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Investor Presentation
January’ 2010
Confidential 1
DisclaimerDisclaimerThis Confidential Presentation (“CP”) contains proprietary and confidential information regardingEmami Limited (or “EMAMI”).( )
The CP is prepared by Emami Limited based on the published information available and has notindependently verified any of the information contained herein.
The sole purpose of the CP is to enable the recipients to evaluate the Company for anyinvestment decisions. The CP may not contain all the information that recipients may desire orneed. Recipients must rely solely on its own judgment, review and business analysis ininvestigating and evaluating the information contained herein. Consequently, Emami Limited andinvestigating and evaluating the information contained herein. Consequently, Emami Limited andany of their directors, employees, shareholders, affiliates or agents shall not be liable for any lossor damage (direct or indirect) suffered as a result of reliance upon any statements contained in, orany omission from the CP and any such liability is expressly disclaimed.
The CP does not constitute an offer for sale of or an invitation to purchase the equity interest inthe Company and the information contained herein will not form the basis of any contract. It ismerely a solicitation of interest with respect to the investment in the Company.
The CP is furnished strictly on confidential basis to the recipient and the circulation and copying ofthe information embodied herein is restricted. Emami Limited reserves the right to request thereturn of the CP and any other information made available either along with it or separately at itsown discretion and will.
Confidential 2
Table of ContentsSection
Table of Contents
Company Overview 4
Current Situation Analysis 16II
I
y
Restructuring 21
B i St t 24
III
IV Business Strategy 24
Financials 26
IV
V
Key Investment Highlights 37
Annexure 39
VI
VII Annexure 39VII
Confidential 3
Section: I
Company Overview
Confidential 4
Company OverviewCompany Overview
Emami Limited, the flagship company of the Emami Group, is a leading FMCG player in India
The Company is promoted by Kolkata-based industrialists, Mr. R.S. Agarwal and Mr. R.S.Goenka
Emami has been in the health, beauty and personal care products space since the last 30 yearsand has sustained its prominent position in Ayurveda products
With an extensive research and development cell it has developed strong brands like ‘Navratna’With an extensive research and development cell, it has developed strong brands like Navratna , ‘BoroPlus’ and ‘Fair and Handsome’
Prudent and effective management has ensured that ~80% of its production is in tax exemptzoneszones
Listed on BSE and NSE with a market capitalization of over Rs 40 bn ($904mn)
Gross revenue of Rs 7.5 bn ($163mn) in FY 2009 with a revenue CAGR of 20% over last 5 years
Confidential 5
Business PhilosophyBusiness PhilosophyIdentify niche segments which are –
800800
1000
o Mass market categories
o With high gross margin333
200
400
600
8003 yrCAGR
+34%
o Where competition is not much active 0
200
2005-6 2008-9Fair and Handsome
Continuously invest and build the category and grow it large
17792000 14331600 510500600
ns
ns
110500
1000
1500
390400
800
1200
20030040050011 yr
CAGR
+28%
11 yrCAGR
+13%
9 yrCAGR
+35%s. in
Mill
ion
s. in
Mill
ion
1100
1997-98 2008-90
400
1997-98 2008-9
350
100
1999-00 2008-9Navratna Oil Borpolus Cream Menthoplus Balm
Rs
Rs
Confidential 6
Snapshot of power brandsSnapshot of power brands
Power Brand SegmentMarket
SizeMarket
SizeEmami’s Market Share in %
2005 2008g(INR in
Millions)(USD in Millions)
Navratna Oil Cooling oil 3,970 85.4 48 51
Boroplus Cream Antiseptic cream
2,237 48.1 65 73
Zandu & Mentho Headache balm 3,507 75.4 54 61Plus BalmFair & Handsome Men's fairness
cream# # -- 63
Boroplus Powder Prickly heat powder
1,648 35.4 23 18
Fast Releif Pain reliever 2,027 43.6 7 13Sona Chandi & Zandu
Chyawanprash 2,117 45.5 16 15
# 30% of Fairness Cream market, i.e., Rs. 4089 mn (USD 88 mn)
Confidential 7
Source: Industry Reports
Domestic reachDomestic reach
Strong foothold in rural India
Nation-wide domestic distribution network • 2800+ distributors, • 400 000+ retail outlets• 400,000+ retail outlets, • Brand reach 2.6mn outlets
Domestic Sales on Cash
Sales channels are divided into rural andurban sales territories
Strategic tie-ups with• IOC Petrol Pumps• ITC E - Choupal
With the acquisition of Zandu the networkhas further strengthened in western India
Confidential 8
Distribution channel architectureDistribution channel architecture
UrbanRural
Retail networkModern trade channel
Tie up with ITC e-chaupal
Tie- up with District IOC
Petrol Pumps
Emami Mobile Traders and
Small village shops
Coverage of Coverage of Coverage of Coverage of Coverage of 780 thousand 400 thousand
outlets
g2200 outlets
gfour states 200 petrol
pumps780 thousand households
Confidential 9
Global reachGlobal reachInternational business contributes to 14% of the total business
EUROPE CIS
CIS
Europe, 2%Others, 6%
GULF AFRICA
AMERICA
ASIA CIS, 19%
Africa 24%
Europe, 2%
AMERICA
AUSTRALIA
SAARC, 20%
Middle East 29%
Africa, 24%
Region Share %
Middle East, 29%
Internationally, products available in 60 countries - strong presence in CIS, GCC, SAARC and African countries
Confidential 10
Research capabilitiesResearch capabilitiesFocus: New product introduction, cost control and product differentiationTeam comprises qualified doctors and specialized Ayurveda scientists; advisory panel
i i A di t likcomprising Ayurvedic experts like• Padmashree Vaidya Suresh Chaturvedi,• Dr. Hari Shankar Sharma (former Dean of Jamnagar University and Ayurvedacharya),• Dr. Hiroe Inamura (Director of Ayurvedic Research Society, Osaka, Japan) andDr. Hiroe Inamura (Director of Ayurvedic Research Society, Osaka, Japan) and• Dr. S. K. Mishra (ex-commissioner, Indian System of Medicines and Homeopathy)
A modern fully equipped laboratory with cGMP practicesState-of-the-art Himani Ayurvedic Science Foundation in Kolkata
Confidential 11
Emami vs IndustryEmami vs IndustryCategory-wise Performance
27.4%
23.9%25%
30%
Industry Emami
13.8%11.9%
19.2%17.2%
11.4%
14.7%15%
20%
0 3% 0.8%
6.2%
5%
10%
-3.2%
0.3%
-5%
0%
Thick Oil Antiseptic Cream Chyawanprash Balm Rubificient Prickly Heat Powder
Source: Industry Reports
Industry - beating performance in almost all categories with wide margins
Source: Industry Reports
Confidential 12
Low penetration: Big opportunityLow penetration: Big opportunity
86 1% 88.6% 91.5%90%
100%86.1%
71.0%
60%
70%
80%
90%
48.6%
22 0%
38.0%28.0% 30.0%
30%
40%
50%
60%
2.1%
22.0%
6.6%1.0%
0%
10%
20%
30%
Low penetration of major segments indicates long term growth story.
Company reports, Industry
Confidential 13
p j g g g y
New launchesNew launches
Ayurvedic OTC
Personal Care
Strong pipeline of new products
Confidential 14
g
Current shareholding patternCurrent shareholding patternShareholding Pattern (As on 30th Sep’ 2009) List of Institutional Shareholders
HSBC Gl b l I t t F dHSBC Global Investment Fund
T Rowe Price International
HDFC
DSP Blackrock
IDFC
Templeton MFTempleton MF
Morgan Stanley MF
Blackrock India Equities
BNP Paribas
Sampo Fund Management
G i A t MGenesis Asset Managers
KB India Growth Fund
Raised Rs 3100 mn ($66 74 mn) in July’ 2009 by issuing 10 mn fresh equity shares to QIBs
Confidential 15
Raised Rs. 3100 mn ($66.74 mn) in July 2009 by issuing 10 mn fresh equity shares to QIBs
Section: II
Current Situation Analysis
Confidential 16
The Zandu acquisitionThe Zandu acquisitionCentury old household name in India and a leading Ayurvedahealthcare company
It is a strategic fit for Emami with a strong research anddevelopment base in Ayurveda • Emami acquired
68 91% stake in ZanduLeadership position in pain balm (rubificient) category
Zandu was ranked 29th in the All India Brand Equity survey asper The Economic Times (ET) – ACN survey across all
68.91% stake in Zandu for Rs. 7130 Mn (USD 153 Mn)
per The Economic Times (ET) ACN survey, across allcategories.
Its brands have regularly figured in the ET survey of MostPopular brands in India Some of its prominent brands include
• The acquisition was completed in November 2008 and since thenPopular brands in India, Some of its prominent brands include
• Zandu Balm• Zandu Chyawanprash
K i J
2008 and since then Emami has taken over management control of Zandu• Kesri Jeevan
• Pancharishta• Nityam Churna
Zandu
Confidential 17
Zandu brandsZandu brands
Core brand growing steadily more than the industry average
Confidential 18
Strategic initiativesStrategic initiativesVarious strategic initiatives undertaken to enhance value
Effective April 2009 production commenced at Pantnagar unit in the tax free zone ofEffective April 2009, production commenced at Pantnagar unit in the tax free zone ofUttaranchal
Increase in Sales relaisations at Zandu for reduction in trade margins by around 10%.
More focus on the core business, residual non core investments including Zandu Chemicalsbusiness was hived off
SAP initiative - streamlining Zandu operations and support systems
Hired global consulting firm E&Y to recommend synergetic benefits in Supply Chain, Logisticsand CFA arrangementsand CFA arrangements
Post acquisition integration process underway
• Streamlining of sales channels
• New marketing strategies to drive penetration and consumption
Confidential 19
Marketing initiativesMarketing initiatives
Cross promotions started
Zandu Balm introduced in new rejuvenatedpackaging to counterfeit duplicates
An aggressive electronic media campaign launchedrecently
Hired Evolve Creations, UK to enhance anddevelop new packaging for Zandu brands
Marketing experts like Mr. Alyque Padamsee arebeing consulted
I iti t d A ti M k ti R h th hInitiated Active Marketing Research throughORG
Confidential 20
Section: III
Restructuring
Confidential 21
RestructuringRestructuring
Revised Structure
Emami InfrastructureEmami InfrastructureTo be listed
Confidential 22
Restructuring (Contd.)Restructuring (Contd.)
Share Swap Details
Shareholders of Emami will receive 1 (one) share of Rs. 2/- each of Emami InfrastructureLimited for every 3 (three) share held by them in Emami Limited.
Existing Emami shareholders continue to hold shares in Emami of Rs 2/ eachExisting Emami shareholders continue to hold shares in Emami of Rs. 2/- each
Shareholders of Zandu received 14 (fourteen) shares of Emami Limited of Rs. 2 each for every1 (One) share of Rs. 100/- each held by them in Zandu.
Existing Zandu shareholders continue to hold shares in Zandu, now renamed as Zandu RealtyLimited, of Rs. 100/- each.
The Appointed Date for the Scheme of Arrangement isNovember 5, 2008.
Scheme became effective on
Approval of the Hon’ble Calcutta High Court vide its Order dated November 17, 2009
Confidential 23
Section: IV
Business Strategy
Confidential 24
Business StrategyBusiness Strategy
Aggressive promotion through celebritiesExpand distribution – reach rural Differentiated ‘Value For Money’ productsNew product to enter new categoriesBrand extensions
Drive Revenue
Brand extensionsEntry in new geographies – drive exportsLeveraging existing network
Benchmark A&P spends to industryStabilization of new launches and brands Grow NetStabilization of new launches and brandsCost control initiatives to continue Fiscal efficiency for units in backward areas
Grow Net profit
Foray into new categories - Hair Care, Baby Range and other new launches to drive revenue growth
Confidential 25
g
Section: V
Financials
Confidential 26
Consistent growth ….. toplineConsistent growth ….. topline
In Millions
$161
$124
$161
$90
$111
5 year$67
5 year
CAGR
+20%
Confidential 27
Consistent growth ….. EBIDTAConsistent growth ….. EBIDTA
In Millions
$29.1
5 year
$21.3
5 year
CAGR
$7 4
$11.4
$14.7
+39%$7.4
Confidential 28
A&P ExpensesA&P Expenses
$28.8In Millions
$20.9 $26.1 $26.9
$12.7
Higher A&P spends well reflecting in revenue growth
Confidential 29
g p g g
9MFY10 & Q3FY10 UpdateConsolidated
Q3FY10 9MFY10Standalone
Q3FY10 9MFY10
9MFY10 & Q3FY10 Update
Highlights :
NET SALES +30 3% +43 1% +30 1% +43 4%NET SALES +30.3%
+90 0%
+43.1%
+134 9%
+30.1%
+96 6%
+43.4%
+144 7%EBIDTA +90.0% +134.9% +96.6% +144.7%
PAT +93.9% +101.8% +104.7% +108.0%
EPS +59.2% +80.2% +74.2% +85.8%
Confidential30
Net Sales ………ConsolidatedNet Sales ………Consolidated
4000 7466
Inorganic+6.5%
llion
s lli
ons
llion
s lli
ons
+30.3% +43.1%
Inorganic+18.7%
2682
3495
2400
3200
4000
5219
7466
4500
6000
7500
Rs.
in M
ilR
s. in
Mil
Rs.
in M
ilR
s. in
Mil
Organic+23.8% Organic
+24.4%800
1600
1500
3000
4500
0
Q3FY09 Q3FY100
9MFY09 9MFY10
Net sales at Rs. 3496 mn grew 30.3% in the quarter. First nine months growth is g q g43.1% with net sales at Rs. 7466 mn. Inorganic growth accounted for 6.5% and 18.7% of the growth respectively
Domestic sales grew by 29% in the quarter and 44% in the first nine months‐ Domestic sales grew by 29% in the quarter and 44% in the first nine months
‐ Exports grew by 36% in the quarter and 32% in the first nine months
‐ Institutional Sales (Defence supplies) grew by 49% in the quarter and 58% in the first nine months
Confidential31
( pp ) g y q
A. Categories leading the Domestic business growth were :
Navratna Cool Talc +110% Boroplus Prickly Heat Powder +18%
Navratna Oil +30% Malai Kesar Cold Cr +18%
Fair & Handsome
B l L ti
+28%
+28%
Boroplus Cream
Zandu & Menthoplus
+15%
+12%Boroplus Lotion +28% pBalm
New launch Vasocare petroleum jelly also had a very good success despite
+12%
the presence of a God Brand like Vaseline in the category
Glycerine Soap is receiving excellent market response
Confidential32
B. International Business at Rs. 886 mn grew by 32% driven by 54% growth in Middle East
Middle East +54% Emami is No 1 Men Face Care brand in UAE (54% m.s.), GCC (50% m.s.) and
dd e as
CIS +39%
38%
UAE (54% m.s.), GCC (50% m.s.) and KSA (65% m.s.) (Kingdom of Saudi Arabia).
B l d F i d H dSAARC
Africa
+38%
+15%
Boroplus and Fair and Handsome contributed over 50% of the total International business
Africa 15%
C. Institutional Business at Rs. 327 mn grew by 58% driven by introduction of new products and new SKUs in Canteen Stores Department
Confidential33
Earnings ………ConsolidatedEarnings ………Consolidated
EBIDTA+134.9%
EBIDTA+90.0% Inorganic Inorganic
195020001058
1000
1200
n M
illio
ns
n M
illio
ns
n M
illio
ns
n M
illio
ns
PAT+101.8%
PAT+94.2%
g+19.0%
Organic
g+51.5%
Organic830
13031200
1600
556
780
600
800
1000
Rs.
inR
s. in
Rs.
inR
s. inOrganic+73.0%
EBIDTA
Organic+83.4%
EBIDTA
830646
400
800402
200
400
0
9MFY09 9MFY10
0
Q3FY09 Q3FY10EBIDTAPAT
EBIDTA at Rs 1058 mn grew by 90% in the quarter and at Rs 1950 mn grew 135%EBIDTA at Rs. 1058 mn grew by 90% in the quarter and at Rs. 1950 mn grew 135% in the first nine months. Inorganic growth accounted for 19% and 51.5% of the total growth, respectively
‐ EBIDTA margins jumped to 26.1% from 15.9% in the same period last year.
PAT at Rs. 780 mn grew by 94% in the quarter and at Rs. 1303 mn grew by 102% in th fi t i th
Confidential34
the first nine months
9MFY10 ……… Consolidated Financials
Rs. in Millions
9MFY10 ……… Consolidated Financials
Particulars 9MFY10 % of Sales
9MFY09 % of Sales
Growth %
2008-9 % of Sales
Net Sales 7466.4 100% 5218.7 100% 43.1% 7490.1 100%Other Income 48.7 0.7% 18.8 0.4% 159.0% 78.2 1.0%Materials Cost 2598.3 34.8% 2082.3 39.9% 24.8% 3083.7 41.2%A&P 1532.0 20.6% 1172.5 22.5% 30.7% 1252.0 16.7%Staff Cost 437.9 5.9% 334.5 6.4% 30.9% 481.5 6.4%Ad & Oth E 997 3 13 4% 818 2 15 7% 21 9% 1398 8 18 7%Admn & Other Exp 997.3 13.4% 818.2 15.7% 21.9% 1398.8 18.7%EBIDTA 1949.6 26.1% 830.0 15.9% 134.9% 1352.3 18.1%Interest (Net) 245.6 3.3% 46.8 0.9% 424.8% 210.1 2.8%Depreciation 125.5 1.7% 56.2 1.1% 123.3% 83.5 1.1%Exceptional Item 28.0 0.4% - 0.0% - 0.0%PBT 1550.5 20.8% 727.0 13.9% 113.3% 1058.7 14.1%Tax 247.3 3.3% 82.4 1.6% 200.1% 141.2 1.9%Minority Interest - 0.0% 1 2 0.0% -100 0% 1 2 0.0%Minority Interest 0.0% 1.2 0.0% 100.0% 1.2 0.0%Profit in Associates - 0.0% 2.3 0.0% -100.0% 2.3 0.0%PAT 1303.2 17.5% 645.7 12.4% 101.8% 918.6 12.3%EPS - Rs. 18.1 10.0 80.2% 14.5
Confidential35
Q3FY10 ……… Consolidated Financials
Particulars Q3FY10 % of Q3FY09 % of Growth 2008-9 % of Rs. in Millions
Q3FY10 ……… Consolidated Financials
Particulars Q3FY10 % of Sales
Q3FY09 % of Sales
Growth %
2008 9 % of Sales
Net Sales 3495.8 100% 2682.1 100% 30.3% 7490.1 100%Other Income 8.2 0.2% 0.8 0.0% 925.0% 78.2 1.0%Materials Cost 1205.6 34.5% 1045.4 39.0% 15.3% 3083.7 41.2%A&P 711.8 20.5% 548.8 20.5% 29.7% 1252.0 16.7%Staff Cost 152.5 4.4% 144.3 5.4% 5.7% 481.5 6.4%Admn & Other Exp 376.0 10.8% 387.5 14.4% -3.0% 1398.8 18.7%Admn & Other Exp 376.0 % 387.5 % 3.0% 1398.8 %EBIDTA 1058.1 30.3% 556.9 20.8% 90.0% 1352.3 18.1%Interest (Net) 74.1 2.1% 85.0 3.2% -12.8% 210.1 2.8%Depreciation 51.2 1.5% 19.2 0.7% 166.7% 83.5 1.1%
0 1% 0 0% 0 0%Exceptional Item 2.1 0.1% - 0.0% - 0.0%PBT 930.7 26.6% 452.7 16.9% 105.6% 1058.7 14.1%Tax 150.2 4.3% 52.7 2.0% 185.0% 141.2 1.9%Minority Interest - 0.0% 0.3 0.0% -100.0% 1.2 0.0%yProfit in Associates - 0.0% 2.3 0.1% -100.0% 2.3 0.0%PAT 780.5 22.3% 402.0 15.0% 94.2% 918.6 12.3%EPS - Rs. 10.3 6.5 59.2% 14.5
Confidential36
Section: VI
Key Investment Highlights
Confidential 37
Key investment highlightsKey investment highlightsFastest growing FMCG company
Niche category player + innovator – in Therapeutic and Ayurvedic segment - strong entrybarriers for the competition
The top four Brands does not face any serious competitionThe top four Brands does not face any serious competition
With the acquisition of Zandu, we have one the strongest Ayurvedic Brand in our portfolio
Bigger basket of power brands and entry in new segments
Over 80% of the business comes from Wellness categories. These products offers healthbenefits and hence enjoys more stronger Brand loyaltybenefits and hence enjoys more stronger Brand loyalty
Continuity of Brand Directors who invests in each Brand with patience and nurture the sameto grow it large over a period of time
Superior gross margins in the industry – EBITDA margin before A & P 37%
Scaling up production from tax free zones
Confidential 38
g p p
Section: VII
Annexure
Confidential 39
Fair and Handsome Cream
o Launched in October 2005; first fairness cream for men in IndiaM k t i ti t d t R 4089 ($ 88 )
(Hi handsome, hi handsome )
o Market size estimated at Rs. 4089 mn ($ 88 mn)o Contributing significantly to the toplineo Sales grew by 48% in FY09 and 28% in 9MFY10o Launched Rs. 6/- spout pack of 7ml and Rs. 12/- pack of 12ml. o au c ed s 6/ spout pac o a d s / pac o
Received very good response for the same.
Confidential 40
Boroplus Antiseptic Cream (Twacha ka suraksha kawach )
Market Share
75 73% 73%
o Market size of Rs. 2237 mn ($48.1mn)o Leader in the antiseptic cream market with a 73% share
6567697173
63%
67%
70%73%
65%
69%71%
73%Volume Value
o Largest selling antiseptic cream not only in India but also in Ukraine, Russia and Nepal
5759616365
2004 5 2005 6 2006 7 2008
63%
2004-5 2005-6 2006-7 2008
o Sales grew by 10% in FY 09 and 15% in 9MFY10o Growing at CAGR of 15% in last 3 years
Small SKU of 7ml has shown significant growth of 31% over last yearo Small SKU of 7ml has shown significant growth of 31% over last year o Boroplus Brand has been ranked 87th in the Brand Equity Survey conducted by The Economic Times, India
Confidential 41
Navratna Oil (N l l i i d d i Navratna Oil (Navratna tel lagaiye aur sirdard, tension
Market Share
aur thakaan bhool jaiye)
o Market size of Rs. 3970 mn ($85.4mn)47
5748% 50%
55% 51%47% 48%
52%49% Volume
Value
Market Share
o Market size of Rs. 3970 mn ($85.4mn)o Market leader with 51% market shareo Sales of 3.5 ml SKU affected due to increase in MRP from Re 1 to Rs. 1.5. Other SKUs, however, grew by 9% in
17
27
37
Other SKUs, however, grew by 9% in FY09. Now MRP of 3.5ml SKU rolled back to Re. 1 with 3 ml pack o In 9MFY10, it grew by 30%oGrown at CAGR of 16% in last 5 years
-3
7
2004-5 2005-6 2006-7 2008
oGrown at CAGR of 16% in last 5 yearso Rated as one of the most trusted brands by ORG Margo Commissioned some of the most visible brand ambassadors (Amitabh Bachchan, Shahrukh Khan, and Mahesh Babu, Chiranjeevi and Upendra for South) )o Two major line extensions of Navratna, Navratna Extra Thanda Oil and Navratna Cool Talc are receiving encouraging market response.
Confidential 42
M th Pl B l Mentho Plus Balm (Dus siron ka dard bhagaye)
14
1613%
14%15% 18%
11% 11%12%
15% VolumeValue
Market Share
o Market size of Rs. 3507 mn ($75.4mn)4
6
8
10
12 11% 11%
o Sales increased by 15% in FY09 and 17% in 9MFY10
M k t h i d t 18%
0
2
2004-5 2005-6 2006-7 2008
o Market share increased to 18%
o CAGR of 23% over the last three years
Confidential 43
Sona Chandi Chyawanprash(Surakshit tan aur tez dimag) Market Share
o Market size of Rs. 2117 mn ($45.5mn)
6789
1010%
8% 8%9%10%
8% 8% 8%
VolumeValue
o Market share increased to 9%o Endorsed by Shah Rukh Khan, Sunny Deol and Dharmandra 1
23456
Sunny Deol and Dharmandra.01
2004-5 2005-6 2006-7 2008
Confidential 44
l kl dBoroplus Prickly Heat Powder (Aag bujha de thandak la de )
o Market size of Rs. 1648 mn ($35.4mn) o Market share at 18%o Grew by 17% in 9MFY10o Grown at a CAGR of 7% in Last 4 years
2523% 22% 21%
VolumeValue
Market Share
10
15
20 18%19% 17% 16%15%
0
5
2004 2005-6 2006-7 2008
Confidential 45
Fast Relief 12 11% 13%10%
12%VolumeValue
Market Share
M k t i f R 2027 ($43 6 )
Fast Relief (Dard mitaye chutki mein )
6
8
10
7%8%
6%
8%Value
o Market size of Rs. 2027 mn ($43.6mn)o Market share increased from 11% to 13%o Grew by 2% in FY09 and 9% in 9MFY10. However, the Brand has grown at a CAGR of
0
2
4
2004-5 2005-6 2006-7 8, g15% in last 3 years.
2004 5 2005 6 2006 7 8
oBrand revamped with enhanced formulation in new packaging as Himani Fast Relief ultra fast formula
New TVCs got wide appreciation and won 3 awards includingo New TVCs got wide appreciation and won 3 awards, including Silvers for Best film and best direction and Bronze for Music in Goa Fest 2009o Amitabh Bachchan is the Brand Ambassadoro Widely accepted in the states of Delhi, UP and Punjab
Confidential 46