A

Brand analysis on

Nutralite (better than butter)

Submitted To:
Mr. Vipul Patel

Submitted By:
Chaudhary Mukesh J. (12)
Chavda Indrajitsinh H. (14)
Makwana Vijay T. (37)
Modh Pratik V. (43)

Semester II

V.M. Patel Institute of Management

Ganpat University
Kherva
History of Zydus Cadila

Cadila Laboratories was founded in 1952 by Shri Ramanbhai Patel (1925-2001), formerly
a lecturer in the L.M. College of Pharmacy, and his business partner Shri Indravadan
Modi. The company evolved over the next four decades into one of India's established
pharmaceutical companies.

In 1995 the Patel and Modi families split, with the Modi family's share being moved into
a new company called Cadila Pharmaceuticals Ltd. and Cadila Healthcare became the
Patel family's holding company. Cadila Healthcare did its IPO on the Bombay Stock
Exchange in 2000. Its stock code on the Bombay exchange is 532321.

In 2001 the company acquired another Indian pharmaceutical company called German
Remedies. On June 25, 2007, the company signed an agreement to acquire 100 per cent
stake in Brazils Quimica e Farmaceutica Nikkho do Brasil Ltda (Nikkho) for around 26
million dollars.

Zydus Cadila is an innovative global pharmaceutical company that discovers, develops,

manufactures and markets a broad range of healthcare products. The group’s operations
range from API to formulations, animal health products and cosmeceuticals.
Headquartered in the city of Ahmedabad in India, the group has global operations in four
continents spread across USA, Europe, Japan, Brazil, South Africa and 25 other emerging
markets.

Its mission to create healthier communities globally, Zydus Cadila delivers wide ranging
healthcare solutions and value to its customers. With over 8,000 employees worldwide, a
world-class research and development centre dedicated to discovery research and eight
state-of-the-art manufacturing plants, the group is dedicated to improving people’s lives.
Board of director Register & corporate office
Pankaj R. Patel Zydus Tower”
(Chairman & M.D.) Satelite Cross Road
Ahmedabad - 380015
Mukesh M. Patel
Pranlal Bhogilal
Sharvil P. Patel
H.K. Bilpoliwala
H. Dhanrajgir
A.S. Diwanji

Company Product:
Apart from a strong presence in the prescription market, the group also caters to the
growing health and wellness segment through it consumer division. The Consumer
Products Division of Zydus Cadila aims to promote ‘healthy living’ by anticipating the
emerging and day-to-day needs in dietetic / health foods. Health and wellness have been
identified as the emerging areas in consumer healthcare. The Consumer Products
Division is focussed on empowering individuals who wish to adopt healthy eating habits
and lifestyles.
The Consumer Products Division is a pioneer, offering healthier dietary options to the
consumers. The product range comprises Sugar Free Gold– India’s No.1 sweetener with
a market share of over 70%, Sugar Free Natura– a zero calorie sucralose based sugar
substitute, Sugar Free D’lite– a low calorie healthy drink and Nutralite– a premium
cholesterol- e spread free table

The Division also caters to the skincare segment with its Everyuth and Dermacare brands,
which occupy a unique distinction of being a ‘skincare brand from a healthcare
company’. Enriched with the power of natural ingredients, EverYuth has a strong
presence in advancedskincare segments like soap-free, face washes, face masks, scrubs
etc.

Nutralite Brand
Nutralite is better than butter

Zydus Cadilla is a bold marketer. First it fought with the sugar by launching the sugar
alternative - Sugarfree Natura and now its fighting with butter by relaunching the brand
Nutralite.

Nutralite is table margarine. World over margarine are used as a substitute for butter.
Margarines are fat derived from either animal products or vegetable oils. The veggie
margarines are used as a healthy alternative for butter.
Nutralite was acquired by Zydus in 2006. The brand was then relaunched with a
controversial positioning " Better than Butter ". The slogan prompted Amul to take the
issue to ASCI which directed Zydus to substantiate the claims in their future campaigns.

The organized branded butter market in India is estimated to be around Rs800 crore
( source : Moneycontrol). The market is dominated by Amul.

Nutralite brand achieves relevance owing to the changing lifestyles of urban Indian
consumer. The affluent laid back lifestyle has created lot of lifestyle diseases and
prompted the urban Indian consumer to be health conscious. The increasing incidence of
heart problems and diabetes has paved the way for the emergence of health foods. Zydus
is trying to cash in on this health wave.
Nutralite is positioned directly as a healthy alternative to butter. Like the SugarFree
Natura,

Nutralite also wants the health conscious consumer to choose it to the ordinary butter.
The logic behind the positioning is that Nutrilite has less cholesterol and does not contain
hydrogenated fats compared to butter. It also has PUFA ( poly unsaturated fatty acid ) and
MUFA (monounsaturated fatty acids ) which are known cholesterol fighters.

The brand was relaunched with television commercial showing the husband indulging in
Aalu Paratha without being worried about health.

The controversy over the slogan - better than butter has prompted the brand to slightly
alter the positioning to :Healthier than Butter.
The brand is now running a high decibel campaign featuring Sathish Shah. The message
of the ad is to encourage the consumers to indulge in food without worrying about health.
The brand is targeting the ladies in the households who are worried about their husband's
health.
Nutralite aims to corner 8-10% of the butter market. The direct attack on butter will
definitely catch the attention of the consumer. But whether this attention will be
translated to sales is something to watch for.
Convincing the consumer to opt for Nutralite instead of butter is not an easy task. Firstly
the brand has to convince the customer that the good old Amul Butter is unhealthy.

Second it has to achieve parity ( Points of parity) with butter. Then it has to convince the
customer that Nutralite is indeed healthy. Hence the brand has no other alternative but to
directly attack butter.

Margarines are not popular in India and the category is non-existent. The high profile
launch of Nutralite may also see an emergence of margarines as a new product category.

Putting all doubts to rest in the wake of recent reports in some sections of the media,
Zydus Cadila has clarified that it stands by its contention that Nutralite is better than
butter.
Elaborating on this, the company’s medical advisor, Dr. Ravindra Mittal, MD (Medicine)
said, “to understand why Nutralite, is a better and healthier alternative to butter, it is
important to know the basic distinction between fats of animal origin and those of plant
origin.

Fats of animal origin, like butter, have high content of saturated fats, cholesterol and low
levels of unsaturated fats. This is likely to cause an increased risk of heart disease
(coronary artery disease).

This is backed by scientific evidence and supported by various published medical

literature like API textbook of Medicine and Davidson’s Principles and Practice of
Medicine”
Nutralite which tastes like butter carries with it the advantage of being cholesterol free,
low in saturated fats and also high in unsaturated fats – all of which make its profile
healthier. This makes Nutralite an ideal substitute for butter.

While the conventional margarines are manufactured through the hydrogenation process
and contain trans fats that are not healthy, Nutralite is not manufactured through the
hydrogenation process and this sets it apart. The trans fats in Nutralite are below
detectable limits.

World over, the consumption of margarine is 2 times than that of butter particularly in the
developed countries and is sold across the world. The American Heart Association
recommends the use of margarine as a substitute for butter.

The Advertising Standards Council of India (ASCI), which is self regulatory body had
processed the complaint of Gujarat Co-operative Milk Marketing Federation (GCMMF)
and had observed that we need to substantiate and quantify our claims in the
advertisement itself.

Looking at the space constraints, it is often not possible to substantiate and quantify the
claims, which are otherwise quite obvious and self explanatory. “However, as a
responsible member of the ASCI and in view of the fact that we have a very sound
scientific evidence to back our claims, we shall substantiate and quantify these claims in
all our future communications”, stated a communiqué from the company.

Zydus Cadila to acquire Nutralite

Strengthening its presence in the healthy dietary supplement segment, Zydus Cadila has
acquired a 14.9 percent stake in Carnation Nutra-Analogue Foods, the manufacturers of
Nutralite, branded margarine that currently enjoys a market share close to 60 percent.
Zydus Cadila has now made a public offer to acquire additional 20 percent stake in
Carnation Nutra-Analogue Foods, to raise its holding. The acquisition includes the
company’s manufacturing plant.

Nutralite will be marketed by Zydus Cadila’s Consumer Products Division which

currently markets its sweetener brand—Sugar Free.

Speaking on the new development, Mr Pankaj R Patel, Chairman and Managing Director,
Zydus Cadila said, “We see this acquisition as an excellent synergistic opportunity to
offer a healthy dietary supplement.”

Process of Nutralite

Formulation plants

The company operates formulation plants at six locations:

Moraiya plant - Zydus Cadila's formulation plant at Moraiya in Sanand taluka on the
outskirts of Ahmedabad is the largest formulation plant in India. It plant became Food
and Drug Administration (FDA)-approved in 2004/2005. The plant makes tablets,
capsules, and soft gel capsules as well as injectable drugs in both sterile liquid and
lyophilized form. Zydus Cadila also runs a large R&D operation at Moraiya;

Vatwa plant - Zydus Cadila's plant at Vatwa, an industrial suburb of Ahmedabad, makes
nutraceuticals. The plant was acquired Remedies;

Changador plant - Zydus Cadila's plant at Changodar, 20 kilometres from Ahmedabad

on the city's outskirts, manufactures fine chemicals. Zydus is current constructing a
facility at Changodar to make vaccines for hepatitis B and rabies.

Navi Mumbai plant - This operation, at Navi Mumbai in Maharashtra, is a 50/50 joint
venture with Germany's Altana Pharma AG, makes intermediates of the drug
pantoprazole.

Goa plants – The company's plants at Ponda in the southern Indian state of Goa do
formulation work as well as manufacture oncology drugs and a herbal laxative branded
Agiolax based on Psyllium seeds.

Baddi plant - In 2004 Zydus commissioned at formulation plant at Baddi, in Himachal

Pradesh state of northern India. The Baddi plant makes solid oral pharmaceuticals. plant
at mumbai where tablets are made from hands of labours.

Nutralite Margarine relaunched at 'Better Food Show'

MUMBAI: Post the acquisition of 61.5 per cent stake in Carnation Nutra Analogue
Foods, the makers of Nutralite, Zydus Cadila have re-launched its brand Nutralite
Premium Margarine.

The food show was an attempt to introduce healthy food preparations using Nutralite,
which is a healthier alternative to butter. The menu included popular dishes like Butter
Chicken labeled Better Chicken, Butter Paneer Masala labeled Better Paneer Masala and
many other Better dishes prepared with Nutralite replacing other edible oils/butter, asserts
an official release.

Zydus Cadila Ltd. executive director Ganesh Nayak said, "We intend to offer the Indian
consumer healthier dietary choices to counter health risks posed by oils/fats - which are
the root cause of all lifestyle disorder in India

Savoring the better food menu were celebrities, food critics and healthcare practitioners
like cardiologists, dieticians and endocrinologists who appreciated the concept and the
food preparations too.

Guests present included food critic Rashmi Uday Singh, actor Perizaad Zorabian, fitness
expert Leena Mogre, obesity consultant Dr M. Lakdawala and several others.

Speaking about Nutralite's game plan Nayak said, "We want to establish Nutralite as the
healthier alternative to butter and capture a market share of 8-10 per cent of the 800
million branded butter market over the next 2 years."

Considering that in the western countries margarine sales are 2 times that of butter, Zydus
believes that the opportunity in the Indian market presents a huge untapped market, given
its distinctly superior health benefits vs butter.

Considering that in the western countries margarine sales are 2 times that of butter, Zydus
believes that the opportunity in the Indian market presents a huge untapped market, given
its distinctly superior health benefits vs butter.

Nutralite comes to the foodie’s rescue

What is a foodie’s favourite question? ‘Khane mein kya hai?’ Well, that’s also the line
Zydus Cadila’s margarine brand, Nutralite, is using in its new TVC featuring Satish Shah
& Ratna Pathak Shah.

The ad shows the protagonist (Shah) asking his wife (Pathak Shah), “Khaane mein kya
hai?” He asks her the question at every meal time. She tells him tantalising menu options
such as ‘aloo parathas’, ‘pav bhaji’, club sandwiches, etc. Each time, he drools, thinking,
“Aaah, butter!” But what Pathak Shah actually puts before him is hardcore health food,
like fruit and salads
.
Each time, she offers a flimsy excuse for why the original dish could not be served. She
tells him the ‘aloo parathas’ got burnt, and the children finished the sandwiches. Shah
looks increasingly forlorn each time. At this juncture, a male voiceover says, ‘Butter se
bachne ke liye itne bahane’ and Pathak Shah is shown shaking her head in helplessness.
The VO continues, ‘Le aaiye butter se better Nutralite, jisme cholesterol nahin and no
harmful fats’.

(Brand ambassador of nutralite)

The final shot shows Shah back from work. His wife has laid out a banquet with all his
favourite food. The children and she ask in unison, “Khaane mein kya hai ?” The add
ends with the Nutralite products hot.

The ad was created by Mudra Ahmedabad and the team that handled the account includes
Chandan Nath, Sanjay Menon, Vaibhav Kerlekar, Kapil Oza, Mehul Zolapura from
creative, Ronak Shah and Robin Varghese from account management, and Shuchika
Rathod from account planning. The film was directed by Prahlad Kakar and produced by
Genesis.

Sanjay Menon, executive creative director, Mudra Ahmedabad, explains that Nutralite
has been distinctly positioned as a “healthy upgrade” to butter since its launch in 2006.
The communication stresses on the fact that Nutralite is healthier than butter with no
cholesterol and low saturated fats.

Sharing the insight for the film, Menon says, “Research showed that for a housewife, the
kitchen is her report card and the appreciation she gets from cooking tasty food is a big
thrill. But she faces a dilemma: While she loves to prepare her family’s favourite dishes,
generally rich and heavy food, she also knows that it’s her responsibility to ensure that
everyone stays healthy. So, how does she balance both?”

Using this insight, the film shows Pathak Shah come up with novel reasons to keep her
husband away from unhealthy food. The film resolves this predicament by saying that if
she uses Nutralite, she can let her husband indulge in his favourite food.

Menon adds, “Also ‘Khane mein kya hai’ is something you keep hearing. When people
want to check what’s being prepared, they call their wives on the way home, or check
with the boys in the office canteen, etc.” The tagline used in the ad is ‘Better than butter,
khaodabakar’.

Interestingly, the TVC capitalises on the hit comedy show on STAR One, Sarabhai vs
Sarabhai, in which Pathak Shah and Shah play husband and wife. In the serial, too, the
wife, Maya, keeps trying to get her husband to eat healthy. But Menon insists this wasn’t
their first thought. “We were looking for someone who could play a foodie and we
thought of Satish Shah. Then later, we thought of Ratna Pathak Shah and realised the
pairing would get more noticeability since they play husband and wife in such a popular
show.”

This is the brand’s second phase of communication. The first was done in December
2007. That TVC showed a man waking up and expecting a lavish breakfast of ‘aloo
parathas’, but his wife is sparing with the butter, which mars his enjoyment. That’s when
Nutralite is introduced in the ad.

Zydus buys 14.96% in Nutralite maker

AHMEDABAD: Zydus Cadila on Friday said it has bought a 14.96per cent stake in
Ahmedabad-based Carnation Nutra-Analogue Foods, the manufacturers of margarine
brand Nutralite, and said it will raise the holding through a subsequent open offer
announced on Friday.

Zydus Cadila chairman and managing director Pankaj Patel told ET that he had acquired
the shares at Rs 150 each from the market. "It is a friendly transaction," he said. The
current promoters of Carnation, Ashish Amin and family, hold around 20per cent of the
shares.

Shares of Carnation Nutra-Analogue Foods, which is listed on the BSE, rose Rs 11, or
7.6per cent, on Friday to close at Rs 155.25 against the previous close of Rs 144.45.

Carnation Nutra-Analogue Foods' acquisition includes the company's manufacturing

plant in Gujarat along with a network of 350 distributors. In fiscal '05-06. Carnation
Nutra-Analogue Foods had posted a turnover of Rs 30 crore and an estimated net profit
of about Rs 3.5 crore, a company executive said.

India's largest selling margarine Nutralite currently enjoys a marketshare close to 60per
cent in the fat-free margarine segment. The Zydus Cadila executive explained the Rs
1,200 crore pharmaceutical major has acquired over 8.3 lakh shares representing 14.96per
cent stake for a consideration of approximately Rs 13 crore.
The company now intends to increase its holding through an open offer to acquire
additional 20per cent stake. An open offer is mandatory as per Securities and Exchange
Board of India (Sebi) rules.

Carnation Nutra-Analogue Foods, a Gujarat-based listed company was set up in 1994 to

manufacture and market dairy substitute or modified dairy health products like
margarine, spreads, non-hydrogenated shortenings and speciality fats.

Margarine is a healthier substitute for butter and is free from cholesterol. Nutralite will
now be marketed by Zydus Cadila's consumer products division. The company currently
markets sweetener brand, 'Sugar Free' in India.

"Over the past few years, our focus has been on supporting healthy lifestyles and this
forms an essential part of our healthcare business. We have market leadership in the
sweetener segment through our brand Sugar Free and we see this acquisition as an
excellent synergistic opportunity to offer a healthy dietary supplement. Freedom from
calories that people enjoy with Sugar Free is now extended to freedom from cholesterol
with Nutralite," Mr Patel said in a statement issued to the media here.

Nutralite pushes 'healthy upgrade' stance

Mudra has rolled out a campaign for Nutralite to reinforce its positioning as a 'healthy
upgrade' to butter. According to the company's spokesperson, rresearch has indicated that
married women, who are responsible for preparing meals for their family, face a serious
dilemma.

While a married woman loves to prepare her family's favourite dishes - generally heavy
and rich food, she knows that it's her responsibility to ensure that everyone stays healthy.

Based on this insight, the film shows that the protagonist (Ratna Pathak) is forced to
come up with novel reasons to keep her husband (Satish Shah) away from unhealthy
food.
In response to her husband's 'Khane mein kya hai?' (a line commonly used to find out
what's on the menu), she misleads him by saying that the parathas he was craving for
were burnt, or that the club sandwich he wanted desperately were eaten by the kids.

The film resolves this predicament by saying that with Nutralite she can make her
husband's favourite food healthier and allow him to indulge in it.
Creative Team: Sanjay Menon, Vaibhav, Kapil Oza, Mehul Zolapura
Production House :GenesisCreative agency : Mundra

Zydus Cadila re-launches Nutralite Margarine

Post the acquisition of 61.5% stake in Carnation Nutra Analogue Foods, the makers of
Nutralite, Zydus Cadila today re-launched its brand Nutralite Premium Margarine in an
all new avtar. It was a unique launch party in the form of a food show called -The Better
Food Show.

The food show was an attempt to introduce healthy food preparations using Nutralite,
which is a healthier alternative to butter. The menu included popular dishes like Butter
Chicken labeled ‘Better’ Chicken, Butter Paneer Masala labeled ‘Better’ Paneer Masala
and many other Better dishes prepared with Nutralite replacing other edible oils/butter. It
is not a well known fact that margarine can replace oil and butter and can be used for
almost all food preparations, making them healthy and cholesterol free.

“We intend to offer the Indian consumer healthier dietary choices to counter health risks
posed by oils/fats – which are the root cause of all lifestyle disorders in India” said Mr.
Ganesh Nayak, Executive Director Zydus Cadila Ltd.

Savoring the Better food Menu were Celebrities, food critics and well known healthcare
practitioners like Cardiologists, Dieticians and Endocrinologists who appreciated the
concept and the food preparations too. Guests present included noted food critic, Rashmi
Uday Singh, Actor Perizaad Zorabian, fitness expert, Leena Mogre, reputed obesity
consultant Dr M. Lakdawala, and several others.
Zydus Cadila may foray into malted food beverage

The kids’ health beverage market with likes of Bournvita, Complan and Horlicks just
seem to be hotting up. After foraying into several healthcare consumer products like
Sugar Free Natura, Everyuth and Dermacare, Ahmedabad-based Cadila Healthcare Ltd.,
the Rs 2,300 crore Zydus group, is eyeing the malted food beverages (MFB) segment.

While officials are tightlipped about the project citing confidentiality, sources close to the
development said that the company is conducting R&D on the product. At an early
product development stage, the project has been kept under wraps by Cadila Healthcare.
Moreover, the company is also yet to decide upon a brand name for the MFB.

The move is seen as an obvious step towards the company's attempts to consolidate on its
healthcare consumer products. The company is supposedly aiming at creating a
distinction between its pharmaceutical and healthcare consumer products and is believed
to be mulling to shift its consumer products division to its listed company, Carnation
Nutra-Analogue Foods Limited (CNAFL). CNAFL is, apparently, the manufacturer of the
popular margarine brand 'Nutralite'.

Eventually, Cadila Healthcare plans to increase its brands in the healthcare and
nutraceutical segments and is likely to add more products to its current portfolio.
Currently, Zydus has top selling consumer products like Sugar Free Gold, Sugar Free
Natura, Sugar FreeD’lite, Everyuth and Dermacare in the Cadila Healthcare basket.

The company has begun aggressive marketing and ad campaigning of its Sugar Free
brand and has signed up actor Bipasha Basu as its brand ambassador. Apart from Sugar
Free brand, the group's Nutralite has also been a popular product in the market.

Cadila Healthcare's robust plans of foraying into fresh segments might give impetus to its
performance given the 25 per cent growth rate in the consumer product division by the
company in 2007-08.
Cadila Healthcare's robust plans of foraying into fresh segments might give impetus to its
performance given the 25 per cent growth rate in the consumer product division by the
company in 2007-08.

Carnation Nutra to change name to Zydus Wellness

Carnation Nutra Analogue Foods, a subsidiary of Ahmedabad-based Cadila Healthcare,

popularly known as Zydus Cadila, may change its name to Zydus Wellness soon. A
demerged consumer products division of Zydus Cadila, Carnation is likely to pass a
special resolution for the same at its upcoming extra ordinary general meeting (EGM) on
December 30, 2008.

Carnation Nutra was hived off as part of Zydus Cadila's plans to consolidate on its
consumer products division. The change in name is also believed to be a move towards
the same.

Recently, Zydus also relaunched its popular Nutralite brand as Nutralite Premium
Margarine. The company intends to capture a market share of 8-10 per cent of the Rs 800
crore-odd branded butter market over the next two years.

For the financial year 2007-08, Carnation, which markets Nutralite, one of the largest
selling butter substitute, pegged a turnover of Rs 57.9 crore.

Amul, Zydus cross swords over butter commercial

GURGAON: It’s an utterly butterly claim that has not gone down well with the market
leader. Gujarat Co-operative Milk Marketing Federation (GCMMF), which sells the
country’s largest butter brand Amul, has raised objections to Ahmedabad-based Zydus
Cadila’s latest ad campaign for its NutraLite margarine brand. Zydus has positioned its
NutraLite margarine as a product that is better than butter.

GCMMF, which had recently written to the Standard Council of India (ASCI) against
several claims made by NutraLite through its ads, obtained a positive response from the
ASCI on Monday, upholding GCMMF’s claim.
The ASCI, in its note to GCMMF, a copy of which ET has obtained, states, “We have
written to the advertiser to withdraw/modify the said ad, to which we are awaiting
their response.”

While Round One of the battle has gone in Amul’s favour, Zydus plans to make a
counter claim and present a fresh case before the ASCI, justifying its stance. Zydus
Cadila senior vice-president Anand G Deo said, “We are meeting the ASCI on Tuesday
with all necessary documentary proofs which back our claims.

GCMMF officials, on their part, insist that NutraLite’s advertising is ‘denigrating and
discrediting’ butter as a category. Amul’s chief general manager RS Sodhi said, “The
advertising makes unfair comparisons between two completely different product
categories. It is like comparing cheese with chalk.” In its letter to the ASCI, Amul had
stated: ‘NutraLite’s campaign which says butter is made from animal fat’ is misleading
and categorises butter as a non-vegetarian product, which is not true. Further, the
advertisement states that butter contains high cholesterol which increases the risk of heart
disease.

Cholesterol is essential for various body metabolisms. And there is no conclusive

scientific evidence that proves that cholesterol intake is linked to heart diseases.
Secondly, the cholesterol content of butter is relatively low.” The letter adds that
NutraLite’s packaging conceals essential facts about the product, such as total fat content,
trans-fat content, saturated fats, and so on. The letter also states that NutraLite contains
the same amount of fat and calories as in butter.

While NutraLite is positioned as 100% fat-free margarine, GCMMF has two butter-based
brands in its portfolio Amul butter and Amul Lite — a butter-based low-fat bread spread.
Amul monopolises the Rs 600-crore domestic butter market with an over 85% brand
share. The margarine market, on the other hand, re-mains very small, estimated at a little
over Rs 60 crore.

Cadila Healthcare is an Indian pharmaceutical company headquartered at Ahmedabad in

Gujarat state of western India. The company is the fifth largest pharmaceutical company
in India with US$290m in turnover in 2004. It is a significant manufacturer of generic
drugs
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