LT Foods, the parent company of the renowned basmati rice labels ‘Daawat’ and ‘Royal’, reported a 14 percent jump in consolidated net profit at INR 150.24 crore for the fourth quarter of fiscal 2023-24 on robust sales. The company’s profit stood at INR 131.81 crore a year earlier.
According to a regulatory filing, total income increased to INR 2,091.73 crore during the January-March quarter of 2023-24, compared to INR 1,834.95 crore in the corresponding period of the previous year.
Expenditures remained elevated at INR 1,898.46 crore compared to INR 1,685.92 crore from the previous year.
For the full fiscal year 2023-24, LT Foods reported a net profit of INR 597.59 crore, marking a 41.35 percent increase compared to INR 422.75 crore in the previous year.
Total income increased to INR 7,822.05 crore, up from INR 6,978.81 crore the previous year.
Commenting on the performance, LT Foods Managing Director Ashwani Arora stated that the company achieved stellar growth in both revenue and profitability for yet another year, despite a challenging external environment.
He stated that the three key segments—Basmati and other specialty rice, organic food and ingredients, and Ready-to-Eat and Ready-to-Cook products—have collectively delivered an impressive 12 percent year-on-year (YoY) growth.
“This steady growth underscores our strategic focus on continuous investment on brands across geographies and innovation, which has substantially bolstered our domestic and international market position,” he stated.
By 1500 hours on Friday, shares in LT Foods climbed 0.44 percent to INR 229.40 on the Bombay Stock Exchange.
Subko Coffee Roasters, a Mumbai-based specialty coffee and craft-baked goods brand, reported sales of INR 13.5 Cr in the financial year ended March 31, 2023. This marked a 94% increase from the INR 7 Cr operating revenue it posted in the previous fiscal year.
Subko Coffee generates revenue by retailing coffee and bakery items via its cafes and online platform. According to its financial records, the majority of its earnings, amounting to INR 13.4 Cr, stemmed from coffee product sales during FY23.
During the fiscal year FY23, the net loss surged to INR 9.1 Cr, up from INR 1.7 Cr in the preceding fiscal period.
Expenditure surged by 176% to INR 23.4 Cr in the fiscal year under review, up from INR 8.5 Cr in FY22, reflecting the robust expansion of the startup’s operations.
Employee costs were the largest expenditure for the specialty coffee startup. During the year under review, it spent INR 6.6 crore on employee benefit expenses, marking a 154% increase from INR 2.6 crore. This suggests the startup has been expanding its workforce.
Subko Coffee spent INR 3.8 crore on procuring raw materials for coffee, bakehouse, and cacao products in FY23, a 58% increase from INR 2.4 crore in FY22.
The startup’s rent expenditure more than doubled, rising to INR 2 crore in FY23 from INR 70 lakh in the previous fiscal year.
EBITDA loss amounted to INR 8.2 crore, up from INR 87 lakh in FY22. The EBITDA margin was -60.5% during the year under review, compared to -12.46% in the previous fiscal year.
Founded in 2020 by Rahul Reddy, Subko Coffee claims to source coffee beans, fine cacao, and wheat directly from farmers. In addition to its website, it sells its products through its flagship cafes and ‘mini’ pop-up stores.
Earlier this year, the startup raised approximately $10 million in funding from Nikhil Kamath, reaching a valuation of $34 million. The round also included contributions from Blume Founders Fund, The Gauri Khan Family Trust, John Abraham and his wife Priya, among others.
The startup said it will utilize the fresh funds for talent acquisition, developing tech-driven customer experiences, product and design research, improving farm-level infrastructure for specialty green coffee and fine cacao beans, and launching new ‘ready to drink’ coffee products.
Subko Coffee competes with emerging specialty coffee brands like Third Wave Coffee, Blue Tokai, and abCoffee.
With alcohol prices rising at shops, bars, and pubs, and bar closing times reduced from 2 AM to midnight for those with a base license, the new excise policy in Haryana may dampen the spirits of many NCR residents who used to flock to Gurgaon for late-night partying.
According to the 2024-25 excise policy, bars in Gurgaon with a base license can only operate until midnight. To stay open until 2 AM, they must pay an additional INR 20 lakh, and INR 5 lakh for each hour beyond that. This new policy has shocked many in the business community, who had praised last year’s policy as “highly progressive.” Previously, licensed bars could remain open until 2 AM with a base license, with an option to extend until 8 AM for an additional annual fee of INR 20 lakh. Before 2023, Gurgaon bars could stay open until 1 AM, with a one-hour extension available for an additional annual fee of INR 10 lakh, and further extensions until 6 AM for an extra fee of INR 20 lakh.
Reports indicate that beer prices are expected to increase by 20 percent for a case containing 12 or 24 bottles. The cost of Indian Made Foreign Liquor (IMFL) is anticipated to rise by 15 percent per bottle, while the prices for imported foreign liquor are projected to increase by 12-15 percent per bottle.
Restaurateurs warn that the increased license fees will be difficult for businesses to manage and will negatively impact consumers and Gurgaon’s nightlife.
“Bars will have to raise prices to cover operating expenses. It’s a significant setback, as Gurgaon’s nightlife was steadily gaining a strong reputation. Over the years, the city had become a late-night party hub with bars operating until 2 AM. With the new policy, I don’t expect the NCR crowd to come to Gurgaon anymore,” says restaurateur Sahil Sambhi.
Restaurateur Rahul Singh adds, “In Gurgaon, a large part of the population works in the corporate sector. Due to their long working hours, many residents unwind at restaurants and cafes late at night. The reduction in liquor-serving hours, along with the exorbitant fees for staying open past midnight, is not commercially feasible for most restaurants.”
“Local markets in Gurgaon are renowned for being home to numerous tiny eateries, many of which flourish when given a base licence that allows them to stay open until two in the morning. The late-night business crowd frequently congregates in these bars. These establishments will have to reduce their hours because they are unable to afford the extra costs associated with remaining open until 2 AM. As a result, consumers will have fewer options to select from,” believes restaurateur Vikrant Batra.
Restaurateur Umang Tiwari adds, “Most BYOB outlets are already operating like restaurants, and small bars and restaurants are suffering losses. The new excise policy and increased costs will make it very difficult for them to survive.” Restaurateur Varun Khera notes that “the new excise policy means every restaurant and bar will have to pay a high price for each operational hour, raising overall operating costs and impacting consumers with higher prices.”
The Indian Bakers Federation (IBF) has announced the inauguration of its Delhi/NCR/NCR Chapter, scheduled for May 18th, 2024, in New Delhi. This event signifies a significant expansion of the IBF’s mission to foster business growth, collaboration, and innovation across India.
Dr. R.K. Bharti, IEDS, Joined Director & HOO, Gov. of India, Ministry of MSME will be the distinguished Chief Guest for the inauguration ceremony. Dr. Bharti’s leadership and vision underscore the significance of the IBF’s initiatives in bolstering the baking community in Delhi/NCR and beyond.
During the inauguration event, Dr. R.K. Bharti will deliver a keynote address, emphasizing the crucial role of collaborative endeavors in fostering economic advancement. Subsequently, attendees can look forward to a series of interactive sessions and networking opportunities tailored to facilitate connections among business leaders, entrepreneurs, and professionals across various industries.
The event promises a rich array of highlights, including a keynote presentation by Dr. R.K. Bharti, IEDS, who recently assumed the role of Director & HOO at the Government of India’s Ministry of MSME. Dr. Bharti will shed light on the intricacies of the bakery business landscape in India. Additionally, attendees can anticipate inaugural addresses by Mr. Balraj KR, National Convener of IBF, and other senior members of IBF, who will delve into the prevailing trends, challenges, and opportunities within various sectors of the bakery industry in India. Moreover, the event will offer networking sessions designed to facilitate meaningful connections among business professionals and leaders, fostering collaboration and knowledge exchange.
Gaurav Dhingra, Vice President of IBF, conveyed his excitement regarding the launch of the Delhi/NCR Chapter, stating, “The establishment of the IBF’s Delhi/NCR Chapter underscores our dedication to empowering the business community within one of India’s most dynamic economic centers. With the backing of esteemed leaders and our members, we are primed to exert a substantial influence on the national bakery industry landscape.”
The IBF Delhi/NCR Chapter is positioned to serve as a crucial platform for business networking, offering resources and opportunities to support the growth of businesses. The event will take place at Cypress Hall, India Habitat Centre, New Delhi, on Saturday, 18th May 2024, at 3:00 pm.
Pending regulatory approval and other standard closing conditions, the deal is slated to be completed in the first half of 2025. Moreover, Uber will purchase $300 million worth of newly issued ordinary shares of Delivery Hero.
Following the transaction’s completion, Foodpanda’s local consumers, merchants, and delivery partners will transition to Uber Eats.
The agreement combines Uber’s global marketplace expertise with Foodpanda’s established presence in Taiwan and its partnerships with popular local brands. This collaboration aims to broaden consumer choices across different food categories and price ranges by consolidating the diverse groups of merchants from Uber Eats and Foodpanda onto a unified platform, according to the company’s statement.
For instance, the merger will provide consumers with benefits like Uber’s broad coverage in northern Taiwan and major cities, complemented by Foodpanda’s robust presence in southern Taiwan and smaller urban areas.
Niklas Östberg, CEO and co-founder of Delivery Hero, expressed, “The success of our Taiwanese business is a result of the dedication of numerous teams over the past eight years. To establish a globally renowned service, we’ve determined that redirecting our resources to other areas of our global footprint, where we can make the greatest difference for customers, vendors, and riders, is necessary. This agreement provides Foodpanda with an exciting opportunity in Taiwan, and we extend our best wishes to them as they embark on their next phase.”
Pierre-Dimitri Gore-Coty, Senior Vice President of Delivery at Uber, remarked, “Uniting our unique customer bases, merchant offerings, and geographical reach will enable us to offer greater choices and competitive prices for consumers, increased demand for restaurants, and enhanced earning potential for delivery partners.”
“Online meal delivery services still make up a relatively little portion of the food delivery market here. We can’t wait to use this transaction to unlock even more convenience and value in the years to come.”
Upon finalization, the deal would stand as “one of the largest ever international acquisitions in Taiwan,” with the exception of the semiconductor sector.
Hotel operators, who previously slashed jobs in large numbers during the Covid era, are now re-entering the market with vigor, hiring thousands to support their ambitious expansion strategies and address vacancies stemming from significant attrition rates.
TeamLease Services, a staffing services firm, anticipates the creation of approximately 200,000 jobs in the hotel, restaurant, and tourism sectors within the next 12-18 months. Balasubramanian A, Vice President and Head of Consumer, Hospitality, and E-commerce at TeamLease, projects that roughly half of these positions will be within the hotel industry.
Hotels in various sectors are increasing their staff to meet expansions into new areas and the installation of more rooms, fueled by a strong increase in business as well as leisure travel. Balasubramanian stated that the vacancies being filled include a mix of permanent, temporary, & gig work.
Chander K Baljee, Chairman and Managing Director of mid-tier Royal Orchid Hotels, stated, “We plan to increase our room count by about 2,000 this year across our various properties and aim to recruit approximately 5,000 individuals across various levels.” Industry executives and staffing firms report significant attrition rates, ranging from 30-50% per month for many small and mid-tier hotels, leading to a notable upsurge in replacement hiring.
“Out of our workforce totaling 8,000 employees, we experienced attrition rates ranging from 30-35%,” remarked Baljee. “These vacancies must be filled.”
Royal Orchid intends to introduce three fresh brands, one of which is a premium five-star brand. The company has already secured a new property with 300 rooms in Mumbai for this upscale venture.
Its existing portfolio comprises slightly over 100 hotels, totaling close to 6,000 rooms. The majority of its forthcoming 2,000-room inventory will be situated in western India, with subsequent expansions planned for the north and east regions.
TeamLease estimates suggest that the annual count of domestic tourists in India may witness an increase of 10 million over the next one to two years, rising from the current range of 180-200 million.
Meanwhile, forecasts indicate a 20% growth in foreign tourist arrivals during the same period, with expectations of tripling within five to six years from the current annual figure of around 10 million. The hotel industry stands poised as a direct beneficiary of this anticipated surge in tourism.
Samir MC, the Managing Director of Fortune Hotels, anticipates an 8-10% increase in the company’s hiring this year compared to the previous one, propelled by their ambitious expansion initiatives.
Fortune Hotels manages over 5,000 rooms spanning 56 cities. According to him, they are currently recruiting for positions in the front desk, housekeeping, administrative, and food and beverage departments.
Lemon Tree, another mid-tier hotel operator, aims to incorporate approximately 2,000 rooms within this fiscal year, along with recruiting 3,000-4,000 individuals across various roles, as stated by Chairman and Managing Director Patu Keswani. He further noted, “This hiring encompasses the replacement of attrition, totaling 1,500.”
Despite significant job layoffs and reduced staffing levels due to the Covid-19 outbreak, the hotel business has recovered. We have seen a 20-25% spike in hotel demand over the previous year. This increased demand is coming from both current businesses and newly developed properties,” said Alok Kumar, President-Manpower of ManpowerGroup India.
“With the lifting of travel restrictions and the restoration of consumer confidence, both leisure and business travel are experiencing an upsurge. The demand for hotel accommodations has soared to unprecedented levels, prompting hotels to recruit additional staff to uphold service standards,” he further commented.
The most sought-after positions include front desk agents, concierges, guest relations managers, as well as housekeeping and maintenance staff.
Specialized roles such as maintenance technicians, chefs, and recreation managers are also witnessing high demand, with Manpower noting an increase of over 35% compared to the same quarter last year.
“The hotels and hospitality sector have seen at least a 20% year-over-year surge in demand for personnel,” Ciel HR Services Chief Executive Aditya Narayan Mishra said. “We are seeing huge demand for professionals across various fields such as marketing, sales, technical roles, as well as HR,” he went on to explain.
According to a recent report by ratings firm ICRA, the hotel industry is expected to achieve revenue growth ranging from 7% to 9% in fiscal year 2025.
Travel platforms have also increased their hiring efforts in response to the overall uptick in both leisure and business travel.
Ajay Sreedhara, Head of the People Function at the online travel firm Cleartrip, stated, “As our business expands, we have intensified our hiring efforts, particularly for numerous leadership roles… We are actively recruiting talent across various domains, including technology, product development, and business development. From product engineers to senior executives, we are eager to engage individuals with pertinent travel industry expertise.”
ITC Aashirvaad Salt has unveiled its latest offering: Himalayan Pink Salt. Also recognized as Sendha Namak or Saindhava Lavana in India, this salt variety is revered for its natural origins, hailing from the depths of the Himalayan salt mines.
To alleviate consumer concerns about unethical practices, such as the addition of artificial colors to achieve a pink hue, Aashirvaad Himalayan Pink Salt proudly guarantees “No added colors.” Its naturally deeper pink hue derives from the superior quality of salt sourced by Aashirvaad, setting it apart from other pink salts on the market. This distinction underscores Aashirvaad’s unwavering dedication to delivering premium, safe products to its discerning clientele.
Aashirvaad Himalayan Pink salt is enriched with vital minerals such as calcium and magnesium. Through gentle processing, this new addition elevates the taste of dishes while ensuring purity. Moreover, its multi-layer packaging preserves freshness, allowing consumers to instantly gauge its quality through the transparent strip.
Anuj Kumar Rustagi, Chief Operating Officer of Staples and Adjacencies, highlights, “Our consumer research revealed a growing preference for pink salt owing to its perceived health advantages. This prompted us to introduce Himalayan Pink Salt. Backed by Aashirvaad’s quality assurance, we eagerly anticipate a favorable response from our customers.”
Aashirvaad Pink Salt will be accessible at Modern Trade/ISS outlets in all major metropolitan areas, including Bangalore, Chennai, Mumbai, Delhi, Hyderabad, and Kolkata, as well as eCommerce/quick commerce platforms. The 1kg package is priced at INR 120.
TCNS Clothing, an ethnic-wear brand, has reported a net loss of INR 63.60 crore for the quarter ended March 31, 2024, according to its BSE filing. This marks a significant increase from the INR 28.12 crore loss reported in the same quarter last year.
New photographic and video evidence promise to add an extra kick to the ongoing Indian court dispute regarding the origins of the globally renowned butter chicken dish.
Since January, two Indian restaurant chains have been locked in a legal battle at the Delhi High Court, each asserting ownership of the creation of the dish. This lawsuit has captured the interest of social media users, food critics, editorials, and TV channels worldwide.
The renowned Moti Mahal restaurant chain insisted that it held exclusive rights as the originator of the curry and called upon its competitor, the Daryaganj chain, to cease laying claim to its creation and to compensate $240,000 for damages. Moti Mahal asserted that its founder, Kundan Lal Gujral, crafted the dish laden with cream during the 1930s at an establishment in Peshawar, which is now part of Pakistan, before subsequently moving to Delhi.
Daryaganj stated in a fresh, 642-page counter-filing that the “narrative surrounding the invention of butter chicken lacks credibility” and is designed to deceive the court.
Daryaganj claims that Kundan Lal Jaggi, a late member of its founding family, created the disputed dish while he was leading the kitchen at the relocated Delhi restaurant. His friend and partner from Peshawar, Gujral, was only responsible for marketing.
Both men have passed away, with Gujral dying in 1997 and Jaggi in 2018.
Evidence in the non-public filing includes a black-and-white photograph from the 1930s showing the two friends in Peshawar, a 1949 partnership agreement, Jaggi’s business card from after his relocation to Delhi, and a 2017 video of Jaggi discussing the dish’s origin.
Due to the partnership between the friends, “both parties can claim that their respective ancestors created the dishes,” Daryaganj states in the filing, describing the dispute as a “business rivalry.”
Moti Mahal declined to comment. The judge is scheduled to hear the case next on May 29.
A central issue the court must resolve is where, when, and by whom the dish was first created—whether it was by Gujral in Peshawar, Jaggi in New Delhi, or if both should be credited.
Butter chicken is ranked 43rd on TasteAtlas‘s list of the world’s “best dishes,” and brand experts note that claiming its invention carries significant bragging rights.
“Being recognised as a creator brings significant benefits and increases customer attractiveness. “It also allows you to charge more,” said Dilip Cherian, an image consultant and co-founder of the Indian public relations firm Perfect Relations.
Moti Mahal operates a franchise model with more than 100 outlets worldwide. Their butter chicken dishes are priced at $8 in New Delhi and $23 in New York.
Former U.S. President Richard Nixon and India’s first Prime Minister Jawaharlal Nehru are among the notable patrons who have visited its flagship outlet in Delhi.
Established in 2019, Daryaganj offers its butter chicken at a price of $7.50. With 10 outlets primarily located in New Delhi, the brand intends to broaden its presence to other cities across India as well as Bangkok.
Within its 2,752-page Indian lawsuit, Moti Mahal also alleged that Daryaganj had replicated “the look and feel” of its outlet interiors.
Daryaganj has countered with photographs of restaurant interiors for the judge’s review, asserting that it is Moti Mahal that has replicated its “design of floor tiles.”
After expanding its priority delivery services to Delhi, Hyderabad, and Pune, Zomato, the foodtech giant, has now rolled out a new feature to aid its users in making healthier choices.
Through this latest feature,, users can steer towards healthier options when placing their orders, ensuring they won’t regret their decisions afterward.
Deepinder Goyal, the founder and CEO of Zomato, made the announcement on X.
“We just released a new function on Zomato – gently assisting our users in making healthier choices,” the post stated. To begin with, we’ve started to recommend roti in place of naans.
We just launched a new feature on zomato – gently helping our customers to make healthier choices (just in case you are subconsciously ordering something you may later regret). To begin with, we have started suggesting roti as an alternative to a naan.
This feature has received tremendously good response, and we are seeing a 7% attach rate for these proposals. Soon, we plan to expand this to include additional foods and categories. When you add a dessert to your cart, for instance, if you are in the mood for something sweeter, we may suggest lighter dessert options to you,” it added.
Zomato is also preparing to extend this functionality to additional dishes and categories. For example, if a user desires dessert, they could receive suggestions for lower-calorie options when adding it to their cart.
Last month, the company also raised its platform fee to INR 5 per order from INR 4 earlier.
Earlier in May, Zomato marked its fourth straight quarter of profitability. The company’s consolidated net profit surged by 26.8% to INR 175 Cr in the quarter ending March 31 of the fiscal year 2023-24 (FY24), compared to INR 138 Cr in the previous quarter.
The company’s operating revenue saw a notable surge, jumping over 8% to INR 3,562 Cr during the quarter from INR 3,288 Cr in Q3 FY24.
Nonetheless, Zomato experienced a decrease in the Gross Order Value (GOV) of its food delivery segment quarter-over-quarter. The GOV dropped to INR 8,439 Cr in the current quarter from INR 8,486 Cr in the preceding one. However, there was a 28% increase in GOV on a year-over-year basis.
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