#Marico CFO

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Marico CFO Vivek Karve resigns - ET Retail

Marico CFO Vivek Karve resigns – ET Retail

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New Delhi : FMCG firm Marico on Thursday said its chief financial officer Vivek Karve has resigned from the company. It has appointed its executive vice president & head – finance, Pawan Agrawal as its next CFO, Marico said in a regulatory filing.

The board of the company in a meeting held on Thursday has accepted the resignation of Karve, who was associated with Marico from last 20…

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Marico appoints Pawan Agrawal as new CFO; board approves amalgamation with Marico Consumer Care

Marico appoints Pawan Agrawal as new CFO; board approves amalgamation with Marico Consumer Care

The Board appointed Pawan Agrawal as the Chief Financial Officer of the Company with effect from September 10, 2020, in succession to Vivek Karve.

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The Economic slowdown is beginning to show and it is time to act

The Economic slowdown is beginning to show and it is time to act Even when the June quarter GDP came in at just 5%, most policymakers were refusing to acknowledge that it was an economic slowdown. Actually, it is time to admit there is a distinct economic slowdown and take quick measures. We are lucky to be at the start of the slow down cycle and need to act fast before it hits jobs and income levels. Signs are everywhere The signs of an economic slowdown are almost everywhere. Auto numbers are down nearly 30% on a YOY basis and auto companies are being forced to cut production days to balance demand. Most economic slowdowns begin with a financial tightness and that is visible from banks to NBFCs. Another way is to look at the rising instances of defaults in loan repayments, which is normally a clear lead indicator of an economic slowdown. We had IL&FS, Dewan Housing, Cox & Kings, Suzlon, RCOM and now Altico. Each of these cases highlight that payment cycles are stretched to such an extent that managing asset-liability mismatches is getting tougher by the day. No less a person than the CFO of Parle has warned about the huge layoffs that may be necessitated due to weak demand. Even other FMCG companies like Britannia and Marico have warned that slowdown is beginning to pinch. Aviation growth is sharply down and the biggest manifestation came in the form of the GDP at 5%. Rural inflation is also an eloquent reminder of a slowdown. Monetary measures needed The government needs to bundle a bunch of monetary measures quickly so that the early signs of slowdown do not exacerbate into something big. The first thing required is to embark upon big cuts in repo rates. Forget about all else, the real interest rates in India at above 4.25% are among the highest in the world. The government has to infuse a lot more capital into banks to make them capable of lending; otherwise output is not going to pick up in a hurry. The next step is to make liquidity easily available to the stressed sectors like NBFCs, realty segment, auto dealers, auto ancillaries, etc. These are sectors where an infusion of easy liquidity will show immediate results. Low rates and abundant liquidity are the answers. Fiscal push too Fiscal measures alone won’t suffice. India will have to give up its obsession with FRBM and adopt pump-priming as a conscious strategy. This includes major spending outlays on projects for infrastructure, more of helicopter money payouts, and aggressive tax cuts. If GST cuts and income tax rebates can spur spending, then it is absolutely worth the risk. After all, once the slowdown is allowed to fester, it starts to hit jobs and spending. That has already begun and it is essential to act fast. As spending returns, it will automatically solve the slowdown challenge. Read the full article

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FMCG companies, including ITC, Dabur, HUL, and Marico, said they have cut prices of various products to pass on the benefits of GST rate reduction to end-consumers, reported PTI. The companies said they will extend the price reduction to other categories, which have also seen tax rate cuts. The development comes a day after the government asked the firms to pass on lower GST rates to consumers.

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The Goods and Services Tax (GST) rate was reduced to 178 items, including detergents, shampoos and beauty products, from 28 percent to 18 percent from November 15. “ITC has modified the price of its relevant products keeping in mind the applicable rates under the recent GST notification,” a company spokesperson told PTI. Similarly, an HUL spokesperson said: “We have reduced the price for Bru Gold coffee from Rs 145 to Rs 111 on a 50 gm pack. Any further price changes will be communicated in due course.”

HUL remains committed to passing on the benefits of GST reduction to the consumers, the spokesperson added. Likewise, Marico CFO Vivek Karve said the company has effected MRP reductions on products across categories such as deodorants, hair gels, hair creams, body care etc. “While the new production shifts to new reduced MRP immediately, we are passing on the benefits on existing stocks either through stickering the products with reduced MRP or by providing additional discounts to our trade channel partners,” he said.

Karve further said the company has also sent out communication to its partners to pass on the benefit of reduced taxes to the consumers. Earlier in the day, Dabur India said it has cut prices of existing stocks across categories such as shampoos, skin care and home care by 9 percent. The company said it had also revised the MRP of fresh produce with immediate effect which will hit the shelves by next month.

When contacted, a Patanjali spokesperson said: “We welcome this step and the benefits must be transferred to the customers. We are evaluating over the quantum of decrease.” Earlier, CBEC Chairperson Vanaja Sarna in a letter to all major FMCG companies had pointed out the need to immediately revise the MRP on all the products for which the tax reductions have been announced by the GST Council.

GST rates on a number of items have also been reduced from 18 percent to 12 percent and from 12 percent to 5 percent. Items on which tax rate has been cut from 28 percent to 18 percent include chewing gum, chocolates, coffee, custard powder, dental hygiene products, creams, after-shave, deodorant, detergent and washing powder, razors and blades, cutlery, batteries, goggles, wrist watches and mattress. The tax rate on a condensed mil, refined sugar, pasta curry paste, diabetic food, and bamboo/cane furniture has been cut from 18 percent to 12 percent.

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GST impact: FMCG firms to extend tax benefits to customers, slash prices

FMCG companies are revising prices of their products after the implementation of GST and are extending the tax benefits to the consumers under the new tax regime.

The companies such as Patanjali, ITC, HUL and Marico are either slashing the prices of goods or increasing the grammage of the product on dispatches made from July 1 onwards.

"The company is committed to pass on the benefits of reduction in effective tax rate to its consumers wherever applicable and has firmed up the price reductions," Marico CFO Vivek Karve told PTI.

He further added:"The new prices will hit the market eventually".

"Effective steps are being taken to pass on the benefits to the consumer, wherever such benefits accrue due to the recently announced GST rates," an ITC spokesperson said.

Yesterday, HUL had reduced prices of some of its detergents and soaps, extending the tax benefits to consumers under the GST regime.

The company had slashed the price of its detergent soap Rin bar of 250 gm to Rs 15 from Rs 18 and increased weight (grammage) of its Surf Excel bar costing Rs 10 to 105 gm from 95 gm at the same price.

Companies are extending the benefits either in the form of price reduction or increasing the weight of the existing packet in the same price brackets.

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FMCG companies pin hopes on growth oriented Budget

Budget 2017 - After taking a demonetisation hit, FMCG companies are pinning hopes on a growth oriented Budget to see a revival in consumer confidence and create demand both in urban and rural markets. "We are expecting a growth-oriented Budget with various stimuli to revive consumer confidence... Proactive reforms to stimulate demand by increasing the money in the hands of the emerging middle class and rural India, this will help bring FMCG growth back on track," Godrej Consumer Products Ltd Managing Director Vivek Gambhir told PTI. Kolkata-based Emami too is expecting a growth oriented budget "to boost consumption, increase public investment, promote digitisation, broaden tax base and lead higher growth" and improvement of business sentiments. "It (Budget) should aim at clarifying policies particularly with respect to GAAR, POEM, GST etc. As with every other Budget, restraining deficits and delivering higher growth is going to be a great challenge," said Emami CFO & CEO Finance Strategy & Business Development N. H Bhansali. He further said: "While tax rates are expected to reduce with increased basic exemption limits, but taxpayers base is expected to broaden. Ease of doing business would be another focus area in currently subdued business environment. Agriculture, infrastructure and service sectors are also expected to get due attention and support." Marico too is looking for a Budget in which the government would focus on boosting the rural sector and agricultural productivity besides providing benefits to the salaried taxpayers in order to increase disposable income in the urban markets, which would drive consumption. "We are expecting an all-inclusive, progressive Budget to assist the sustainable economic growth of our country. In order to do so, it is essential for the government to focus on three crucial factors -- boosting the rural sector and agricultural productivity, providing benefits to the salaried taxpayers in order to increase disposable income in the urban markets," said Marico MD & CEO Saugata Gupta.(Read More)

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FMCG companies pin hopes on growth oriented Budget

After taking a demonetisation hit, FMCG companies are pinning hopes on a growth oriented Budget to see a revival in consumer confidence and create demand both in urban and rural markets. "We are expecting a growth-oriented Budget with various stimuli to revive consumer confidence... Proactive reforms to stimulate demand by increasing the money in the hands of the emerging middle class and rural India, this will help bring FMCG growth back on track," Godrej Consumer Products Ltd Managing Director Vivek Gambhir told PTI. Kolkata-based Emami too is expecting a growth oriented budget "to boost consumption, increase public investment, promote digitisation, broaden tax base and lead higher growth" and improvement of business sentiments. "It (Budget) should aim at clarifying policies particularly with respect to GAAR, POEM, GST etc. As with every other Budget, restraining deficits and delivering higher growth is going to be a great challenge," said Emami CFO & CEO Finance Strategy & Business Development N. H Bhansali. He further said: "While tax rates are expected to reduce with increased basic exemption limits, but taxpayers base is expected to broaden. Ease of doing business would be another focus area in currently subdued business environment. Agriculture, infrastructure and service sectors are also expected to get due attention and support." Marico too is looking for a Budget in which the government would focus on boosting the rural sector and agricultural productivity besides providing benefits to the salaried taxpayers in order to increase disposable income in the urban markets, which would drive consumption. "We are expecting an all-inclusive, progressive Budget 2017 to assist the sustainable economic growth of our country. In order to do so, it is essential for the government to focus on three crucial factors -- boosting the rural sector and agricultural productivity, providing benefits to the salaried taxpayers in order to increase disposable income in the urban markets," said Marico MD & CEO Saugata Gupta. He added that this was important to encourage private investment and leverage demographic dividend as job creation is very critical. FMCG firms like HUL and Jyothy Laboratories, which have come up with their October-December results, have admitted that their sales were impacted due to "adverse liquidity conditions" due to demonetisation. Cholayil Group, maker of ayurvedic soap Medimix, is expecting tax incentives for the FMCG products based on traditional Ayurveda. "Thanks to the upsurge in consumer buy of body care products with ayurvedic ingredients, most FMCG companies have in the recent past entered this category. The expectation from the Budget is that such products with Ayush ingredients be taxed at a significantly lesser rate under GST," said Cholayil Ltd MD & CEO Pradeep Cholayil. He further added: "It will also be very good if there is a specific boost to the ayush/natural ingredients manufacturing akin to tax holidays that are extended in some of the manufacturing sector. Ayurveda-based FMCG manufacturing EOU parks can be promoted to give a boost to exports, and encourage players who have a strong product portfolio in the space.