IN SPITE OF a steady decline in volume uptake, the country's fast moving consumer goods (FMCG) majors have managed to pull off healthy top-line growth in the December quarter. From Hindustan Unilever (HUL) to ITC, leading FMCG players reported an 8-17 per cent rise in their revenues. And a majority of them, such as ITC, HUL, Nestlé and Britannia, expanded their Ebitda (earnings before interest, tax, depreciation and amortisation) margins, too.
A deeper look into their numbers, however, indicates subdued market sentiment. For most FMCG majors, the healthy top-line and margin growth were fuelled by steep price hikes and meagre volume offtake.
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