Devyani International reports INR 49 Cr loss in Q4 despite 38% YoY revenue surge

May 14, 2024

Devyani International, India’s leading franchisee for Pizza Hut and KFC, announced a net loss of INR 49 crore for the quarter ended on March 31, 2024. This contrasts with a profit of nearly INR 60 crore during the corresponding period in the previous year.

The company noted a 38% year-on-year (YoY) rise in operational revenue, reaching INR 1061.7 crore. Concurrently, total expenses surged by 32% YoY to INR 550.6 crore, up from INR 374 crore in the fourth quarter of FY23.

The EBITDA margins saw a year-on-year (YoY) decrease of 340 basis points, settling at 16.6%, compared to the 20% recorded in the corresponding period last year.

Continue Exploring: Yum Restaurants India exits Devyani International, sells entire stake for INR 871 Crore

“Amidst our global expansion, we’ve been actively strategizing to bolster our presence in the domestic Food Courts business, aligning with India’s growing stature as a hub for travel, tourism, and shopping. With the domestic travel sector thriving, religious tourism stands out as a key focus area. Moreover, India’s prominence in international markets for medical tourism and as a value-for-money shopping destination is on the rise. These shifts are fundamental and enduring. A unifying element in this evolution is food – on the go,” stated Ravi Jaipuria, Non-Executive Chairman of Devyani International.

During Q4FY24, Devyani successfully finalized and integrated its acquisition of RD Thailand, while also incorporating 47 net new stores into its portfolio (including 5 KFC stores in Thailand). Moreover, the total store count is projected to reach the 2,000 milestone in 2024, two years earlier than previously anticipated.

The company has additionally forged a partnership with PVR INOX to manage food courts within shopping malls.

“I am delighted to announce that DIL has formed a strategic alliance with PVR INOX to cultivate and manage food court operations in shopping malls nationwide, synergizing the realms of cinema and gastronomy. This initiative will not only fortify our foothold in numerous malls across the country but also amplify the visibility of our brands and the food court enterprise,” remarked Jaipuria.

Devyani International’s shares were holding steady at INR 156.60 on the BSE around 1:30 pm today.

Continue Exploring: Devyani International set to operate KFC outlets in Thailand after $128.9 Million deal

Officer’s Choice Whisky maker Allied Blenders secures Sebi’s nod for INR 1,500 Cr IPO

SnackTeam

May 14, 2024

Allied Blenders and Distillers Limited (ABD)

Allied Blenders and Distillers Ltd, renowned for its Officer’s Choice Whisky, has received approval from Sebi to raise INR 1,500 crore through an Initial Public Offering (IPO), as revealed in a recent update from the markets regulator. The IPO plan involves a fresh issuance of equity shares valued at INR 1,000 crore and an Offer-for-Sale (OFS) of shares amounting to INR 500 crore by the promoters, according to details in the Draft Red Herring Prospectus (DRHP).

As part of the Offer-for-Sale (OFS), shares will be sold by Bina Kishore Chhabria, Resham Chhabria, Jeetendra Hemdev, and Neesha Kishore Chhabria.

The update revealed that Allied Blenders and Distillers Ltd, which submitted preliminary IPO documents to Sebi in January, received its observations on May 10.

In Sebi’s terms, receiving observations signifies its approval to launch the public offering.

Continue Exploring: Allied Blenders files IPO papers with SEBI, targeting INR 1,500 Crore capital raise

According to the draft documents, the funds generated from the fresh issue, totaling INR 720 crore, will be allocated for debt repayment, with a portion designated for general corporate purposes.

As of December 2023, the company’s total debt stood at approximately INR 808 crore.

Allied Blenders and Distillers, holding a market share of more than 8% in the Indian-Made Foreign Liquor (IMFL) market by sales volumes in Fiscal 2023, previously submitted draft papers to Sebi in 2022 for an IPO valued at INR 2,000 crore.

The company received approval from Sebi to initiate its inaugural public offering but chose not to proceed with the launch.

Allied Blenders and Distillers is involved in the production, marketing, and distribution of alcoholic beverages both domestically and internationally.

The firm’s product lineup includes various brands of Indian-Made Foreign Liquor (IMFL) spanning whisky, brandy, rum, and vodka.

Among the notable brands of the company are Officer’s Choice Whisky, Sterling Reserve Whisky, Jolly Roger Rum, and Class 21 Vodka.

Both the BSE as well as the NSE will list the company’s equity shares.

Continue Exploring: Allied Blenders & Distillers appoints Alok Gupta as new Managing Director

Skincare brand Moha teams up with cricketer Surya Kumar Yadav

SnackTeam

May 14, 2024

Moha:, a leading skincare brand celebrated for its natural formulations, has announced a partnership with renowned cricket star Surya Kumar Yadav, popularly known as SKY. Yadav’s swift rise in the cricketing world and his broad appeal align perfectly with moha:’s dedication to excellence and innovation in personal care within India’s retail market.

Surya Kumar Yadav remarked, “I am thrilled to join forces with moha:, a brand renowned for its extensive range of Ayurvedic products. As an athlete, sun protection and foot care are crucial parts of my routine, and their products are the perfect solution to meet these essential needs.”

Continue Exploring: Dot and Key Skincare appoints Shanaya Kapoor as its brand ambassador

Dr. Ram H. Shroff, Director of Charak Pharma, the parent company of moha:, stated, “We are thrilled to partner with SKY, as we both value trust, reliability, and excellence. Our moha: Sunscreen Spray, the first Indian sunscreen spray of its kind, exemplifies our dedication to innovation and quality.”

Moha: has solidified its position in the skincare industry by blending traditional Ayurvedic wisdom with modern scientific advancements. Their product line includes face washes, moisturizers, and hair care essentials, all crafted to enhance overall skin health and wellness. The partnership with Surya Kumar Yadav marks a new era of innovation and performance in personal care, offering high-quality products endorsed by SKY and backed by moha:’s legacy of excellence.

Continue Exploring: Honasa Consumer’s skincare brand The Derma Co hits INR 500 Cr ARR milestone

Pee Safe launches AI-driven chatbot PeePal for enhanced personal care shopping experience

SnackTeam

May 14, 2024

Pee Safe, the personal hygiene and wellness brand, has unveiled its latest initiative: introducing PeePal, an AI-powered chatbot. The aim is to enhance transaction efficiency and boost website traffic through this innovative addition.

PeePal combines Artificial Intelligence (AI) and Machine Learning (ML) to educate consumers about optimal hygiene and self-care practices.

“PeePal isn’t merely a shopping assistant; it’s your personalized guide through our Pee Safe ecosystem. It’s about tailoring your personal care journey to your needs and empowering you with knowledge,” expressed Rithish Kumar, Co-Founder of Pee Safe.

Continue Exploring: Hygiene and wellness brand Pee Safe surpasses INR 100 Crore revenue mark with over 50% sales growth in FY23-24

“PeePal isn’t solely about making precise decisions; it represents a revolution in reliability. While others discuss innovation, we’re actively living it, establishing a new benchmark in the ecosystem—revolutionizing personal care and enlightening our users as we progress,” remarked Gopal Dutt Vashisht, Growth Manager at Pee Safe.

Established in 2017, Pee Safe (Redcliffe Hygiene Private Limited) provides products for feminine hygiene and intimate wellness, catering to women across all age groups from puberty to menopause. With a customer base exceeding 6 million, the brand has made significant strides in the industry.

Continue Exploring: Hygiene brand Pee Safe raises $3 Million in ongoing Series B round

Zomato shares dip 6% despite Q4 FY24 profit surge

SnackTeam

May 14, 2024

Despite recording increased profits quarter-on-quarter for Q4 FY24, Zomato shares declined by 6% to INR 182.10 on Tuesday (May 14th).

By 12:20 PM, Zomato’s trading price per share stood at INR 189.20, down from INR 193.70 at the previous day’s close.

The decline may be linked to broader apprehensions arising from the 2024 general elections. Market volatility, sparked by uncertainty surrounding the election results, has resulted in a downturn in equity markets.

Additionally, it’s possible that numerous investors are reevaluating their Zomato holdings to capitalize on profits following the quarterly financial update.

Continue Exploring: Zomato’s Q4 net profit surges 27% quarter-over-quarter to INR 175 Cr

The company announced its intention to heavily invest in the quick commerce business Blinkit, with plans to nearly double its store count by the end of FY25. This aggressive expansion is also expected to temper investor expectations around future profit growth.

In Q4FY23, Zomato’s consolidated net profit surged by 26.8% to INR 175 Cr from INR 138 Cr in the previous quarter. This marks a significant turnaround from the net loss of INR 187.6 Cr reported in the corresponding quarter of the previous fiscal year.

Nevertheless, Zomato experienced a decrease in the Gross Order Value (GOV) of its food delivery segment on a quarter-over-quarter (QoQ) basis. The GOV dropped to INR 8,439 Cr in the quarter under review, down from INR 8,486 Cr in the previous quarter. However, there was a notable 28% increase in GOV on a year-over-year (YoY) basis.

In March 2024, the quick commerce division Blinkit achieved positive adjusted EBITDA. The quarter saw a remarkable growth in its gross order value (GOV), surging by 97% year-over-year (YoY) and 14% quarter-over-quarter (QoQ) to INR 4,027 Cr. Additionally, the division’s operating revenue soared by 112% YoY and 19% QoQ, reaching INR 769 Cr.

Continue Exploring: Blinkit more valuable than Zomato’s food delivery business: Goldman Sachs

Blinkit’s adjusted EBITDA loss showed improvement, narrowing to INR 37 Cr in Q4 FY24 from INR 203 Cr a year earlier and INR 89 Cr in the previous December quarter.

Blinkit’s gross order value (GOV) surged by 97% year-on-year (YoY) to INR 4,027 Cr in the quarter that ended in March 2024.

Additionally, the company saw robust expansion in its B2B segment, Hyperpure. Revenue climbed by 11% to INR 951 Cr from the previous quarter’s INR 859 Cr. Moreover, the company successfully reduced losses in Hyperpure, with the adjusted EBITDA loss decreasing to INR 23 Cr in the March quarter, compared to INR 34 Cr in the December quarter.

Meanwhile, Zomato plans to issue 18.26 Cr employee stock options as part of its Zomato ESOP 2024 scheme, pending shareholder approval.

Continue Exploring: Zomato seeks shareholder approval for 18.26 Cr employee stock options plan

Homegrown fashion brand Kazo makes bold move into accessories with launch of ‘Kazo Details’, plans aggressive retail expansion

SnackTeam

May 14, 2024

Kazo, a homegrown fashion brand, is betting big on the accessories category with the recent launch of its new brand, Kazo Details. Founder and MD Deepak Aggarwal revealed that the company has unveiled two stores for its latest brand, offering a variety of bags and accessories.

Kazo Details plans to expand its offerings by introducing scarves, beanies, and sunglasses soon.

“In India, there is a significant gap in this area. There aren’t any major competitors providing similar prices for high-quality goods. Thus, we want to open three more Kazo Details stores this fiscal year in addition to ten kiosks,” he said.

Furthermore, he elaborated, “Additionally, we intend to inaugurate 12 new Kazo stores.”

Continue Exploring: Kazo Fashion expands reach with new store opening in Noida’s DLF Mall of India

Currently, the company boasts over 185 points of sale across the country, including more than 65 exclusive brand outlets (EBOs) and over 120 shop-in-shops.

“We’ve allocated INR 25 crore for our expansion plans, covering investments in new store openings, kiosks, inventory, and recruiting fresh talent,” he emphasized.

Currently, the capital expenditure (CAPEX) required to establish an Exclusive Brand Outlet (EBO) for the bootstrapped company is INR 70 lakh.

The company additionally sells its products through its direct-to-consumer (D2C) website, as well as other online marketplaces such as Myntra, Ajio, Tata Cliq, and Nykaa.

“At present, 80 percent of the company’s revenue is generated from offline stores, 15 percent from marketplaces, and the remaining 5 percent from our direct-to-consumer (D2C) website,” he emphasized.

With an EBITDA profitability of approximately 10 percent, the company concluded the previous fiscal year with revenue of INR 150 crore and aims to reach INR 200 crore by the end of this fiscal year.

“By the end of this fiscal year, we anticipate Kazo Details to contribute 15 percent of our total revenue,” he concluded.

Continue Exploring: KAZO Fashion expands its retail network with a new store in New Delhi

McDonald’s expands McCafe presence in India with 50th outlet launch in Noida

SnackTeam

May 14, 2024

McDonald’s, the renowned American fast food chain, has unveiled its 50th McCafe outlet in India, as shared in a recent social media post by the company.

The latest McCafe outlet is situated in Sector 132 of Noida. This location features specialties such as self-ordering options, digital kiosks, and a convenient drive-thru facility.

“We’re thrilled to announce the inauguration of our 50th McCafé, nestled in the heart of Noida at Sector 132,” stated McDonald’s India North and East in a LinkedIn post.

Continue Exploring: McDonald’s India operator Westlife Foodworld reports 96% profit slide in Q4 amidst weak demand

“Enjoy the mouth watering meals from McCafé and McDonald’s with much more convenience now. Visit us today to indulge in a wide variety of delectable McDonald’s fare,” the post continued.

Earlier in April, McDonald’s opened a location in sector 73 in Noida.

Established in 1940, McDonald’s Corporation is based in Chicago.

Connaught Plaza Restaurants Pvt. Ltd operates McDonald’s restaurants in the North and East regions of India, boasting over 200 outlets across these areas.

McDonald’s restaurants in West and South India are managed by Westlife Foodworld Ltd.

Continue Exploring: McDonald’s makes a comeback at East Delhi Mall with a fresh look and enhanced dining experience

Dot and Key Skincare appoints Shanaya Kapoor as its brand ambassador

SnackTeam

May 14, 2024

Kolkata-based beauty startup, Dot & Key Skincare, has collaborated with Shanaya Kapoor. This partnership signifies a remarkable milestone for both the brand and Shanaya’s burgeoning career. With her vibrant energy and unwavering focus on wellness, Shanaya perfectly encapsulates Dot & Key’s philosophy—a dedication to skincare efficacy grounded in powerful ingredients.

As the first brand ambassador, Shanaya infuses a breath of fresh air with her unique enthusiasm, effortlessly blending her rising star power with the brand’s fruit-infused ethos. This partnership epitomizes a blend of elegance, impact, and creativity, resonating deeply with the brand’s core audience—today’s vibrant millennials.

Continue Exploring: Korean beauty brand Laneige onboards Sara Tendulkar as brand ambassador

Shanaya Kapoor expressed her enthusiasm about the collaboration, saying, “I’m thrilled to be the ambassador for Dot and Key Skincare. Their products have effortlessly blended into my daily routine. Being someone who loves homemade fruit treatments, Dot and Key’s fruit-infused products have simplified my regimen and proven to be highly effective. I’m eager to share my skincare journey with everyone.”

Shanaya’s endorsement reinforces Dot and Key’s position as a trailblazer in personal skincare, offering a wide array of essential products such as sunscreen, moisturizers, face washes, lip balms, and beyond.

Suyash Saraf, Co-Founder of Dot and Key, expressed delight in welcoming Shanaya Kapoor to the Dot and Key Skincare family. He emphasized that her vibrant personality and genuine love for skincare and fruit-based beauty align seamlessly with the brand’s ethos.

Founded in 2018, Dot and Key emerged from the collaborative efforts of Suyash Saraf and Anisha Saraf, a dynamic husband-and-wife duo driven by a shared vision to address the gaps in skincare routines with innovative solutions.

Continue Exploring: The Face Shop enlists Bollywood star Khushi Kapoor as brand ambassador for Indian market, targeting Gen Z audience

Australian avocados make their debut in India with cricketer Brett Lee as brand ambassador

SnackTeam

May 14, 2024

Avocados Australia Limited, the official representative of the Australian avocado industry, has announced its entry into the Indian market, featuring cricketer Brett Lee as their brand ambassador.

This collaboration represents a significant milestone for both Australian avocados and the Indian fresh fruit market. The initiative aims to promote premium quality avocados as a healthy addition to everyday meals and snacks in Indian households.

The avocado market is gaining momentum in India, with consumption on the rise and global demand significantly increasing over the past decade. Australia produced over 115,385 tonnes of avocados in 2022-23, and forecasts predict this will grow to around 170,000 tonnes by 2026. In light of this production growth, Australian producers are dedicated to expanding into new overseas markets, including India.

Continue Exploring: Superplum raises $15 Million in Series A funding to revolutionize India’s fresh fruit market

At the launch of Australian avocados in India, Acting Australian High Commissioner to India, Nick McCaffrey, stated, “The introduction of Australian avocados to the Indian market signifies a promising partnership between our nations. It reflects the strengthening bilateral ties and the potential for further collaboration in the agricultural sector.”

John Tyas, CEO of Avocados Australia, highlighted the importance of the Indian market and outlined a strategy aimed at boosting the visibility of Australian avocados in India. He emphasized, “Through our dedicated focus on exports and unwavering dedication to quality and service, we are poised to establish a strong foothold in India. Despite existing competition, we believe our steadfast commitment to quality, impeccable service, year-round availability, and comprehensive market support will distinguish us. While accessing the Indian market presents a significant opportunity, we acknowledge the learning curve ahead and recognize that nurturing this market will require time and concerted effort in the years to come.”

He added, “Many consumers in India are unaware of the health benefits of regular avocado consumption and the versatile uses of this fruit in various cuisines. We aim to educate consumers on both fronts. The launch of Australian avocados in India is a significant step in the industry’s global expansion, promising premium quality for Indian consumers.”

“I am delighted to be associated with Australian avocados as well as with the fruit that epitomises the essence of health,” said Brett Lee.

Continue Exploring: Brett Lee set to enter Indian beer market with his Sydney Beer Co. brand

Varun Beverages sees 25% surge in Q1 profit to INR 547.98 Cr, plans expansion in Zimbabwe

SnackTeam

May 14, 2024

Varun Beverages Ltd (VBL), the largest franchise bottler for PepsiCo, reported a 25% rise in consolidated profit after tax to INR 547.98 crore for the first quarter ending March 2024. Following the calendar year (January-December) reporting system, the company had recorded a consolidated profit after tax (PAT) of INR 438.57 crore in the same quarter last year.

The consolidated revenue from operations in the first quarter stood at INR 4,397.98 crore as against INR 3,952.59 crore in the year-ago period.

Total expenses in the quarter amounted to INR 3,609.76 crore, higher than INR 3,329.7 crore in the year-ago period.

Continue Exploring: Varun Beverages completes acquisition of South African bottler BevCo

The company had a fairly solid overall financial and operational performance in the first quarter of the year, according to Varun Beverages Chairman Ravi Jaipuria, despite the Holi festival being postponed by 17 days, which caused a delayed seasonality cycle.

“We attained a consolidated sales revenue growth of 10.9%, comprising a volume growth of 7.2% and net realization per case growth of 3.5% in Q1,” he further explained. “This demonstrates an enhanced product mix in India and increased contributions from international markets.”

In the first quarter of calendar year 2024 (Q1 CY2024), the consolidated sales volume increased by 7.2%, reaching 240.2 million cases compared to 224.1 million cases in the same quarter of calendar year 2023 (Q1 CY2023).

According to the company, it has invested INR 2,800 crore in capital expenditures and has set up three greenfield production facilities for the 2024 calendar year: Supa in Maharashtra on January 25, 2024; Gorakhpur in Uttar Pradesh on April 13, 2024; and Khordha in Odisha on April 30, 2024.

The filing mentioned that the company’s board has given the green light for the establishment of a wholly-owned subsidiary in Zimbabwe. This subsidiary will be dedicated to conducting business in the food products sector.

Continue Exploring: Varun Beverages eyes untapped markets with focus on production capacity and distribution expansion

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