New Delhi: Homegrown FMCG major Emami has said its operations in Bangladesh have stabilised as people have rejoined the factory and production has resumed.
Replying to queries at the AGM, Emami CFO Naresh Bhansali said the business was impacted in Bangladesh due to political turmoil, and the company expects operations to normalise over a period of time.
"Last month was very turbulent. But it (operation) has stabilised now. People have joined back work, factory has resumed operations. The market has also opened," Bhansali said while replying to a query from the shareholder.
The company does not see a big impact on its overall business from the Bangladesh operations.
"Bangladesh will also come back on the same growth trajectory path over a period of time. The new Government, which we expect to get established in some time, will hopefully give political stability and we expect the business to resume soon. We do not expect any market share or any loss there," the CFO said.
Emami has one manufacturing facility in Bangladesh operated through Emami Bangladesh Ltd, a wholly-owned subsidiary of Emami Ltd.
Emami Bangladesh was incorporated in November 2004 and is engaged in the manufacture, import and sale of cosmetics and ayurvedic medicines from its unit in Dhaka.
For the financial year ended March 31, 2024, Emami Bangladesh clocked revenues worth Rs 174.23 crore. It contributed 6.10 per cent of total comprehensive income of Emami.
Emami operates in Bangladesh with brands such as 7 Oils, Amla Plus, Kesh King and Navratna Oil.
Referring to Sri Lanka's business, the company management replied that it faced turbulence in the country earlier in 2022. The business had gone down then for the currency devaluation.
"Now the business has resumed. It has come back on the good growth path in Sri Lanka," he said.
Published 28 August 2024, 14:52 IST