Demand improved sequentially and uptick during the festival season helped liquidate trade inventory by three days.
The implementation of an auto replenishment system (ARS) has improved inventory management for distributors. Primary growth was lagging secondary growth due to high trade inventory and this will help normalize it. E-commerce and quick commerce growth has accelerated.
In H1FY25, ecommerce growth was 41 percent. Sales grew 11 percent Y-o-Y to ₹1,250 crore and sales volume was up 6.7 percent Y-o-Y to 55.2 million pieces.
Gross margin expanded 80 basis points (bps) Y-o-Y to 56.5 percent and operating profit margin grew 185 bps to 22.6 percent, a multi-year high. The margin expansion was due to stable input costs and improved operating efficiency.
The company raised prices two years ago due to higher input costs, but there have been no price increases since July 2022.
Inventory days decreased to 93 from 168 at the end of FY24.
This story is from the November 09, 2024 edition of Business Standard.
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This story is from the November 09, 2024 edition of Business Standard.
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