Premium Essay

Ravinder

In: Other Topics

Submitted By vamsiprapul1066
Words 2867
Pages 12
3 August 2011
2QCY11 Results Update | Sector: FMCG

GlaxoSmithKline Consumer
BSE SENSEX

17,941
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1,6,12 Rel. Perf. (%)
M.Cap. (INR b)
M.Cap. (USD b)

S&P CNX

5,405

CMP:INR2,411

TP:INR2,300

Neutral

SKB IN
42.1
2,525/1,739
2/26/37
101.5
2.3

Glaxo Smithkline Consumer Healthcare's (SKB) 2QCY11 adjusted PAT grew 15% YoY to INR825m (against our estimate of INR873m). Net sales grew ~22%, led by 16% volume growth. Biscuit volumes grew 49% and exports grew 57%. Input cost pressure drove a 300bp decline in gross margins and 34% higher ad spend led to a 150bp decline in EBITDA margins of 15.1%. SKB increased MFD prices by an average of 2.3% in July to recover some of the lost margins.
Foodles grew just 13% (22% in 1HCY11). GSK launched Horlicks Gold at a 30% premium to the base Horlicks variant.
New launches yet to make significant impact; Valuations rich for a single category business; Downgrade to
Neutral
We believe SKB is well placed to capture healthy growth in the MFD space and a strong rebound from 1QCY11 is testament to that. However, with competitive intensity increasing in this segment, SKB will have to continue to spend aggressively, which may reduce the frequency of new product introductions. Margin pressures are likely to persist and though we do not expect a severe gross margin contraction to continue, firm input costs and a changing product mix
(rising share of low margin non-MFD) will restrict meaningful margin expansion in future. We are revising our estimates downwards by 1-2% to factor in lower margins and lower sales growth in Foodles and Nutribar. Our CY11 MFD volume growth estimates are revised from 10.5% to 11%. Limited success of new product launches (failure of Chilled Dood,
Nutribar and Horlicks Asha and moderating growth in Foodles) and margin pressure…...

Similar Documents

Premium Essay

Perfect Competition

...Journal of Management and Social Sciences Vol. 3, No. 1, (Spring 2007) 11-21 Applicability of the Theories of Monopoly and Perfect Competition -Some Implications Ravinder Rena * College of Arts and Social Sciences Eritrea Institute of Technology Gobind M. Herani * Indus Institute of Higher Education (IIHE) ABSTRACT This paper addresses the concern that monopolies arise naturally out of the free market. An attempt is made to compare and contrast two theories of monopoly economic and political monopoly that this is not true. This paper further demonstrates that the two theories of monopoly have their separate roots in two opposite theories of competition: perfect competition and competition as rivalry. Hence the paper discusses only one of these theories of competition accurately describes the nature of competition in an economy. Besides, the paper also delves the two theories of competition and monopolies are derived from collectivist and individualist political philosophy. It illustrates how perfect competition and economic monopoly have undermined economists' understanding of the actual nature of both competition and monopoly. After investigating these theories, an attempt to made to apply them to show how one can come to very different conclusions about when monopoly power does and does not exist. Keywords : Monopoly, Perfect Competition, firm, industry, government, egalitarianism, etc. 1. INTRODUCTION It is often claimed that a free market leads to large firms......

Words: 6569 - Pages: 27

Premium Essay

Janina

...Party (BJP) took over the government. Ongoing tensions with Pakistan escalated to the brink of nuclear war in 2002. At the same time, India is a growing democracy with a population reaching a billion. Indian mass culture has also expanded, as its commercial film industry, known as "Bollywood," becomes the most productive in the world. Some artists take inspiration from or appropriate actual elements of local mass culture; some also address current events in their works. A few artists and art critics in India have begun to conceptualize their unique position in international contemporary art. Related Cited Works of Art or Images (4) Nalini Malani, Remembering Toba Tek Singh Nalini Malani, Remembering Toba Tek Singh Ravinder Reddy, Appayamma Rummana Hussain, A Space for Healing Timelines (1) Primary Thematic Essays (5) Other Thematic Essays (21) Maps (2) Index Terms (14) Share A few artists and art critics in India have begun to conceptualize their unique position in international contemporary art. They question Western modernist ideas such as formalism from the standpoint of working in a postcolonial society that has recently emerged from beneath the shadow of a Western power. In fact, India is at the forefront of postcolonial critique, with theorists such as Arjun Appadurai, Homi K. Bhabha, and Gayatri Spivak emerging from its shores. With the blossoming of art and theory in the South Asian country, artists and writers increasingly find......

Words: 552 - Pages: 3

Free Essay

Socwqqw

... | | |71 |4214810 |SAPNA SINGH |SAJAN |9313415672 | | |72 |33142497 |BHAWNA SHOKEEN |MAHESH KUMAR |7838288320 | | |73 |33142509 |SEEMA |ASHOK KUMAR |9268137584 | | |74 |33142511 |SUNITA SEHRAWAT |KIRSHAN KUMAR |9212718159 | | |75 |33143313 |RAVINDER SINGH |GANGA RAM SINGH |9971810096 | | |76 |33143918 |MONIKA |SURENDER VERMA |9814471604 | | |77 |4216489 |NITIKA LAKRA |KULDEEP SINGH |9811142101 | | |78 |4213033 |SURJEET |SURAT SINGH |9811417268 | | |79 |33142485 |SHIVANI ATRI |SATBIR SINGH ......

Words: 527 - Pages: 3

Free Essay

Blahblah

...September 2009, shop owner and father-of-three Ravinder Singh (known as Ravi) was stabbed kidnapped and robbed of his shop takings before being left for dead in a quiet street in Hanwell, West London. Ravi’s terrifying ordeal started about 1025pm just after he locked up Dallas Liquor Mart on the Uxbridge Road, the family-owned off-licence. He walked around to the street to the back of the shop and was about to get into his white Mercedes Sprinter van when he was jumped by three black men in their mid-20s all wearing three-quarter length high-visibility jackets. . Ravinder & Ranjit Virdi They shoved him into the front seat of his van and drove a few hundred yards around the corner, stopping on Hatfield Road where they demanded money. It was only now that Ravinder realised he had been stabbed twice in the chest. He insisted they take him to a hospital but his pleas were ignored him and they took £900 of blood-stained money. One of the men then got out of the vehicle. Instead of letting Ravi go, they drove onto Grosvenor Road stopping at the junction with Uxbridge Road. Desperate to get help, Ravi saw two pedestrians crossing the road in front of him and sounded the horn, trying to get their attention. The men began hitting him and shoved him into the foot well. One of them held a knife up to his eye: “You do anything like that again and I’m going to cut your eye out,” he shouted, before holding the knife against Ravinder’s back. Ravinder knew that the only thing he......

Words: 335 - Pages: 2

Premium Essay

How Did the Indian National Congress Win Support and What Part Did It Play in Ending British Rule?

...Three phases of India's struggle for freedom,. Bombay: Bharatiya Vidya Bhavan, 1961 Pande B. N, and Ravinder Kumar. A Centenary History of the Indian National Congress 1919-1935. New Dehli: New Delhi : All India Congress Committee I : Vikas Pub. House , 1985. Pande, B. N, and M.N Das. A Centenary History of the Indian National Congress 1935-1947. New Dehli: New Delhi : All India Congress Committee I : Vikas Pub. House , 1985 Sarkar, Sumit,. Modern India, 1885-1947. New York: St. Martin's Press, 1989 White, Nicholas J., Decolonisation: The British Experience Since 1945, Harlow Longman 1999, -------------------------------------------- [ 1 ]. Sarkar, Sumit. Modern India, 1885-1947. New York: St. Martin's Press, 1989 pg88 [ 2 ]. Judith Brown, Modern India: the origins of an Asian democracy. 2nd ed. Oxford, England: Oxford University Press, 1994. pg183 [ 3 ]. B. N Pande, and Ravinder Kumar. A Centenary History of the Indian National Congress 1919-1935. New Dehli: New Delhi : All India Congress Committee I : Vikas Pub. House , 1985.pg2 [ 4 ]. Ibid Pg3 [ 5 ]. Sumit Sarkar,. Modern India, 1885-1947. New York: St. Martin's Press, 1989 pg93 [ 6 ]. Ravinder Kumar. A Centenary History of the Indian National Congress 1919-1935, Pg3 [ 7 ]. Ibid. [ 8 ]. ibid [ 9 ]. Ravinder Kumar. A Centenary History of the Indian National Congress 1919-1935. pg10 [ 10 ]. Ravinder Kumar. A Centenary History of the Indian National Congress 1919-1935. pg47 [ 11 ]. D. A Low,......

Words: 2567 - Pages: 11

Free Essay

Causelist

...Pawan Upadhyay, Adv. For R-6. (O.A. No. 288/13 & 328/13) ----------do----------- 12. Original Application No. 63/2014 Chand & Anr. Vs U.P. P.C.B. & Ors. 13. Appeal No. 11/2013 Dileep B. Nevatia Vs Union of India & Ors. 14. Appeal No. 64/2013 Dileep B. Nevatia Vs Union of India & Ors. 15. Original Application No. Srinagar Bandh Aapda 3/2014 Sangharsh Samiti & Anr. Vs. Alaknanda Hydropower Co. Ltd. & Ors. Original Application No. 64/2014 (M. A. No. 137/2014) Rahul Shukla V/S Triveni Enggineering & Industries Ltd. Ramkola Unit. 16. 17. Original Application No.125/2013 (M.A. No. 869/2013) Rameshwar Singh Vs. State of U.P. & Ors. 18. M .A. No. 235/2014 in Original Application No. 65/2014 Ravinder Kr. Sharma Vs. State of Jammu & Kashmir & Ors Lokendra Kumar Vs. State of U.P. & Ors. 19. Original Application No.328/2013 20. M.A. No. 806/2013, M.A No. 1018/2013, M.A No. 1097/2013, & M.A No. 1112/2013 in Original Application No.288/2013 (PH) Chandrapal Singh Vs. State of U.P. & Ors. 21. Original Application No.348/2013 (PH) Original Application No.349/2013 (PH) Original Application No.350/2013 (PH) Original Application No.351/2013 (PH) Original Application No.353/2013 (PH) Shafiq Vs. State of U.P. & Ors. Bhopal Singh Vs. State of U.P. & Ors. Rajkumar Singh ----------do----------Vs. State of U.P. & Ors. Harbir ----------do----------Vs. State of U.P. & Ors. M/s Mata Brick Field ----------do----------Vs. State......

Words: 1366 - Pages: 6

Free Essay

Media

...Application Receipt Applicant Details: Application Reference No. Service Type Type of Application Application Submitted Date Date of Birth Gender Employment Type Marital Status Place of Birth Given Name Surname Father's Name Mother's Name Present Address Applicants References: First Reference Details Second Reference Details Payment Details:# Payment Status Appointment Details: PSK Location Date and Time of Appointment Appointment Id Reporting Time 14-0006987718 FRESH Normal 06/07/2014 17/03/1994 MALE STUDENT SINGLE KAPURTHALA,KAPURTHALA,PUNJAB ASHISH CHADHA CHADHA BHUPINDER KUMAR CHADHA SADHNA CHADHA 864,URBAN ESTATE KPAURTHALA, KAPURTHALA, KAPURTHALA, 144601, PUNJAB, INDIA HIRA SINGH MOMI 928,URBAN ESTATE KAPURTHALA, 9815300444, 9815300444 RAVINDER K SHARMA 845,URBAN ESTATE KAPURTHSLA, 9417657606, 9417657606 Not paid Thanks for showing your interest in 'Passport Seva SMS Services' enrolment. Please pay Rs 30/- (THIRTY ONLY) in cash as the Enrolment Charges during your visit to Passport Seva Kendra. Note: Applicant should reach the Passport Seva Kendra by the reporting tim e m entioned above for pre-checking of docum ents to avoid any hassles in issuance of token. Applicant should bring all the originals and one set of photo copy, photo copies should be self attested by the applicant. One accom panying person from the fam ily w ill be allow ed along w ith Senior Citizens, Physically Challenged, Illiterate and Minor applicants only. Applicant w ill not be issued token......

Words: 370 - Pages: 2

Free Essay

Ficci Make in India Report

...medium term. 2. An increase in the share of manufacturing in the country’s Gross Domestic Product from the present 16% to 25% by 2022. 3. Additional 100 million jobs by 2022 in manufacturing sector. 4. Skill development among rural migrants and the urban poor for inclusive growth. 5. An increase in domestic value addition and technological depth in manufacturing. 6. Making the Indian manufacturing sector more competitive and visible on the global stage PANEL DISCUSSION The live telecast of the session was followed by a panel discussion. The esteemed panel present for the discussion was: 1. Mr. K.K.Sharma 2. Mr. Rajinder Gupta 3. Ms. Monika Choudhary 4. Mr. Y.S.Malik 5. Ashok Khanna 5. Mr.Yogesh 6. Mr. Dilip Sharma 7. Mr. Ravinder Singh (Punjab) 8. Mr. Rajinder Chauhan (H.P.) The discussion started with Mr.K.K.Sharma summarizing the speakers’ and the Prime Minister’s “Make in India” initiative program launched in New Delhi. He later emphasized state level challenges faced and ways to resolve them so as to be an integral part of this initiative and make it successful. He focused on striving towards making things simple for existing and potential entrepreneurs. Mr. Sharma asserted that the Chandigarh and Punjab in general has huge potential in terms of industries and world class educational institutes in the vicinity. He mentioned about the potential opportunity to create an Electronics Industry Manufacturing Zone in the Phase 3 area so as to attract......

Words: 1228 - Pages: 5

Premium Essay

Motorcycle Accidents in India

...must ride at night, our can reduce your risk by enhancing your conspicuity. Because accident are more likely to happen in night time Using of running headlights can also help avoid accidents. Running lights are two lights, usually placed about half a metre apart, but at the same height. The use of running lights during daytime is relatively uncommon on motorcycles in India. As with the use of colors and fluorescence, the daytime use of running lights and headlights aims to intensify the contrast between motorcycle and the background, allowing the motorcyclist to be seen from a greater distance compared to motorcyclist who do not use running lights during daytime. Accordingly, Donne and Fulton (1985) and Fulton et al (1980; both cited in Ravinder, 1987) found that daytime use of running lights significantly increased the conspicuity of motorcycles Due to increasing number of accidents and injuries the government is enforcing strict safety laws. For instance, in India laws have been enforced to regulate accidents like, Driving without holding an effective driving licence results in 3 months of jail or 100 dollars fine or both, Driving by an under-aged person (Minor driving vehicle) results in licence ban and 100 dollar fine and (i) Disqualified person driving a vehicle or (ii) applying for or obtaining a driving licence or (iii) seeking a licence without disclosing endorsements made on driving licence preciously held also results in licence ban and 500 dollars fine (All......

Words: 1609 - Pages: 7

Free Essay

System Engineer

...Universiti Malaysia Sarawak, Malaysia Dr. Abu Hassan bin Md. Isa Universiti Malaysia Sarawak, Malaysia Dr. Ahmad Shuib Universiti Malaysia Sarawak, Malaysia Dr. J.A Nassir bin Shaari Universiti Malaysia Sarawak, Malaysia Dr. Khairil Annuar Mohd Kamal Universiti Malaysia Sarawak, Malaysia Dr. Hammad Akbar University of East Anglia Norwich NR47TJ, UK Dr. George Tovstiga University of Reading, Greenlands, Henley, UK Dr. Nita H. Shah University of Gujarat, India Dr. Siddhartha Sarkar Dinhata College West, Bengal, India Dr. Falendra K. Sudan University of Jammu and Kashmir Dr. Jotirmayee Kar ICFAI Business School, India Dr. Mansoor-uz-Zafar Dawood Ector, BIZTECK Dr. Stephen Miti Kapunda University of Botswana Dr. Ravinder Rena Eritrea Institute of Technology, North East Africa Dr. P. Malyadri Government Degree College Dr. Shafiq ur Rehman University of Karachi-Pakistan Dr. Muhammad Rashid Kamal Ansari FUUAST, Karachi-Pakistan Dr. Rana Khalid Naeem University of Karachi-Pakistan Dr. Muhammad Ayub Khan Yusufzai University of Karachi-Pakistan Dr. Arif Kamal University of Karachi-Pakistan Dr. Farooq Aziz FUUAST, Karachi-Pakistan Dr. Hafiz M. Sani FUUAST, Karachi-Pakistan Dr. Hanif Muhammed (IIHE), Karachi- Pakistan Dr. Syed Nawab Haider Naqvi FUUAST, Islamabad-Pakistan Dr. Ali Akbar Dhakhan BIZTEK, Karachi-Pakistan Dr. Mohammad Nawaz Chand S.A.L University, Khairpur- Pakistan Dr. Deedar Hussain Shah University of......

Words: 1193 - Pages: 5

Free Essay

Tqm in Software World

...services supplied to an organization, and the degree to which the needs of the customers are met, now and in the future. TQM integrates fundamental management techniques, existing improvement efforts, and technical tools under a disciplined approach focused on continuous improvement.” [Department of Defense, 1991] References Angel R. Martínez-Lorente, Frank Dewhurst, Barrie G. Dale, (1998) Total quality management: origins and evolution of the term, The TQM Magazine,10(5), 378 – 386. Department of Defense. (1991). TQM Guide, Vol. 1, Key Features of the DOD Implementation. DOD 5000.SIG.Final Draft 15 FEB 1991, p. 2. Li, e., Chen, H., & Cheung, W. (2000). Total quality management in software development process Parzinger, M., Ravinder, N. (2000), A study of the relationships between total quality management implementation factors and software quality, Total Quality Management & Business Excellence, 11(3). Powell, T. C. (1995), Total quality management as competitive advantage: a review and empirical study, Strategic Management Journal, 16(1), 15-37. Crosby, P. B. (1979), Quality is free, McGraw-Hill, New York. Rahman, Z., Siddiqui, J. (2006), TQM for information systems: are Indian organizations ready?, Interdisciplinary journal of information, knowledge, and management, 1, 135-136. Li, E., Chen, H., & Cheung, W. (2000). Total quality management in software development process, The journal of quality assurance institute, 14(1), 2-6......

Words: 2125 - Pages: 9

Free Essay

Samsung

...a manufacturing hub for Samsung worldwide. Not that Leeviews his "strategy revitalisation" effort as an attempt to change things. "What weadopted in 2007 was not really a change in strategy but an evolution of our strategy,"he insists.Surely not? Over the past decade, Samsung has clung to its premium positioning, with products that emphasised design, aesthetics and cutting-edge technology and pricesthat were commensurately higher. Until now. For the first time, it is movingdownwards, so much so that industry observers believe Samsung may go after themasses much like its arch rival LG Electronics did until a couple of years ago:already, Samsung flat televisions are among the cheapest in the market.Samsung India Deputy Managing Director, Ravinder Zutshi, vehemently rejects the price warrior tag, though. "Samsung is not a price warrior but today we are ascompetitively priced as our rivals. The focus is on expansion and deeper market penetration," he says.So, which is it? Evolutionary or radical change in strategy? Decide for yourself.Volumes do matter In 2005, Samsung introduced over 100 new products that were sold on the lifestyle platform. These included flat panel, LCD and plasma TVs [Get Quote], top-endrefrigerators, home theatre systems, digital cameras and camcorders, MP3 players,notebook computers and mobile phones.At the time, sceptics argued that growth targets based on premium products rather than on India's......

Words: 360 - Pages: 2

Premium Essay

Cerc

...A PROJECT REPORT ON “Analysis of derivative segment (Future & Options Market) of capital market” SUBMITTED BY: RAVINDER SINGH NEGI NRS/011304 In the partial fulfillment of the requirement as per THE INSTITUTE OF COST AND WORKS ACCOUTANT OF INDIA Institute of Cost and Works accountant of India Delhi Office 3, Institutional Area Lodhi Road, New Delhi - 110003 Phones: 011-24622156, 24521492 Fax: 011-43583642, 24622156, 24618645 DECLARATION I hereby declare that the Project report has been prepared by me during the year 2011. In partial fulfillment of the requirement for the award of the degree of Institute of Cost and Works Accountant of India (NIRC). Ravinder Singh Negi Place:--New Delhi Date:-- ...

Words: 5208 - Pages: 21

Free Essay

Woman Education in Developing Countries

...Another reason which hamper excluded groups of developing countries to come to school is their economic status. Following this article, it also discussed the government of developing countries should give out new policy which encourage excluded girls to come to school and make sure that they will gain knowledge and graduate at least primary school. In other words, it can be mentioned that the excluded school girls will be the major factor to evaluate the improvement and success of innovation in education. Further, the article also recommends the developing countries should discover what difficulties the excluded groups met and support extra hands in improving the education for school aged girl. Article 3: Ravinder, R. (2010) " EMERGING TRENDS OF HIGHER EDUCATION IN DEVELOPING COUNTRIES”. Scientific Annals of the "Alexandru Ioan Cuza" University of Iasi: Economic Sciences Series; 2010 Supplement, p301-315, 15p The article purposes to analysis the development of higher education in developing countries by globalization trends. In the globalization of education activities, high level education becomes a nation consideration in developing countries with an international dimension. As the result, the developing countries are under-pressured to adapt to the global trend. Therefore, they improve quality of higher education as an international acceptable standard. In first decade of twenty one century, higher education is affected strongly by......

Words: 970 - Pages: 4

Premium Essay

Youth Suicide in India

...YOUTH SUICIDE IN INDIA Ravinder Kaur, a professor at IIT Delhi in her case study observed that according to WHO, India has one of the highest Suicides rates worldwide, with about 40% people who commit suicides being under the age of 30.the focus has been on farmer Suicides as these have political resonance and their causes can often be traced to economic crises and government policies. The death of a farmer is often the death of a breadwinner impacting immediately the livelihood of his or her dependants. Though youth Suicides outnumber farmers farmer Suicides, little attention has been paid to the risk factors and the causes of Suicides in the demographic. Attention to student Suicides is paid only around Board exams, when stress levels across the Indian urban middle class are high or when a student at an IIT,IIM or the AIIMS, commit Suicides .Institutions conduct internal inquiries and come up with the usual factors of stress, inability to perform, parental pressure or issues of failed personal relationships. Some observes have noted that many Dalit students have committed suicide in elite institution, pointing a finger at stress experienced due to caste discrimination. Others point to fear of failure and dismissal once admission has been, individual psychology plays a role in every case. The recent Suicides in elite institution like IITs and raise several questions. Due to......

Words: 1022 - Pages: 5