These upcoming openings in Bandra on May 27 and Andheri on May 28 will bring the total number of Tim Hortons stores in India to 15, solidifying its foothold and catering to coffee lovers in yet another major city. (Representative Image)
Canadian restaurant chain Tim Hortons has been expanding its operations worldwide, and the latest addition to its growing list of outlets is located in Vasant Vihar, New Delhi. As per a statement released by a company official on social media, the new branch is situated at the Basant Lok Community Center in Vasant Vihar.
“Drop in at Vasant Vihar for your favourite coffee!!!” Vishal Shah, Head – Store Development, Tim Hortons India said in a LinkedIn post while sharing an invite.
Tim Hortons has a presence in several parts of the National Capital Region (NCR) with seven other outlets located in Pitampura, Green Park, Saket, Gurugram, Punjabi Bagh, Noida, and Dwarka respectively.
With a goal of opening more than 120 stores in India within 36 months, the coffee chain, Tim Hortons, is currently concentrating on expanding in North India, including Delhi and Punjab. Furthermore, the company has plans to enter markets such as Mumbai, Pune, Surat, Ahmedabad, and Bengaluru. In celebration of Lohri, Tim Hortons recently launched a new outlet in Ludhiana, Punjab.
In August 2022, the Canadian corporation made its debut in India by signing an exclusive master franchise agreement with AG Café and Gateway Partners, an emerging markets alternative investment manager. AG Café is a joint venture formed with the global fashion and lifestyle retail conglomerate, Apparel Group.
Tim Hortons is a Canadian-based multinational coffeehouse and restaurant chain, with its headquarters located in Toronto. The company was founded in 1964 in Hamilton, Ontario by Canadian ice hockey legends Tim Horton and Jim Charade. As of June 30, 2022, Tim Hortons has a quick-service restaurant (QSR) presence in 15 countries, with 5,352 restaurants operating worldwide.
In 2014, Tim Hortons was acquired by Burger King, which resulted in both chains becoming subsidiaries of Restaurant Brands International (RBI), a Canadian-American holding company.
RBI operates more than 5,000 stores around the world and it also owns QSR brands such as Popeyes and Firehouse Subs.
Food Businesses are rich in cash flow and demand a skill to maintain efficiency across the process. One of the ways to achieve such efficiency is by creating a forecast and preparing for the time ahead.
A cash flow forecast is a financial tool that predicts the amount of cash that will be available to a business at a given point in time by estimating the expected inflows and outflows of cash over a specific period. It is an essential tool for managing a business’s finances and ensuring that it has the cash it needs to meet its obligations and make strategic investments.
Cash flow forecasting is an important aspect of financial planning for any business, including those in the food industry. By creating a cash flow forecast, you can anticipate your business’s future cash needs and plan accordingly. This can help you make informed decisions about investments, expenses, and growth opportunities.
A cash flow forecast helps businesses anticipate cash shortages, manage their cash flow effectively, and make informed decisions about spending and investment. It provides a snapshot of the company’s financial position and helps identify areas where cash flow can be improved.
Food businesses have to deal with perishable inventory, labour costs, equipment maintenance, and other expenses that can significantly impact their cash flow. Additionally, food businesses are subject to seasonality, making it difficult to predict revenue and expenses throughout the year.
By creating a cash flow forecast, food businesses can identify potential shortfalls or surpluses in cash and take steps to address them before they become problems. It also helps businesses to maintain a positive cash flow, which is essential for growth and long-term success.
Cash flow is a critical aspect of a business’s financial health, as it determines its ability to pay bills, fund operations, and invest in growth opportunities. A positive cash flow means that a business has more cash coming in than going out, while a negative cash flow means that it is spending more than it is earning.
Here is our quick guide to help you through the process of creating a cash flow forecast for your food business.
1. Determine Your Time Frame
Before creating a cash flow forecast, you need to decide on the time frame you will use. This could be a monthly, quarterly, or yearly forecast. The time frame you choose will depend on the complexity of your business and the level of detail you require.
2. Calculate Your Starting Cash Balance
The starting cash balance is the amount of cash you have on hand at the beginning of the period you are forecasting. This figure can be found on your previous month’s cash flow statement or by looking at your current bank balance.
3. Identify Your Cash Inflows
You need to identify all of the cash inflows for your business during the forecast period. These may include sales revenue, loans, and other sources of income. Be sure to take into account any seasonal fluctuations that may impact your cash inflows.
4. Estimate Your Cash Outflows
Once you have identified your cash inflows, you need to estimate your cash outflows. This includes all of your expenses such as rent, utilities, payroll, inventory, and other operating costs. Be sure to take into account any expected increases or decreases in expenses.
5. Subtract Your Cash Outflows from Your Cash Inflows
Once you have calculated your cash inflows and outflows, you can subtract your cash outflows from your cash inflows to determine your net cash flow for the period. This will give you an indication of whether you will have a surplus or a shortfall in cash for the period.
6. Review Your Forecast
It’s important to review your cash flow forecast regularly to ensure that it remains accurate and up-to-date. This will help you identify any potential cash flow issues early on and allow you to take corrective action.
7. Make Adjustments
If your cash flow forecast indicates that you will have a shortfall in cash, you may need to make adjustments to your expenses or look for new sources of income. On the other hand, if your cash flow forecast shows a surplus, you may want to consider investing in your business or paying down debt.
8. Use Cash Flow Forecasting Software
There are a variety of cash flow forecasting software options available that can help you automate the process and provide more detailed insights into your cash flow. This can save you time and help you make more informed decisions about your business.
Creating a cash flow forecast is an essential tool for managing the finances of your food business. Remember to review your forecast regularly and adjust it as necessary to reflect changes in your business operations and market conditions. With a well-planned cash flow forecast, you can minimize financial risk and maximize the long-term success of your food business.
The company's sales and profitability exhibited improvement both year-on-year and quarter-on-quarter, driven by an enhanced product mix and heightened demand for glass containers in the non-alcoholic and alcoholic beverages as well as packed food segments.
AGI Greenpac, a company based in India that is dedicated to producing packaging products, has published its financial outcomes for the fourth quarter and the fiscal year that concluded on March 31st, 2023.
During the fourth quarter of FY23, AGI Greenpac achieved impressive results, reporting a Revenue from Operations of INR 680 crore compared to INR 432 crore in Q4FY22, which reflects a strong year-on-year growth of 58%. The company’s EBITDA for the same period was v 196 crore, representing a remarkable year-on-year growth of 111%, and the margin stood at 29%. The Net Profit of continued operation amounted to INR 96 crore, indicating a significant year-on-year growth of 152%, with margins of 14%.
During FY23, AGI Greenpac delivered an impressive performance, reporting a Revenue from Operations of INR 2,281 crore, a significant increase of 60% on a year-on-year basis compared to INR 1,430 crore in FY22. The company’s EBITDA for the fiscal year was INR 488 crore, indicating a strong year-on-year growth of 59%, with a margin of 21%. AGI Greenpac’s Net Profit amounted to INR 249 crore, reflecting a substantial year-on-year growth of 114%, with margins of 11%.
The company’s sales and profitability exhibited improvement both year-on-year and quarter-on-quarter, driven by an enhanced product mix and heightened demand for glass containers in the non-alcoholic and alcoholic beverages as well as packed food segments.
Commenting on the results, Sandip Somany, Chairman and Managing Director, AGI Greenpac, said, “Rise in demand for the glass packaging containers from both the non-alcoholic & alcoholic beverage segments and our integrated business model and premium products helped us in delivering sustainable growth for the year.”
He further added, “AGI Greenpac is a supply chain partner to various consumer brands, including pharmaceuticals, food, non-alcoholic & alcoholic beverages, cosmetics, perfumery and is focused on creating value for all partners.”
Kraft Heinz, a multinational food and beverage conglomerate, reported a 7.3% increase in its net sales for the first quarter, reaching $6.49 billion. This is a remarkable improvement from the sales decline of 5.5% that the company faced during the same period in the previous year.
In terms of organic growth, Kraft Heinz’s net sales surged by 9.4% in the first quarter, with a notable rise in pricing by 14.7 percentage points. This represents a significant improvement over the same period last year when net sales grew by 6.8% and pricing increased by 9 percentage points.
With higher adjusted EBITDA compared to the previous year and lapping non-cash impairment losses in the same period, Kraft Heinz experienced a 7.1% increase in net income, which amounted to $837 million.
During the same period last year, volume/mix was comparatively better, declining only by 5.3 percentage points, as opposed to the current quarter. The decline in both segments was mainly driven by elasticity impacts from pricing actions.
The parent company of Heinz Baked Beans and Philadelphia has reiterated its projection of achieving organic net sales growth between 4% and 6% for the year 2023, as compared to 2022.
Miguel Patricio, Kraft Heinz CEO, commented, “We delivered strong results in the first quarter of 2023, with net sales growth across both our North America and International zones that continues to be fueled by Foodservice, Emerging Markets, and US Retail Grow platforms. I am very proud of the entire Kraft Heinz team as we continue to deliver on what we can control by unlocking efficiencies and reinvesting in our brands and capabilities.”
He continued, “We remain committed to advancing our business transformation, and we are confident we have the right strategy in place to win with customers and consumers, and to deliver profitable growth and create value for our stockholders”.
Michelle Obama also announced that the company is donating $1m to an initiative by FoodCorps, a nonprofit organisation that is working to help all 50 million students in the US receive education about nutrition and free school meals by 2030. (AP Photo/Mary Altaffer)
Michelle Obama has made public her collaboration with a new company that aims to produce and market nutritious food and beverages for kids. These products are expected to have a reduced negative impact on children’s long-term health due to their lower sugar levels and higher nutrient content.
As a “Co-Founder and Strategic Partner” of PLEZi Nutrition, the former first lady continues her pursuit to enhance child nutrition, which she initially started during her White House tenure.
“I’ve learned that on this issue, if you want to change the game, you can’t just work from the outside,” she said during a keynote address in New York during a conference on the future sponsored by The Wall Street Journal. “You’ve got to get inside. You’ve got to find ways to change the food and beverage industry itself.”
“So today, I’m proud to announce the national launch of a company designed not just to provide better products, but to jumpstart what I hope will be a race to the top that will transform the entire food industry,” she added.
Ms. Obama’s aides have stated that she is a Co-Founder and Strategic Partner of PLEZi Nutrition, and will primarily work behind-the-scenes to support the company’s educational and philanthropic efforts. However, it has not been clarified whether she made any financial investment in the company or if she will receive a salary. It has also been emphasized that she will not be a spokesperson or public face of the company.
During her time as first lady, Ms. Obama championed the “Let’s Move” initiative at the White House to enhance the wellbeing of American children by encouraging them to adopt healthier eating habits and engage in physical activity. She also played a significant role in improving federal nutrition standards for school lunches and eliciting commitments from food companies and restaurant chains to reduce calories, salt, sugar, and trans fats in their meals.
Ms. Obama mentioned on Wednesday that despite previous efforts, children are still not meeting the recommended nutrient levels and are consuming excessive amounts of added sugar – an average of 53 pounds per year. According to her, sugary drinks remain the primary source of added sugar for youngsters, with almost two-thirds of them consuming such beverages every day.
PLEZi Nutrition, located in the District of Columbia, is a public benefit corporation. As a for-profit entity, the company was established with the aim of serving the public good, with a focus on enhancing child nutrition. The company is committed to balancing its financial goals with its mission to contribute to the betterment of child nutrition.
According to the former first lady, PLEZi Nutrition’s debut product is a drink designed for children aged six to twelve. The drink, available in four flavors – Tropical Punch, Orange Smash, Sour Apple, and Blueberry Blast – contains 75% less sugar compared to typical fruit juices. The drink can be bought at Target and Sprouts Farmers Market stores, as well as online at Walmart.
Notably, the PLEZi Nutrition website highlights that water is the healthiest drink option for children.
“First and foremost, we know kids should first drink water, and PLEZi isn’t intended to replace water!” the website reads. “PLEZi has 75 per cent less sugar than average leading 100 per cent fruit juices, no added sugar, plus fibre and nutrients to support kids’ growing bodies. So our recommendation is always water first, and replace the sugary drinks your child would drink normally with PLEZi.”
Ms Obama also announced that the company is donating $1m to an initiative by FoodCorps, a nonprofit organisation that is working to help all 50 million students in the US receive education about nutrition and free school meals by 2030. PLEZi Nutrition will also contribute 10 per cent of its profits to the broader movement to improve child nutrition.
The newly opened outlet of Sharabi Kukkad in Connaught Place is now open for lunch and dinner every day of the week. (Representative Image)
Sharabi Kukkad, a renowned restaurant that offers a delightful fusion of North Indian and Chinese cuisine, has expanded its presence by launching its fifth outlet in Delhi’s Connaught Place. The newly opened restaurant has the capacity to seat up to 100 customers at a time.
With more than 25 years of experience in the culinary world, Chef Deep Chand Dobriyal is the creative force behind the restaurant. He has a strong passion for combining different cultural influences in his cooking.
Chef Deep Chand Dobriyal’s innovative menu seamlessly blends the robust and rich flavors of North Indian cuisine with the subtle and refined spices of Chinese dishes.
At Sharabi Kukkad, customers can savor a diverse menu featuring both classic North Indian delicacies like Butter Chicken and Rara Gosht, and popular Chinese favorites such as Kung Pao Chicken and Drunken Chicken.
Adding an exciting twist to their culinary offerings, the Chefs at Sharabi Kukkad have created alcohol-infused dishes such as Sharabi Dal and Sharabi Kukkad. These unique delicacies feature a blend of dry lentils and tender chicken infused with rum, showcasing the restaurant’s innovative approach to cooking.
Sharabi Kukkad is a versatile dining destination, perfect for various occasions, be it dine-in, takeout, or delivery.
Vineet Aggarwal, Co-Founder of Sharabi Kukkad, said, “We are thrilled to open our fifth outlet in the heart of Delhi’s Connaught Place,” said. “Our aim has always been to bring good food and a warm dining experience within reach of everyone, and we are excited to introduce our unique culinary offerings to even more people. At Sharabi Kukkad, we put people first, and we look forward to welcoming you to our new location.”
The newly opened outlet of Sharabi Kukkad in Connaught Place is now open for lunch and dinner every day of the week.
For added convenience, Sharabi Kukkad offers delivery and takeout services. The restaurant also provides catering options for special occasions and private events, making it a versatile option for any gathering.
UBL's net profit for the financial year ending in March 2023 declined by 15.97% to reach INR 308.10 crore, as compared to INR 366.68 crore in FY22.
United Breweries Ltd, a beer maker controlled by Dutch multinational brewing company Heineken NV, disclosed on Thursday a decline of 93.97% in its consolidated net profit for the March quarter, amounting to INR 9.87 crore. As per a regulatory filing by United Breweries Ltd (UBL), the company had reported a net profit of INR 163.78 crore in the January-March quarter of the previous year.
During the quarter under review, UBL’s revenue from operations increased by 11.35% to INR 4,081.01 crore. In the corresponding period of FY22, it had stood at INR 3,664.71 crore.
“Gross margin during the quarter was lower as compared to PY (previous year) due to continued inflationary pressures on our cost base, particularly on prices of barley and packaging materials,” said UBL in its earnings statement.
UBL’s premium segment outperformed its total portfolio, growing by 19% in the quarter and registering a robust YTD growth of 58%. This growth was fueled by popular brands like Heineken, Kingfisher Ultra, and Kingfisher Ultra Max.
“Price increases have been taken across multiple states with continued commitment in driving further revenue management initiatives,” it added.
In Q4FY23, UBL’s total expenses increased by 17.93% to reach INR 4,079.32 crore, up from INR 3,458.98 crore in the corresponding period a year ago.
UBL’s total income for the March quarter increased by 11.28% to reach INR 4,092.80 crore.
UBL’s net profit for the financial year ending in March 2023 declined by 15.97% to reach INR 308.10 crore, as compared to INR 366.68 crore in FY22.
Despite the decline in net profit, UBL’s consolidated revenue from operations for FY23 increased by 26.87% to reach INR 16,651.09 crore, up from INR 13,123.92 crore in the previous year.
The company reported that it achieved “all-time high full-year volumes,” indicating sustained growth in the category.
UBL’s Capex spend was INR 156 crore and it said, “with volume growth expected to continue, Capex investments are needed to meet future growth”.
According to the company, it anticipates continued inflationary pressure on its cost base in the near future.
“The company will seek appropriate action to further mitigate the impact. UBL continues to remain optimistic on the long-term growth potential of the industry, driven by increasing disposable income, favourable demographics and premiumisation,” it said.
As per the filing, UBL’s board recommended a dividend of 750% or INR 7.50 per equity share of INR 1 each to the company’s shareholders for the financial year that ended on March 31, 2023.
On Thursday, United Breweries Ltd’s shares settled at INR 1,430 apiece on the BSE, reflecting a decrease of 0.28%.
Zomato, a food delivery platform with around 17.4 million monthly transacting customers and 330,000 active restaurant partners spread across roughly 1,000 Indian cities, has adopted the observability platform New Relic to guarantee optimal performance and dependability. The two companies announced this partnership through a joint press release.
Shrey Sinha, head of site reliability engineering, Zomato, said, “The key value drivers for Zomato are uptime, performance and reliability; innovation and growth; and operational efficiency—all of which New Relic excels at delivering.”
New Relic enables Zomato’s engineering teams to take a proactive approach in promptly resolving issues that may arise in their infrastructure, applications, and services. By doing so, they can guarantee optimal performance and user experience.
“We are confident that New Relic’s data-driven approach will enable us to connect people with processes and technology performance across the entire organisation and improve business outcomes in the long term. We are excited to embark on the next phase of growth with New Relic,” added Sinha.
According to the release, the extended partnership with New Relic will further Zomato’s observability strategy, allowing them to maintain a high level of visibility as they continue to scale and manage a larger technology stack.
“Food tech platforms are rapidly growing segments globally. As a result, aggregators are increasingly working to maintain the stability of their platforms to scale their customer base exponentially. This is where New Relic can offer Zomato a competitive advantage through improved uptime and reliability,” said Vidhur Bhagat, General Manager enterprise business at New Relic.
Zomato is a restaurant aggregator and food delivery company that is headquartered in Gurugram, India. It was founded in 2008 by Deepinder Goyal and Pankaj Chaddah and has since become a multinational company.
The funding secured from Anicut Capital will allow the start-up to strengthen its technological capabilities, upgrade its plant and machinery equipment, and bolster its marketing strategies.
Uzhavarbumi, a start-up based in Chennai that offers direct-to-consumer (D2C) milk delivery services, has secured INR 7 crore in funding from Anicut Capital.
The funding secured from Anicut Capital will allow the start-up to strengthen its technological capabilities, upgrade its plant and machinery equipment, and bolster its marketing strategies. Uzhavarbumi also intends to improve its product packaging and expand its workforce with the funds received.
With the financial backing, Uzhavarbumi intends to expand its operations to Bengaluru and Hyderabad.
Vetrivel Palani established Uzhavarbumi in 2017 with a mission to connect rural and marginalized farmers with consumers in urban areas by sourcing farm-fresh milk from them at a fair market price. The start-up has been successful in bridging the gap between primary producers (farmers) and consumers in Chennai.
The business model of Uzhavarbumi ensures that farmers are able to generate a stable and consistent income.
Speaking on the funding, Vetrivel Palani said, “We are thrilled to have Anicut Capital as our investor and partner in the mission to create a more sustainable and equitable agri-food system. With Anicut’s support, we aim to expand our operations and bring farm-fresh milk to more customers across India.”
IAS Balamurugan, Managing Partner of Anicut Capital, said, “We are proud to associate with Uzhavarbumi in their mission to promote direct commerce between farmers and consumers. Their innovative approach towards supply chain management and focus on eco-friendly packaging aligns with our vision of promoting sustainable development. They have immense potential in transforming the agricultural sector of India and we are excited to support their growth plans and expansion into new markets.”
Anicut Capital is a financial institution that offers a range of debt and equity products. The company manages multiple investment funds, including two debt funds (GAF-1 and GAF-2), Anicut Angel Fund, and Grand Anicut Fund 3.
Swiggy is planning to launch the service in 16 additional cities, including Dehradun, Pondicherry, Ludhiana, Udaipur, and others. (Representative Image)
Swiggy, the food aggregator platform, announced on Thursday that it has extended its Swiggy Gourmet service, which offers premium food delivery, to 31 cities throughout India.
After being introduced in Bengaluru, Delhi, and Mumbai in February 2022, the service has now expanded to many other cities, such as Pune, Kolkata, Goa, Chandigarh, Surat, Vadodara, Jaipur, Ahmedabad, Coimbatore, and Kochi.
In addition, Swiggy is planning to launch the service in 16 additional cities, including Dehradun, Pondicherry, Ludhiana, Udaipur, and others. The expansion of Swiggy Gourmet, according to the company, indicates that the service has gained popularity among customers, particularly in smaller towns and cities throughout India.
Rohit Kapoor, CEO, Food Marketplace, Swiggy, said, “We are excited as we expand our Swiggy Gourmet to provide more premium experiences to consumers at their doorsteps. Our expansion reflects the strong demand for premium dining options and we are committed to partnering with more restaurants to provide unique and tempting offers exclusively available on our platform.”
A few days prior to this development, Swiggy shut down its premium grocery delivery service, Handpicked, only six months after piloting it in Bengaluru.
According to Swiggy, its Swiggy Gourmet platform has been instrumental in the expansion of various restaurants in Bangalore, Mumbai, and the National Capital Region. The platform, which currently features over 2,000 brands and 5,000 restaurants, has helped restaurants such as ITC Master Chef Creations, Smoke House Deli, Brik Oven, Pizza Bakery, Good Flipping Burgers, and Maiz Mexican Kitchen, among others, to grow their businesses.
Swiggy reports that these restaurants have experienced a 48% rise in order volume, on average, since collaborating with Swiggy Gourmet.
On average, Swiggy Gourmet’s restaurant partners have witnessed a 48% surge in their order volume, as per Swiggy’s report.
Swiggy has been implementing job cuts as it prepares for a public listing. In January, the food aggregator let go of 380 employees out of its 6,000-strong workforce, citing difficult macroeconomic circumstances and a deceleration in the expansion of its food delivery operations.
Apart from the job cuts, Swiggy also discontinued its meat marketplace due to a lack of proper “product fit.” Two months later, in March, the company divested its cloud kitchen venture, Swiggy Access, to Kitchens@ in a share-swap agreement. Swiggy Access provided rental kitchen facilities to restaurants.
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