• Rural demand headwind: Monsoon failure in key growing regions has caused a distinct weakness in rural demand over the past 5 to 6 weeks, making management less optimistic about the rural segment.
• Urban demand outlook: Urban demand remains very optimistic heading into the peak festive season, supported by broader positivity across stock markets and enthusiasm around the Pay Commission.
• Edible oil margins: Edible oil is anticipated to deliver margins above 4% plus, potentially outperforming expectations due to domestic crop shortfalls.
• FMCG growth trajectory: The company is on course to achieve 15% growth in FMCG and meet its revenue objectives across segments, though food profitability and second-quarter margins remain key areas to monitor.