With the drainage system overwhelmed, roads were inundated with water at waist height and more. Most delivery services such as Swiggy, Zomato, Zepto, Blinkit and Milk Basket stopped taking orders as large clusters were unserviceable. Elsewhere, there were extended delays, said executives at ecommerce platforms, besides grocery and restaurant companies.
But actually, a lot of our profits do come from our oil palm business, which is steadily growing. The government's new policy on oil palm is very beneficial. We are getting new allocations in the Northeast and in Telangana which are very promising for the oil palm business.
Robusta coffee futures have hit a record high due to limited supplies, with dealers reporting that Indonesia's No. 2 export crop has left buyers struggling to obtain beans and Vietnam, the world's largest robusta exporter, experiencing farmers selling out. Newly harvested robusta crops in Brazil are also being limited due to strong coffee demand domestically.
The monthly economic report also flagged the recent decision by Opec to cut production as one of the factors that could pose a downside risk to the GDP growth forecast of 6. 5% for the current financial year.
Asian Paints Managing Director & CEO Amit Syngle said the domestic decorative business of the company registered a flat volume and value sales delivery for the quarter, on a very high price increase base in the previous year.
In the last three days of the month since July 12, the unemployment rate has been decreasing gradually at 7.29 per cent on July 14, 7.46 per cent on July 13 and 7.33 per cent on July 12. In June 2022, the all-India unemployment rate was 7.80 per cent, urban at 7.30 per cent and rural at 8.03 per cent.
On the margin front, Marico, which has oil brands such as Saffola and Parachute in its portfolio, said there is "some degree of comfort" given that copra price, which constitutes about half of its raw material basket, is expected to remain benign.
"It's clear that the good monsoon trend we're seeing will lead to demand revival in rural markets by September," said Saugata Gupta, chief executive of Marico, maker of Parachute hair oil and Saffola edible oils and oats. "A base effect will also play out as demand started to taper in the September quarter last year."
Electronics makers, however, said there are no signs of inflation ebbing in their segment, and demand for entry-level products will remain under pressure over next few quarters.
Growth slowed in India's villages, which contribute around 35% to overall FMCG sector sales, as steep inflation of food, other daily essentials and fuel, and declining wages forced consumers to buy cheaper products or stop buying these products. In cities, meanwhile, most companies said modern trade recovered from the low base of last year, helping the urban market post similar growth numbers sequentially in the last quarter.
By and large in FMCG, the demand may not have got disrupted too much and the demand end will hold subject to a few factors- Good monsoon, vaccination and govt stimulus-- Sunil Kataria, CEO (India & SAARC), Godrej Consumer Products Limited.
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