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ProV registers INR 4.86 Cr PAT, revenue surges 47% YoY in H1 FY25

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Ashutosh Dubey
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ProV registers INR 4.86 Cr PAT, revenue surges 47% YoY in H1 FY25

Food brand Proventus Agrocom Limited (ProV) has reported strong growth in revenue and profit for the first half of fiscal year 2024-25. The company attributes this success to consistent product quality, effective marketing, and innovation.

EBITDA rises to INR 8.16 Cr, sales sees 49% growth

For the period ending September 2024 (Q2), ProV recorded a consolidated profit after tax (PAT) of INR 4.86 crore, an 86% increase year-on-year (YoY), and a consolidated revenue of INR 295.85 crore, a 47% YoY growth.

Continue Exploring: Zero-commission app WAAYU expands food delivery to Hyderabad

In a press release, Mr. Durga Prasad Jhawar, CEO and MD of Proventus Agrocom Limited, stated, “We’re thrilled to share an impressive 49% year-on-year growth in ProV Brand sales, reaching INR 213.15 crores in H1 FY25 from INR 143.1 crores in H1 FY24. This growth is matched by a strong increase in EBITDA, rising to INR 8.16 crores from INR 4.46 crores in the previous fiscal half, underscoring our brand’s momentum in both revenue and profitability.”

Furthermore, for the half-year ended Q2, ProV Brand reported revenue sales of INR 213.15 crore, reflecting a 49% YoY growth. The company also achieved an employee pension scheme (EPS) of INR 14.2 during this period.

ProV to quadruple production by FY25 with new Surat facility

Meanwhile, the health food brand has recently enhanced its retail presence through strategic partnerships in modern retail and by appointing new distributors to strengthen its reach in the general trade sector. Additionally, the launch of its festive gifting range has garnered significant interest from consumers and partners, with expectations of doubling sales compared to last year.

Continue Exploring: Pernia’s Pop-Up Shop to raise INR 250 Cr for expansion ahead of IPO

Notably, ProV has also introduced the ‘Indulgence’ series, featuring five varieties of chocolate-coated almonds, and revamped the packaging of its ‘Fusion’ trail mix to highlight functional benefits, appealing to health-conscious consumers.

In terms of expansion, ProV’s newly acquired manufacturing facility in Surat, set to become operational by the last quarter of FY25, will quadruple its production capacity. With this expansion, ProV to meet increasing demand, scale up sales, and foster further product innovation.

“We are excited about our  upcoming new facility near Surat—a state-of-the-art operation designed to quadruple our production  capacity. This facility will enable us to expand and innovate with greater pace, bringing high-quality  healthy snacks closer to households nationwide” Jhawar stated further.

Looking ahead, ProV aims to achieve ₹1,000 crore in revenue by 2028, with a projected CAGR of 32-35%. 

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Zero-commission app WAAYU expands food delivery to Hyderabad

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Ashutosh Dubey
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Zero-commission app WAAYU expands food delivery to Hyderabad

Zero-commission food delivery platform, WAAYU, has started its services in Hyderabad and Secunderabad. Currently serving 500 restaurants, the startup plans to expand to over 3,000 restaurants, offering them increased reach at no extra cost.

WAAYU to collaborate with ONDC $ Telangana State Hotels

The food tech startup is collaborating with ONDC and Telangana State Hotels Association to provide food delivery services in Hyderabad and Secunderabad.

Continue Exploring: Swiggy secures INR 5,085 Cr before IPO, issues 13.03 Cr shares 

While talking to The Hindu Business Line, a WAAYU executive said, “The app validates the need to challenge the hefty commissions and the platform fee on other quick e-commerce platforms, which proves to be a barrier between consumers and restaurants.”

WAAYU to work with TATA Neu & OLA to generate higher order

“We are also working with TATA Neu and OLA, making it a channel to generate higher order volumes,” he further added.

Stressing further on commission fees, Mandar Lande, CEO and Co-Founder WAAYU App, stated, “With WAAYU App, we aim to eliminate commission fees and provide a more sustainable and profitable model for the restaurant ecosystem.”

Continue Exploring: Swiggy’s IPO receives 11% subscription on opening day, sluggish start

Meanwhile, Aniruddha Kotgire, Managing Director and Co-Founder of WAAYU App, commented that rising platform fees are a problem. “It solely benefits the platform owners and proves to be a deterrent to the industry,” he said. He added that the app will democratise India’s food delivery ecosystem.

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Pernia’s Pop-Up Shop to raise INR 250 Cr for expansion ahead of IPO

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Ashutosh Dubey
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Pernia's Pop-Up Shop to raise INR 250 Cr for expansion ahead of IPO

D2C designer wear retailer Pernia’s Pop-Up Shop, eyeing to secure INR 250 crore before its planned IPO and has hired IIFL and Axis Capital to help with the fundraising. The IPO is expected in the next 12-15 months.

Pernia’s Pop-Up values at  INR 3,000 cr in last funding round

The company will use the funds to pay off debts and expand its network. Earlier, Purple Style Labs, the parent company of the retailer, had investors like Binny Bansal, Madhuri Dixit-Nene, and Enam’s Akash Bhanshali. It was valued at nearly INR3,000 crore during its last funding round a year ago.

Continue Exploring: Delhi HC bars Alpino from negative Oats ads following Marico lawsuit

While talking to ET Retail, Purple Style Labs founder Abhishek Agarwal said, “We plan to expand Pernia’s Pop-Up Studio retail footprint in Mumbai and Delhi as, despite our current strong presence, there remains untapped potential. So, the equity fund raise would be partly geared towards funding this expansion and the rest shall be used to repay existing debt to make Purple Style Labs debt-free on a consolidated level.”

Pernia’s Pop-Up marks 37% surge in earning

Notably, the brand offers products from over a dozen bridal and occasion wear designers, including Tarun Tahiliani, Falguni Shane Peacock, and Amit Aggarwal. The shop earned INR 508 crore in 2023-24, marking a 37% increase from the previous year.

Continue Exploring: KL Rahul-backed fitness brand Boldfit secures INR 110 Cr from Bessemer Partners

Meanwhile, in India, the wedding and occasion wear market was traditionally served by local shops making custom clothes. Over the past decade, brands like Manyavar, Mohanlal, Tasva, and Ethnix by Raymond have provided consistent delivery and quality in celebration wear, though at lower prices than designer labels.

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Delhi HC bars Alpino from negative Oats ads following Marico lawsuit

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Ashutosh Dubey
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Delhi HC bars Alpino from negative Oats ads following Marico lawsuit

The Delhi High Court has ordered Alpino Health Foods Private Limited to stop publishing ads that put oats in a bad light. This decision came after Marico Limited, which sells “Saffola Oats” and holds about 45% of the market share, filed a lawsuit.

Alpino compares Oats to “choona” (lime powder)

Notably, Marico has claimed that Alpino Health Foods ran a “brazen and bizarre” ad campaign, calling eating oats for breakfast a scam and comparing it to “choona” (lime powder), which they say is insulting and degrading.

Continue Exploring: KL Rahul-backed fitness brand Boldfit secures INR 110 Cr from Bessemer Partners

In granting interim relief, Justice Mini Pushkarna noted that Marico had a strong initial case for the injunction and would suffer significant harm without it.

According to NDTV, the judge handling the case stated, “Accordingly, till the next date of hearing, defendant, its directors … are restrained from publishing or otherwise sharing, forwarding, howsoever, communicating to the public, either through social media platforms, inter alia Instagram, Facebook, Twitter etc., or in any other manner, the impugned advertisements or any part thereof, or any other advertisement or communication of a similar nature, in any language or in any manner, disparaging ‘oats’ as a category of foods.”

Marico’s Saffola Oats holds 45% of market

Thus, restrained Alpino to stop showing ads by any means and on any platform. In addition, the court also issued a summons to Alpino Health Foods, noting that any campaign against oats would directly impact Marico’s “Saffola” brand business.

Continue Exploring: Colgate registers 10.5% revenue growth YoY, net sales surges to INR 1,609.2 Cr

Notably, Marico claims that the defendant’s product, a breakfast cereal with 61% rolled oats and other ingredients, is being marketed as better than regular oats, creating a false impression of selling “super oats.”

Furthermore, it has objected to the alleged misrepresentation of oats’ nutritional value and the use of derogatory language and comparisons.

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KL Rahul-backed fitness brand Boldfit secures INR 110 Cr from Bessemer Partners

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Ashutosh Dubey
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KL Rahul-backed fitness brand Boldfit secures INR 110 Cr from Bessemer Partners

D2C fitness and nutrition brand Boldfit secured INR 110 crore (about $13 million) from venture capital firm Bessemer Venture Partners.

Boldfit continues to grow for over 100% YoY for 4-5 years

Backed by cricketer KL Rahul, Boldfit will use the funds to boost product innovation and grow its brand. Established in 2018 by Pallav Bihani, the brand offers fitness accessories, nutraceuticals, sports equipment, and workout apparel.

Continue Exploring: Curefoods Plans Expansion to 1000 Locations, Opens First International Store

While talking to ET Retail regarding the funding, Bihani said, “We started our business with fitness equipment, and that continues to grow for us over 100% year on year for the last four or five years. As we build out a larger fitness powerhouse in the coming years, activewear, athleisure and footwear will become crucial. We are actively exploring and building these categories, which already contribute a significant portion of our business.”

Boldfit to launch physical stores soon

Notably, Boldfit sells its items on ecommerce sites, quick-commerce platforms, and its own D2C channel. In addition, It plans to open physical stores within the next 12 to 18 months.

“Last year (fiscal 2024) we clocked about Rs 140 crore in revenue, and I think this year looks pretty strong as well. There’s a lot of headroom for growth, and we’re growing very rapidly as we speak,” Bihani stated further. Earlier, in the financial year 2022-23, the company registered a revenue of INR 73 crore.

Continue Exploring: Brigade Hotel ltd seeks to raise INR 900 Cr via IPO, files DRHP to SEBI

Furthermore, Anant Vidur Puri, partner at Bessemer Venture Partners, commented on the investment: “We believe sports and fitness is a rapidly growing market in India and Boldfit has emerged as an early leader in the space with its strong focus on product quality, holistic distribution, and strong brand partnerships.”

Looking ahead, the company plans to innovate in current categories and expand into the Middle East. 

Meanwhile, the Indian fitness market was valued at $20 million in 2023 and is expected to grow to $32 billion by 2028, with an annual growth rate of 27%.

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Colgate registers 10.5% revenue growth YoY, net sales surges to INR 1,609.2 Cr

By
Ashutosh Dubey
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Colgate registers 10.5% revenue growth YoY, net sales surges to INR 1,609.2 Cr

Colgate-Palmolive (India) Limited reported strong financial results for the quarter ending September 30, 2024. Their topline growth increased by 10% year-on-year, with domestic revenues up by 10.5%. Net sales rose to INR 1,609.2 crore from INR 1,462.4 crore in the same period last year, showing steady growth across all products.

Colgate reports strong Q2 with profit of INR 395.1 cr

Notably, the brand registered a net profit of INR 395.1 crore in Q2 FY25, up 16.2% from INR 340.1 crore in Q2 FY24. This increase includes a one-time credit from interest on income tax refunds received during the quarter. Advertising expenses increased by 17.8%, highlighting Colgate’s increased investment in brand promotion and category development while continuing to focus on superior product offerings.

Continue Exploring: Raymond Lifestyle sees 69.72% drop in Q2 FY25 net profit due to inflation

According to Indian Retailing, Prabha Narasimhan, Managing Director & CEO, Colgate-Palmolive (India) Limited released a statement, saying, “We are pleased with the robust, consistent topline performance in a tough operating environment. This has been led by broad-based growth across portfolios. Toothpaste achieved high-single-digit volume growth on the back of our core brands- Colgate Maxfresh and Colgate Strong Teeth.

“Toothbrush continued to grow at double digits with rapid premiumization. We expect continued difficult market conditions but remain committed to leverage our very strong P&L which allows us to continue to invest behind superior products and advertising while we maintain our focus on ensuring better oral health for everyone in India,” he added.

Colgate’s BSBF initiative aims  for oral health awareness

Meanwhile, Colgate’s Bright Smiles, Bright Futures (BSBF) program made significant progress this quarter in promoting oral health across India. The initiative partnered with the governments of Uttar Pradesh and Goa to expand its in-school program, aiming to educate over 2 crore children in Uttar Pradesh and over 2 lakh children in Goa about oral health.

Continue Exploring: Godrej refuses to cut palm oil content despite Unilever’s move

Furthermore, Prabha said, “This was a big innovation quarter with the launch of Colgate Visible White Purple, a product that uses colour theory and builds on our growing whitening business. The early response has been excellent. In addition, we aired new communication on our flagship global offering – Colgate Total. With its patented Dual Zinc and Arginine Technology, Colgate Total offers the best everyday protection and is the cornerstone of our premiumization strategy. Colgate Strong Teeth saw new advertising, built on the very relevant insight for today of increased snacking leading to increased loss of calcium, and Colgate Strong Teeth with its arginine + calcium boost builds back this lost calcium.”

Moving forward, the Board has announced a First Interim Dividend of INR 24 per share for the Financial Year 2024-25. A total of INR 653 crore will be paid out to shareholders listed in the Register of Members as of November 4, 2024. The distribution will begin on or after November 21, 2024.

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Raymond Lifestyle sees 69.72% drop in Q2 FY25 net profit due to inflation

By
Ashutosh Dubey
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Raymond Lifestyle sees 69.72% drop in Q2 FY25 net profit due to inflation

Raymond Lifestyle registered a 69.72% drop in consolidated net profit to INR 42.18 crore for the second quarter ending September 2024, due to weak demand and high inflation.

Raymond’s revenue from operations drops to INR 1,708.26 cr

According to ET Retail, Raymond Lifestyle, a Raymond Group firm, reported a net profit of INR 139.33 crore for the July-September quarter last year. This year, its revenue from operations dropped 5.27% to INR 1,708.26 crore in the September quarter, compared to INR 1,803.38 crore in the same period last year.

Continue Exploring: D2C brand Bummer introduces vending machines for innerwear

Meanwhile, the total expenses for the Singhania family-promoted firm decreased by 1.38% to INR 1,622.95 crore in Q2 FY’25. Raymond Lifestyle’s total income, including other income, was INR 1,735.21 crore, down 6.16%. “Raymond Lifestyle Ltd had a stable quarterly performance amidst subdued demand, weaker consumer sentiment and higher inflationary pressures,” stated Managing Director Sunil Kataria to ET retail.

In mid of the quarter, Raymond Lifestyle’s Textile segment revenue fell by 8.48% to INR 853.52 crore. The company attributed this decline to lower customer demand and the ‘Shraadh’ period in September. However, its ‘Shirting’ fabric segment, which caters to businesses, saw an 8.31% increase in revenue, reaching INR 228.35 crore.

Raymond Lifestyle to expand up to 1592 stores during quarter

Additionally, the apparel segment saw a slight increase of about 1% to INR 441.02 crore in the September quarter. This segment, which includes branded readymade garments, grew due to new store openings, despite weak consumer demand and tough market conditions. Meanwhile, revenue from ‘Garmenting’ dropped 9.28% to INR 259.60 crore. The garment manufacturing business in Q2 FY25 was “impacted by certain delays in shipment dispatches due to logistic challenges,” the company said.

Continue Exploring: Reliance Retail partners with Californian brand YTTP to introduce vegan skincare items

Looking ahead, Raymond Lifestyle continued to expand its retail presence during the quarter, running 1,592 stores, including 129 Ethnix by Raymond outlets.

“Recent buoyancy has been witnessed at the start of a festive & wedding season. Going forward, we are strategically positioned to capture demand through our retail expansion plans, new product launches and marketing campaigns,” said Kataria. This is the company’s first quarter result since it demerged from Raymond Ltd and listed on the stock exchanges on September 5 this year.

Notably the brands include Park Avenue, ColorPlus, Parx, Raymond Made to Measure, Raymond Ready to Wear, Sleepz by Raymond, and Ethnix by Raymond.

On Wednesday morning, its shares were trading at INR 2,030 each on the BSE, down 7.67% from the previous close.

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Brigade Hotel ltd seeks to raise INR 900 Cr via IPO, files DRHP to SEBI

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Ashutosh Dubey
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Brigade Hotel ltd seeks to raise INR 900 Cr via IPO, files DRHP to SEBI

Brigade Hotel Ventures Limited, a major private hotel asset owner in South India, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its IPO. This IPO aims to raise up to INR 900 crore by issuing new equity shares valued at INR 10 each.

Brigade Hotel owns 500 rooms nationwide

As of June 30, 2024, the company is the second-largest private owner of chain-affiliated hotels and rooms in South India, for owners with portfolios of 500 or more rooms across India. Their properties are mainly in South Indian states like Kerala, Andhra Pradesh, Tamil Nadu, Karnataka, and Telangana, as well as in the Union territories of Lakshadweep, Andaman and Nicobar Islands, and Pondicherry.

Continue Exploring: D2C brand Bummer introduces vending machines for innerwear

Notably, Brigade Hotel Ventures Limited is a fully-owned subsidiary of Brigade Enterprises Limited (BEL), a big Indian real estate developer that started in hospitality in 2004. BEL opened its first property, Grand Mercure Bangalore, in 2009. Now, Brigade Hotel Ventures runs nine hotels in Bengaluru, Chennai, Kochi, Mysuru, and GIFT City (Gujarat), with a total of 1,604 rooms.

Brigade Hotel partners with Marriott and others for expansion

Furthermore, the company’s hotels are partnered with well-known brands like Marriott, Accor, and InterContinental Hotels Group, offering upscale to midscale options. These hotels feature dining options, MICE venues, lounges, pools, outdoor spaces, spas, and gyms. They are located in busy and important commercial areas.

Meanwhile, JM Financial Limited and ICICI Securities Limited are the main managers for the IPO.

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TreeHouse Hotels introduces hi-way MOTELS, eyes growth

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Ashutosh Dubey
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TreeHouse Hotels introduces hi-way MOTELS, eyes growth

TreeHouse Hotels & Resorts, part of Karma Hospitality LLP, has introduced hi-way MOTELS. This new addition expands their brand portfolio, which already includes The Luxury Villa Collection, TreeHouse Exotic, TreeHouse, and Nest by TreeHouse.

Hi-way MOTELS at expressways, major city bypasses

This new brand aims to meet the growing need for affordable lodging in India’s busy road travel market. With the second-largest road network in the world, India offers great connectivity. The expanding automotive industry provides a big chance for budget-friendly accommodation options for travellers.

Continue Exploring: Reliance Retail partners with Californian brand YTTP to introduce vegan skincare items

Notably, hi-way MOTELS will be conveniently located along highways and expressways, near smaller towns or major city bypasses. They will have comfortable rooms with premium bedding, modern bathrooms, and relaxation spaces for long drive breaks. Family rooms with bunk beds for kids and free parking for guests will also be available. These motels are designed to offer good returns for investors.

hi-way MOTELS to offer “hi-way Dhaba”

According to India Retailing, Ajay Mehtani, Partner, TreeHouse Hotels & Resorts released a statement regarding launch, saying, “TreeHouse Hotels & Resorts’ decision to enter the motel space is a strategic move that capitalises on a significant gap in the Indian hospitality sector. hi-way MOTELS by TreeHouse Hotels focuses on affordability, convenience, and modern amenities positioning it to cater to the growing demand for comfortable and budget-friendly road trip accommodations. We are currently in discussions with potential partners who have land parcels of anywhere between one to three acres near the expressways.”

Continue Exploring: Swiggy Instamart’s Karthik Gurumurthy debuts cricket activewear brand Ten X You

Furthermore, hi-way MOTELS will offer amenities for modern travellers, including EV charging stations, “hi-way Dhaba” restaurants, partnerships with retail stores, and ATMs. They will also provide paid parking, car wash services, and rental banquet spaces.

Moving forward, TreeHouse Hotels & Resorts has launched to transform road travel in India, offering comfortable and convenient accommodations tailored to modern travellers’ needs.

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Godrej refuses to cut palm oil content despite Unilever’s move

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Ashutosh Dubey
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Godrej refuses to cut palm oil content despite Unilever’s move

Godrej Consumer Products announced it will not lower soap quality by reducing palm oil, responding to Hindustan Unilever’s (HUL) move to cut palm oil content in its soaps by 25% to manage price fluctuations in commodities.

Will not compromise on the quality of our products – Godrej

In India, soap quality is often judged by the total fatty matter (TFM), which is the amount of oils and fats in the soap. Soap makers use palm oil for its fatty acids. High TFM is usually seen as better quality, but HUL says that the type of fatty matter is more important for a soap’s performance than just the TFM.

Continue Exploring: Swiggy Instamart’s Karthik Gurumurthy debuts cricket activewear brand Ten X You

According to Economic Times, Godrej stated that the Bureau of Indian Standards (BIS) permits reducing TFM if synthetic surfactants or fillers are added. However, while fillers might enhance some aspects, if TFM drops below 75%, the soap won’t be considered grade 1 anymore.

“In normal conditions, consumers may not notice when you reduce total fatty matter (TFM) and add structurants, but in tough situations like hard water, they do notice. For 30 years, we have known about structuring technologies, but we have avoided using them in the bathing bar category,” said Sudhir Sitapati, MD at GCPL. He added that they will not change their strategy despite high palm oil prices. “We will not compromise on the quality of our products by reducing TFM in soaps.”

Continue Exploring: Meesho pulls gangster Lawrence Bishnoi t-shirts after public outcry

Unilever reduces 25% TFM in shop to manage prices

Previously, in July this year, HUL developed a technology called Stratos. This was also introduced in other countries by its parent company, Unilever. Since India is one of the biggest soap markets, Stratos replaced palm oil with a special mix of plant-derived polysaccharides, vitamin blends, and natural fatty acids. HUL claimed this improved the product and used 25% less palm oil than a typical grade 1 soap.

“A bathing bar reduces not just insoluble fatty matter, which is used for structuring and not for cleaning, but also good soluble fatty matter. When the total math on surfactancy is done, a bathing bar cannot technically equal a grade 1 soap in cleaning, lather and sog mush,” Sitapati commented further.

Notably, HUL leads India’s soap market with over 38% share and brands like Lux and Lifebuoy. The market is worth Rs 24,000 crore. GCPL is next with about 13% share and brands like Cinthol and Godrej No 1. HUL said using less palm oil saved a lot of money, which they can use to improve other ingredients in their products.

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