PROJECT REPORT SUBMITTED TOWARDS THE PARTIAL

FULFILLMENT OF POST GRADUATE DEGREE IN PLANNING

AND ENTRUPRENURSHIP

CHANGE IN STRATEGY FOR CHANGE

IN PRODUCT PORTFOLIO
OF
DABUR INDIA

FACULTY GUIDE

Prof Angshuman Paul

INDAIN INSTITUTE OF PLANNING AND

MANAGEMENT,
NEW DELHI
IIPM, SATBARI CAMPUS – NEW DELHI
 SYNOPSIS OF THE PROJECT

CHANGE IN STRATEGY FOR CHANGE IN PRODUCT

PORTFOLIO
OF
DABUR INDIA
STUDENT’S NAME:

DEBJYOTI MOHANTY -12

Batch: SPRING-SUMMER-PGP-PE/2010-12

Section: SA2

(Debajyoti Mohanty – +91-8800324329)

The authenticity of the suggestions and recommendations

depend upon the rationality of the data provided to me.
 ACKNOWLEDGEMENT

I acknowledge with gratitude and appreciation, my

indebtedness to my mentor & guide, Prof Angshuman
Paul for allowing me to work on this project, & I thank
him for the ideas and basic concepts he delivered and
shared with us, as they helped me a lot in accomplishing
this project...
INDUSTRY SNAPSHOT

India Brand Equity Foundation states the Indian FMCG (Fast Moving Consumer Goods) sector as the
fourth largest sector in the economy with a total market size in excess of US$ 13.1 billion. The FMCG
market is expected to grow from US$ 11.6 billion in 2003 to US$ 33.4 billion in 2015. Penetration level as
well as per capita consumption in most product categories like jams, toothpaste, skin care, hair wash etc in
India is low indicating the untapped market potential. Growing Indian population, particularly the middle
class and the rural segments, presents an opportunity to makers of branded products to convert consumers
to branded products. The period from year 2000-2004 saw slow growth of the FMCG sector. While 2004
was a difficult year owing to weaker demand and intense competition, in 2005, there was a reversal in
trend and FMCG companies were able to get a larger share of the consumer's wallet. One of the key
performers in the Industry has been Dabur India Ltd. The following shows how it outshined the industry's
performance from 2003-2006.

Source: www.dabur.com

DABUR INDIA LIMITED

History
Dabur India Limited is the fourth largest FMCG Company in India with interests in Health care, Personal
care and Food products. Over its 120 years of existence, the Dabur brand has stood for goodness through a
natural lifestyle. An umbrella name for a variety of products, ranging from hair care to honey, Dabur has
consistently ranked among India's top brands. The company traces its origins to 1884, when Dr S.K.
Burman set up Dabur as a proprietary firm for the manufacture of Ayurvedic drugs. Dr Burman set up the
firm with a goal of meeting the healthcare needs of poor Indians. Initially the company marketed an
allopathic drug, Plagin, to combat the then prevalent epidemic of plague. With growing demand, Dr
Burman established a manufacturing plant in Kolkata in 1896, and Dabur became the first company to
mass-produce Ayurvedic formulations under modern scientific methods. Dabur India Limited has marked
its presence with some very significant achievements and today commands a market leadership status.
Dabur India Limited has committed itself to the task of providing value for money healthcare products to
its consumers. Through a range of more than 300 health and personal care products Dabur has become
synonymous with health custodians for teeming masses. Dabur India Limited has marked its presence with
some very significant achievements and today commands a market leadership status.
In 1940, Dabur entered the domain of personal care with the launch of Dabur Amla Hair Oil. In 1949, the
company introduced Dabur Chawanprash, the first branded restorative in a packaged form. The company
expanded its product portfolio by adding oral care products in 1970. The year 1972 witnessed a shifting of
operations from Kolkata to Delhi. Over the next decades, the company saw its portfolio expanding through
introduction of new products and categories. At the turn of the millennium, Dabur staged a turnover of
Rs.1000 crores.

Source: www.dabur.com

Source: www.dabur.com
BUSINESS OVERVIEW
Today, Dabur is the leading consumer goods company in India with a turnover of Rs.1899.57 crores.
Dabur's products fall under the heads of Health care, Personal care, Ayurvedic Specialties and Foods
(Appendix 1). Dabur has 13 ultra-modern manufacturing units spread around the globe and its products are
marketed in over 50 countries (Appendix 3). Dabur India Limited has two major strategic business units
(SBU) i.e. Consumer Care Division (CCD) and Consumer Health Division (CHD). The CCD (70% of
revenues) comprises health supplements, digestives and candies, hair care, oral care, baby oils and skin
care. The CHD (8% of revenues) includes products of the erstwhile Ayurvedic Division and a set of OTC
products. The International Business Division (11% of revenues) comprises the company's business in
Dubai, South East, and Bangladesh. The Food division (10%of revenues) comprises of Real fruit juice
homemade cooking paste and lemonade.
Source: www.dabur.com

ENVIRONMENTAL ANALYSIS

P.E.S.T Analysis: Kotler (1998) claims that PEST analysis is a useful strategic tool for understanding
market growth or decline, business position, potential and direction for operations. An external
environment analysis of Dabur can be carried out with the help of PEST analysis. This is an analysis of the
Political, environmental, social and technological factors.

Political factors:
The Indian government has abolished licensing for almost all food and agro-processing industries except
for some items like alcohol, cane sugar, hydrogenated animal fats etc., and items reserved for the exclusive
manufacture in the small-scale industry (SSI) sector. This has resulted in a boom in the FMCG market
through market expansion and greater product opportunities.
India has enacted policies aimed at attaining international competitiveness through lifting of the
quantitative restrictions, reduced excise duties, automatic foreign investment and food laws resulting in an
environment that fosters growth. 100% export oriented units can be set up by government approval and use
of foreign brand names is now freely permitted. Automatic investment approval (including foreign
technology agreements within specified norms), up to 100 per cent foreign equity or 100 per cent for NRI
and Overseas Corporate Bodies (OCB's) investment, is allowed for most of the food processing sector
except malted food, alcoholic beverages and those reserved for small scale industries (SSI).
Wide-ranging fiscal policy changes have been introduced progressively. Excise and import duty rates have
been reduced substantially. Many processed food items are very exempt from excise duty. Customs duties
have been substantially reduced on plant and equipment, as well as on raw materials and intermediates,
especially for export production.
Various states governments like Himachal Pradesh, Uttaranchal and Jammu & Kashmir have encouraged
companies to set up manufacturing facilities in their regions through a package of fiscal incentives.
Indian Government has invested largely in the social sectors, agriculture and infrastructure. Large
investments have also been made in human development indicators like primary healthcare and primary
education, in which it currently lags behind.

Economic Factors:
Per capita consumption in most of the FMCG categories in India is low as compared to both the developed
markets and other emerging economies. A rise in per capita consumption, with improvement in incomes
and affordability and change in tastes and preferences, may lead to an increase in the demand of goods in
the FMCG sector. However, India is one of the largest economies in the world in terms of purchasing
power and has a strong middle class base of 300 million, which is expected to increase further. Keeping in
mind the huge potential market the demand in FMCG sector is expected to increase by 100% by 2015;
driven by the rise in the share of the middle class. The BRIC's report indicates that India's per capita
disposable income, is currently at US$ 556 per annum, and is expected to rise to US$ 1150 by 2015. The
real GDP growth in the country is calculated in the range of 7.5-8.0 per cent during the year 2006-07.The
time gap in the period of 2001-06 is considered as the best time for India's business leaders. The fast rising
economic performance of Indian Economy has created an environment of optimism on the part of the
investors to invest more. Liberalization and opening of the economy has contributed to higher global
awareness amongst consumers. Additionally, sustained economic growth has translated into increase in
income levels and affluence. In the last ten years (1996-2006), the Rich and the Consuming classes have
grown by 416 per cent and 179 per cent respectively.

Social Factors:
Around 70 per cent of the total households in India (188 million) reside in the rural areas. The total number
of rural households is expected to rise from 135 million in 2001-02 to 153 million in 2009-10. This
presents the largest potential market in the world. Even on an international scale, total consumer
expenditure on food in India at US$ 120 billion is amongst the largest in the emerging markets, next only
to China (Appendix, 10). Rapid urbanization, increased literacy and rising per capita income, have all
caused rapid growth and change in demand patterns, leading to an explosion of new opportunities. Around
45 per cent of the population in India is below 20 years of age and the young population is set to rise
further. Aspiration levels in this age group have been fuelled by greater media exposure, unleashing a
latent demand with more money and a new mindset.
Technological Factors: With the growing rate of literacy in India, the consumers are becoming internet
savvy. With e-markets, evolving rapidly the firms should make internet as a medium for selling goods.
Moreover, with technological developments like the EDI (Electronic Data Interchange), firms need to be
up-to-date to stay ahead of the competition. Information Technology plays a big role in the organization
these days. Firms are investing large amounts of money in hardware and software to ensure faster
operations and more efficient working of its operations.
Dabur for instance invested Rs. 15 crores in hardware and software, which now helps its go-downs and
branches to be directly linked with its headquarters through direct emails. Therefore, the information that
earlier took 15 days to be process and made available is now done in a day's time.

Strategies of Dabur India Limited

In the year 2002-03, Dabur laid down its long-term plan of transforming to a focused and a transformed
FMCG player. In order to achieve that Dabur demerged Dabur Pharmaceuticals as a separate entity.
Further Dabur aimed on rejuvenating old brands, innovations and new product launches for achieving its
growth targets. Dabur at that time was very popular amongst the 35 and over age group and the young
consumer segment was left out. The company ran the risk of missing the next generation market.
Therefore, Dabur planned to focus on transforming its brand image to suit all age groups. A lot of changes
came about in the strategies of Dabur. The manufacturing strategy revolved around re-organizing the
company's production facilities to increase in-house production and leverage maximum benefits from
economies of scale. The company focused on cost and quality leadership through technology and
innovation and aimed to be the best in the operations domain. This led to adopting best quality practices,
enhancing productivity and improving asset utilization. They have improved their productivity by
following best TQM and TPM practices, reaping benefits from economies of scale and increasing the sense
of empowerment among factory-level management. The supply chain function at Dabur comprises
production planning, dispatch, warehousing and transportation. The entire supply chain has been knit
together into an efficient unit through "Project Garuda" --an initiative that integrates IT tools and
compensation schemes that measure the health of the supply chain. To ensure balanced performance by
managers across multiple dimensions-- financial performance, customer management, internal business
processes, innovation, and learning Dabur adopted Balance Scorecard for performance evaluation and
strategy deployment. This also helps in sharper alignment of overall business strategy with each
individual's goals and performance. It established an effective Research and Development department in
their organization. Research and Development (R&D) provides Dabur with critical edge in the market. The
activities are focused around two basic domains; Firstly to continuously develop new products and
secondly to test and guarantee their effectiveness.
Dabur had also been looking to develop the oral care market as 30 per cent of the population in India does
not use toothpaste or toothpowder, but relies mainly on ash. Dabur anticipated that this consumer segment
would switch to toothpowder and then toothpaste. Dabur Lal Dant Manjan and Dabur Red Toothpaste were
targeted at this segment. The company also extended the Dabur Red Toothpaste brand to gel toothpaste.
Dabur scanned the toothpaste market for a possible acquisition and in early 2005, acquired Balsara
Hygiene and Home Products. The acquisition pushed Dabur's market share in the Rs 1980 crores
toothpaste market, which is dominated by Colgate and Hindustan Lever, from 1.8 per cent to 8 per cent.
The acquisition was largely funded through internal accruals- out of the Rs 140 crores investment, only Rs
20 crores was funded through debt. In Vision 2010, Dabur clearly outlines its target of doubling sales and
profits in four years. To achieve this target the company has decided to adopt a three-pronged strategy -
Expansion, Acquisition and Innovation.
The roots of transformation were laid in 1998 when the company for the first time employed a CEO from
outside Dabur, breaking the tradition long maintained at Dabur for hiring only people a part of the Dabur
family. The foundation of expansion and transformation started with the rapid hiring of experienced and
efficient employees. Ninu Khanna-the former vice president of Colgate Palmolive was appointed as the
CEO in 1998. More people employed the same year included former Cadbury India director (sales &
marketing) Deepak Sethi, now heading Dabur's healthcare products division; former Asia Brown Boveri
head (human resources -HR) Yogi Sriram, currently vice-president (HR); former Marico general manager
(commodities) Shyam Shankar, now head of Dabur's purchase & procurement planning cell; and ex-
Hindustan Lever Ltd (HLL) man G. Kashinath, currently general manager (central supply chain cell).
The company also aimed on expanding its International businesses. The structure of the international
business was further streamlined during the year by transferring Dabur India Limited's shareholding in
Dabur Nepal Private Limited and Dabur Overseas Limited to Dabur International Limited. With this, all
international subsidiaries were consolidated under a single entity, namely, Dabur International Limited.
The strategy for growing the international business has the following elements:
Geographical expansion: The Company wishes to undertake major expansion plans, for which it plans to
commit major investments and human resources in focus markets.
Leveraging the "natural" platform: Dabur is focusing on making use of the growing global demand for
natural products by occupying differentiated competitive niches in the health care and personal care
segments.
Acquiring international brands / businesses and forming strategic alliances: The Company also plans to
explore overseas acquisitions and alliances. With this re-organization and strategic focus, the international
business is expected to contribute over 15 per cent of the consolidated sales of Dabur in the course of the
next four years.
The operations of Dabur India Limited are a story of continuous differentiation through a variety of means
discussed by Alderson (1965) as the bases of differential advantage including product differentiation,
market segmentation, differentiated appeals, and continuing advancements in technology and processes.
Dabur commands a 57% market share in the Rs2.5bn Indian juice market and plans to make Active and
Coolers, mega brands over the next few years. Dabur will be investing Rs 100 crores for processing and
procurement to compete with Pepsi's Tropicana and other juice brands. The company plans to invest
Rs.1bn in the foods business over the next five years and aims at achieving a turnover of Rs.5bn by 2010.
This includes an investment of Rs500mn to upgrade the food-processing unit at Siliguri along with a
packaging plant there. Dabur Foods is also looking at soups as a new category to enter in the future.
The following explains the growth strategy of Dabur India Limited.
Source: www.dabur.com

Michael Porter's five Forces:

Porter's model helps analyze a particular environment of an industry. Porter's five forces framework was
originally developed as the way of assessing attractiveness (profit potential) of different industries.
The five Forces Framework

Source: www.dabur.com
The Threat of Entrants:
A well-established distribution network, intense competition between the organized and unorganized
segments and low operational cost, characterizes the FMCG sector in India. The easy availability of key
raw materials, cheaper labor costs and presence across the entire value chain makes the FMCG sector an
attractive area for new entrants. Moreover, as stated earlier, The FMCG sector is expecting a 100%
increase in demand attracting new producers towards it.
But on the other hand the marketing and advertising costs in this industry are very high therefore
economies of scale to be achieved becomes a very important part of being able to survive in the industry.
According to estimates based on China's current per capita consumption, the Indian FMCG market is set to
treble from US$ 11.6 billion in 2003 to US$ 33.4 billion in 2015. The dominance of Indian markets by
unbranded products, change in eating habits and the increased affordability of the growing Indian
population presents an opportunity to makers of branded products, who can convert consumers to branded
products.
Dabur should focus on product differentiation to maintain its hold in the market. It is one of the most
trusted names in the FMCG sector and enjoys a loyal customer base but as the demand increases, (which it
is expected to); the company will have to focus on aggressive marketing strategy to attract new customers.
The changing Indian demographic profile clearly shows the emergence of the 'youth' as dominant
consumers. Currently, 75 per cent of consumers are under 35 years of age, and of this 54 per cent are less
than 25 years old (Economic Times,2006). Dabur should focus on targeting at this segment of the market
while it maintains its popularity amongst the middle-aged consumers.
The Threat of Substitute products:
According to Gerry Johnson (2006), Substitution reduces demand for a particular 'class' of products as
customers switch to alternatives - even to the extent that this class of products or services becomes
obsolete. This depends on whether a substitute provides a higher perceived benefit or value.
In Dabur's case, there is a threat of generic substitution that happens where products and services compete
for disposable income. The disposable income India is expected to rise, therefore increasing the demand in
the FMCG sector. Dabur sells many varied products in all price range; it should ensure that it offers
quality products for all income groups.
The power of buyers and suppliers:
Gerry Johnson (2006), states that the next two forces can be considered together because they have similar
effects in constraining the strategic freedom of an organization and in influencing the margins (and hence
financial attractiveness) of the organization.
Buying Power is likely to be high if there is a concentration of buyers. In India 8% of an individual's
income is spent on personal care products. Dabur should try to maintain its brand value to be popular
amongst all income groups.
For an FMCG company the supply chain is a very important aspect, from buying new raw material to
selling of finished goods to the retailer. This calls for maintaining good relationships with the suppliers to
avoid incurring the cost of switching a supplier.
Competitive Rivalry within the Industry:
The four forces stated above impose the direct competitive rivalry between an organization and its
immediate rivals (Gerry Johnson et al. 2006). The expected high growth of the industry may affect rivalry.
There may be a competition in achieving the market share, which may increase rivalry amongst the
competitors. Differentiation is extremely important in a competitive industry. If a company does not
differentiate its products from those available in the market, the consumers tend to shift from one product
to another leading to an increased rivalry between competitors. To avoid such circumstances Dabur at all
levels should try to differentiate its products.
Porters Generic Strategy
A firm's relative position within its industry determines whether a firm's profitability is above or below the
industry average. The fundamental basis of above average profitability in the end is sustainable competitive
advantage. There are two basic types of competitive advantage a firm can possess: low cost or
differentiation.
Cost Leadership Strategy: This strategy emphasizes on efficiency. Dabur's operations focus on attaining
economies of scale. The products produced by Dabur are produced at low cost and made available to a
large customer base. The company focuses on continuous cost reduction strategies. However, the company
spends highly on promotional activities.
Differentiation strategy: This strategy focuses on creating a unique or a different product. The market for
such product is unrivaled or unequaled. This can provide considerable insulation from competition.
Customers tend to be more brand loyal in this case.
Focus strategy: In this strategy, the firm concentrates on a select few target markets. It is also called a
differentiation strategy or niche strategy. Firms following this strategy believe that by focusing on a
segment of a market they can meet the needs of that market efficiently.
However, several criticisms have come for this theory claiming they lack specificity, lack flexibility, and
are limiting. Millar (1992) questions the notion of being "caught in the middle". He claims that there is a
viable middle ground between strategies. Many companies, for example, have entered a market as a niche
player and gradually expanded. According to Baden-Fuller and Stop ford (1992), the most successful
companies are the ones that can resolve what they call "the dilemma of opposites".

Porter's Generic Strategies

Target Scope<Tab/>Advantage
<Tab/>Low Cost<Tab/>Product Uniqueness
Broad
(Industry Wide)<Tab/>Cost Leadership
Strategy<Tab/>Differentiation
Strategy

Narrow
(Market Segment)<Tab/>Focus
Strategy
(Low cost)<Tab/>Focus
Strategy
(Differentiation)

These generic strategies each have attributes that can serve to defend against competitive forces. The
following table compares some characteristics of the generic strategies in the context of the Porter's five
forces.

Generic Strategies and Industry Forces

Industry
Force<Tab/>Generic Strategies
<Tab/>Cost Leadership<Tab/>Differentiation<Tab/>Focus
Entry
Barriers<Tab/>Ability to cut price in retaliation deters potential entrants. <Tab/>Customer loyalty can
discourage potential entrants. <Tab/>Focusing develops core competencies that can act as an entry barrier.
Buyer
Power<Tab/>Ability to offer lower price to powerful buyers. <Tab/>Large buyers have less power to
negotiate because of few close alternatives. <Tab/>Large buyers have less power to negotiate because of
few alternatives.
Supplier
Power<Tab/>Better insulated from powerful suppliers. <Tab/>Better able to pass on supplier price
increases to customers. <Tab/>Suppliers have power because of low volumes, but a differentiation-focused
firm is better able to pass on supplier price increases.
Threat of
Substitutes<Tab/>Can use low price to defend against substitutes. <Tab/>Customer's become attached to
differentiating attributes, reducing threat of substitutes. <Tab/>Specialized products & core competency
protect against substitutes.

Rivalry<Tab/>Better able to compete on price. <Tab/>Brand loyalty to keep customers from rivals.
<Tab/>Rivals cannot meet differentiation-focused customer needs.

<Tab/><Tab/><Tab/>

Source: www.bcgg.com
BCG MATRIX
The BCG matrix helps in identifying where the company is at present and the areas where the possibility of
growth exists. This helps in forming suitable policies for dealing with competition. The Boston Consulting
Group (BCG) established it.
Star: Babool, Vatika hair oil is the product that has a high market share in a growing market and generates
high profits for the firm.
Question Mark: Odonil exists in the growing market but without large market share
Cash Cow: Chawanprash, Hajmola, Real juice, Amla hair oil are all the cash cows for Dabur India Limited
with large market share and generate large profits.
Dogs: Odomos are the products with a low market share in static or declining market

HIGH<Tab/><Tab/><Tab/><Tab/>MARKET SHARE<Tab/><Tab/><Tab/><Tab/><Tab/>LOW
*<Tab/>Babool
*<Tab/>Vatika
<Tab/>*<Tab/>Odonil
*<Tab/>Chawanprash
*<Tab/>Hajmola
*<Tab/>Real
*<Tab/>Amla Hair Oil<Tab/>
*<Tab/>Odomos

LOW<Tab/><Tab/><Tab/><Tab/><Tab/>Source: Self
It is important for Dabur to invest more in the stars to gain share and market dominance. It is more likely
that that Vatika and Babool will demand more investment in terms of advertising and selling both. Whereas
Products like Odonil will eat investment and generate low profits. Investing here can be of high risk unless
this potentially low margin activity is financed by the profits generated by other segments.

Conclusion and Recommendations

As discussed earlier the FMCG sector in India is expected to grow at a tremendous speed. As the industry
sees fast growth, the entry of new players will be all set to follow. Dabur as of now enjoys customer loyalty
and is well established in the market. However, for the years to come the company will face fierce
competition. Dabur seems to realize that and therefore as discussed above is planning on aggressive
expansion policies. This will lead to an increase in market share and brand recognition worldwide.
However, in the entire process, Dabur should not forget its existing market and constantly work towards
improving it like it has for the past years. All its core brands, viz. Dabur, Vatika, Anmol, Real and Hajmola
enjoy tremendous recall value for consumers, and provide with a platform to leverage on going forward.
Dabur should aim on maintaining their growth while expanding its business worldwide. While
geographical expansion and new product initiatives to take care of top line growth for the next few years,
e-sourcing initiatives coupled with higher in-house production would help enhance margins going forward.

REFERENCES
Baden-Fuller, C. and Stop ford, J. (1992), "The firm matters, not the industry", in de Wit, B. and Meyer, R.
(1998), "Strategy: process, content, context"
http://www.dabur.com
http://www.economictimes.com
http://www.sharekhan.com<Tab/>
http://www.thehimdubusinessline.com
http://www.forbes.com
http://www.economywatch.com
http://www.prdomain.com
http://www.tribuneindia.com
http://www.ibef.org
http://www.icicidirect.com
http://www.elegman.com
http://www.waytowealth.com
Johnson. G, Scholes. K, Whittington. R. "Exploring Corporate Strategy" seventh ed. Pearson Education.
London 2005
Millar, D. (1992), "The Generic Strategy Trap", Journal of Business Strategy
Appendix
1. Dabur's Products
Source: www.dabur.com
2. Dabur in the last 12 months
Latest 12 Months
Sales<Tab/>Operating Income<Tab/>Net Income<Tab/>Market Value
$387 million<Tab/>$66 million<Tab/>$51 million<Tab/>$1,762 million

Latest 12 Months Valuation<Tab/> <Tab/>Three-Year Average<Tab/> <Tab/>Five-Year Average

Price/Sales<Tab/>5<Tab/><Tab/>Sales Growth<Tab/>15 %< Tab/><Tab/>Sales Growth<Tab/>34%
EV/EBITDA 1<Tab/>27<Tab/><Tab/>EPS Growth<Tab/>41 %< Tab/><Tab/>EPS Growth<Tab/>25%
Price/Earnings<Tab/>34<Tab/><Tab/><Tab/><Tab/><Tab/><Tab/>
Debt/Equity 2<Tab/>21 %< Tab/><Tab/>Return On Equity 3<Tab/>43 %< Tab/><Tab/>Return On Equity
3<Tab/>34%
Source: www.Forbes.com

3. Dabur World Wide

Company<Tab/>Price on Dec
22, 2004 (Rs) <Tab/>Price on Dec
23, 2005 (Rs) <Tab/>% Change
BSE Sensex<Tab/>6,442 <Tab/>9,257 <Tab/>43.7%
S&P CNX Nifty<Tab/>2,063 <Tab/>2,786 <Tab/>35.1%
BSE FMCG Index<Tab/>1,054 <Tab/>1,615 <Tab/>53.2%
Dabur<Tab/>84 <Tab/>198 <Tab/>137.4%
Pidilite<Tab/>37 <Tab/>84 <Tab/>129.2%
Marico<Tab/>169 <Tab/>354 <Tab/>109.6%
Godrej Consumers<Tab/>276 <Tab/>507 <Tab/>83.5%
P&G <Tab/>532 <Tab/>835 <Tab/>56.9%
Colgate<Tab/>179 <Tab/>271 <Tab/>51.5%
HLL<Tab/>143 <Tab/>193 <Tab/>34.9%
Nirma<Tab/>344 <Tab/>455 <Tab/>32.1%
Source: www.icicidirect.com

Source: www.dabur.com

4. This is a complete list of some successful persons in the fields of FMCG:

Promoter/chairman/family head <Tab/>Company /group <Tab/>Value of equity holdings (Rs crores)

<Tab/>Business
V.C.Burman <Tab/>Dabur Group <Tab/>5,815.94 <Tab/>FMCG
Adi Godrej <Tab/>Godrej Group <Tab/>5,560.76 <Tab/>FMCG
Karsanbhai K. Patel & family <Tab/>Nirma <Tab/>3,143.78 <Tab/>FMCG
Harsh C. Mariwala & family <Tab/>Marico Industries <Tab/>2,085.63 <Tab/>FMCG
The Aggarwal & the Goenka families <Tab/>Emami <Tab/>936.06 <Tab/>FMCG