o u t h

K o r e a

U S A

0

500

1000

Per Capita Income PPP, 2007Cell phones (per 1000 users)

Exhibit 52: Per Capita penetration of various consumer durables, 2007

Source: Global Statistical Outline - Tata Services Ltd., Ambit Capital research


39/86



Exhibit 53: Projections - Consumer durables


Consumer durables 11.2 32.0 97.7 225.25-year CAGR 23.5% 25.0% 18.2%

Source: Technopak, BW M

India Consumer Thematic Report - 030610

Documents

Transcript of India Consumer Thematic Report - 030610