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Morgan Stanley ups Zomato’s target price to INR 355, sees 31.7% upside potential

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Ashutosh Dubey
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Morgan Stanley ups Zomato's target price to INR 355, sees 31.7% upside potential

Global brokerage firm Morgan Stanley has increased its target price for Zomato to INR 355 from INR 278, citing the company’s potential to benefit from the growing quick commerce (QC) market in India. 

This represents a 31.7% upside potential from Thursday’s closing price.

Continue Exploring: Zomato to raise INR 8,500 Cr via QIP in December

Large profit pool by 2030 keep us overweight on Zomato – Morgan Stanley

“Rising share of quick commerce in India’s retail market, strong execution in food delivery/quick commerce, deep balance sheet, and large profit pool by 2030 keep us overweight on Zomato,” said Morgan Stanley in its report, according to ET Retail.

Morgan Stanley’s overweight rating is based on food tech giant’s favourable industry structure, market leadership, and superior unit economics in food delivery. The firm expects Zomato’s QC business, led by Blinkit, to outperform despite intense competition.

“We build in adjusted EBITDA breakeven for the next two to four quarters, implying substantial investments in aggressive expansion,” said Gaurav Rateria, Equity Analyst at Morgan Stanley. “We assume margins of 2.2% by F2027 and 5.1% by F2031, implying an annual profit pool of close to $1 billion for this business.”

Continue Exploring: Blinkit’s growth is not affecting kirana stores: Zomato CEO Deepinder Goyal

India’s q-commerce to reach $42 Bn in 20230

Further, Morgan Stanley estimates the Indian QC market to be worth $42 billion by 2030 in a base case scenario and $55 billion in a bull case. The firm believes Zomato will maintain its 40% market share despite rising competition.

To be noted that Zomato’s ability to solve for convenience, pricing, and selection will drive growth. Key catalysts for the stock include consistent top-line beats, adjusted EBITDA breakeven, and better monetization in food delivery.

However, risks include aggressive competition in QC, unit economics deterioration, regulatory risks around gig workers’ social security, and slowing top-line growth due to macroeconomic slowdown in urban consumption.

As Rateria stated, “Zomato’s current business model solves for convenience but is evolving rapidly to solve for both pricing and selection.”

Zomato’s shares closed 4.3% higher at Rs 269.60 on the BSE this Thursday.

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Kolkata’s Gariahat Hawkers opt for Digital amid rise of e-commerce to boost sales

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Ashutosh Dubey
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Kolkata's Gariahat Hawkers opt for Digital amid rise of e-commerce to boost sales

Gariahat hawkers in Kolkata are embracing the online marketplace to regain lost business due to the rise of e-commerce. The Gariahat Indira Hawkers’ Union, representing around 1,500 of the 2,000 hawkers, has hired a professional agency to create YouTube videos showcasing products from 100 stalls.

Before 2020, daily turnover was INR 7,500 – Debraj Ghosh 

“Before 2020, the average daily turnover of a stall was around INR 7,500. It’s now INR 2,500,” said Debraj Ghosh, the union’s general secretary. “This is mainly because many who moved to online shopping during the pandemic continue to shop online.” Ghosh emphasised that going online is crucial for survival.

Continue Exploring: Asia-Pacific region tackles food waste crisis with sustainability initiatives – Report

The initiative aims to reach potential customers through YouTube videos, allowing interested buyers to place orders via telephone and receive goods via courier. Seven videos will be released in December, covering various product categories, including apparel, home goods, and accessories. Each video will feature around a dozen stalls, including product details and contact numbers.

“We realised that unless we go to the customers as well, it would be difficult to survive,” Ghosh added. The union hopes to eventually cover all hawkers. Ajay De, a stall owner, welcomed the initiative, saying, “If we manage to sell our goods online, we can soon reclaim lost business.”

Continue Exploring: Rise of quick commerce is challenge to retailers, will become political issue – Uday Kotak

Quick commerce market to reach $40 Bn by 2030

Meanwhile, quick commerce companies are surpassing traditional retailers, with 46% of consumers reducing purchases from Kirana shops. The quick commerce market is expected to reach $40 billion by 2030, up from $6.1 billion in 2024, reveals a recent report by Datum Intelligence.

“Nearly half (46%) of respondents report reduced spending at Kirana shops, indicating a shift in customer behaviour towards quick commerce platforms,” the report notes. Top quick commerce platforms in India include Blinkit, Zepto, Swiggy Instamart, and Flipkart Minutes.

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India’s spice export market set to reach $10 billion by 2030 – WSO

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Ashutosh Dubey
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India's spice export market set to reach $10 billion by 2030 - WSO

India aims to hit $10 billion in spice exports by 2030. To reach this goal, the industry is growing its presence in Africa, South America, and Eastern Europe, says Ramkumar Menon, Chairman of the World Spice Organisation (WSO).

Seasonings sector holds value at $14.2 bn globally

“Besides exploring new markets, we’re focusing on emerging sectors like health and wellness, nutraceuticals, and pharma, where spices are key ingredients due to their health benefits,” Menon said, according to ET Retail. The Covid pandemic saw a significant increase in ginger and turmeric exports.

Continue Exploring: SOM Distilleries and Breweries Ltd reports 26.8% surge in income in H1 FY25

Reportedly, the seasonings sector also holds great potential, with a global market valued at $14.2 billion. However, India’s share is currently just 0.7% by volume and 0.6% by value. “India should capture a larger share, given its diverse spice portfolio and renowned research institutions,” Menon emphasised.

Further, Menon highlighted the need for flexible government policies to ensure ease of doing business, particularly in the seasoning and nutraceutical sectors. “Regulatory constraints hinder the import of specific ingredients, creating obstacles for exports,” he noted.

Addressing concerns over spice quality, Menon stated, “Total rejections amount to less than 1% of exports. Agricultural commodities are susceptible to climate change and intrinsic quality variations, so minimal rejections are unavoidable.”

Continue Exploring: FirstCry narrows loss to INR 62.85 Cr, revenue jumps 26.7%

India’s spice exports in H1 FY24 at INR 17,488 Cr

Meanwhile, India’s spice exports for the first half of the current financial year (Apr-Sep 2024) reached INR 17,488 crores ( $2.09 billion), an 8.86% increase from the previous year. The export target for the financial year is $4.7 billion, with an expected 6% growth.

The most exported spices include chilli, cumin, mint, and turmeric, with major consuming countries being China, Bangladesh, the USA, Sri Lanka, the Middle East, and the UK. India produces approximately 12.48 million tons of spices annually.

To showcase Indian spices globally, the All India Spices Exporters Forum and the World Spice Organisation host conferences like the International Spice Conference (ISC) and National Spice Conference (NSC). The next ISC is scheduled for February 2025 in Bengaluru, and the NSC will take place on November 15-16 in Ahmedabad.

As Menon concluded, “We’re confident the industry can meet stringent standards and drive growth.”

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Asia-Pacific region tackles food waste crisis with sustainability initiatives – Report

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Ashutosh Dubey
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Asia-Pacific region tackles food waste crisis with sustainability initiatives - Report

The Asia-Pacific region is facing a severe food waste crisis, prompting the food and beverage industry to adopt sustainable practices. 

Food & Beverage brands launch programs to reduce food waste

According to a GlobalData report, companies are implementing ethical sourcing, reducing food waste, composting programs, and efficient waste management systems, as reported by ET Retail.

Continue Exploring: Zomato launches ‘Food Rescue’—buy cancelled food orders at a discount

“As awareness around sustainability grows, consumers prioritise ethical considerations in their purchasing decisions,” said Shravani Mali, Consumer Analyst at GlobalData. “Consumers are driving restaurants to use recycled materials, reduce waste, and decrease their carbon footprint.”

Notably, the region’s food waste crisis is alarming, with Australia discarding 7.6 million tons of food annually and China accounting for 50% of municipal waste. Governments are taking action, with Australia aiming to halve food waste by 2030 and China introducing the Anti-Food Waste Law.

Food banks can make a significant impact – GlobalData

Further, Tim Hill, Key Account Director at GlobalData, emphasised the need for strategies to reduce food waste. “Using food waste as natural fertilisers and redistributing excess food through nonprofit organisations and food banks can make a significant impact,” Hill suggested.

Continue Exploring: The Montana Group and Bikanervala launch second outlet in Bathinda

Meanwhile, the report urges immediate action and collaboration to establish sustainable practices, enhance resource efficiency, and create a responsible food system.

“Establishing sustainable practices, enhancing resource efficiency, and establishing a resilient and responsible food system requires collective effort,” the report concluded.

Industry experts and governments agree that addressing the food waste crisis requires a multi-faceted approach, involving consumers, businesses, and policymakers.

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SOM Distilleries and Breweries Ltd reports 26.8% surge in income in H1 FY25

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Ashutosh Dubey
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SOM Distilleries and Breweries Ltd reports 26.8% surge in income in H1 FY25

SOM Distilleries and Breweries Ltd has announced its financial results for the second quarter and half-year of fiscal year 2025, showcasing significant growth and progress. 

The company’s total income for the half-year ending September 2024 rose 26.8% to INR 804.69 crore, up from INR 634.6 crore in the same period last year.

Continue Exploring: Hindustan Coca-Cola beverages sees three-fold surge in profit to INR 2808 Cr for FY24

SOM Distilleries EBITDA surges 29%, PAT jumps 32.55

Notably, the company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) increased 29% to INR 100.03 crore, while Profit Before Tax (PBT) jumped 32.5% to INR 82.05 crore. Profit After Tax (PAT) also grew 22% to INR 59.25 crore.

However, SOM Distilleries has made significant strides in reducing its debt, from INR 177 crore in March 2024 to INR 126 crore in September 2024. The gross debt-to-equity ratio improved to 0.23 from 0.35 in March 2024, reflecting the company’s strong liquidity.

Continue Exploring: Grab-and-go coffee chain, abCoffee expands to Hyderabad with seven new outlets

Pleased with performance in both Q2 and HY FY25 – Chairman, SOM

“We are extremely pleased with our strong performance in both the second quarter and half-year FY25,” said JK Arora, Chairman of SOM Distilleries and Breweries Ltd. “This growth is a testament to the strength of our brand portfolio, our strategic market expansions, and our commitment to operational efficiency.”

Looking ahead, Arora emphasised the company’s focus on scaling its market presence, expanding product offerings, and pursuing cost-efficient operations to meet evolving consumer preferences. “We will continue to prioritise innovation, quality, and customer satisfaction to drive sustainable growth and profitability,” he added.

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Grab-and-go coffee chain, abCoffee expands to Hyderabad with seven new outlets

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Ashutosh Dubey
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Grab-and-go coffee chain, abCoffee expands to Hyderabad with seven new outlets

abCoffee, India’s tech-enabled specialty coffee chain, has announced its expansion into Hyderabad with seven new outlets.

The brand, known for its grab-and-go concept and seamless app-driven coffee experience, aims to bring high-quality coffee and beverages at affordable prices to the city.

Continue Exploring: Hindustan Coca-Cola beverages sees three-fold surge in profit to INR 2808 Cr for FY24

abCoffee now runs 70 outlets in India

Strategically located at various spots, including Mindspace Hetero, Hyderabad Knowledge City, and HiTech City, among others, these new outlets mark abCoffee’s entry into its sixth city. The brand has scaled rapidly, growing to over 70 outlets in just two years, covering Mumbai, Delhi, Gurugram, Noida, Bengaluru, and now Hyderabad.

Notably, abCoffee’s unique selling proposition lies in its efficient supply chain system, ensuring quality coffee is served quickly, eliminating unnecessary frills and luxury prices typically associated with cafes in India. The abCoffee app features a subscription model, offering exclusive deals and effortless access to premium brews at a fraction of the cost.

Continue Exploring: The Montana Group and Bikanervala launch second outlet in Bathinda

Daily coffee at fraction of cost with smart App capabilities – CEO, abCoffee

“We are super excited to bring the love from the rest of India to Hyderabad with the same promise of great quality daily coffee at fraction of a cost with smart App capabilities and pioneering grab and go coffee concept,” said Abhijeet Anand, founder and CEO of abCoffee.

Further, the brand’s grab-and-go concept, combined with specialty coffee and advanced operations, has helped serve over 800,000 coffees in a short span. abCoffee sources 100 percent Specialty Coffee beans from India’s top plantations, resulting in impressive customer loyalty and India’s leading Net Promoter Score (NPS) rating.

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Hindustan Coca-Cola beverages sees three-fold surge in profit to INR 2808 Cr for FY24

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Ashutosh Dubey
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Hindustan Coca-Cola beverages sees three-fold surge in profit to INR 2808 Cr for FY24

Hindustan Coca-Cola Beverages Ltd (HCCBL), the bottling arm of Coca-Cola in India, has reported a significant three-fold increase in net profit to INR 2,808.31 crore for the fiscal year ending March 2024.

HCCB income stands at INR 14,236 Cr, expenses at INR 13,044 Cr

This growth was accompanied by a 10.10% rise in revenue, reaching INR 14,021.54 crore.

Continue Exploring: Bhartia Family, Goldman Sachs in talks for 40% stake in Hindustan Coca-Cola Beverages

Notably, the company’s total income for FY24 rose 10.77% to INR 14,236.18 crore, while total expenses increased 10.48% to INR 13,044.50 crore. HCCBL’s profit before tax climbed three-fold to INR 3,718.38 crore. However, tax expenses surged to INR 910.07 crore, compared to INR 204.32 crore in FY23.

HCCBL operates 16 factories across India and manufactures over 60 products, including popular brands like Coca-Cola, Thums Up, Sprite, Minute Maid, Maaza, and Fanta. The company’s advertising and sales promotion expenses in FY24 jumped 69.21% to INR 108.11 crore, and inventory losses rose by 25.4% to INR 94.07 crore.

Coca-Cola India registers 42% decline in profit

In contrast, Coca-Cola India Pvt Ltd, the entity managing brand operations, experienced a decline in net profit by 41.82% to INR 420.29 crore, down from INR 722.44 crore in FY23. Revenue increased by 4.24% to INR 4,713.38 crore. Total income reached INR 4,801.84 crore, and total expenses rose by 16.27% to INR 4,210.11 crore.

Continue Exploring: Dabur, Jubilant Group in talks for major stake in Coca-Cola’s Indian bottler HCCB

Meanwhile, HCCBL has also adopted an asset-light strategy, divesting certain business undertakings through Business Transfer Agreements (BTA) and Asset Transfer Agreements (ATA). This move aligns with Coca-Cola’s broader strategic focus, which includes franchising operations in key Indian territories.

“Our focus on operational efficiency, innovation, and strategic partnerships has driven our growth,” said an HCCBL spokesperson. “We will continue to invest in our brands, people, and infrastructure to drive sustainable growth and profitability.”

Further, India remains Coca-Cola’s fifth-largest market, with varied financial performances within its brand and bottling segments. The company’s growth is attributed to its diversified product portfolio and expanding presence in the Indian market.

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The Montana Group and Bikanervala launch second outlet in Bathinda

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Ashutosh Dubey
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The Montana Group and Bikanervala Launch Second Outlet in Bathinda

The Montana Group, a retail and hospitality player, has collaborated with Bikanervala, a renowned snack food and restaurant chain, to launch the latter’s second outlet in Bathinda.

Bikanerwala at Bathinda: a QSR format

Located at Park Panorama Colony, the outlet will offer a diverse range of Indian sweets, snacks, and multi-cuisine delicacies in a quick-service restaurant (QSR) format.

Continue Exploring: Global delivery service Borzo adds 3-Wheelers and Trucks to fleet 

“Our goal is to make Indian flavours a staple in the global culinary scene, blending tradition with innovation through our ‘Reverse Food Drainage’ initiative,” said Manoj Madhukar, Founder of The Montana Group. “Through partnerships, collaborations, and new market strategies, we aim to use the global fascination with Indian flavours as a means for cultural exchange.”

Meanwhile, Monty Singh, Founder of The Montana Group, added, “We aim to engage global youth in a culinary journey that celebrates India’s age-old traditions. Just as global brands like McDonald’s and KFC have embraced Indian twists in their menus, we want international consumers to connect with Indian culture through our flavourful food. Our ambitious expansion plans for the UK reflect the immense potential we see to bring authentic Indian flavours to a wider audience.”

Continue Exploring: Shark Tank-featured Perfora secures INR 40 Cr from RPSG Capital, plans expansion

Further, Suresh Goel, CEO of Bikanervala Foods Pvt. Ltd, stated that the Bathinda outlet’s launch exemplifies the shared commitment of Bikanervala and The Montana Group to introducing Indian flavours to a global audience and enhancing India’s culinary heritage visibility worldwide.

The Montana group to launch 25 outlets in 2025

Looking ahead, the Montana Group plans to open over 25 new outlets in 2024-2025, expanding domestically and internationally. Bikanervala, established in 1905, operates over 200 outlets in India and has a presence in countries such as the USA, Canada, the UAE, Qatar, New Zealand, Singapore, and Nepal.

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Global delivery service Borzo adds 3-Wheelers and Trucks to fleet

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Ashutosh Dubey
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Global delivery service Borzo adds 3-Wheelers and Trucks to fleet

Global delivery service Borzo has introduced 3-wheeler and truck delivery services to cater to larger deliveries and enhance flexibility for businesses in key metros.

Borzo to launch first in Mumbai

Initially launching in Mumbai, the service will expand to Delhi, Bengaluru, Hyderabad, and Pune, with plans to onboard 1,500 couriers using 3-wheelers and Tata Aces by the end of 2024.

Continue Exploring: Burger & Lobster debuts in India at Shangri-La Eros, New Delhi

This expansion enables the company to manage larger shipments, such as furniture and bulk grocery orders, for business-to-business clients. The goal is to handle 500 3-wheeler and truck deliveries daily by 2025.

“Since the demand for heavier and more massive cargo shipments continues to rise, we could not handle all these shipments with our two-wheeler fleet alone,” said Alina Kisina, CEO of Borzo. “By involving 3-wheelers into our operations, we are not only enhancing our capacity to handle diverse delivery requirements but also positioning ourselves as a comprehensive logistics partner that can scale with our client’s growth.”

Borzo now onboards 2,50,000 active couriers

Couriers will own their vehicles and work as gig-workers, managing schedules and ensuring operational efficiency. Initially, traditional 3-wheelers will be used, with plans to incorporate electric vehicles in the future. Borzo’s existing 2-wheeler fleet of 50,000 riders will continue to handle intra-city deliveries.

Continue Exploring: Swiggy appoints ex- Lenskart executive Supriya Shankar as VP of Events

Notably, Borzo’s expanded services will provide businesses with a one-stop solution for all their logistics needs. With operations in various Asian and Latin American countries, Borzo boasts over 250,000 active couriers and 1.5 million customers.

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Burger & Lobster debuts in India at Shangri-La Eros, New Delhi

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Ashutosh Dubey
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Burger & Lobster debuts in India at Shangri-La Eros, New Delhi

Burger & Lobster, a globally renowned seafood concept, is set to make its Indian debut with a pop-up at Grappa Bar, Shangri-La Eros New Delhi, starting November 15, 2024.

Founded in London in 2011 by four friends, the brand has gained international recognition for its unique focus on perfecting just two ingredients: burgers and lobsters.

Continue Exploring: Swiggy appoints ex- Lenskart executive Supriya Shankar as VP of Events

Burger & Lobsters team to serve seafood 

Since its inception, Burger & Lobster has expanded worldwide, bringing its high-quality, no-frills approach to dining. Now, Indian food lovers can experience the brand’s signature dishes in an exciting new setting. Leading the culinary team are Chef Brian Bennet Chong, Corporate Development Chef, and Chef Gagandeep Sawhney, Executive Chef at Shangri-La Eros New Delhi. With over 27 years of expertise, Chef Chong ensures the brand’s iconic dishes are delivered vibrantly, freshly, and full of flavour.

The menu features crowd-pleasers like the Mayfair Burger, Lobster Roll, and Classic Whole Lobster. Guests can also opt for special combos allowing them to enjoy both lobster and burger in one meal. The pop-up promises a lively atmosphere, blending Burger & Lobster’s playful spirit with Grappa Bar’s refined ambiance.

Continue Exploring: Shark Tank-featured Perfora secures INR 40 Cr from RPSG Capital, plans expansion

This collaboration offers a unique dining experience in New Delhi, perfect for those seeking high-quality seafood and burgers. Burger & Lobster’s Indian debut marks a significant expansion, bringing its global sensation to the country’s culinary scene.

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