Food

1. Consumer foods
Biscuits and bakery
(33%)
Snacks
(32%)
Chocolates and
confectionery
(18%)
RTE/RTC
(16%)
Biscuits
Other bakery
products
Chocolates
Sugar-based
confectionery
Ready
to cook
Ready
to eat
Emerging
snacks
Chips
Traditional
snacks

2. Consumer foods
Biscuits and bakery
(33%)
Snacks
(32%)
Chocolates and
confectionery
(18%)
RTE/RTC
(16%)
Biscuits
Other bakery
products
Chocolates
Sugar-based
confectionery
Ready
to cook
Ready
to eat
Emerging
snacks
Chips
Traditional
snacks
Consumer
Foods

3. Snacks
FY22E-408
billion
17%
Chips
14% 14%
15% 14% 15%
15%
Traditional snacks
16%
12% 13%
13%
FY 22 FY 23 FY 24
FY 22 FY 23 FY 24 FY 22 FY 23 FY 24
24% 22%
18% 17%
20% 20% 20%
14%
FY 22 FY 23 FY 24
Chocolates
12% 12% 14%
13%
Hard boiled candies
13% 15% 14%
14%
FY 22 FY 23 FY 24
FY 22 FY 23 FY 24 FY 22 FY 23 FY 24 FY 22 FY 23 FY 24 FY 22 FY 23 FY 24
Chocolatesand
confectionery
FY22E-263
billion
RTC/RTE
FY22E—
228
billion
26%
17% 18% 17%
17%
22%
21% 17%

4. 24% 22%
18% 17% 20% 20% 20%
14%
Emerging snacks Traditional snacks
FY 22 FY 23 FY 24
17%
Chips
14% 14%
15%
14%
15% 15%
%
FY 22 FY 23 FY 24
Chocolates
12% 12% 14%
13%
FY 22 FY 23 FY 24 FY 22 FY 23 FY 24
FY 22 FY 23 FY 24 FY 22 FY 23 FY 24 FY 22 FY 23 FY 24 FY 22 FY 23 FY 24
E
T
R
/
C
T
R
s
k
c
a
n
S
Chocolates
FY22E-263
billion
RTC/RTE
FY22E—228
billion
16%
12% 13%
13%
26%
17% 18%
22%
21% 17% 17%
17%
Snacks
FY22E-408
billion
Heat & Eat Instant Noodles Sauces & Spreads Pasta

5. Category
FY22
gVolume gRealization
Traditional snacks 8% 8%
Chips 9% 8%
Emerging snacks 8% 7%
Chocolates 7% 5%
Hard boiled
candies
8% 5%
Heat & eat 14% 10%
Instant noodles 8% 6%
Sauces and
spreads
12% 6%
Pasta 14% 10%

6. Commodity FY21 FY22 FY23P Key ingredient for Rationale for FY23
Wheat -3% 5% 3%
Biscuits, bread, cakes,
RTE/RTC
We expect prices to rise on account of rising export opportunity due to the Ukraine crisis,
but the government can curb exports
Maize 4% 21% 6% Snacks, RTC/RTE Maize prices expected to remain strong on account of rising exports
Sugar 0% 6% 10%
Biscuits, chocolates,
RTE/RTC
Prices expected to increase in fiscal 2023, due to diversion of sugarcane towards ethanol
production and a pick-up in industrial demand
Butter 2% 4% 7% Biscuits. chocolates
Higher fodder prices will lead to an increase in milk procurement and higher butter prices
in fiscal 2023
Palm oil 23% 36% -5% Snacks, RTE/RTC
As the supply crunch in sunflower oil normalises due to the Ukraine crisis, prices are
expected to fall
Potato -12% -40% 3% Snacks We expect to see an uptick in prices in fiscal 2023. due to waterlogging
Cocoa 2% 5% 4% Chocolates Prices to remain strong into fiscal 2023, with depreciating rupee due to the Ukraine crisis
Milk -3% 16% 3% Biscuits, chocolates High fodder cost will drive milk prices in fiscal 2023

7. Source: Company reports, industry, CRISIL Research
235 343 386 423 468 518
132
219 234 263 298
339
188
324
352
408
463
528
157
190
228
270
321
625
69
1,043
1,163
1,322
1,499
1,707
FY16 FY20 FY23P FY24P
(Rs billion)
RTE/RTC
FY21
Snacks
FY22E
Chocolates and confectioneries Bakery products Packaged foods
12%
13-15%
12-14%
13-15%
Source: Company reports, industry, CRISIL
Research
235 343 386 423 468 518
132
219 234 263 298 339
188
324 352
408
463
528
157
190
228
270
321
625
69
1,043
1,163
1,322
1,499
1,707
FY16 FY20 FY23P FY24P
(Rs billion)
RTE/RTC
FY21
Snacks
FY22E
Chocolates and confectioneries Bakery products Packaged foods
12%
13-15%
12-14%
13-15%

8. Source: Company reports, industry, CRISIL Research
235 343 386 423 468 518
132
219 234 263 298
339
188
324
352
408
463
528
157
190
228
270
321
625
69
1,043
1,163
1,322
1,499
1,707
FY16 FY20 FY23P FY24P
(INR Bn)
RTE/RTC
FY21 FY22E
Chocolates and confectioneries Bakery products Packaged foods
13-15%
12-14%
13-15%
Snacks

9. 96 108 121 136
24
28
33
39
63
78
95
116
3.1
3.8
5
6
Heat & Eat
Pasta
FY21 FY22E
Sauces and Spreads
FY23P FY24P
Instant noodles
50 92 100 134 130 147
39
81 87
102 116
133
75
151 165
249
216
190
FY16 FY20
Emerging snacks
FY22E FY24P
(Rs billion)
FY21
Chips
FY23P
Traditional snacks
(INR Bn)
(INR Bn)

10. 77
140 149 167 187 214
42
79 85
96
110
126
FY22E FY24P
(INR Bn)
FY16 FY20 FY21
Sugar based candies
Source: Company reports, industry
FY23P
Chocolates
62-
65%
12-
14%
5-7%
12-
13%
FY21
Others 3-4%
Chocolates
~64%
Sugar
Confectionary
~36%
Market
Share
(INR Bn)

11. 15.3%
11.6% 12.3%
11.3%
13.1%
13.7% 13.2%
11.0%
11.7%
15.5% 15.3%
16.8%
16.0%
16.0%
13.0%
12.0%
FY16 FY17 FY18
Bread and Bakery
FY19 FY20
Snacks
FY24P
FY21 FY22E FY23P
Chocolates and confectionary RTE/RTC

12. Increase Sales
Increase
Distribution
Increase Product
Range
Pricing
Incremental
Demand
Bigger share on the
shelves
Higher Penetration
New Channels (Ecom)
New Markets/Regions
New Product
Launches
New Varities in
existing brands
New Brands
Discount Policy
Pushing Custormers
towards premium
products
Pushing Large size
packages
Covering the Entire
Needs Pyramid
Find New Customers