Consumer products: Bazaar bytes #4: Increasing competition in the mosquitorepellant category:: Kotak Securities (PDF link)

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Consumer products
India
Bazaar bytes #4: Increasing competition in the mosquito-repellant category. We
expand the coverage of ‘Bazaar bytes’—it will have category views, besides snippets
from our on-the-ground reconnaissance. We once again take a deep-dive into the
mosquito-repellant category (see our earlier note dated August 26, 2011) and find
significantly higher competitive activity: (1) a two-pronged re-launch of ‘Maxo’ by
Jyothy (a differentiated product delivery in liquids and its willingness to compete on
price and trade discounts (once again) in coils), (2) aggressive brand communication for
‘All Out’ by S C Johnson and (3) new ‘Nature Guard’ variant by Reckitt Benckiser under
‘Mortein’. While GCPL’s insecticides business could potentially grow well in FY2012-14E
(we model 17% sales growth), its ability to outpace industry growth appears limited.