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Emami limited analysis of product diversification
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Jan 9th, 2020

Emami limited analysis of product diversification

The Indian FMCG (Fast Moving Consumer Goods) sector is the fourth largest in the economy with the total market size over US$ 13.1 billion. It has a strong Global presence and is characterized by a well established distribution network; there is an intense competition between the organized and unorganized segments and low operational cost. Availability of raw materials, cheaper labor costs and availability across the entire value chain gives India a good competitive advantage.

The FMCG market is expected to treble from US$ 11.6 bn in 2003 to US$ 33.4 bn in 2015. Penetration levels as well as per capita income and consumption in most product categories like jams, oral care, skin care, hair wash etc. in India is quite low indicating the untapped market potential. Growing Indian population, particularly the middle class & the rural segments, presents an opportunity to the makers of branded products to convert consumers products to branded products.

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Growth is also expected to come from consumer upgrading in the matured product categories. With 200 million people likely to shift to processed and packaged food by 2010, India needs around US$ 28 billion of investment in the food-processing industry.

India is one amongst the largest emerging markets in the world, with a population of excess one billion. India is also one of the largest economies in the world in terms of purchasing power & has a strong middle class base of over 300 million. An average Indian spends about 40 per cent of his income on groceries and 8 per cent on personal care products. The large share of fast moving consumer goods (FMCG) in the total individual expenditure along with the large population base is another factor that makes India as one of the largest FMCG markets in the world.

Objective

To achieve growth companies adopt different strategies to differentiate and sustain growth in the ever changing market scenario. Diversification is one of the four strategies defined in the Ansoff Matrix.

The objective of this study is to study Product Diversification strategy adopted by Emami. Product diversification differs as it involves expanding the market potential by using existing product which is mostly done by creating brand extension or introducing new brands in the market. To achieve success in this strategy company needs to target accurately and differentiate its product to increase both its top line and bottom line.

Emami Limited – Company profile

Emami Ltd. (EL) is the flagship company of Kolkata based Emami Group, which is engaged in the business of manufacturing of the personal care and health care products from past 3 decades and has diversified in the other SBUs like real estate, paper, biofuel, cement etc. Some of the major brands of the company are Fair and Handsome Fairness Cream for men, Boroplus Antiseptic, Boroplus Prickly Heat Powder, Navratna Oil, Mentho Plus balm, Himani Fast Relief, Sona Chandi Chyawanprash and Amritprash, amongst others. The flagship company of the eponymous group, Emami focuses on consumer products in the health, beauty and personal care sub segments. The Emami Group is one of the largest business groups in eastern part of India, with interests in different business verticals.

Emami as an FMCG company that offers its products based on ayurvedic concept. The company operates in the segments wherein there is minimum competition & hence ensuring a larger market share. The company mainly focuses on the products offering high margins, thus maintaining a superior profitability. Emami has brands like Navratna Oil and Boroplus Antiseptic Cream which are undisputed leaders in market in their respective categories. Even Other brands like Fair & handsome Fairness Cream, Sona Chandi Chyawanprash, Himani Fast Relief, MenthoPlus Balms etc. are growing at rate better than the industry as a whole.

Emami has an international presence which includes 60 countries in the GCC, CIS and SAARC regions. The company’s exports grew by about 60% in 2008-09, contributing 13.6% to the top line. This contribution is likely to grow in future. EL has an extensive distribution network of more than 2700 distributors in the country, about 1200 sub distributors, 60 super stockiest and 4,00,000 direct retail outlets, covering almost every nook & corner of the country.

Emami has also collaborated with ITC Ltd. to distribute its products through the e-Choupal outlets, thus promising greater rural reach. EL is expected to expand both its top line and bottom line in future by virtue of its increased market share & improved realizations and lower interest outgo.

History and Formation of Company

The formation of Emami Group took place in mid seventies when two childhood friends, Mr. R.S. Agarwal and Mr. R.S. Goenka quit their jobs with the Birla Groups and they set up Kemco Chemicals an Ayurvedic medicine & cosmetics manufacturing unit situated in Kolkata in 1974. It was an extremely courageous step in the early seventies when Indian FMCG industry was dominated by MNCs. But against all the odds and with a vision of combining the traditional knowledge of Ayurveda with modern manufacturing techniques for creating glorious brands company was started with a capital of Rs 20,000 only.

The company started manufacturing cosmetic products as well as Ayurvedic medicines under the brand name of Emami from a small factory in Kolkata. The first-rate quality of the products soon created a consumer need and gradually few people were hired to work. A chain of distributors was established and the sale of Emami products reached from West Bengal to PAN India.

In 1978, Himani Ltd almost a 100 year old company with good brand equity in Eastern India having a well set factory in Kolkata had become sick unit and was up for sale Mr. Agarwal realized the opportunity soon and acquired Himani & decided to produce in the Himani factory different types of health care items based on Ayurveda.

The next flagship brand of the company Navratna Cool Oil came in the decade of nineties under the brand Himani.

In 2005 Company created a history in marketing in India by launching Fair and Handsome, fairness cream for men the first time ever.

In 2006 the Emami introduced a Health Care Division and a number of new brands of Ayurvedic over the counter medicines.

From its beginning till today, the Emami has grown into a huge Rs. 1000 crore Emami Ltd under the flagship company of the Rs.3000 crore Emami Group.

Emami Sales & Distribution

Emami restructured its sales & distribution model, the consulting partner for the project is Ernst & Young and the project is named “Navodaya”. Consumers were targeted in Shopping malls and lifestyle outlets. Emami also distributes its products through rural e-Choupal through its tie up with ITC; this has enhanced the company’s reach to Rajasthan, Madhya Pradesh and Maharashtra. The company has also appointed 11,000 individuals in rural areas to act as direct distributors to consumers who will make products available to rural households and will get some incentives based on performance.

Emami’s strong presence is due to its strong distribution networks and key highlights are mentioned below.

Pan-India presence with 400,000 retail outlets, nationwide distribution making products available in 2.6 million outlets

30 warehouses and depots across country

Rural penetration through tie ups with ITC, Emami mobile traders and Emami small village shops in seven states

In urban areas promotions are done shopping malls, kirana shops and specialized distributors

Emami also supplies to Indian Army through Defense Depots which are spread across 18 states across country.

Emami – Rural Marketing Strategy

As a part of Corporate Social Responsibility (CSR) initiative to remove rural poverty Emami started two schemes – Emami Mobile Traders, Emami Small Village Shops. These schemes enable the rural youth an opportunity to earn sustainable and regular income. To help rural people Emami has partnered with several rural agencies like Self Help Groups (SHG), Farmers Club, District rural development cells, gram panchayat and Regional Rural banks.

These schemes will not only enable and help rural people but also help the company to enhance its reach in rural areas, providing social benefits and making products available to rural population. The scheme was initially launched in Cooch Behar district of West Bengal and has now been extended to seven states in India.

There are 200+ Emami small village shops and 2000+ Emami mobile traders who conduct direct marketing of Emami products in the rural areas. These ventures enable rural people to earn guaranteed income of Rs 1000 on every Rs. 4000 of goods sold. People who are part of EMT’s and ESVS are provided with monsoon and winter equipment and identity cards by the company.

Above mentioned benefits have helped Emami enhance its reach throughout the country and deliver its products to the end consumer in a timely manner. Its acquisitions abroad will also help Emami to cater to International markets.

Source: Company Investor PresentationEmami has different channels for its Urban and Rural markets. Their sales channel is depicted below:

Emami has also launched Project Swadesh – a rural initiative that focuses on rural markets that have high rural potential. The main objective is to increase coverage through van operations, reduce dependency on indirect distribution and wholesale distributors.

SWOT Analysis

Strengths

Weaknesses

Supply Chain Management: Emami products are distributed across India through the following:

Super stockist network in Andhra Pradesh, Uttar Pradesh, Maharashtra, Punjab and Rajasthan.

The Company invests heavily in sales and distribution IT applications systems.

Tie-up with fuel retail chains like IOC through its Kisan Seva Kendras to increase rural distribution.

Raw Material Management: Raw material costs maintained appropriate in its overall cost structure with following initiatives:

Hedging: Company strengthened their hedging policy to mitigate the risk of volatile commodity prices.

Cost management: EL substituted select inputs, improving product yield and quality.

Purchasing policy: Company procured raw materials from vendors from no excisable areas like Assam, Uttaranchal and Himachal Pradesh etc at affordable costs.

Research & Development: Emami is recognized as a company built around pioneering products, features and conveniences.

Quality: Emami invests in quality standards, infrastructure, processes and materials, resulting in a high quality from product conceptualization to efficacy.

Company offers FMCG products based on Ayurveda only and hence limits its scope of product mix.

Emami focuses only on products with higher margin.

Company depends on ITC e-Choupal to distribute its product and does not have its own system established.

Opportunities

Threats

The Rs 86,000-crore Indian FMCG industry is expected to register a 15% growth in 2010 as compared to the previous year.

The growth in FMCG industry has also been fuelled by the reduction in the excise duties, de-reservation from the small-scale sector and the concerted efforts of the companies engaged in the business of manufacturing of personal care and beauty care products.

Further, rural India’s demand for personal care products is growing faster than in urban areas.

Outsourcing the manufacture of select products to reduce costs and focus on branding. This will result in low operational costs and higher flexibility.

Industry threat: Indian FMCG industry may fail to sustain the growth, which may in turn, affect the sustainability of the Company.

Counterfeit threat: Emami’s products and packaging can be copied and counterfeited.

Innovation threat: Emami may not be able to respond to the growing needs and the changing aspirations of consumers.

Quality threat: Emami’s brand can be impacted by inconsistent quality leading to lower profitability.

Brand threat: Emami’s brand could be affected by growing competition.

Consumer threat: An inefficient supply chain could result in product unavailability and loss in market share.

Threat from mergers: A merger creates integration challenges, which, if not competently addressed, can lead to a sub-optimal return on employed capital, negating the reason for which the merger was conducted.

Sales Performance

The sales performance viz-a-viz the PAT and promotion expenses is as given below:

Source: Company Annual Report

Also, the Net Sales of Emami is growing at CAGR of 27% over the last 5 years as shown below:

Source: Company Investor Presentation

The high sales of Emami are justified as a result of continuous Advertising and promotion efforts as shown below:

Source: Company Investor Presentation

Emami – Products Overview

Emami Limited manufactures herbal and ayurvedic products in personal, cosmetic and health care segments and sells the same under the brand names ‘Emami’ (for cosmetic products) and ‘Himani’ (for ayurvedic products). The company owns over 30 widely accepted products, such as Boroplus Antiseptic Cream, Fair and Handsome cream, Boroplus Prickly Heat Powder, Navratna Oil, Sona Chandi Chyawanprash, Amritprash, Himani Fast Relief, Menthoplus balm, etc., and has a significant market share in some of these products.

It has six manufacturing facilities, all are having ISO 9001-2000 accreditations and Good Management Practices certification from the respective State Governments. The company also outsources a considerable portion of its products from third-party manufacturers, so as to have better proximity to various regional markets.

After the acquisition of Zandu, Emami now has the strength of century old Zandu Ayurveda products like Zandu Balm, Zandu Chyawanprash, Kesri Jeeven, Panchristha, Nityam Churna, etc, which help the company in bolstering the brand image.

Zandu Pharmaceutical Works Limited, a 100 years old company, manufactures a wide range of products, specializing in rheumatology, gynecology and CNS (Central nervous system). The company manufactures around 300 products in the form of pills (tablets), churnas, ointments, syrups and rasas.

Therefore, the products overview and hence the business overview of Emami Limited can be shown as below:

Source: FirstSource Research

Sub-Segmentation

The sub segmentation strategy of the two major brands owned by Emami Limited, Navratna and Boroplus can be shown as given below:

Source: Anand Rathi Research

In the last 18 months, the company has launched various new products. The major ones are “winter” products, such as Malai Kesar cold cream, Malai Kesar moisturizing soap, Pure-skin glycerin soap, Boroplus lotions, baby-care range and various hair-care products.

Major Brands

The major brands of Emami Limited along with their revenues and market shares are as given below:

Brand

Picture

Market Share (%)

Revenue CAGR FY’07 – FY’10 (%)

Key Features

Boroplus

74

15.1

No.1 in antiseptic creams

No MNC has introduced antiseptic cream

Introduced lotions and prickly heat powder

Major raw materials: boric powder, wax

Navratna

49

7.5

No.1 in cooling oils

Hair oil majors Dabur and Marico have failed to gain market share

Introduced variants: Extra Thanda and Lite. Launched Cool Talc

Major raw materials: teel oil, menthol

Zandu Balm

48

20.8

No.1 in the headache balm sub-segment

Maintained leadership despite limited marketing efforts and lack of small SKUs

Well-established in western India

Major raw materials: wax, various herbs

Fair & Handsome

56

29.3

No.1 in men’s fairness cream segment

Strong investment in the brand with ShahRukh Khan as brand ambassador since the launch

Despite entry of MNCs, maintains market leadership

Well-established in southern India

Source: Anand Rathi Research

Other major brands under Emami Limited are:

Baby-Massage-Oil

Boroplus-Anti-Septic-Cream

Boroplus-Prickly-Heat-Powder

Fair-&-Handsome

Hair-life

Himani-Fast-Relief

Malai-Kesar-Cold-Cream

Mentho-Plus

Navratna-Cool-Talc

Navratna-Extra-Thanda

Navratna-Lite

Navratna-Oil

Sonachandi-Amritprash

Sonachandi-Chyawanprash

Brand attributes

A comparative table as shown below gives the summary of the popular brands of Emami Limited:

Product

Brand Promise

Major Competitors

Differentiator

Market share

Line Extension

Communication

Navratna Oil

Relief from stress and its symptoms like headache, tension, fatigue and insomnia

Himgange and Rahat Rooh

Unique ‘feel-good’ tingling and cooling effect

50% (mkt size of over Rs. 500 cr)

Navratna Extra Thanda Oil and Navratna Lite Oil

Amitabh Bachan & ShahRukh Khan as brand ambassadors

Boroplus Antiseptic Cream

preventive, curative and healing ointment with an ayurvedic base

Boroline

medicinal as well as antiseptic benefits

73% (mkt size around Rs. 224 cr)

Boroplus Prickly Heat Powder, Boroplus Winter Lotion and Boroplus Summer Lotion

Amitabh Bachchan and Kareena

Kapoor figured as brand ambassadors

Fair & Handsome

fairness cream customized for men’s skin

Nivea Whitening, Menz Active, Fair One Man and Garnier Men

Contains

five unique powers that improve fairness in just

four weeks

63% (mkt size of Rs. 1,500-cr)

ShahRukh Khan as brand ambassador

Navratna Cool Talc

counters heat and humidity

through its cooling property

Pond’s and DermiCool

Unique ‘cooling’ benefit

10% (mkt size of Rs. 240-cr)

Navratna Cool Talc – Active Deo and Navratna Cool Talc – 24hour Fresh

ShahRukh Khan as brand ambassador

Sona Chandi Chyawanprash

Builds immunity, strengthens body, sharpens mind

Dabur and Baidyanath

strengthened by gold and silver

15% (mkt size of Rs. 210-cr)

Sona Chandi Kesar Chyawanprash, Zandu

Chyawanprash and Zandu Kesari Jivan

ShahRukh Khan as brand ambassador

Zandu Balm

Effective headache reliever, effective solution for cough, cold, tiredness, backache, sprain and muscular pain

Amrutanjan balm, Tiger balm and

Monison’s balm

Natural ingredients like Gaultheria ka Tel and Menthol

46%

Sachin, Harbhajan and Zaheer Khan as brand ambassadors

Himani Fast Relief

instant relief against muscular,

joint, arthritic and shoulder pain

Moov, Iodex and Volini

comprises ten active ingredients, far more than competing products

13% (mkt size Rs. 1000 cr)

Amitabh Bachan as brand ambassador

Emami Healthy & Fair

naturally derived

ingredients for babies

Johnson & Johnson

ayurvedic nature of

the product

-NA-

Emami Healthy & Fair Herbal Baby Massage Oil,

Emami Healthy & Fair Herbal Baby Soap and

Emami Healthy & Fair Herbal Baby Powder

Madhuri Dixit as brand ambassador

Emami Malai Kesar Cold Cream

non-greasy cold cream

with the ‘5 Power Winter Formula’

Pond’s and Ayur

contains the goodness of malai

-NA-

-NA-

TV and regional advertising

Source: Adopted from Company Annual Report

New Launches

Emami Pure Skin Glycerine Bar

The product was test marketed with the support of TV advertising and below-the-line activities. The brand is targeted at younger consumers, offering three exotic variants (Swiss apple and almonds, olive and aloe vera, turmeric and saffron) and anew trendy shape. The ‘Do the Gliss’ campaign communicated contemporariness. Available in 75 gm bars, it is priced at par with Pears and is well received

Emami Vasocare Petroleum Jelly

The product was launched with national and regional TV channels. The distinctive herbal green color of the product, formulated with aloe vera, chamomile and tulsi, differentiates it from other brands. It is five times more effective in healing, and the pleasant fragrance enhances usage experience. The brand is available in 10 gm and 25 gm SKUs.

Strategy for New Products and new markets

The business strategy of Emami to drive revenue and net profit can be explained with the diagram below:

Source: Company Investor PresentationEmami has constantly focused on providing innovative products which are capable of meeting desired needs. The main strategy lies on the ground of enhancing quality of day-to-day life by giving quality rich products. Emami group has a Himani Ayurveda Science Foundation (HASF) which is dedicated to technical research and product innovation and has led to the generation best of the ayurvedic formulations. Emami’s quality products are not only present across pan India but also present in the pan locations of 60 countries. To make its presence into the OTC drugs Emami strategically acquired Zandu Pharmaceuticals and added products into its categories such as Zandu Balm, Zandu Kesari Jeevan, etc. This strategic acquisition of Zandu has helped consolidation of FMCG business and addition of batteries of products into its basket. Emami has set up a healthcare division to develop a category of products under OTC category ranging from laxatives to cold and cough. Emami is also planning to enter into the market of ready to eat products and breakfast cereals for which it has strategically roped in professionals from company such as Britannia.

Emami makes a huge investment in brand endorsement; it is the only corporate which has both the leading stardom for its brand endorsements viz. Amitabh Bachchan and Shah Rukh Khan for the brand Navratna Oil. Exploitation of concept of brand endorsement by celebrities and selection of right celebrity for brand launch has worked successfully. Besides leading male stardoms from bollywood other endorser’s of Emami include Madhuri Dixit, Kareena Kapoor, Preity Zinta, Virender Sehwag, Sachin Tendulkar, Surya, Mahesh Babu, Dinesh Karthik, Harbhajan Singh, Zaheer Khan, Govinda, MS Dhoni, Amit Mishra, Sourav Ganguly, Chiranjeevi, Surya and Upendra.

Merger and Acquisitions

Emami – Zandu Deal

Zandu is a century old pharmaceutical company manufacturing a range of ayurvedic products. Popular products from Zandu stable are Zandu Balm, Zandu Chyawanprash, and Zandu Kesari Jivan etc.

The Ayurvedic segment in India is vast and growing rapidly. Emami’s acquisition of Zandu was strategic fit since the company’s product had ayurvedic focus and Zandu was market leader in ayurvedic segment across western and southern India. In this deal Zandu’s real estate was merged with Emami’s group company Emami Infrastructure Ltd and consolidation of the FMCG business. Consolidation of the FMCG business will ensure operational synergies like business, cost & margins, research & development. It will also help in effective utilization of the manufacturing facilities, sales & distribution channels of both the companies, which in turn will help in widening the reach of the organization.

Acquisition of Zandu enhanced Emami’s portfolio of products and created a diversified product range across different product categories. Categories now Emami and Zandu serve are mentioned below.

Toiletries

Skin Care

Oral Care

Hair Care

OTC Products

Ayurvedic Medicines

Ayurvedic Products

Cosmetics

After the acquisition of Zandu, Emami has undergone a lot of restructuring. Below stated is the figure that depicts the restructuring exercise undertaken by Emami group.

Source: Outlook Profit, National Edition, Dated: 30/10/2009

Apart from domestic acquisitions Emami is also eyeing for assets abroad where it can set up manufacturing base and cater to international markets. Countries that Emami is targeting under its expansion plan are United States of America, United Kingdom, CIS (countries part of former Soviet Union). Emami is currently present in around 60 countries, which together contribute around 15-16 % of the revenues. Emami plans to take this figure to more than 50 percent.

Emami acquisition of Lakshmi Bilas Hair Oil

Emami aims to be a Rs. 5000 crore company by 2013 from Rs. 2500 crore currently. To achieve this company has appointed experts who will help Emami identify potential companies that will help Emami achieve the desired target. To achieve its target company has set its focus on skin care and hair care. In line with this strategy company has acquired Lakshmi Bilas Hair oil brand a One Hundred year old brand based in Calcutta from M.L. Bose. This deal has helped Emami expand its portfolio to personal care range. Emami says it will be easy for the company to revive the brand since it has been in existence for many years and it is easy to revive the brand that were already there instead of creating new brands. Emami says it plans to acquire smaller brands that fit the overall strategy of the company.

Emami buys Egyptian manufacturing unit

Emami is taken over manufacturing facility in Egypt and plans to manufacture most of its brand. This manufacturing unit will help distribute its product in Africa and Middle East countries. This deal is not a brand take over but a company takeover. Acquisition of the Egyptian company makes a lot of business sense since Africa contributes to 33 percent of the international revenues and gulf countries contribute around 30 percent and CIS countries contribute roughly about 18-19 percent.

Emami acquires M Bhattacharyya & Co Private

Emami a FMCG company made its entry in homeopathy segment by acquiring M Bhattacharyya one of the oldest homeopathy companies. M Bhattacharyya is mainly known in the city and its outlet is always packed to its capacity. Emami plans to take this brand outside city and also internationally. They plan to give this traditional practice a modern touch by establishing a modern factory so that effectiveness, purity and quality is maintained at highest levels and is of international standard. They are also tying up with French and German homeopathy firms for technical collaboration and setting up green field projects. The main idea is to be amongst top five homeopathy players in the world.

Summary of acquisitions by Emami and their potential benefits

Acquisition

Potential Benefits

Emami – Zandu Deal

Strong R&D, Brand Equity, Distribution Network, Diversifying product range into Health care

Lakshmi Bilas Hair Oil

Access to new market – Bangladesh where this brand had presence, Little effort to revive the brand, Increase in Personal Care(Hair Care) Portfolio

Egyptian acquisition

Easy access to Africa and Middle East, New Markets

Emami – M Bhattacharya

Entry into homeopathy segment

Key Success Factors of Emami

Emami Group has close to 30 brands in its portfolio. The company has blockbuster brand such as Fair and Handsome, Boroplus, Navratna oil, etc. which gives a turnover of over Rs 500 crore and classify them as Power Brands, others brands such as Malai Kesar, Sona Chandi Chyawanprash etc. each contributes to Emami in a range of Rs. 18 to 22 crores are the other brands.

The power brands has been growing at CAGR of 25-30% over the last few years because of its innovative advertising and marketing initiatives. Emami’s initiatives to penetrate deeper into the Indian market has adopted techniques apart from direct marketing through initiatives such as in-shop promotions and door-to-door, BTL activities at key locations, Out of home advertising on train, schools and colleges. This all was supported by massive marketing with utilization of regional newspapers and digital platforms.

Emami’s spend in the advertising and marketing efforts are relatively higher than that of competitors. Celebrity endorsement is the key marketing effort of the company and it has done wonders for the company. The advertising spends about 17-18%; however EBITDA is close to 24-25 %. The inventories are managed well and have been production is done at tax-free locations and thus having a clear control on input costs and maintain EBITDA margins at sustainable levels. The company has market share in the category in the balms and oils as compared to other brands or regional players. Zandu Balm accounts for a market share of about 65-67 % and Navratna oil accounts for a share of 70-73 %.

The success of Emami is directly attributed to the promise that brand delivers. Below the line activities such as In-film branding, promotion in TV Serials and Mela’s are some of the techniques which brand has adopted for creation of its presence. This old form of rural play has made brand to reach the places which no other media like via radio or television could provide. It’s only few villages who have cinemas many of them do not have cinemas because most of the time these villages have a power cut. In such a situation Jatra is the best source to market the product because each Jatra guarantees an audience of at least 6,000. The company realized this opportunity and has reached to maximum of its customers. The company is has continually delivered whatever it has promised.

Sales and distribution

Introduction of a super stockiest network making it possible to reach hitherto inaccessible markets, thereby widening reach

Initiation of a project called Navodaya with Ernst & Young to revisit all sales and distribution

IT applications systems to track sales and distribution

Availability of Emami goods at Indian military depots

Participation in mela’s

Wholesale loyalty program for key wholesalers across major cities to improve trade relationship

Raw material management

The Company :-

Imports LLP, micro crystal wax, stearic acid, methyl salicylate and hard paraffin;

Hedged commodities like sugar, menthe (menthol), gold and silver

Introduced a bio-fuel for production, a fiscal saving

The Company procured raw materials from vendors in non-excisable area

Engagement in farm forestry to meet raw material requirements

Operational excellence

Automated the processes like filling, capping, labeling and cartooning

More than 80% of the production was derived from tax-exempt zones.

Outsourcing manufacture of select products to reduce costs and focus on branding.

monitored all incom

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