Santoor maker’s eyes on rains, food inflation – Times of India

BENGALURU: Wipro Consumer Care & Lighting’s revenue grew 3% to Rs 10,300 crore in FY24 – the lowest in recent years. However, its CEO Vineet Agrawal remains optimistic. He sees a revival in rural demand, an uptick in its international business, and growth in Santoor and Yardley brands.
“We’re not guiding numbers. But what we are guiding on is that we will grow the fastest in the industry.So that’s something that, irrespective of the environment, is good because we will do better than all our competitors. And even if the environment is bad, then we should do better than our competition,” he told TOI.
Agrawal said that the previous year was challenging from a revenue growth perspective, but the company’s profits improved. “There have been times when the demand has been difficult, and the market is not supportive. We don’t believe it’s gloom and doom. We’re just hoping that the monsoon is good and food inflation doesn’t get out of hand,” he added.

He said that building a war chest for the future is crucial during such times. Drawing parallels to past events like demonetisation and GST implementation, which temporarily disrupted the market, Agrawal expressed confidence in the industry’s resilience and adaptability.
WCCL’s portfolio includes personal and home care products, domestic and commercial lighting, and a recent foray into the foods business. The company’s flagship brand, Santoor, achieved Rs 2,700 crore in revenue in the 2023-24 financial year, up from Rs 2,300 crore in the 2021-22 financial year. Similarly, its heritage brand Yardley grew to Rs 268 crore from from Rs 186 crore during the same period.
Agrawal expressed confidence in the demand outlook, noting that April and May have exceeded expectations and performed better than the previous year, despite challenges posed by extreme heat and elections.
“In fact, we were not expecting it to be good because of the extreme heat. This time it’s been very hot, and retailers don’t go to the wholesalers to buy, especially from small towns and rural areas. From a wholesale perspective, there are some customers who still carry cash, and during elections, since there were many checks conducted, purchase decisions tend to get postponed.”