MAM
Indian advertising stalwart AG Krishnamurthy passes away
MUMBAI: An entrepreneur to the core… a creative disrupter who did not care about the establishment and the way it functioned in the late seventies and eighties. This perhaps best describes Atchyutani Gopala Krishnamurthy, fondly known as AGK, who passed away at the age of 73 in Hyderabad following a brief hospitalisation on 5 February.
The founder, chairman and managing director of Mudra Communications, AGK was regarded by many in the industry as a legend — an adman, a creative genius, a pioneer in business and marketing, and an author — all rolled into one. His sudden demise after a brief illness came as a shock to many. Incidentally, 5 February, 2016 also marked the silver jubilee of MICA – the advertising institute, which Krishnamurthy established.
Krishnamurthy had been an inspiration for many generations of advertising enthusiasts and veteran creatives in the country, and his ‘rags to riches’ story of setting up Mudra Communications from a Rs 35,000 and one client company to an empire worth millions, is one of the biggest success stories of our times.
Born on 28 April, 1942 in Vinukonda, in the southern state of Andhra Pradesh, Krishnamurthy didn’t start off his career in advertising but chance and impromptu necessity led him in. In 1968 he joined the Calico Mills, a big textile name in the 60s and 70s, to assist Giraben Sarabhai. Later, he was commissioned by Reliance Dhirubhai Ambani to come up with “the best possible advertising in textiles” for Reliance’s in-house fabric brand, Vimal. And from him came the brand’s tagline – ‘Only Vimal.’ He was also the man behind the simple yet evergreen tagline – ‘I love you Rasna.’
By 1980, AGK had christened ‘Mudra’ as an independent advertising agency while scouting for like minded business partners. With his insights and leadership, it didn’t take long for Mudra to become a full-service national-level advertising house.
He later penned a biographical book titled Dhirubhaism on Dhirubhai Ambani’s business philosophy and the anecdotes that he shared with Krishnamurthy when they worked together, which is still referred to by many management and business students.
Although his creative works are revered and celebrated even today, his biggest contribution to the advertising fraternity is no doubt, setting up of MICA or Mudra Institute of Communications, Ahmedabad as it was earlier called. It was the first of its kinds in all of Asia when it was established in 1991.
AGK’s talent for starting new businesses and establishing its success in the market didn’t end there. After retiring from Mudra in 2003, he founded AGK Brand Consulting as ran it as chairman.
A few ad men took to social media to express their grief.
Cartwheel Creative founder Ramakrishna Desiraju, popularly known as Ramki tweeted, “Flooded by memories of AGK. What a remarkably atypical adman he was. MICA, perhaps more than Mudra, will be his lasting legacy. RIP. Much too late, I regret not staying in touch with AGK. His strange accent, his warm smile, and his earthy wisdom will always stay with me.”
R K Swamy Hansa Group chairman SK Swamy tweeted, “Hardly 74 years Founder of Mudra Communications AG Krishnamurthy is no more. He changed the rules when he ruled….”
Krishnamurthy is survived by his wife, three daughters and son. We at Indiantelevision.com express our heartfelt condolences to the family. May his soul rest in peace.
Brands
Kwality Wall’s reports standalone losses following strategic HUL demerger
Ice cream major faces Rs 64 crore Ebitda loss amid commodity inflation and muted Q3 sales
MUMBAI: Kwality Wall’s (India) Limited (KWIL) has released its first set of financial results as a standalone entity, revealing a challenging start to its independent journey. Following its successful demerger from Hindustan Unilever Limited (HUL) on 1st December 2025 and its subsequent listing on 16th February 2026, the company is navigating a transition period marked by structural changes and high input costs.
For the quarter ended 31st December 2025, the company reported revenue of Rs 222 crores. Despite the revenue base, the bottom line was impacted by several factors, resulting in an Ebitda loss of Rs 64.2 crores. When calculated on a Pre-IND AS 116 basis, the Ebitda loss stood at Rs 83.8 crores.
Organic Sales Growth (OSG) declined by 6.5 per cent year-on-year during the quarter. Volume growth, however, saw a marginal increase of 1.2 per cent. The company reported a gross margin of 41.5 per cent. Additionally, exceptional expenses amounting to Rs 94 crores were recorded, primarily linked to non-recurring costs during the transition phase.
Performance across portfolios and channels was mixed. Within the impulse portfolio, brands such as Magnum and Cornetto recorded mid-single digit volume growth, indicating steady demand in on-the-go consumption. However, the in-home portfolio, which includes take-home packs, experienced muted consumption. The company is planning a relaunch of this category with improved offerings ahead of the 2026 season.
Quick commerce (Q-Com) continued to emerge as a strong growth driver, delivering robust double-digit growth during the quarter. Meanwhile, the company also expanded its physical distribution network by increasing the number of company-owned cabinets across markets.
Margin pressure during the quarter was driven by a combination of one-off factors and broader cost inflation. Gross margins were impacted by around 600 basis points due to trade investments made for stock liquidation. Additionally, cocoa price inflation contributed to another 400 basis points of pressure on margins.
Deputy managing director Chitrank Goel attributed the muted performance partly to prolonged monsoons and transitional challenges linked to the GST framework. Operating expenses also increased as the company invested in establishing its standalone supply chain, operational systems and corporate infrastructure following the demerger.
Looking ahead, the management remains focused on a volume-driven growth strategy. To restore profitability, the company has initiated a cost productivity programme aimed at reducing non-consumer-facing costs. It is also working on building regional manufacturing networks to optimise logistics expenses and improve operational efficiency.
The commodity outlook for the near term remains mixed. Dairy prices are expected to remain firm due to tight supply conditions and rising fodder costs. Sugar prices may also move higher following increases in the Minimum Selling Price (MSP). While cocoa prices have moderated recently, currency depreciation has offset some of the potential cost relief for the company.
