<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Food companies started CY24 with a baggage of challenges
carried from the previous year, where imposition of GST on dairy products and
increase in taxes for salaried individuals and exports business added to the
sector woes. Resultantly, we saw deceleration of sector revenue growth from a
strong double-digit (CY21-CY23) to negative growth in 3QCY24.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Despite pressure on sales volumes from declining disposable
income of average consumers, unfavorable taxes and shift towards unbranded
segment, food companies took resilient measures to maintain their gross margins
on a YoY basis. Margins clocked in at 25% for 3QCY24 and 26% for 9MCY24.</span></li></ul><u...
