Raymond's consumer care sales declined under its new owner Godrej Consumer Products
Raymond's consumer care business saw its sales fall 18% under its new owner Godrej Consumer Products (GCLP) which acquired the company last year.
In its latest annual report, GCPL said the company behind Park Avenue and Kamasutra brands posted sales of Rs466 crore during the eleven months ended March 2024. On an annualised basis, it is roughly Rs508 crore, 18% lower than Rs622 crore in FY23.
«The acquisition was in line with the company's strategy to build a sustainable and profitable personal care business in India by leveraging the categories of personal grooming and sexual wellness,» it said in the report. «Revenue and EBITDA of the Raymond Consumer business remained on plan and stable compared to the previous fiscal year.»
Godrej had acquired the company through a slump sale for consideration of Rs2,825 crore which included the intellectual property rights of brands. GCPL said its strategic focus on achieving double-digit volume growth in key markets like India and Indonesia is pivotal to driving its aspirations for sustainable growth. Despite challenges such as lower consumption levels in India, it achieved an organic underlying volume growth of approximately 7%, aligning with its target of high single-digit growth in this fiscal year.
«The resilience in volume growth underscores our adaptability in navigating market dynamics and seizing growth opportunities. We remain on track in our journey to reduce wasted cost and deploy it to drive profitable, sustainable volume growth. By setting consistent volume
