MUMBAI: Procter & Gamble said emerging markets contributed 38% of business even as the world's largest household products maker company faced a moderate slump in sales in China, Russia, Turkey and Brazil.
The India market, on the other hand, grew 25% year-on-year organically, the maker of Tide detergent said while announcing its results for the first quarter of fiscal 2013. Revenue came in line with market expectations at $20.74 billion but was down 3.7% year-on-year. Organic sales rose 3% against Unilever's 5.9% from last year, primarily driven by price hikes.
For rival Unilever, emerging markets now contribute more than half of its sales at 54.5%.
Thus, to enhance contribution of emerging markets, P&G is planning to introduce 20 new categories and is building 15 plants in these markets P&G plans to invest Rs 1540 crore in the Indian home products business). The company also launched Oral-B toothpaste in Venezuela, Greece, Portugal and Israel, and aims to launch it in several more markets over the next six months, a report from Edelweiss Securities, a domestic brokerage firm said.
P&G is facing several headwinds related to costs and slower growth in developed countries and China, which has put the company on the backfoot. However, given its vast product portfolio and enforcing its plan to cut costs by $10 billion by 2016 it is expected to help the company improve profitability. P&G is also stepping up activities in emerging markets and has guided for 8-9% organic sales growth in developing markets for the fiscal year.
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