5th Annual Wellness Conference: August 2013
Sizing the wellness market opportunity p4/ Key levers for sustained andprofitable growth p6 / Looking forward p26/ Glossary and citations p28

Imperatives for growth
The wellness industry

www.pwc.in

Foreword
Dear reader,In this third year of PwC’s knowledge partnership with FICCI on the wellness sector and the fifth edition of the FICCI
Wellness conference, it gives us great pleasure to bring to you Imperatives for growth:The wellness industry.
Even as consumer expenditure has grown at its slowest rate in the last 8 years, the wellness sector has bucked thetrend and continues to grow from strength to strength. Resilience in consumer spending on wellness products andservices is a reflection of increasing consumer awareness and acceptance of wellness as an integral part of theirlifestyle. The large 700 billion INR opportunity offered by the Indian wellness industry has sparked the interest of
global and domestic entrants into this space, even as incumbents are directing their efforts on scaling up operations.
This has also sparked increased levels of interest from the investor community. Consequently, increased availabilityof funds is likely to propel deal activity in this space.

While industry prospects continue to remain bright, players are adopting various strategies to sustain topline andbottomline improvements. It is interesting to note how players are juggling multiple brands to create distinct value
propositions for diverse customer segments. Cost rationalisation is high on the agenda for many companies in this
sector — rising inputs costs due to global inflation, volatility in currency movements, high rentals and attrition are
putting increasing pressure on margins of industry players.
With the industry slated to reach one trillion INR by 2015, it is important for industry stakeholders — private
participants as well as the government—to take collective action around creating an adequate pool of trained,
certified and reliable talent for the sector, and improving the effectiveness of mechanisms to monitor and regulatequality standards in the industry. A comprehensive approach towards quality and compliance will also be
instrumental in instilling confidence regarding India’s capabilities in the wellness arena among global consumers.
Sandeep Ahuja
Chairman, FICCI National Wellness Committee
MD, VLCC Healthcare Limited

Rachna Nath
Executive Director and National
Leader, Retail and Consumer
PwC

Executive summary
The wellness market in India continued totread its projected growth trajectory, to reacha market size of 700 billion INR in 2012.
This represents a growth of more than 18%
over the previous year. Products continue tocomprise a majority share of 55 to 60% of thetotal market share.
Despite the slowdown in economic growthin 2012, the wellness industry has shown
little signs of downturn as consumer spend
on wellness products and services continues
to be resilient. While industry prospects still
remain bright, companies are fine-tuning theirbusiness and operating model in order todrive sustained revenue growth andensure profitability.

Levers for revenue growth
Adopting a balanced approach to scaling
up: Franchising has been a common route toachieve rapid scale. However, companies arealso exploring hybrid models and expanding
the network of their own outlets in order tomanage the challenges around loss of control
and brand dilution.
Multi-brand strategy to address diverse
customer segments: Companies are chalking
out a multi-brand strategy in order to target
distinct customer segments, penetrate deeper
into existing markets, and simultaneously
diversify into newer markets.
Investing in building consumer awarenessand trust: Consumer awareness and trust
plays a key role in the growth of the wellness
products and services market as well as
widening its consumer base. Players havetaken up a number of initiatives to educate
and improve consumer awareness regarding
the benefits of wellness products and services,
and are setting up mechanisms for pro-active
consumer connect and feedback.

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Levers for growth in profitability
Diversifying portfolio in order to drive profitability:
In the wellness industry, products traditionally have hadhigher margins than services. Many wellness service
players are diversifying into products in order to improvebusiness margins.
Chalking out a premiumisation strategy: Players areadding premium products and services to their portfolio mix
in a bid to shore up gross margins. However, this necessitatescreating a distinct value proposition and investing in
additional capabilities.
Developing innovative strategies in order to manage
cost pressure: Players across the industry are grapplingwith issues such as rising input, distribution, rental andmanpower costs. In order to mitigate margin risks, they arebeing more pre-emptive and responsive to market dynamics.
They are constantly in pursuit of new options in order to prune
operating expenses. This in turn may call for companies tochallenge existing practices and re-orient internal processes.

•

On the whole, industry consensus emphasises on theimportance of improving the overall quality standards
within the sector, and project the image of India as ahigh-quality wellness destination. Accreditation andquality certifications are pre-requisites in order to achieve
this goal. However, there are gaps that need to be bridged
to mimimise execution challenges and ensure conformity
to quality standards across the industry.

A call for action
Corrective measures to tackle these challenges have been
introduced in the past. However, factors such as low consumerawareness and execution challenges around certification
have limited the industry from achieving its desired results.
Collective action from multiple stakeholders such as industry
leaders, investors, the government and infrastructure andservice providers to the wellness industry, can be a panacea forsuch challenges, and thereby enable the sector to live up to its
trillion rupee potential by 2015.

Industry concerns and challenges
There are a number of systemic challenges faced by thewellness industry which, if left unaddressed, can stymie thefuture growth potential of the industry. Prevailing challenges
include the following:•

While players are developing strategies to control
costs and arrive at optimal cost structures, managing input
costs continue to be a challenge due to thelimited capability of the players to pass on thesecosts to the customers.

•

As highlighted in the previous editions of the PwC-FICCI
wellness publications, the wellness industry continues toface a talent crunch. This paucity of skilled talent has
resulted in high manpower costs and attrition levels.
This may result in a ‘war for talent’, unless active
measures are taken to create credible and accessible
training infrastructure.

Imperatives for growth - The wellness industry

5Sizing the wellness
market opportunity
Despite macroeconomic headwinds, consumer spend inwellness remained largely buoyant. The wellness market
in India registered a growth rate of 18-20% during 2012,
to touch a market size of 700 billion INR. Products
continue to constitute a majority share of the market.

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The market has grown largely in line with our
expectations. We had projected a growth rate of
20% in our 2012 report titled, ‘Winds of Change– The Wellness consumer’.

The 680-720 billion INR wellness market has
grown at a rate of 18-20% over last year
The wellness market landscapeThree large segments namely, wellness
food and beverages, hair and skincare
and alternate therapy services, accountfor more than half of the wellness
market in India.

40%

20%

Hygiene10%

Hair andskincareCAGR 2009 -2012

30%
Wellness food andbeverages

0%

Salons andbeauty services

Curative / preventive

Alternate therapy
services
Dietary supplements
Alternate therapy products

Fitness
equipment
Spas
Cosmetic treatments

Fitness services
Slimming services

Slimming
products

Colour cosmetics and fragrances,slimming services and slimming
products continue to be the fastest
growing segments within the market.

Colour cosmetics andfragrances

Enhancement
Services (40 - 45%)
Products (55 - 60%)
Size of the bubble corresponds to the market size
Represents a size of 50 bn INR

The wellness offerings market has been segmented along hygiene, curative and enhancement needs of the consumer.
Key features are as follows:•

Hygiene needs stem from the basic necessity to maintain personal cleanliness.

•

Curative needs are aligned to prevent diseases, cure ailments and maintain a healthy lifestyle.

•Enhancement needs focus on improving personal appearance and self-confidence.

Source: PwC research and analysis, company annual reports, trade databases and primary research

Imperatives for growth - The wellness industry

7

“There is strong demand in tier-2 and 3
cities with growing awareness for healthand fitness among consumers. Our
growth is being driven by expanding
presence in these under-exploredmarkets with strong demand”
Anant Gawande, CFO, Talwalkars

Rising consumer spend, increased availability of funding and expansion intotier-2 and 3 cities have been growth drivers for the wellness industry

1Consumer spend in wellness continues to be buoyant
According to the Central Statistical Organisation, growth in consumption expenditure has slowed down to 4% in
2012-13 compared to 8% in 2011-12. However, consumer spend on wellness products and services continues to beresilient with a marginal slowdown in value growth.

2

Rising competitive intensity in the wellness industry

3

Increased availability of funding is spurring deal activity within the sector

4

Expansion to tier-2 and 3 cities•

High growth prospects and opportunities within the wellness industry have attracted a number of new
entrants (global as well as domestic), and accelerated expansion plans of existing players.

•

For instance, the salon and spa services segment has witnessed the entry of a number of global players such as
French hair-salon chain, Dessange International, Jean-Claude Biguine Salon and Spa, Saks Hair and Beautysalons, Toni and Guy, etc. Similarly, the fitness services industry which, until a few years back, had only asmall number of organised players, today comprises of 100-plus centre chains. This includes domestic players
such as Talwalkars as well as international chains such as Gold’s gym, Fitness First, Anytime Fitness, etc.

Increasing attractiveness of the wellness industry has given a boost to deal activity within the sector, which over
the recent years has been on an upswing. Over 40 deals were inked since FY 2009 as compared to the pre- FY 2009
period where less than 15 deals were inked. Deal activity continues to be driven by strategic deals, which haveaccounted for over 65% of the total deals since 2009.

•

Rising income, increasing awareness among consumers in tier-2 and 3 cities, and lower rental/manpower
costs are some of the drivers for expansion into tier-2 and 3 cities.

•

For a number of wellness players, over 50% of their new store additions, during FY 2013, have been beyond
the top 15 cities.
% of store additions in FY13
Others
33%

50%
73%

9%
9%
9%

Fitness
playerSlimming
services
player

Source: PwC research, trade press, CSO, company websites

PwC

13%
20%

27%

23%

32%
Large
salon
playerTop 35 cities
Top 15 cities

68%
25%

8

36%

42%

Fitness
player32%
Salon
playerTop 4 cities

“While growth in the fitness services sector continues
to be in high double digits, there has been some
contraction in spends by customers, with customers
scaling down on extra services. This has pushed
the impetus for increasing penetration anddriving enrollments”
				Istayak Ansari, COO, Gold’s Gym India

The 285 -290 billion INR beauty care market has grown at a rate 15 to 20%
while the fitness and slimming market was estimated at 60 billion INR in 2012,
growing at a rate of 18-22%
Beauty care•

Consumer spend on beauty care continues to be resilient,with a marginal slowdown in value growth.

•Within the cosmetic products segment, the hair and skincare sub-segment continues to dominate the market.
However, the share of the colour cosmetics, fragrances anddeodorants sub-segments have been steadily increasingover the years and are expected to account for over
one-third of the total cosmetic products market by 2015.

•

The organised market for salons has been growing at amuch faster rate and currently accounts for nearly a fifth of
the total market. Going forward, this is expected to grow asplayers increase the number of outlets.

•

Non-surgical or minimally invasive procedures haveovertaken surgical procedures due to lower cost, shorter
duration and lesser recovery time associated with theformer. Increased acceptance of such procedures has been
driven by the consumer need to look good and the risinglevels of awareness on its minimal side effects.

Beauty centres

Non-surgicalCosmetic products
35%

50%

Beauty treatments

40%

Surgical

75%
60%
5%

50%

60%

25%
2009

2010

Fitness and slimming•

Fitness services continue to account for nearly half of this segment.

•

Slimming products have grown at a rapid rate of 35-40% in
the last one year, driven by urban consumers, who are placing a greater
premium on looking slim and fit, and the wider availability of products
through retail or direct selling channels.

10-15%

2011

Slimming products
Slimming services

20%

Fitness equipment
Fitness services

20%•

The slimming services segment has grown at a rate of 20-25% in 2012. The
market remains fragmented, with most players having a limited number ofcentres and focussing only on one or two cities within India.

•

The fitness equipment segment has seen a moderate slowdown in its volume
growth over the last one year. The share of the home segment has not grownin line with industry expectations, since customers have either scaled down or
postponed their purchase decisions. Moreover, reduced capex by gym chains
into their new centres, located within tier- 2 and tier-3 towns, have also
impacted demand.

45-50%

Source: PwC research and analysis and the International Society of Aesthetic Plastic Surgery

Imperatives for growth - The wellness industry

9

Nutrition foods, beverages and supplements comprisea 170-180 billion INR market in India

54 - 55%
Fortified foods andbeverages (FFB)•

FFB is the largest segment within the nutrition food and beverages
market. Fortified beverage mixes, biscuits and oils comprise over 80% of
the overall FFB market.

•

Fortified oils is the fastest growing category with sharp increases in prices
during the last one year due to high inflation in the country.

•

Players are also adding new categories to the FFB product portfolio, suchas noodles, cooking sauces, eggs, probiotic yoghurt, etc.

•

Traditional herbal dietary supplements are becoming increasingly popular overother supplements, with companies investing into R&D and focussing on
product innovation to address taste barriers.

•

Multi-vitamins continue to be well-entrenched due to its established association
with holistic health benefits in the minds of consumers.

•

Companies are focusing on exploring new distribution partners such as online
and specialty wellness retailers.

17 - 18%

22 - 24%
Dietary
supplements•

Consumer affinity for packaged, naturally healthy products is increasing
due to the deep association of concepts such as ‘natural’ with ‘health’.

•

As fortified products are becoming the ‘new normal’ in categories such as
biscuits and bakery products, naturally healthy variants such as high-fibre
biscuits and snacks are being launched at a moderate price premium.

Naturally healthy(NH) products•

BFY food and beverages continues to be the fastest growing segment, though on asmaller base.

•

BFY products are typically perceived by consumers as being ‘less unhealthy’ thantheir regular counterparts, and hence finds relevance in a number of indulgence
food categories such as cola beverages, chips, chocolates, confectionery etc.

4 - 5%
Better-for-you(BFY) products

India ranks among the top 10 global growth markets for nutrition F&B
Globally, growth in nutrition F&B is being fuelled by emerging markets, with markets such as India, China, Brazil
and Indonesia expected to add more than $ 100 bn USD bn between 2012 and 2017.

Source: PwC research and analysis, Euromonitor

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The rejuvenation segment has posted a healthy growth in viewof the expansion drive by players while the alternate therapy
segment has maintained its growth trajectory
Rejuvenation•

The rejuvenation market in India is estimated at 7 billion to 8 billion INR.

•

The rejuvenation sector witnessed a number of deals last year. For e.g., Six Senses Spa joined hands with
Jaypee Group for establishing one of the largest spas in India, private equity-backed The Four Fountains
Spa acquired Power Spa Pvt Ltd.

•Day spas continue to grow at a faster clip compared to destination and hotel spas. Players are introducing
new and innovative offerings (e.g., fusion therapies that blend western and Indian therapies, service
combinations, use of exotic ingredients, etc.) in order to attract footfalls and differentiate themselves fromcompetition.

Alternate therapy•

The alternate therapy market in India is estimated at 160 billion to 180 billion INR. Lower costs of alternate
therapy treatments has made it affordable to a larger cross-section of the population. However, the need forstandardisation and lack of compliance around accreditation still remain unaddressed.

•

Disbursement of government grants and schemes for the Ayurveda, Unani, Siddha and Homeopathy(AYUSH) sector has increased at a CAGR of 31% between 2008- 2011, with a major thrust on thedevelopment of AYUSH hospitals and dispensaries, educational institutions and R&D support. The 12thFive-Year Plan (FYP) has recommended budgetary allocations of up to 10% (of the total budget of the healthsector in India) for the AYUSH sector.

•

The Insurance Regulatory and Development Authority (IRDA) has issued a notification for the inclusion of
non-allopathic systems within mediclaim insurance policies. This is expected to provide a boost to thesector. However, getting a buy-in from insurance companies in order to ensure adoption is critical.

•

Increasing concerns about the side-effects of chemical-based products and services is expected to give an
impetus to wellness providers to diversify their product portfolio into segments such as ayurvedic andherbal product categories.

Wellness services can play an important role in boosting inflow of international
tourists to India
Year-on-year growth of international tourist arrivals

46%
India

31%
21%
12%
-2%

2%

9%

Thailand5%-3%2008 - 09•

13%

Sri Lanka
17% 16%2009 - 102010 - 112011 - 12

Post-2009, countries such as Sri Lanka and Thailand have grown their international tourist arrivals at afaster clip as compared to India. The wellness services sector (especially AYUSH) has the potential to bea key driver for promoting India as a wellness destination and boosting international tourist footfalls.

Source: PwC research and analysis, trade press, Health Division Planning Commission, government of India

Imperatives for growth - The wellness industry

11

Key levers for sustained
and profitable growth
While the recent slowdown in the economy is
yet to significantly dampen prospects in thewellness industry, a key concern andchallenge, for many recent entrants (and evenincumbents), has been ensuring sustained
revenue growth with profitable operations.
Players have adopted
multiple strategies in orderto ensure consistent toplineand bottomline growth, evenas they deal with systemic
challenges in the industry.

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“We are seeking to establish ourown stores first locally which
can be used to understandregional markets and used as abenchmark by the franchisepartner to align standardpractices and train local talent”
		
Sandeep Ahuja, Managing
Director, VLCC Healthcare Ltd.

Levers for revenue growth1.

Franchising has been a common route to achieve rapid scale. However, companies
are also exploring hybrid models and expanding the network of their own outlets
to manage challenges around loss of control and brand dilution
Franchising continues to be a popularroute to achieve rapid scale•

Franchising allows companies to rapidly build up
their network without straining their capital
resources, and drive deeper market penetration
using easily replicable models.
22%

78%

91%

75%

Players are managing these challenges
by striving to balance between owned vsfranchise outlets as well as exploring hybrid
partnership models
Players realise the need to establish standards
and norms through their own stores before
expanding through a franchise network•

Many players who scaled up rapidly through thefranchisee route, have now set up plans to increase
number of own outlets.

•

Players who continue to expand through the franchiseeroute are becoming more cautious and selective in theirapproach towards selecting partners.

•

Companies are strengthening their brands by
establishing their own outlets in new markets, before
seeking franchise partners. This has helped themdevelop best practices to support the local franchisee
network better.

•

Despite these changes, franchising will continue
to play a critical role in the growth of thewellness industry.

78%

22%
Slimming services
playerFranchisee

Fitness player

9%Large salon
player25%
National salon
playerCompany owned

However, the risks around loss of control
and erosion of brand equity need to be
managed••Risks associated with the lack of adherence to quality
standards, inconsistent service experience,
inadequate training and education to franchisees
and malpractices reported by franchisees, can lead toan erosion of brand value.
Managing best practices and processes aroundfranchise identification, selection, training andgovernance in order to ensure consistency of
customer experience have become critical.

Emerging hybrid models are being used tobridge the gap between control vs scalability•

Shared capex models help companies maintain agreater degree of control and visibility over theirrespective operations. For example, Talwalkars
operates its outlets through a 51% subsidiary model,
where the capex is shared with a local masterfranchisee, while the company reserves the right tobuy back its share.

Source: PwC research, trade press and company annual reports

Imperatives for growth - The wellness industry

13

“Along with growth capital forthe business, a private equity
investor also brings in fresh
perspectives backed by experienceand introduces best practices andprofessional standards forbusiness operations”
Vikram Bhatt, Director,
Enrich Salons

2.

Venture capital and private equity funding into the wellness sector
has increased over the recent years...

•

There have more than a dozen venture capital and private equity deals inked between March 2009 and June 2013.
Interest in this sector has grown with the emergence of organised players, increasingly seeking to pursue equity funding
in order to drive growth plans.

•

While a majority of investments are largely early-stage or first-round funding, players such as VLCC, YLG, Healthkart.
com and Guardian Lifecare have raised more than one round of capital, indicating an increasing buy-in for the valuecreation potential of the wellness sector.

•

PE- backed companies have been able to expand into newer regions, widen their portfolio and drive inorganic growththrough acquisitions.
Company

Investor (year of investment)

How have these investments helped ?

Enrich Hair and Skin Solutions• JM Financial Limited (2010)• Grew from 15 salons in 2010 to 50 in 2013
• Revenues grew by a CAGR of over 40% between 2010-12

YLG• Helion Venture Partners (2009)• Everstone Capital (2012)• Helped fuel organic growth from one salon in 2009 to nearly 30
in 2013• Revenues grew by a CAGR of nearly 50% from 2010-12

VLCC• Everstone Capital (2007)• CLSA (invested in 2004, exitedin 2011)• Deployed funds in order to increase locations in India, expand
overseas, plan global acquisitions, develop an education
infrastructure and strengthen products business

The Four Fountains Spa• Fulcrum Ventures (2007)• Started in one city and thereby expanded into 10 cities within
India in a span of five years• Acquisition of Power Spa in 2013

Healthkart.com• Intel Capital (2013)• Seqioua Capital, Omidiyar Network, Kae Capital (2011)• Deployed seed funding and later stage funding in order toexpand its product portfolio, launch a marketplace for prescribed drugs and for the acquisition of madeinhealth.com

Guardian Lifecare• Mitsui Ventures Global
Fund (2012)• Samara Capital (2008)• Funds deployed for organic growth and retail expansion into
new markets

Source: ISI, Mergermarkets, PwC research

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“The current economic sentiment is likely
to make investors cautious about investingin new sectors – wellness, though a
growing and attractive market, is no
exception.This is an opportune time forplayers tolook inward, improve theirfinancial andoperational hygiene andprepare forgrowth once the investment
climatebecomes positive”
Siddharth Kothari, Director, JM Financial
Investment Managers Limited...however, there is opportunity to accelerate pace of investments going forward•

While there are only a handful of players today with revenues of 0.5-1 billion INR, new investment opportunities
are expected to emerge as smaller players seek to grow in size and scale––•

Exits have been relatively few in the wellness sector, due to the recent vintage of most investments in this space.
––

––

•

The wellness sector has a limited number of players having a sizeable magnitude of operations (i.e. revenues of over
0.5-1 billion INR). This can be attributed to the relative recent entry of organised players ‘into a sector, which waslargely characterised by small-scale operations and single-store outlets. However, entry of many corporate players
in this segment is expected to generate more investment opportunities as they scale up their operations and look forfunds to drive their expansion plans
The sector has witnessed some exits by private equity investors due to growth in operations of their respective
investees. For example:•

ChrysCapital exited from Zydus Wellness in 2010 at an estimated return of 4.7 times its initial investment.

•

After seven years of investment, CLSA exited from VLCC through the promoter buy-back route in 2011. Revenuesof the latter tripled during the same period.

However, given that many investments have taken place recently, and since most companies are still in theirearly stages of growth, successful exits are yet to be consistently demonstrated. IPO is yet to emerge as a provenexit strategy, with only two IPOs in this sector. IPO plans for some of the larger players have been put on hold or
postponed due to poor market sentiments and the volatility of the bourses.

Due to the current weak economic sentiment, investors are adopting a calibrated strategy for investments.
Players need to take cognizance of this and plan for the future.

Source: ISI, PwC research

Imperatives for growth - The wellness industry

15

3.

A multi-brand strategy to target disparate customer segments along with apresence across a wide range of categories have helped companies increase
penetration into existing markets as well as drive entry into new markets

In the health and wellness food and beverages category, players have launched several new categories
in order to increase penetration
Categories under functional or fortified food and beverages

Current• Health drink
powders• Sports drinks• Eggs• Drink concentrates• Vegetable oil• Biscuits• Health drink powders• Milk• Cereals• Biscuits• Yogurt• Energy drinks• Cereals• Fruit juices• Bread• Water• Nutrition bars

• AttaPre-1990

Multiple brands to target distinct
customer segments

Providing consumers with options to
induce trial••

In an effort to target a wider base of customer andinduce trial among current non-users, companies
are launching smaller SKUs (sachets and tubes) evenfor their mass premium and premium products.

•

Companies are also using coupon websites such as
Snapdeal, Groupon, etc. in order to induce trial
among consumers by offering discounts of upto
50 to 80% on services at salons, spas, fitness
centres, etc.

Players adopt a multi-brand strategy to target
disparate customer segments with varying value
drivers:–– L’oreal India has multiple brands targeting
different consumer segments- Garnier,
L’Oreal Paris and Maybelline targeting themass and ‘masstige’ segments, Lancome
for the premium segment and L’Oreal
Professional for the salon segment.
––

CavinKare has a mix of unisex high-end spaand-salons (Limelite) and mid-range familysalons (Green Trends).

Source: PwC research and analysis, trade press

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• Noodles

“We are investing in building consumer awareness forour products through efforts such as making productinformation available on our website, having brandrepresentatives or advisors at the point of sale toexplain product features etc.”
Philipe Haydon, CEO, Pharmaceuticals,
The Himalaya Drug Company

4.

Players are increasingly investing in consumer education and increasing
the visibility of their wellness offerings

Conducting health camps and offering free health check-ups•

Leading H&W food and beverage players in India such as Marico and Quaker Oats conducts health campaigns byobserving events such as the ‘World Heart Day’, encouraging consumers to maintain a healthy lifestyle and offering freecholesterol checks-ups for consumers.

•

Slimming centres and bariatric surgery players in India are generating awareness regarding issues such as fighting
obesity by observing anti-obesity days, conducting free health camps, publishing guides to educate consumers,organising campaigns involving marathon runs etc.

Educating customers regarding the benefits of specific ingredients•

Wellness product players have been investing in educating consumers about the benefits of specific wellness ingredientsin order to mould customer preference towards their products.

•

For instance, H&W food and beverage players have extensively focussed on promoting the benefits of ingredients suchas Omega-3 fatty acids, Oryzanol, etc. so that consumers can become familiar with these ingredients and also makeconscious choices to buy products containing these ingredients.

•

Similarly, within the beauty segment, players have focused on educating their customers regarding the benefits ofingredients such as activated carbon, AHA (in skincare) and keratin (in hair care).

Social media and online presence to generate consumer awareness•A number of product and service players have launched informative and interactive websites in order to promotewellness among their consumers. Some aspects of these interactive elements include columns such as ‘Ask the expert’
which gives the consumer access to expert advice, health tips, tools such as BMI calculator, heart health test, recipes forhealthy foods etc.

•

Some players have also adopted an active social media presence providing consumers a platform to interact with thebrand and create a ‘community’ of users.

Source: PwC research and analysis, trade press, company websites

Imperatives for growth - The wellness industry

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“Consumer scepticism remains high in thewellness products space because of the influx ofmany spurious products in the market, speciallyin the dietary supplement segment. The industry
continues to invest in building consumerawareness through various activities.”
Rahul Malhotra, Assistant Vice President,
Guardian Life Care Pvt. ltd.

5.

Players are undertaking a number of measures to win customer trustand improve overall quality standards in the industry...

Certifications and accreditations are some of the tools available toplayers in order to build credibility••

Recognising the need for accreditation within the wellness industry, the National
Accreditation Board for Hospitals and Healthcare (NABH) had put in place anational set of guidelines, back in 2008-09, for the accreditation of wellness
centres. Accredited centres are recognised by a ‘mark of excellence’, publicised by
the Ministry of Tourism at various forums and are provided financial support.
Fitness training players such as BFY Sports and Fitness offer international
certifications such as the American Council on Exercise (ACE) for fitness trainers,
while domestic players like VLCC have launched certification courses inassociation with IGNOU.

The ASCI has been activein addressing issues
around unsubstantiatedclaims in media•

The ASCI has set up a
National Advertising
Monitoring Service (NAMS)
for print and TV ads.

•

The ASCI is actively focusing
on ensuring that misleading,false or unsubstantiatedclaims are not made inadvertising campaigns byplayers.

•

On an average, the NAMS
monitors 1,500 TV and 45,000
newspaper ads. The bodyreceived and processed over
780 complaints against
misleading ads in 2012-13.

•

ASCI received the Best
Practices Silver Award for
NAMS in 2013 from theEuropean AdvertisingStandards Alliance.

Players are providing an increasing amount of information tocustomers in an attempt to earn their trust•

Leading wellness product companies have focused on backing their claims withverifiable and quantified data from publicised clinical trials.

•

Product players are also making detailed nutritional information available on
product packaging including details of ingredients, calories, carbohydrates, fat
content (MUFA, PUFA and transfat), protein, etc. per serving.

Players are improving their customer complaint redressal systems
to ensure a better customer experience•

Players are setting up effective consumer complaint redressal systems in order toaddress consumer concerns and assure them of quality products and services.

•

Some wellness operators have constituted refund policies in case customers are
not fully satisfied with their services.

•

Product companies include information on customer feedback and complaint
channels as a part of their packaging. Redressal mechanisms include refund or
replacement of defective products at no cost to the consumer.

Source: PwC research and analysis, NABH and the ASCI

18

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“Both NABH and the wellness players need to work
together to increase the awareness of standards amongcustomers and overcome current challenges aroundflexibility of curriculum, cost of implementation andease of execution of the standards.”
Anurag Kedia, Director, The Four Fountains Spa...however, there are gaps that need to be bridged to mimimise execution
challenges and ensure conformity to quality standards across the industry
Regulatory measures to govern quality standards in the wellness industry
and address issues around credibility have room for improvement

Current status of NABH
accreditation for wellness
centres

Current status of FSSAI
regulation on functional andnovel foods

Only five wellness operators have been accredited by
the NABH till date, while 12 additional applications are
currently being processed.

There is also needfor the industry
to introspect anddevelop a common
agenda to addressthese concerns•

What steps are
required to ensure
regulatory norms are
effective and relevantto the industry?

•Is there a need for anindustry body as awatchdog to keep
malpractices in checkand ensure adherence
to standards?

•

What measures can betaken to instil
consumer credibility
and ensure thewellness industry
captures a bigger shareof the domestic
consumer and tourist
wallet?

While FSSAI regulations have been notified in 2011,amendments covering functional and novel foods arestill in the draft stage, and are yet to be implemented.

There are a number of steps to be undertaken in order to ensure that the regulations are relevantto the industry, improve compliance and ensure effective enforcement.
•

Tailored guidelines for various segments of the wellness industry: Industry participants
have voiced the need to tailor the NABH guidelines to suit segment-specific dynamics.

•

Reduce execution challenges and costs: High cost of accreditation is a deterrent amongindustry participants, and the process is viewed as long and cumbersome. Simplification of
the process will result in higher acceptance within the industry.

•

Improve consumer awareness regarding accreditation: Consumer awareness regarding
accreditation continues to remain low, leaving players with little incentive to invest in thisprocess. The industry and QCI need to work jointly in order to promote and improve
consumer awareness regarding accreditation.

•

Ensure implementation of regulatory norms: For wellness products, enforcement ofquality guidelines and regulations continues to be a lacunae. Monitoring and punitive action
against defaulters need to be stepped up.

Many countries globally are strengthening regulations in order to improve the credibility of
the wellness sector
For e.g., Europe has defined new norms which prescribe a new format for mandatory nutrition labeling. It has also
mandated a list of approved generic health claims that companies have to adhere to while advertising to counterunsubstantiated health claims for nutritional products.
In the wellness spa segment, the Spa Industry Association of Canada has developed a national quality assurance program
to monitor quality and integrity of the services offered by its members.
Source: PwC research and analysis, NABH

Imperatives for growth - The wellness industry

19

Levers for profitability growth“In recent years, we have focussed on growing our skin, hairand bodycare products manufacturing and retailingbusiness, along with our services business. With our uniqueproposition and deep connect with customers, expanding into
retailing of these products was a natural extension of ouroperations, since we had already developed them in-house foruse as consumables in our centres”
Sandeep Ahuja, MD, VLCC Healthcare Ltd.

1.

Many wellness service players are targeting an increase in share of
product-led revenues to drive profitability
Since products have traditionally enjoyed higher margins, pure-play service players arediversifying their portfolio to include products to drive growth in bottomline
Typical EBITDA margins for leading wellness players in India

Product only companies

Service - cum product companies

Service only companies

20-30%•

While profitability is largely a function of the segment a
company belongs to, pure-play wellness service
companies are facing challenges in improving margins,due to high rental, utility and manpower costs.

•

Many leading wellness service companies havesuccessfully added products to their portfolio. As theshare of contribution of product revenues to the topline
has increased, profit margins have grown in tandem.

•

Alternately, large product companies such as HUL,
Marico and CavinKare, that have diversified into
services, in order to establish a personalised brandconnect with their customers, are building capabilities
from the ground-up level, and have adopted a long-term
perspective towards profitable growth from services.

15-25%

8-20%

Products have traditionally had higher margins than services, with EBITDA for beauty and wellness products
ranging from 20-30% vs service operating margins of 8-20%+

Source: PwC research, company annual reports and trade press

20

PwC

2.

While a premiumisation strategy has been often used to improvemargins, it necessitates a distinct value proposition and investment inbuilding additional capabilities
Examples of premiumisation strategy

12Introducing high-end variants of popular brands•

Several companies are leveraging on the brand recall and strength of their popular brands, bylaunching high end variants to tap the ‘wellness believer*’ segment•

However, it is important to clearly distinguish between the offerings and justify price premium of thesehigh-end variants. Differentiation can be based on various parameters such as the following:–– Technology (e.g. Parachute Advansed)––

Format (e.g. Lakme Absolute salons, Bevels salon from Jawed Habib)––

Functional benefits (e.g. Saffola Gold, Horlicks Gold)

Launching products for the professional services segment•

Products tailored for professional services enjoy higher margins over their retail counterparts. Hence,
players are launching high-end professional grooming products such as shampoos, conditioners, hairserums, facial kits etc. targeted specifically at spas and salons–– For example, Dabur launched a range of products under the ‘Fem’ brand for spas, salons and beauty
centres, Henkel launched a mass-focussed professional hair care brand and CavinKare launched arange of mid-segment professional products in skin and hair care––3

However, professional grooming products require different sales and marketing capabilities
compared to the retail segment as well as a separate channel strategy. This segment also needs to
be backed by strong technical support team for resolving client issues and queries.

Bringing in brands from global portfolio to India•

Many players are bringing in their global brands into India, typically positioned a few notches higher inIndia as compared to their global positioning.

•

However, in order to gain acceptance in the Indian market, companies have to invest significantly into
branding, marketing and distribution capabilities.

Source: PwC research and analysis, trade press* In our 2012 report titled Winds of Change – The Wellness Consumer, we defined a wellness believer as a consumer who seeks solutions beyond
general wellbeing, and is receptive to products and services with distinct functional benefits

Imperatives for growth - The wellness industry

21

3.

Even as players adopt measures to mitigate and minimise rising raw
material costs, challenges around high inflation and volatility in global
markets are likely to continue in the short term
Rising inflation and fluctuating raw material prices have led to a substantial rise in input
cost impacting the bottomline of wellness product companies
Cost of goods sold as % of total operating expense has jumped over the last three years for major players1
55-65%

Even though input costs have been on an
upswing, industry players have not been able topass on the entire increase in input costs, andhave maintained thrust on volume growth.

45-55%

FY 09

FY 12

While measures have been undertaken by industry players to hedge imminent risks,
input costs can be controlled only to a certain extent
Strategies adopted by companies

Input cost pressures
Wide fluctuation and increases
in raw material prices• Backward integrate into producing
critical raw materials• Switch to lower cost alternatives• Expand to larger vendor base
• Purchase material from tax-exempted zones

Inflation• Advance booking and long term
contracts for key raw materials

Fluctuations in exchange rate

Mitigated to some extent throughforward and options contract

Increase in crude oil prices

Alternate sourcing models such as
reverse online auctions

Source: PwC research and analysis, trade press, company annual reports

22

PwC

Previously, players used toalter grammage to manage
cost increases and keep productprices constant. However, due
to recent government norms
to standardise pack sizes, thisoption is no longer viable.

4.

Distribution is challenging in a fragmented market; newer models
such as distribution alliances and online channels are being used torationalise costs

In a fragmented and diverse market like India, distribution can be challenging
Organised retail penetration is low in India, estimated at around 8%. India is among the most fragmented retail markets
globally, with over 12 million to 13 million retail outlets. The largest FMCG player today has a reach of less than 50% of the
Indian retail market.
Wide variations in the distribution reach of various FMCG companies has resulted in this being a key competitive advantage,
and companies are investing heavily to expand their network.

There are various options available for players to reduce investments in developing distribution
capabilities. However, these are largely relevant for urban markets
Distribution alliances with large FMCG companies•

Merisant India had entered into a distribution arrangement with Nivea for the distribution of Equal tabletop sweeteners
in India. Similarly, Coty, a global fragrances major, entered into a strategic alliance with domestic FMCG player
CavinKare for the marketing and distribution of its fragrances. Distribution alliances enable players to gain scale andfamiliarity with the Indian markets and help them build a distribution scale rapidly.

Focussing on modern trade formats such as wellness retail and supermarkets•

Wellness retail chains such as Health & Glow, Guardian Lifecare and NewU are expanding their presence in tier-1
markets in India, and planning to enter select tier-2 cities as well.

•With modern trade gaining importance in the overall channel mix, manufacturers have appointed exclusive modern
trade stockists in large towns to service supermarkets, hypermarkets and wellness retailers.

Online retail emerging as a popular route to address hitherto unaddressed customers•

Online retail is gaining prominence in India across consumer categories, including wellness. Brick-and-mortar
retailers such as Guardian India, NewU and My Nutrition India also have online portals for the retailing of healthand wellness products.

•

There has been an increase in the number of dedicated online retail sites for wellness, such as HealthKart.com,
MyNutraMart.com and MedPlusBeauty.com.

•

Wellness players like Dabur have also launched online shopping portals for their beauty and wellness products.

•

However, online retailing requires certain distinct capabilities (e.g. Cash on Delivery) and wellness companies have tobuild these capabilities to be able to launch a successful online distribution model.

Source: PwC research and analysis, trade press

Imperatives for growth - The wellness industry

23

Rental cost is among the largest operating
expense incurred by wellness service players
and has a substantial impact on bottomline.
Rental cost in India can be as high as 20 – 25%of revenues.
“One of the factors that amplifies the challenge isthat unlike global markets where the rentals are
typically on a carpet area basis, in India it ischarged on the entire built-up area. Thisconsequently results in a higher rent-to-revenue
ratio compared to global markets ”
Istayak Ansari, COO, Gold’s Gym

Managing rental costs is a key concern among wellness players and they are
adopting a number of strategies to control rentals
Players are adopting a number of strategies to minimise impact of rental costs on bottom line:

1

Efforts to shift from fixed to variable rental models

2

Optimise retail formats for high rental locations

3•

Some large players are opting for newer models such as revenue-sharing models (e.g. Naturals’ salon has
tied up with Bharti Retail to set up salons within the latter’s Easy Day outlets on a revenue-sharing basis.)•

However, most players find low acceptance for the revenue-sharing model with landlords, since revenues
per square foot for wellness formats are currently low and yet to reach their potential.

•

Players are aiming for high revenue per square foot by changing their product and service portfolio mix,
especially for locations with high rentals such as malls.

•

Utilising non-service floor space for driving product sales (own brand or multi-brand)•

Realigning retail formats in malls by setting up smaller stores with service offerings which have highdemand, high throughput and are low complexity.

Store rationalisation•

Larger wellness chains have rationalised their retail footprint and closed stores where revenue potential is
not in line with store rentals.

•

Most players have pre-set limits for rentals in order to keep costs under control.

•

Players need to constantly revise and optimise their store portfolio even while balancing their growthplans, in order to ensure that revenues, rentals and profitability for each store are aligned with their overallbusiness plan.

Source: PwC research and analysis, company annual reports and trade press

24

PwC

High manpower costs and attrition levels continue to pose a challenge;
paucity of skilled talent is likely to exacerbate this issue

Employee expenses as % of revenue for leading wellness operators
42%
37%
30%

29%
26%

23%

Player 1
FY10

Player 2
FY11

22%
19%
18%

24%
22%
20%

22%23%22%

Player 3

Player 4

Player 5

Developed markets, like
USA, have a centralised
agency overseeing
accreditation of training
centers to ensure consistentqualification standards forindustry professionals•

The accreditation body in the US,
National Commission for
Certifying Agencies (NCCA), has
certified more than 15
organisations which offer various
accredited programs for personaltrainers, massage therapists,
dieticians etc.

•

For example, the National
Certification Board for
Therapeutic Massage andBodywork has 80,000 board
certified practitioners in the US
who have undergone minimum
hours of instruction andexaminations.

FY12With high wage inflation, manpower costs continue to besignificant for wellness operators....
•

The industry has been grappling with high attrition levels – as high as 30 to50%. This further increases the strain on company resources in terms of
training and employee retention costs.

•

Players are using incentives such as domestic and international training
opportunities, support in obtaining sector-specific education or certificationand incentivised remuneration to manage attrition.
–– Other service industries in India, which share similar sector dynamics,
are using employee welfare initiatives (health benefits, education
support, entrepreneurial opportunities) to increase employee retention.

...however, this is symptomatic of the larger challenge aroundthe paucity of talent in the industry•

We have previously highlighted the talent crunch that the wellness industry is
likely to face in the coming years. In 2011, we had estimated that the industry
will require over 6 lakh skilled personnel till 2016.

•

This continues to be one of the key challenges faced by the wellness sector.
Training academies by individual industry players and specific courses for
AYUSH by the Department of AYUSH and IGNOU are insufficient in meeting
industry requirements. Moreover, the lack of a universally accepted
accreditation for wellness courses hinders prospective candidates fromconsidering this sector as an ‘industry of choice’ for a viable career.

•

It is imperative to encourage private players to develop relevant educationand training infrastructure, under the aegis and support of government
institutions such as National Skills Development Agency (NSDA). At the sametime, accreditation of wellness education and training courses (either
through alliances with similar global skills development agencies or domestic
training councils) will provide reassurance to candidates regarding
employability and relevance in the job market.

Source: PwC research and analysis, company annual reports and trade press

Imperatives for growth - The wellness industry

25

Looking forward
The Indian wellness industry is estimatedto grow at a CAGR of 15-17% to touch one
trillion INR in the next 3 years.
Collective action from multiple
stakeholders to address challenges canenable the wellness industry to live up to
its trillion rupee potential.

26

PwC

The wellness industry is expected to touch 1 trillion INR by 2015, growing at
CAGR of 15-17%

Growth in the wellness industry (INR billion)
15-17%

1050-1150*
Beauty care210-270680-720*

11-12

Health and wellness food and beverages
Fitness and slimming
Rejuvenation
Alternate Therapy

270160-1807-8

100-115170-18060
455-490285-290

2012

2015

* Sum of individual segments may vary from total due to rounding•

The wellness industry is expected to cross 1 trillion INR by 2015, marking a significant milestone for this sector in India.

•

However, the challenges that players face to achieve sustained revenue and profit growth (as discussed in this report) canstymie the future growth potential of the industry, if unaddressed.

•

There have been some corrective measures undertaken by the government, regulatory bodies and industry players.
However, factors such as low consumer awareness and execution challenges around certification have limited the industry
from achieving its desired results.

•

Collective action from multiple stakeholders such as industry leaders, investors, the government and infrastructure andservice providers to the wellness industry, can be a panacea for the challenges in the sector and enable it to live up to its
trillion rupee potential.

Source: PwC analysis

Imperatives for growth - The wellness industry

27

Glossary and Citations
Term

Definition

AHA

Alpha hydroxy acid

ASCI

Advertising Standards Council of Indiac.

Close to

CAGR

Compound annual growth rate

EBITDA

Earnings before interest, tax, depreciation and amortisation

FMCG

Fast moving consumer goods

FSSAI

Food Safety and Standards Authority of India

FY

Financial year

H&W F&B

Health and Wellness Food and Beverages

IGNOU

Indira Gandhi National Open University

INR

Indian national rupee

MUFA, PUFA

Mono unsaturated fatty acid, poly unsaturated fatty acid

MoT

Ministry of Tourism

NABH

National Accreditation Board for Hospitals and Healthcare

NAMS

National Advertising Monitoring Service

NCCA

National Commission for Certifying Agencies

NSDA

National Skills Development Agency

NSS

National Sample Survey Organisation

R&D

Research and development

SKU

Stock-keeping unit

Tier -1, 2 and 3 cities

Cities with a population of 4 million and above, 1 -4 million, and 0.5-1 million, respectively

Alternate therapy products

Medicines and products formulated according to ayurveda, unani, siddha, homeopathy or otheralternative systems

Alternate therapy services

Services rendered in ayurveda, unani, siddha and homeopathy (AYUSH) treatment centres

Better for you (BFY)

Includes packaged food and beverages where the amount of a substance considered to be lesshealthy (fat, sugar, salt, carbohydrates) has been actively reduced during production

28

PwC

Term

Definition

Colour cosmetics and fragrances

Make-up, deodorants and perfumes

Day spas

Offer a variety of spa by trained professionals on a day-use basis

Destination Spas

Offer all inclusive spa packages that all guests participate in

Dietary supplements

Products intended to supplement the diet by providing additional nutritional substances (e.g. calcium
supplements, mineral supplements, protein powder). Also includes vitamins, tonics and nutritive
drinksFitness equipment

Includes cardiovascular equipment (e.g. treadmill, stationary bicycles) and weight training equipment(e.g. weight lifting machines, barbells)

Fitness services

Includes gymnasiums, dance studios, martial arts, etc.

Fortified foods and beverages (FFB)

Includes packaged food and beverages to which healthy ingredients (e.g. calcium, omega3) havebeen actively added. Health benefit needs to form part of positioning or marketing of the product.

Hair and skincare products

Personal care products for skin and hair

Hotel and resort spas

Similar to a day spa, but the spa facility is located within a resort or hotel property

Surgical cosmetic treatments

Surgical cosmetic procedures (e.g. liposuction, abdominoplasty)

Meal-replacement slimming
products

Nutritionally fortified, calorie-restricted products consumed as a replacement for a meal(e.g. snack bar)

Naturally healthy (NH)

Includes packaged food and beverages which are considered healthy in their natural form (e.g. 100%
fruit juice, herbal tea, high-fibre food)Non-surgical cosmetic treatments

Minimally and non-invasive cosmetic procedures (e.g. botox, dermal fillers)

Rejuvenation

Services rendered in day spas, destination spas and resort spas

SalonsServices rendered in beauty centres including hair cuts, facials, pedicures, manicures and hairstyling among others

Slimming products

OTC (over-the-counter) drugs and supplements specially formulated and marketed as being suitablefor individuals who want to lose or control their weight

Slimming services

Includes slimming centres which focus on weight loss through combination of machine -based andfloor exercises, along with diet counselling

Weight-loss supplements

Includes supplements positioned as actively aiding weight loss (e.g. appetite suppressants,
craving suppressants)

Imperatives for growth - The wellness industry

29

Works cited

30

PwC

Primary research: Interviews conducted with the following•

Sandeep Ahuja, MD, VLCC Group•

Istayak Ansari, COO, Gold’s Gym India•

Anant Gawande, CFO, Talwalkars Better Value Fitness Limited•

Anurag Kedia, Director, The Four Fountains Spa, CMYK Health Boutique
Private Limited•

Vikram Bhatt, Director- Growth and Strategy, Enrich Salons•

Rahul Malhotra, Assistant Vice President, Guardian Life Care Pvt. ltd.

•

Siddharth Kothari, Director, JM Financial Investment Managers Limited•

Philipe Haydon, CEO, Pharmaceuticals, The Himalaya Drug Company

Secondary research•

Power of Ideas 2012: Why franchising is growing as a preferred gateway
to a career in entrepreneurship, Economic Times, 1 February 2013•

Cosmetics makers hide slowdown blues with premium products, The
Indian Express, 16 August 2012•

Beauty business booms: Olay, Neutrogena, L’Oreal and likes drive sales
for retailers, Economic Times, 3 July 2013•

IRDA notifies inclusion of ISM under health insurance policies, PharmaBiz, May 2013•

Report of Steering Committee On AYUSH For 12th Five Year Plan,
Health Division Planning Commission Government of India, May 2011•

NSS Consumer Expenditure Survey- Key Indicators of Household
Consumer Expenditure in India, 2011-12, NSSO, June 2013•

ISAPS International Survey on Aesthetic/Cosmetic Procedures
Performed in 2011, International Society of Aesthetic Plastic Surgery•

NABH, NSDA, ASCI websites•

World Bank•

Company websites and annual reports•

Euromonitor•

Datamonitor•

ISI Securities

Imperatives for growth - The wellness industry

31Notes32

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NotesImperatives for growth - The wellness industry

33

About FICCI
Established in 1927, FICCI is the largest and oldest apex business organisation in India. Its history is closelyinterwoven with India’s struggle for independence and its subsequent emergence as one of the most rapidly
growing economies globally.
With a membership of over 500 chambers of commerce, trade associations, industry bodies, FICCI speaks directly
and indirectly for over 2, 50,000 small, medium and large business units employing around20 million people.
FICCI is the rally point for free enterprise in India. It has empowered Indian businesses in the changing times to shore
up their competitiveness and enhance their global reach.
FICCI plays a leading role in policy debates that are at the forefront of social, economic and political change. FICCI
works closely with the government on policy issues, enhancing efficiency, competitiveness and expanding business
opportunities for industry through a range of specialised services and global linkages. It also provides a platform for
sector-specific consensus building and networking.
FICCI’s stand on policy issues is sought out by think tanks, governments and academia. Its publications are widely
read for their in-depth research and policy prescriptions.
Partnerships with countries across the world carry forward our initiatives in inclusive development, which
encompass health, education, livelihood, governance, skill development, etc.
The FICCI head office is located in Delhi. It has eight state offices and six international offices.

Contact
Federation of Indian Chambers of Commerce and Industry (FICCI)
33-B, Krishnamai,
Sir Pochkhanwala Road,
Worli, Mumbai 400 030
Phone: 022 2496 8000
Fax: 022 2496 6631 / 32

About PwC
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Contacts
Rachna NathP Rashmi Upadhya

Leader, Retail and Consumer
Phone: 022 - 66691539
E-mail: rachna.nath@in.pwc.com

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Phone: 080 - 40797051
E-mail: p.rashmi.upadhya@in.pwc.com

Acknowledgements
The editorial, research and content team for this knowledge publication consisted of the following individuals
Transaction Services Strategy

Brand and Communications•

Rashmi Nair•

Malvika Singh•

Lakshmi Yendapalli•

Pallavi Dhingra•

Shreya Srinivasan•

Nakul Gupta•

Rohan Shetty•

Sanjay Bhatia

www.pwc.in
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