​Makers of Cadbury chocolates and Oreo biscuits witness slowest growth of the decade

Maker of Cadbury chocolates and Oreo biscuits, India business of Mondelez, has witnessed the slowest growth in more than a decade last fiscal when demand for most discretionary products took a hit due to sluggishness in the economy.

According to its filling with the registrar of companies (RoC) , Mondelez India Foods posted a 4 percent growth in net sales for the year ended March at Rs 5,411 crore. Net profit dropped significantly to Rs 35 crore against Rs 98 crore in the previous year. The company had changed its financial cycle from December to March in the previous year.

For 15 months ended in March 2015, it had reported sales of Rs 6,507 crore. Mondelez maintained that India remains a high priority market for the firm.

A Mondelez India spokesperson, said, "We recognise that in the short term, the overall business environment has remained slack as demand was tepid in the domestic market. But as we invest into selling, marketing and people, we continue to protect our leading share positions in the near term."

The company spokesperson said, "Given our pace of growth we also need to attract the best talent from the market. So, when our former MD expressed a desire to move on, we decided an experienced leader from outside the business with extensive knowledge of the market was important for us to make the most of the significant opportunities for growth we see in India."