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"The good being made better"

The Indian economy is poised at its most exciting point in decades.

The Indian consumer has access to the highest disposable income ever.

Emami is at an attractive point, marked by a convergence of a range of future-facing initiatives.

The India story
The Indian economy grew 8.7% during the year under review following a decline of 7.3% during the previous financial year. The growth would have been stronger but for increased inflation and the outbreak of the Russia-Ukraine war in the last quarter of the year under review. The India of today is more confident than ever, marked by a transformation in incomes, aspirations and willingness to spend.

An evolving consumer
In a post-pandemic world, a new India is emerging, marked by an increased propensity to spend on healthcare and natural products. There is a willingness to try the new, there is a lower price-sensitivity and, in a number of cases, there is an inclination to have purchases financed. Interestingly, the Indian consumer is buying more from the internet, helping shift the needle from conventional downstore retail outlets to e-marketplaces.

Emami at a cusp
Emami is completely relevant to this evolving world; its research-led products have always been benign, Ayurveda centric, providing a superior value proposition and offering a basket of products ranging from healthcare to personal care. The Emami of today combines scale with scope; it is among the largest and yet one of the most agile; it continues to reinvent itself and continues to stay relevant; it emphasises its core spirit of innovation through products and yet extends across categories; it draws on deep Indian roots and yet has emerged as a global Indian.

Building a new Emami
Even as we have been in business for more than four decades, we are engaged in building a new Emami in response to the rapidly transforming marketplace.

The market of today is marked by fleeting consumer preferences, willingness to attempt the new, growing appetite for brands that keep wowing consumers and an FMCG industry aligned to the millennial mind-set.

At Emami, we are millennialising through a number of concurrent initiatives. Seldom in its existence has Emami been engaged in as many contemporary initiatives as it is now. The ferment of these initiatives is transforming its personality faster than ever, laying the ground for a reinvented corporation.

The Emami of the past invested sequentially in initiatives; the Emami of today is re-imagining the business across levels (research, product development, supply chain, distribution and marketing communication).

The Emami of the past trusted ground-level feedback; the Emami of today is driven by informed decision making derived from analytics.

The Emami of the past reached products to consumers through the conventional wholesaler route; the Emami of today is investing deeper in digital initiatives that are translating into a direct-to-customer access, circumventing intermediaries.

The Emami of the past-conceived products marketed through brick and-mortar stores; the Emami of today is not only marketing more products through stores and e-commerce but also creating specific products exclusively for online sales.

The Emami of the past conducted its business with responsibility; the Emami of today has architected its business model around ESG, marked by socially inclusive growth, environmental stewardship, eco-consciousness and best-in-class governance standards.

The Emami of the past built patiently through reinvestments; the Emami of today seeks inorganic opportunities with the objective of profitable cash deployment and fast-track organisational growth. During the year under review, the Company acquired Dermicool in the prickly heat and cool talc category, which will generate incremental revenues under the Emami stable and an attractive payback.

The Emami of the past focused on deepening the relevance of its core brands; the Emami of today is leveraging Power Brands, entering new categories and introducing new products - the good being made better.

Taking the newness ahead
The new Emami is confident of accelerating growth, enhancing value for all stakeholders.


R S Agarwal and R S Goenka


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