Procter & Gamble (P&G), the world’s biggest consumer goods company, surpassed $2 billion in sales in India, over three decades after entering the market. The Cincinnati, US-based company saw an 8% increase in sales at its Indian unit in FY24, while net profit grew by 10%.
P&G reports INR 17,429 Cr sales, profit up to INR 1,583 Cr
According to Economic Times, in the year 2023, P&G’s sales grew by 15% and profit by 26%, but this year, the growth rate has halved due to falling demand in the Indian consumer goods market after the pandemic-induced boom.
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Meanwhile, P&G India reported sales of INR 17,429 crore and a net profit of INR 1,583 crore in FY24 from its four companies: P&G Health, Gillette, P&G Health & Hygiene, and P&G Home Products. In India, P&G mainly competes with Hindustan Unilever (HUL), which is more than three times its size.
Due to its integrated growth strategy, the FMCG giant achieved balanced growth in profit and revenue despite tough conditions. Kumar Venkatasubramanian, the CEO of P&G India, said, “A focused product portfolio of daily use categories where performance drives brand choice, superiority of product performance, packaging, brand communication, retail execution and consumer and customer value, productivity to fund this superiority and innovation, constructive disruption across the entire value chain, and an agile and accountable organisation—are all aimed at delivering sustainable, balanced growth and value creation.”
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P&G home products registers 37% surge in profit to INR 574 Cr
Notably, P&G Home Products, the largest division of the company, which produces Tide detergent, Pantene shampoo, and Pampers diapers, reported a 37% increase in profit to INR 574 crore and an 11% growth in net sales to INR 9,413 crore last year, according to recent filings. The company holds over half the market for sanitary napkins and shaving razors and continues to gain market share despite being the leader.
Over the past two decades, P&G has invested more than INR 20,000 crore in India, making it one of their top 10 markets globally. In June 2023, the company announced plans to invest INR 2,000 crore in Gujarat to establish an export hub for healthcare products, especially digestives.
