Indian Consumer -Exposure to Egypt : UBS

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UBS Investment Research
Indian Consumer Sector
Exposure to Egypt
􀂄 Staples’ exposure to MENA region
Over the past week, Egypt has witnessed civil disturbances. Marico (NC), Asian
Paints, and Dabur are among the frontline staples stocks that have exposure to the
region, and all three companies have temporarily closed down their factories and
offices there.
􀂄 Unsure of timelines; quantification of exposure
The situation in Egypt is unprecedented. The mass unrest does not allow any
prediction about how long it will last. Table 1 provides some quantification of the
staples companies’ exposure in the region.


Table 1: Consumer staple companies’ exposure to Egypt
Company Rating
Rev from
ME (%) Manf location Products manufactured
Asian Paints Buy 13.0% Oman, Bahrain,
Dubai, Egypt
SCIB Paints has manufacturing operations in the Egypt location and Berger International at the other three
locations. Products manufactured: paints, construction chemicals, water proofing products

GCPL Sell 0.9% India Soaps, hand wash, deodorants


Dabur Neutral 5%* (3%) MENA / Egypt Hair oil and beauty care products in Egypt; the Egypt manufacturing plant only caters to the Egypt market


Marico NC 7-8% Egypt Hair styling products- Hair Code, Parachute,

Note: Dabur 5% revenue exposure to MENA region, ~3% in Egypt. Source: Company data, UBS estimates