Business

Price Cut: Cheap days are coming on Diwali, the price of this item of your daily use reduced by 15%

Photo:FILE Soap Price Cut

Highlights

  • GCPL has reduced rates of some of its soap brands by up to 15%
  • Due to the decrease in the prices of palm oil, the prices are decreasing
  • Prices of Lifebuoy and Lux ​​reduced by 5-11%

Price Cut: There is relief news for the common people who are facing the backlash of inflation. Country’s leading FMCG companies Hindustan Unilever Limited and Godrej Consumer Products Limited (GCPL) have reduced rates of some of their soap brands by up to 15% on Diwali. The main reason behind the companies’ kindness is being attributed to the fall in the prices of key raw materials like palm oil.

Both the companies cut the price

HUL has reduced the prices of its popular soap brands Lifebuoy and Lux ​​by 5-11% in the western India segment. Godrej Group’s subsidiary GCPL, which owns soap brand Godrej No. 1, has also reduced soap rates by 13 to 15%. Godrej No. 1 soap bundle pack (five units of 100 grams each) has been reduced from Rs 140 to Rs 120.

Sales expected to increase due to fall in price

Analysts expect the fall in prices to help boost sales volumes in the second half of the current fiscal, especially since overall consumption has remained sluggish due to higher prices. Commenting on the development, GCPL CFO Sameer Shah said: “With the reduction in raw material prices, GCPL is one of the first FMCG companies to pass on the benefit of reduction in prices to the consumers.” He said, “Specifically in soaps, GCPL has reduced prices by 13 to 15 per cent. We have reduced the price of Godrej No. 1 soap bundle packs (five units of 100 grams each) from Rs 140 to Rs 120. ”

Raw material gave relief

The representative dismissed reports of price cuts for other brands such as Surf, Rin, Wheel and Dove. According to Avnish Roy, Executive Vice President, Edelweiss Financial Services, HUL’s price cut is the company’s priority to retain market share in the era of falling raw material cost. “When raw material prices fall, regional players usually return.” He expects this to boost volume growth for HUL in H2FY23 and FY24.

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