- FMCG Sector, Financial Performance, COVID-19 Impact, Indian Economy, Profitability Analysis, Paired t-test.
Abstract
This study evaluates the financial performance of selected Fast-Moving Consumer Goods (FMCG) companies in India across the pre-COVID-19 (2017–2019) and post-COVID-19 (2021–2023) periods. The consumer goods sector witnessed unprecedented supply-side disruptions and simultaneous demand surges during the pandemic. Utilizing secondary financial data from top-tier Indian FMCG enterprises namely Hindustan Unilever Limited (HUL), ITC Limited, and Nestlé India Limited this paper analyzes shifts in profitability, liquidity, and operational efficiency. Financial metrics such as Return on Assets (ROA), Current Ratio, and Asset Turnover Ratio were subjected to paired t-tests to determine statistically significant variations. The empirical results demonstrate that while liquidity profiles remained largely resilient due to conservative cash preservation, profitability margins experienced minor degradation caused by severe inflationary pressures on raw material inputs and supply chain realignments post-2021. Operational efficiency indexes presented a mixed trajectory, highlighting accelerated digital adoption balanced against higher storage and logistics friction. This paper offers comprehensive insights for investors, corporate strategists, and policy formulators monitoring consumer market stability in emerging market economies.