The quarter saw sequential improvement in demand trends with rural growth picking up. With forecast of a normal monsoon and continued focus by the government on macro-economic growth, we expect the improvement to accelerate in the coming months.

Dabur's consolidated revenue is expected to register mid to high single digit growth during Q1 FY25. India business is expected to record mid-single digit volume growth.

In India business, HPC & Healthcare segment is expected to grow in high-single digits. Travel and out of home consumption got impacted due to scorching summers, which had an impact on our beverage segment although the food (culinary) category showed good momentum. Badshah Masala continued to perform well and is expected to post strong volume led growth in high teens.

The International Business is expected to post strong growth in constant currency terms. However severe currency depreciation in Turkey and Egypt continued to have an impact on translated growth.

Commodity prices were stable during the quarter. Gross margins are likely to witness some expansion on account of roll over price increases and cost-saving initiatives. The business continued to invest strongly behind the brands with A&P spends growing ahead of revenue. Consequently, the operating profit is expected to grow marginally ahead of revenue.

We continue to focus on our strategy to increase our distribution reach, invest aggressively on our key brands and drive increase in our market shares across the portfolio.