Thematic report - IF I WERE - IDFC Sec

If I Were

·         FMCG companies cannot succeed in services!! The servicing model requires a different orientation and companies have lost (HUL), are losing (Dabur, Marico, HUL, ITC) and will continue to lose until they EXIT these businesses!!

·         ITC is not and will not be relevant in FMCG in spite of Rs45bn invested UNLESS it gets its focus right and leverages on its inherent strength… FOODS, FOODS, FOODS!!!

·         PRINT is a business that is structurally de-rating.  It will not generate shareholder returns. Indian companies should DE-LIST!!

·         It is time for PANTALOON to stop thinking like WALMART and think more like SHOPPERS STOP!!!

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