The giant crawls: Sales grew only 1.84 pc, profit 0.12 pc

After taking over as chairman in May 2000, M S Banga had to face tough market conditions. The company’s sales were flat in the last two years. Besides, a bitter price war with Procter & Gamble in its mainstay detergent business is also expected to eat into its bottom line. For the full year ended December 31, 2003, sales grew only by 1.84 per cent to Rs 10,138.35 crore as against Rs 9,954.85 crore last year. Net profit, after exceptional items, was showed a flat growth of 0.12 per cent to Rs 1,771.79 crore as against Rs 1769.74 crore last year.