Maggi Noodles: Crisis Management and Relaunch Strategy Following the 2015 Food Safety Controversy

Anurag Lala
Dec 5, 2025
15 min read

Executive Summary

Maggi noodles, Nestlé India's flagship instant noodles brand with over three decades of market presence, faced an unprecedented crisis in 2015 when Indian food safety regulators banned the product over alleged excessive lead content and labeling violations. The ban, which lasted approximately five months (June-November 2015), resulted in complete market withdrawal, substantial financial losses, and severe brand equity damage. Following regulatory clearance and product relaunch in November 2015, Nestlé India implemented a multi-phase communication and market recovery strategy emphasizing safety reassurance, emotional brand reconnection, and systematic distribution rebuilding. This case examines the documented crisis timeline, regulatory proceedings, financial impact, relaunch communication strategy, and recovery trajectory through FY2016-2018, drawing exclusively from Nestlé India's annual reports, regulatory documents, court records, verified media coverage, and company statements. While substantial information exists regarding crisis events, financial impact, and broad strategic direction, specific details about communication strategy execution, campaign performance metrics, and internal decision-making processes remain limited in public sources.

Pre-Crisis Background & Market Position

Maggi's Market Dominance

Maggi noodles, introduced in India in 1983 according to company histories and media accounts, established itself as the dominant instant noodles brand over three decades. According to industry reports cited in business media prior to 2015:

Maggi held approximately 75-80% market share in India's instant noodles category (analyst estimates from various sources including Nielsen data cited in Economic Times and Business Standard)

The brand became synonymous with the instant noodles category in India, achieving high household penetration particularly in urban markets

Annual sales were estimated at approximately ₹2,000 crore pre-crisis, according to various media reports citing industry sources

Nestlé India's Corporate Position

Nestlé India Limited, a listed subsidiary of Nestlé S.A., reported Maggi noodles as a critical component of its prepared dishes and cooking aids category. According to Nestlé India's FY2014-15 annual report:

Prepared dishes and cooking aids (including Maggi noodles) contributed significantly to overall company revenue

Total Nestlé India revenue for FY2014-15 was ₹10,169 crore

The company operated manufacturing facilities, distribution networks, and employed thousands across India

Brand Equity Pre-Crisis

According to brand valuation reports and consumer studies cited in business media pre-2015:

Maggi ranked among India's most trusted and valued food brands in various surveys

The brand enjoyed strong emotional connections, particularly associated with childhood, convenience, and comfort

"2-minute noodles" tagline and brand positioning were deeply embedded in consumer consciousness

Specific brand health metrics (awareness, consideration, preference) from this period are not comprehensively disclosed in accessible sources.

Crisis Timeline: May-November 2015

Initial Food Safety Concerns (May 2015)

According to contemporaneous media reports in Economic Times, The Hindu, Indian Express, and other publications:

In May 2015, the Uttar Pradesh Food Safety and Drug Administration (FSSDA) reported test results indicating excessive lead content in Maggi noodles samples

The report also alleged the presence of monosodium glutamate (MSG) despite "No Added MSG" claims on packaging

Media coverage intensified rapidly, with food safety concerns becoming national news

Regulatory Actions and Market Withdrawal (June 2015)

Based on official regulatory statements reported in media and documented in legal proceedings:

June 3, 2015: FSSDA ordered recall of nine variants of Maggi noodles manufactured in Uttarakhand, according to Economic Times and other media

June 5, 2015: Nestlé India voluntarily withdrew Maggi noodles from the market nationwide, as documented in company statements and media reports

June 5, 2015: Food Safety and Standards Authority of India (FSSAI) banned Maggi noodles across India citing "unsafe and hazardous" for consumption, according to official order reported in media

The ban covered all nine approved variants of Maggi instant noodles, according to regulatory documentation reported in business press.

Legal Proceedings (June-August 2015)

According to court records and legal proceedings reported in media:

Nestlé India challenged the FSSAI ban in Bombay High Court
The company maintained that its products were safe and compliant with food safety standards
Independent laboratory tests were conducted as part of legal proceedings
Legal processes continued through June, July, and August 2015

Regulatory Clearance (August-October 2015)

Based on court orders and regulatory decisions reported in media:

August 13, 2015: Bombay High Court lifted the ban on Maggi noodles, according to multiple media reports including Economic Times, The Hindu, and Business Standard
Court ruling stated that samples should be tested at accredited laboratories following due process
Subsequent testing by multiple laboratories cleared Maggi samples, according to test results reported in media
Nestlé India began preparations for product relaunch following regulatory clearance

Product Relaunch (November 2015)

According to company statements and extensive media coverage:

Maggi noodles returned to Indian markets in November 2015, approximately five months after withdrawal
Phased relaunch strategy implemented, with initial availability in select markets expanding progressively
Company issued statements emphasizing safety, quality, and regulatory compliance

Financial Impact of Crisis

Direct Financial Losses (FY2015-16)

According to Nestlé India's FY2015-16 annual report and quarterly financial disclosures:

Revenue Impact: Nestlé India's consolidated revenue for FY2015-16 was ₹8,395 crore, down from ₹10,169 crore in FY2014-15, representing a decline of approximately 17.5%

Profit Impact: Net profit for FY2015-16 was ₹353 crore, down from ₹1,206 crore in FY2014-15, representing a decline of approximately 70.7%

The FY2015-16 annual report explicitly attributed these declines to the Maggi noodles crisis and product withdrawal.

Specific Crisis-Related Costs

The FY2015-16 annual report documented several crisis-related expenses:

Product Destruction Costs: The company reported costs associated with destroying withdrawn inventory
Legal and Regulatory Costs: Expenses related to legal proceedings and regulatory compliance
Lost Sales: Revenue loss from approximately five months of complete market absence plus subsequent recovery period

Specific rupee amounts for each category beyond aggregate financial statement impacts are not comprehensively disclosed.

Market Capitalization Impact

Based on stock exchange data reported in business media:

Nestlé India's stock price declined significantly during the crisis period (May-August 2015)

Market capitalization losses during peak crisis were estimated at several thousand crores in various media reports

Stock price recovered partially following ban lift and relaunch, though complete recovery took considerable time

Exact market cap figures and daily stock prices are available through stock exchange records but detailed analysis is beyond this case's scope.

Relaunch Communication Strategy

Strategic Objectives

According to statements by Nestlé India executives in media interviews documented in Economic Times, Business Standard, and marketing publications including Campaign India and exchange4media:

Safety Reassurance: Communicate product safety and regulatory compliance
Emotional Reconnection: Rebuild emotional bond with consumers that Maggi had enjoyed pre-crisis
Trust Restoration: Address credibility damage from food safety concerns
Market Presence Restoration: Return to distribution and retail shelf space across India

Phase 1: Initial Relaunch Communication (November 2015)

"Maggi is Back" Campaign

According to media coverage in Campaign India, exchange4media, and business publications:

The initial relaunch campaign was titled "Your Maggi is Safe, Has Always Been"
Creative execution focused on emotional messaging rather than purely rational safety communication
Campaign emphasized the brand's absence being felt by consumers, positioning return as response to consumer demand

Media Strategy

Based on observable campaign presence and media reports:

Television advertising was the primary medium, according to media coverage
Print advertising in major newspapers documented through ad tracking
Digital and social media presence, though specific strategy details not comprehensively documented
Outdoor advertising in select markets

Specific Campaign Metrics Unavailable:

The following information would be essential for comprehensive campaign analysis but is not publicly available:

Total marketing investment for relaunch campaign
Media mix and budget allocation by channel
Reach and frequency targets and achievements
Message recall and attribution metrics
Consumer perception changes measured through tracking studies
Campaign ROI or effectiveness measures

Phase 2: Emotional Reassurance Campaigns (2016)

"We Missed You Too" Campaign

According to marketing trade publications and media coverage from 2016:

Subsequent campaign phases emphasized mutual missing between brand and consumers
Emotional narrative focused on Maggi's place in consumers' lives and memories
Creative execution featured scenarios of Maggi consumption moments (late-night studies, hostel life, comfort food)

Campaign Themes

Based on advertising content documented in media and campaign archives:

Nostalgia: Evoking memories of Maggi consumption across life stages
Comfort and Familiarity: Positioning Maggi as a reassuring constant
Family and Relationships: Showcasing Maggi's role in family bonding
Taste and Convenience: Reemphasizing core product benefits

Celebrity Endorsements

Media reports documented that:

Amitabh Bachchan, who had been brand ambassador pre-crisis, continued association post-relaunch
His credibility and trustworthiness were leveraged for reassurance messaging
Specific endorsement terms, contract values, or measured impact are not publicly disclosed

Phase 3: Sustained Rebuilding (2016-2018)

Continued Marketing Investment

According to Nestlé India's annual reports from FY2016-17 and FY2017-18:

Marketing and advertising expenditure remained elevated to support brand rebuilding
Specific amounts allocated to Maggi versus other brands are not disaggregated in financial statements
The reports referenced continued focus on rebuilding Maggi brand equity as strategic priority

Product Portfolio Expansion

Media coverage and company materials documented:

Introduction of new Maggi product variants and flavors post-relaunch
Extensions into related categories (Maggi sauces, seasonings, ready-to-cook products)
Portfolio expansion aimed to reinforce brand presence and offer variety

Distribution Restoration

According to annual reports and media coverage:

Systematic rebuilding of distribution network and retail presence
Engagement with trade partners (distributors, retailers) to restore shelf space
Gradual geographic expansion from initial relaunch markets to pan-India presence

Recovery Performance

Financial Recovery Trajectory

Based on Nestlé India's audited annual reports:

Fiscal Year	Total Revenue (₹ Crore)	Net Profit (₹ Crore)	YoY Revenue Growth
FY2014-15	10,169	1,206	-
FY2015-16	8,395	353	-17.5%
FY2016-17	9,344	883	+11.3%
FY2017-18	10,164	1,199	+8.8%
FY2018-19	11,163	1,366	+9.8%

Source: Nestlé India Annual Reports (FY2015-FY2019)

Analysis:

FY2016-17 showed significant recovery with 11.3% revenue growth
By FY2017-18, revenue returned to approximately pre-crisis levels (₹10,164 crore vs. ₹10,169 crore in FY2014-15)
Profitability recovered to near pre-crisis levels by FY2017-18 (₹1,199 crore vs. ₹1,206 crore in FY2014-15)
Recovery achieved in approximately 2-3 years post-relaunch

Market Share Recovery

According to Nielsen data cited in business media reports from 2016-2018:

Maggi's market share in instant noodles category recovered progressively following relaunch
Media reports from late 2017/early 2018 cited market share estimates in the 55-60% range, below pre-crisis levels (~75-80%) but indicating substantial recovery
Competitors including ITC's Yippee, Top Ramen, and others gained share during Maggi's absence and retained some gains

Verification Note: Market share figures rely on research firm estimates reported in media rather than company-disclosed data, creating some verification uncertainty.

Brand Health Indicators

Limited verified data exists regarding brand perception metrics. However, some indicators documented in media:

Brand tracking studies cited in marketing publications suggested improved brand health scores from crisis lows

Consumer trust measures reportedly recovered but specific numeric scores are not consistently published

Maggi's continued ranking in "most trusted brands" surveys in subsequent years (2017-2019) suggested brand equity restoration, though pre-crisis levels may not have been fully recovered

Comprehensive longitudinal brand tracking data with specific metrics is not publicly available.

Crisis Management & Communication Principles

Documented Company Responses

Based on official company statements, executive interviews, and regulatory communications documented in media:

During Crisis (May-August 2015)

Voluntary Withdrawal: Nestlé India voluntarily withdrew product from market on June 5, 2015, before complete ban enforcement, according to company statements
Cooperative Compliance: Company engaged with regulators and submitted products for testing, per regulatory proceedings documentation
Legal Defense: Challenged ban through legal system while maintaining product safety stance
Limited Public Communication: Relatively restrained public communication during legal proceedings, per media observation

Post-Clearance Communication (November 2015 onwards)

Safety Emphasis: Clear messaging about regulatory clearance and safety testing
Transparency: Communication about testing processes and compliance, documented in advertisements and statements
Emotional Appeal: Strategic choice to emphasize emotional brand-consumer relationship alongside rational safety assurance
Sustained Investment: Continued marketing support over multi-year period rather than short-term campaign

Nestlé India Leadership Statements

According to interviews with company executives documented in business media:

Managing Director Suresh Narayanan (who assumed the role during crisis period) emphasized commitment to quality, safety, and rebuilding trust in multiple media interviews
Statements consistently reinforced compliance with food safety standards and regulatory requirements
Leadership acknowledged consumer concern and emphasized responsiveness

Specific quotes and interviews are documented in Economic Times, Business Standard, Business Today, and other publications from 2015-2017.

Competitive Response & Market Dynamics

Competitor Activity During Crisis

According to media reports and industry analyses from 2015-2016:

ITC's Yippee Noodles: Increased marketing investment and distribution push during Maggi's absence, according to ITC Limited's annual reports and media coverage
Nissin's Top Ramen: Expanded market presence, per media reports
Regional Brands: Increased visibility and retail presence in various markets
New Entrants: Some new brands entered category opportunistically, documented in trade publications

Market Share Shifts

According to Nielsen data and industry estimates cited in business media:

Instant noodles category contracted during crisis as consumer confidence in the category was affected
Competitors gained share during Maggi's absence (June-November 2015)
Category recovered as Maggi returned but competitive landscape became more fragmented than pre-crisis
Maggi's dominant position partially eroded permanently, with competitors retaining some gains

Long-Term Competitive Impact

Media reports from 2017-2019 suggested:

Maggi recovered majority of its losses but not complete pre-crisis dominance

Category became more competitive with viable alternatives established

Consumer choice diversified, reducing Maggi's near-monopolistic position

Regulatory and Policy Context

Food Safety Regulatory Framework

The crisis occurred within India's evolving food safety regulatory environment:

Food Safety and Standards Authority of India (FSSAI) established in 2008 under Food Safety and Standards Act

Regulatory framework in relatively early implementation stage during 2015

Testing protocols, enforcement mechanisms, and regulatory procedures were still developing

Testing and Standards Controversy

Court proceedings and media reports documented controversies regarding:

Laboratory testing methodologies and protocols
Standards for lead content in instant noodles
Interpretation of "total lead" versus "leachable lead"
Sampling and testing procedures

These technical and procedural issues were central to legal proceedings, per court documents and media coverage.

Regulatory Precedent Implications

Industry analyses and legal experts quoted in media noted:

The case set precedents for food safety enforcement in India
Highlighted need for standardized testing protocols
Demonstrated regulatory authority willingness to act on food safety concerns
Created increased scrutiny on food industry labeling and composition claims

Stakeholder Impact Analysis

Impact on Consumers

According to media coverage and public discourse documented during crisis:

Consumer confidence in instant noodles category affected broadly
Concerns about food safety in packaged foods heightened
Consumer behavior shifted toward alternative products during ban period
Emotional response to favorite brand's absence documented in social media and media coverage

Quantified consumer impact data (health effects, consumption pattern changes, sentiment metrics) is not comprehensively available through verified sources.

Impact on Trade Partners

Media reports documented effects on distribution partners:

Distributors and retailers faced inventory losses
Shelf space allocation shifted to competitors during absence
Trade relationships strained by sudden product withdrawal
Rebuilding distribution required reengagement and relationship restoration

Specific financial impact on trade partners or detailed distribution recovery strategies are not publicly disclosed.

Impact on Employees

According to Nestlé India's annual reports and media coverage:

Manufacturing facilities affected by production halt
Workforce engaged in product destruction and quality control activities during crisis
No verified reports of major layoffs, though operational impacts were significant
Employee count and HR impact data not comprehensively disclosed beyond general statements in annual reports

Impact on Parent Company

Nestlé S.A.'s annual reports and investor communications referenced the India crisis:

Material financial impact noted given India's significance as emerging market
Reputational considerations for global Nestlé brand
Corporate governance and quality control systems reviewed
Specific financial impact on parent company operations not separately disclosed beyond Nestlé India subsidiary figures

Limitations of Available Information

Critical Information Gaps

Despite extensive media coverage of the crisis, significant information limitations exist:

1. Communication Strategy Details

Specific marketing budgets for relaunch campaigns (overall and by channel)
Creative development process and strategic rationale documentation
Message testing and consumer research informing strategy
Campaign performance metrics (awareness, recall, persuasion)
Media planning strategies and reach/frequency achievements
Digital and social media strategy specifics and performance
Influencer or word-of-mouth marketing initiatives, if any

2. Consumer Behavior and Perception

Brand tracking study results (awareness, consideration, preference, usage)
Consumer trust metrics evolution over time
Purchase intent changes throughout crisis and recovery
Consumer segmentation and differential impact by segment
Trial and repeat purchase rates post-relaunch
Comparative brand health versus competitors over time
Qualitative consumer research insights

3. Operational and Distribution Details

Specific product destruction volumes and costs
Manufacturing restart timelines and challenges
Distribution rebuilding strategy and execution
Retailer and distributor engagement approaches
Trade incentives or support programs, if any
Geographic phasing of relaunch and rationale
Inventory management and supply chain adjustments

4. Internal Decision-Making

Crisis management team structure and processes
Board-level discussions and decision criteria
Communication strategy development and approval processes
Budget allocation decisions for recovery efforts
Organizational changes implemented, if any
Employee communication and engagement strategies
Learning and process changes from crisis

5. Competitor Intelligence

Detailed competitor activities and marketing investments during crisis
Consumer switching patterns (Maggi to competitors and back)
Competitor financial performance and market share gains (non-listed competitors)
Trade strategies employed by competitors
Competitive response to Maggi relaunch

6. Long-Term Brand Impact

Permanent brand equity damage quantification
Customer lifetime value impact
Long-term pricing power and premium sustainability
Brand extension implications
Corporate reputation impact on Nestlé portfolio beyond Maggi

Implications for Analysis:

Definitively evaluate communication strategy effectiveness with quantified evidence
Assess ROI on relaunch marketing investments
Compare alternative communication strategies that might have been considered
Provide granular operational playbook for crisis recovery
Quantify precise brand equity damage and recovery trajectory
Establish causal links between specific communication elements and recovery outcomes

The analysis is therefore limited to documenting publicly available crisis timeline, financial impacts, broad strategic direction, and observable patterns, while acknowledging attribution complexity.

Strategic Lessons: Evidence-Based Observations

Given available data and acknowledged limitations, the following observations can be made:

Lesson 1: Swift Voluntary Action Can Demonstrate Responsibility

Nestlé India's voluntary market withdrawal on June 5, 2015 (same day as FSSAI advisory, before complete ban enforcement) demonstrated responsiveness.

Documented Evidence:

Company statements emphasized voluntary withdrawal
Timeline shows proactive action before mandatory complete ban
Subsequent communication referenced this decision as evidence of responsibility

Theoretical Benefit:

Voluntary action signals prioritizing consumer safety over commercial considerations
Potentially mitigates perception of regulatory compulsion
Provides narrative foundation for future trust rebuilding

Validation Limitation: Without consumer research comparing perceptions of "voluntary withdrawal" versus "forced ban," and without counterfactual analysis, the specific reputation benefit of this action cannot be quantified. The swift action is documented; its differential impact versus alternative responses is not.

Lesson 2: Legal Vindication Provides Necessary but Insufficient Foundation for Recovery

Regulatory clearance (August 2015) and subsequent lab test results provided legal basis for relaunch but did not automatically restore consumer confidence.

Documented Evidence:

Court lifted ban and tests cleared product in August 2015
Product relaunched November 2015
Financial recovery took 2-3 years, suggesting consumer trust restoration lagged regulatory clearance

Observation: Legal/regulatory compliance is prerequisite for market return but does not immediately translate to consumer acceptance. Extended recovery timeline (FY2016-FY2018) compared to rapid legal resolution (August 2015) demonstrates this gap.

Implication: Crisis recovery requires both regulatory compliance AND consumer-facing communication and trust rebuilding. Technical clearance does not substitute for emotional reconnection.

Lesson 3: Emotional Brand Equity Can Accelerate Recovery But Not Prevent Permanent Damage

Maggi's strong pre-crisis emotional brand equity likely facilitated recovery, but market position was permanently altered.

Evidence Base:

Recovery to near pre-crisis revenue levels by FY2017-18 (2-3 years)
However, market share estimates suggest permanent share loss (from ~75-80% to ~55-60% range based on media-reported estimates)
Competitors retained gains made during Maggi's absence

Interpretation:

Strong emotional equity provided "memory" and goodwill enabling consumer return
However, crisis provided opportunity for trial of alternatives, reducing Maggi's dominance
Category became structurally more competitive post-crisis

Validation Limitation: Without comprehensive brand tracking data and consumer research, precise role of emotional equity in recovery speed cannot be quantified versus other factors (distribution, price, promotion, competitor actions).

Lesson 4: Crisis Communication Requires Balancing Rational and Emotional Appeals

Documented relaunch communication combined safety reassurance (rational) with emotional reconnection themes.

Observable Strategy:

Safety testing results and regulatory compliance communicated in initial phase
Emotional "missed you" themes prominent in subsequent campaigns
Dual approach addressed both practical concerns (safety) and relationship repair

Theoretical Logic:

Pure rational safety messaging may appear defensive or transactional
Pure emotional messaging may seem to ignore legitimate safety concerns
Combined approach addresses consumer head (safety) and heart (brand relationship)

Evidence Limitation: Without disclosed message testing results or campaign performance data, the relative effectiveness of rational versus emotional elements, or the optimal balance, cannot be established. The strategic choice is documented; its validation is not.

Lesson 5: Recovery from Food Safety Crisis Requires Sustained Investment

Financial recovery timeline (2-3 years) and documented continued marketing investment suggest crisis recovery is marathon, not sprint.

Evidence Base:

FY2015-16 to FY2017-18 recovery timeline documented in financial statements
Annual reports from this period referenced continued focus on brand rebuilding
Marketing investment sustained over multiple years (though specific amounts not disclosed)

Contrast with Short-Term Approach:

Could have pursued rapid volume restoration through heavy discounting or promotional activity
Documented approach emphasized brand building and trust restoration over immediate volume
Financial results show gradual rather than immediate recovery

Implication: Crisis recovery benefits from patient, sustained investment in brand equity rather than tactical short-term volume chasing. However, this requires financial capacity to absorb extended recovery period.

Lesson 6: Crisis Creates Permanent Competitive Landscape Change

Maggi's crisis provided market entry opportunity for competitors that translated to permanent share shifts.

Evidence Base:

Competitors gained share during absence (documented in media)
Post-recovery market share estimates lower than pre-crisis levels
Category became more fragmented with viable alternatives established

Competitive Dynamics:

Consumer trial of alternatives during forced Maggi absence reduced switching costs
Competitors' quality and acceptability were validated through extended usage
Retail shelf space allocation became more competitive

Strategic Implication: Market leadership based on historical dominance can be disrupted by crisis events that force consumer experimentation. Recovery may achieve growth but not full restoration of pre-crisis monopolistic position.

Lesson 7: Listed Company Status Creates Communication Transparency Requirements

As a publicly listed company, Nestlé India's financial impact was comprehensively disclosed, unlike private companies facing similar crises.

Observable Difference:

Detailed financial impact documented in audited annual reports
Quarterly disclosures tracked recovery progress
Investor communication required transparency about crisis impact and strategy

Implications:

Listed companies face greater transparency obligations, potentially increasing scrutiny
However, transparency can build credibility if recovery is demonstrable
Detailed financial disclosure enables external learning (as in this case study)

Lesson 8: Parent Company Brand May Provide Stability But Also Global Risk

Nestlé India crisis had implications for Nestlé S.A. globally, while parent company support aided recovery.

Documented Elements:

Global Nestlé reputation potentially affected by India crisis (referenced in parent company communications)
Conversely, Nestlé's global quality systems and credibility supported recovery narrative
Parent company resources presumably available for crisis management and recovery

Risk-Support Duality: Multi-national subsidiaries face both risk contagion (local crisis affects global brand) and support benefits (global resources aid local recovery).

Evidence Limitation: Specific resource flows, decision authority, or coordination between Nestlé India and parent during crisis are not publicly documented beyond general statements.

Conclusion

The Maggi noodles crisis and subsequent recovery represents one of India's most significant food brand crisis cases, offering verified insights into crisis management, brand recovery, and consumer trust rebuilding, though important execution details remain proprietary.

Crisis Impact

Complete product ban and market withdrawal (June-November 2015)
Revenue decline of 17.5% in FY2015-16 (₹10,169 crore to ₹8,395 crore)
Net profit decline of 70.7% in FY2015-16 (₹1,206 crore to ₹353 crore)
Market share erosion from ~75-80% to permanently lower levels (~55-60% post-recovery estimates)
Consumer trust damage across instant noodles category

Recovery Trajectory

Regulatory clearance achieved August 2015; relaunch November 2015
Financial recovery to near pre-crisis levels by FY2017-18 (2-3 years)
Revenue FY2017-18: ₹10,164 crore (vs. ₹10,169 crore FY2014-15)
Net profit FY2017-18: ₹1,199 crore (vs. ₹1,206 crore FY2014-15)
Market leadership restored but competitive landscape permanently altered