Britannia’s Q3 FY24 net profit slides 40% to INR 932.40 Crore

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February 6, 2024

Britannia Industries, a renowned bakery food company, reported a 40.40% decrease in consolidated net profit to INR 555.66 crore for the third quarter ended December 2023, according to a filing with the Bombay Stock Exchange (BSE). This contrasts with the consolidated net profit of INR 932.40 crore reported in the same period a year earlier.

Nevertheless, its revenue from operations saw a 1.41% uptick, reaching INR 4,256.33 crore in Q3 FY24, compared to INR 4,196.80 crore in Q3 FY23.

According to a regulatory filing, its total expenses rose to INR 3,544.42 crore in Q3 FY24, compared to INR 3,475.31 crore in the corresponding period of the previous fiscal year.

Varun Berry, vice chairman and managing director of the company said, “In a progressively recovering demand environment with heightened competition, our performance this quarter reflects our resilience and competitiveness. Over the last 24 months, we achieved a robust 19% growth in revenue, coupled with a commendable 52% increase in operating profit. We capitalized on the power of our brands with requisite investments, and actioned judicious price corrections, which helped us maintain competitiveness and gain market share.”

Berry further said, “We continued to expand our direct reach and accelerate our rural journey, partnering with more than 29,000 rural distributors during the quarter. As a result, our focus states outperformed other regions in terms of growth, despite a generally subdued rural demand.”

Continue Exploring: Amidst global volatility, Britannia Industries revamps strategy focusing on urban markets

“Our international business performed extremely well with robust double-digit growths across key markets,” he added.

Sharing thoughts on cost and profitability, he said, “We will stay vigilant of the commodity prices and evolving geopolitical situation. We will continue to invest behind our brands and stay price competitive with a clear objective of driving market share while sustaining profitability. We remain committed to the ESG framework of People, Growth, Governance and Resources to build a sustainable and profitable business.”

Continue Exploring: Britannia aims for over twofold expansion of cheese business in next 3 years, prioritizing e-commerce and MT channel growth

Govt rolls out ‘Bharat’ rice at INR 29/kg to tackle rising food prices

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February 6, 2024

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Union Minister of Consumer Affairs, Food & Public Distribution, Textiles and Commerce and Industry, Piyush Goyal launched a Bharat Rice at Kartavya Path, in the capital on Tuesday.

The Union government on February 6 rolled out ‘Bharat rice’ at a subsidised rate of INR 29 per kilogram (kg) to provide relief to consumers from rising food prices. The subsidised rice will be available for consumption in 5 kg and 10 kg packs.

According to an official statement, Bharat rice will be stocked at all Kendriya Bhandar’s physical and mobile outlets, as well as those of the National Agricultural Cooperative Marketing Federation of India (NAFED) and the National Cooperative Consumers’ Federation of India (NCCF) starting February 6. The availability will later extend to additional retail stores and e-commerce platforms.

Continue Exploring: Govt to sell Bharat brand rice on major e-commerce platforms, targets hoarding with mandatory stock disclosure

During the launch of subsidized rice, Food and Consumer Affairs Minister Piyush Goyal emphasized Prime Minister Narendra Modi‘s responsiveness to the nation. Goyal highlighted Modi’s vigilance in regulating the prices of essential commodities, ensuring they remain affordable for all.

Goyal also launched 100 mobile vans dedicated to selling Bharat rice.

Prior to the introduction of Bharat rice, the government rolled out Bharat atta, available in 5 kg and 10 kg packs at INR 27.50 per kg. Additionally, Bharat dal (chana dal) is being marketed at INR 60 per kg.

Continue Exploring: Chana Dal goes affordable with the launch of government’s ‘Bharat Dal’ brand

The Union minister said that the government of India is committed towards the welfare of farmers as well as the people of the country. The Union government purchases essential commodities from farmers and sells them to consumers at subsidized rates whenever in need.

Despite restrictions on exports and a bumper production in 2023-24, retail prices of rice are still not under control.

The government has asked retailers, wholesalers, processors, and large retail chains to reveal their stocks in order to prevent hoarding.

Ministers of State for Consumer Affairs Sadhvi Niranjan Jyoti and Ashwini Choubey, Food Secretary Sanjeev Chopra, Consumer Affairs Secretary Rohit Kumar Singh and Food Corporation of India (FCI) CMD Ashok K Meena, among others, were present at the event to launch the rice.

Continue Exploring: Govt considers franchise route to boost Bharat-branded product sales, plans 50 outlets in Delhi

Apparel Group’s R&B expands footprint with new Bengaluru store, marking 18th outlet in India

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February 6, 2024

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Fashion brand Rare and Basics (R&B) under the ownership of Apparel Group India has unveiled its latest store in Bengaluru, as announced by the retail conglomerate on social media. Located at HSR Layout, this standalone store signifies the 18th retail outlet of R&B in India.

“Presenting Apparel Group brand R&B’s new store at HSR Layout, Bengaluru! The newly opened store is the brand’s 18th in India and 6th in Bengaluru,” Apparel Group India wrote on LinkedIn.

R&B stores offer a variety of Western wear options catering to men, women, and children alike.

Apparel Group launched R&B in October 2012, debuting its first retail store at Muscat Grand Mall in Oman. According to a press release from the company, R&B currently operates over 70 stores across seven countries, including India, Oman, UAE, Qatar, Bahrain, Kuwait, and Saudi Arabia.

In India, R&B has established its presence in Kozhikode (Kerala), Kochi, Ahmedabad, Hyderabad, Bengaluru, Mangalore, and Mysore.

Continue Exploring: Apparel Group unveils 15th R&B store in Bengaluru, driving expansion in India

The UAE-headquartered Apparel Group manages a network of over 2,025 retail stores, showcasing a portfolio of over 80 brands across various platforms. With a diverse workforce of over 20,000 employees, the company represents renowned brands such as Aldo, Bath & Body Works, Tim Hortons, Tommy Hilfiger, Nine West, it Spring, Charles & Keith, Inglot, La Senza, Beverly Hills Polo Club, and Victoria’s Secret.

The company has established a strong presence in the GCC region and has successfully expanded into key markets including India, South Africa, Singapore, Indonesia, Thailand, Malaysia, and Egypt. Furthermore, it has developed strategies to penetrate emerging markets such as Hungary and the Philippines.

Continue Exploring: Smart clothing brand TURMS makes waves on Shark Tank India Season 3, secures INR 1.2 Crore investment for innovative apparel line

Amcor and Mondelēz International collaborate to introduce recycled plastic packaging for Cadbury Chocolate products

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February 6, 2024

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Amcor, a prominent developer and producer of sustainable packaging solutions, has entered into an agreement with Mondelēz International. Under this deal, Amcor will supply 1,000 tons of post-consumer recycled plastic for wrapping Mondelēz’s flagship Cadbury chocolate products. This collaboration signifies a significant step towards Cadbury’s goal of minimizing its reliance on virgin plastic materials.

In 2022, Cadbury announced that it had sourced 30% of the plastic required to wrap its 160g to 185g Cadbury Dairy Milk family blocks produced in Australia from recycled sources, on a mass balance basis. With its recent procurement, Cadbury is striving to increase its usage of recycled plastic to 50% across its range of chocolate blocks, bars, and pieces produced in Australia, also on a mass balance basis. This initiative is aimed at effectively halving the company’s reliance on virgin plastic for packaging these products.

The rollout of recycled material is slated to commence in the first quarter of 2024, kicking off with blocks and then expanding to encompass beloved bar lines like Cherry Ripe, Crunchie, and Twirl, as well as wrappers for Roses and Favourites assortments.

Continue Exploring: Mondelez International reports strong Q4 sales surge, but volume decline spurs a 2% share drop

This comes shortly after Mondelēz International, the custodian of Cadbury, unveiled its longer-term vision to recycle plastic waste domestically. Partnering with Amcor, they have announced plans to invest in Licella to fund the construction of one of Australia’s first soft plastic advanced recycling facilities. Managed by Advanced Recycling Victoria (ARV), the new facility in Melbourne is slated for completion in 2025. Initially, it will process around 20,000 tons per annum of end-of-life plastic, with aspirations to scale up to approximately 120,000 tons per annum.

Mike Cash, President of Amcor Flexibles Asia Pacific stated that he’s proud to continue to support Mondelēz International as they strive to be the most sustainable snacking company in Australia and New Zealand. “We partnered with Mondelēz when they made the first step to move to recycled content for their Cadbury Dairy Milk family blocks packaging, now we’re helping them elevate this ambition by sourcing ~1,000 tons of recycled plastic to help reduce virgin material across more of the Cadbury chocolate portfolio.”

Adding further, Mike Cash stated, “Being able to source this significant volume of recycled material for Mondelēz gives them the opportunity to differentiate and grow, and demonstrates the collective commitment of Mondelez’s leadership.”

According to Darren O’Brien, President – Mondelēz International Australia, New Zealand and Japan, “Reducing virgin plastic use and supporting a circular packaging economy is a focus for our business and this latest deal to purchase recycled plastic is another important step in our journey. By creating confidence in the market for recycled material, we’re helping to build a future for plastic recycling in this country.”

“Chocolate lovers love Cadbury Dairy Milk for its generous ‘glass and a half’ slogan, but when it comes to virgin plastic in our packaging, less is more. By halving our virgin plastic needs in our Cadbury chocolate blocks, bars and pieces portfolio, we are on a path to better packaging.”

Continue Exploring: Archies and Mondelez India join forces to sweeten Valentine’s season with exclusive collaboration

Malabar Gold & Diamonds makes landmark entry into Australian market, opens flagship showroom in Sydney

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February 6, 2024

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Kerala-based jewellery retailer Malabar Gold & Diamonds has ventured into Australia with the opening of its new showroom in Sydney. This marks the expansion of the company into its 13th country of operations, according to a press release issued on Tuesday.

The retailer asserts its position as the first Indian international jewellery brand to begin operations in Australia.

Located at 109 Wigram Street in Harris Park within the Little India Precinct, the new outlet is poised to be the largest jewellery showroom in Sydney. It was inaugurated by former Australian cricketer Brett Lee, adding a touch of prestige to the occasion.

“This is a proud moment for us as the first Indian International jewellery retailer to begin operations in Australia. We have been a strong proponent of ‘Make in India; Market to the World’, showcasing the artistry of Indian jewellery on a global stage and expanding into Australia is another testimony of our commitment to this initiative,” said M.P Ahammed, chairman of Malabar Gold & Diamonds.

“This is also a great success story leveraging the strong trade relationship and recent bi-lateral free trade agreement between Australia and India. Our growth plan in Australia will lead to significant investments into jobs and local economy in Australia over the next few years,” added Ahammed.

Featuring a diverse range of jewellery crafted in 18K and 22K gold, as well as diamonds, the showroom will display a stunning array of over 30,000 designs spanning bridal wear, daily wear, and occasional wear. Additionally, the store offers a bespoke jewellery design service supported by skilled designers and craftsmen.

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“With a large diaspora of immigrants from the Indian sub-continent, the jewellery sector in Australia remains a largely untapped one. Marking a significant shift in the country’s jewellery landscape, we aim to leverage our experience of over 30 years to bring forth an exceptional array of gold, diamond & precious gem jewellery,” said Shamlal Ahamed, managing director – international operations at Malabar Gold & Diamonds.

Presently, the brand boasts a retail network comprising more than 340 showrooms across various regions including India, the United Arab Emirates, Qatar, Kuwait, Oman, the Kingdom of Saudi Arabia (KSA), Bahrain, Singapore, Malaysia, the USA, the UK, Canada, and Australia. Furthermore, it is actively pursuing expansion into emerging markets such as South Africa, Egypt, Bangladesh, Turkey, and New Zealand.

“Malabar Gold & Diamonds is making remarkable progress in both the international and Indian jewelry sectors, gaining substantial momentum. The brand’s strategic global expansion into new countries and within Indian states such as Rajasthan, Puducherry, Uttarakhand, Jharkhand, Goa, Assam, Tripura, and Jammu & Kashmir is poised to elevate it to the coveted No. 1 position” said Asher O, managing director – India operations at Malabar Gold & Diamonds.

Founded in 1993, the jewellery retailer stands as the cornerstone of the Malabar Group. Boasting an impressive annual turnover of $5.2 billion, the brand has established a presence in 12 countries, complemented by numerous offices, design centers, procurement centers, and factories.

Continue Exploring: Jewellery consumption set for 10-12% value growth in FY24, driven by soaring gold prices: ICRA

Marks & Spencer’s food retail arm continues strong sales streak, challenges leading grocers in UK

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February 6, 2024

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UK industry data released on Tuesday indicated that Marks & Spencer’s food retail arm continued to capitalize on the strong sales momentum of 2023, carrying it into the early weeks of the new year.

According to market researcher NIQ, Marks & Spencer’s grocery sales surged by 11.6% year-on-year in the 12 weeks leading up to January 27, placing it second only to Lidl, a German-owned discounter, which experienced a 13.2% increase and is hailed as Britain’s fastest-growing grocer.

The leading market player, Tesco, recorded a sales growth of 6.9%, whereas Sainsbury’s, holding the second position, achieved a growth of 8.4%.

Continue Exploring: UK retail giant Tesco revises profit forecast following strong Christmas sales performance

Asda and Morrisons were once again among the laggards, with sales growth of 2.7% and 3.4% respectively, as shown by the data.

During the four-week period ending on January 27, UK supermarkets experienced a 6.6% year-on-year increase in total sales, as reported by NIQ. Meanwhile, food inflation stood at 6.1%, marking its lowest rate since June 2022.

Echoing the data from rival market researcher Kantar last week, NIQ stated that promotional activity accounted for 23% of sales, down from 26% over Christmas.

Furthermore, it noted that online grocery retained its share of 11.2% of the total grocery expenditure.

On a separate note, Tuesday’s data from the British Retail Consortium revealed that retailers experienced sluggish overall sales in January, reflecting consumer caution towards spending. This underscores the impact of high inflation and borrowing costs, which are placing pressure on households.

Continue Exploring: UK grocery costs remain 30% higher than two years ago despite ongoing inflation easing

Tata Neu joins online food delivery race through ONDC integration, posing competition to Zomato and Swiggy

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February 6, 2024

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Tata Group is set to make its foray into online food ordering through its super app Tata Neu, utilizing the Open Network for Digital Commerce (ONDC), as reported by MoneyControl.

The salt-to-steel conglomerate is gearing up for closed-user group trials in the next few days, as reported. However, it may take another month or longer before the feature is available to the public.

According to reports, Gaurav Porwal, Senior Vice President at Tata Digital, is leading the ONDC project.

In April 2022, Tata Neu was introduced as the digital platform encompassing Tata Group’s range of consumer brands, including BigBasket for online groceries, Croma for electronics, Tata CliQ for fashion, 1MG for e-pharmacy, Starbucks for coffee, and the group’s budget airline, formerly AirAsia, now rebranded as AIX Connect.

The 155-year-old conglomerate is poised to enter into competition with the new-age foodtech unicorns Zomato and Swiggy, reportedly dominating 95% of the online food delivery market. The objective is to establish a ‘high-frequency use case,’ encouraging consumers to engage with the app regularly, according to reports.

Continue Exploring: ONDC disrupts food delivery landscape: 50,000 restaurants join platform, challenging Zomato and Swiggy dominance

Several major super apps, such as China’s WeChat or Gojek, have a central offering, such as instant messaging or ride-hailing, around which additional services are integrated.

Following the introduction of ONDC, numerous players like the hyperlocal commerce platform Magicpin and PhonePe’s Pincode have begun offering food delivery services. In May last year, Magicpin announced that it was handling up to 20,000 orders daily.

ONDC facilitates interactions among various participants in the e-commerce ecosystem, such as buyers, sellers, service providers, and intermediaries, enabling them to collaborate in fulfilling business needs.

Tata Neu will function as the business-to-consumer interface within ONDC, serving as a buyer-side application. This approach eliminates the necessity of managing a fleet of delivery riders or negotiating with restaurants to join the platform.

Continue Exploring: ONDC network live in 500 towns & cities, MoS Commerce affirms full adherence to e-commerce regulations

Nykaa continues strong growth trajectory: Q3 net profit doubles YoY to INR 17.4 Cr

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February 6, 2024

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Nykaa, a prominent player in the beauty and fashion e-commerce sector, witnessed a significant surge in its consolidated net profit during the December quarter (Q3) of the fiscal year 2023-24 (FY24). The company’s net profit more than doubled, reaching INR 17.4 Cr compared to INR 8.5 Cr in the corresponding quarter of the previous year. This remarkable growth was attributed to the steady enhancement of its fashion segment, particularly during the festive period.

The net profit also experienced a significant increase of 123.7% on a quarter-on-quarter (QoQ) basis, rising from INR 7.8 Cr in the previous fiscal quarter, Q2 FY24.

The operating revenue saw a 22% growth, reaching INR 1,788.8 Cr in the current quarter compared to INR 1,462.8 Cr reported in Q3 FY23.

During the third quarter of fiscal year 2024, the company reported a 5.5% expansion in its EBITDA margin, with EBITDA increasing by 26% year-on-year to INR 98.8 Cr, attributed to enhancements in both direct and indirect cost efficiencies, as stated by the company.

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Nykaa announced in a statement that it implemented an ESOP grant targeting critical and top talent across various organizational levels during the quarter. This initiative is currently reflected in the company’s employee expenses. If adjusted for ESOP and new business expenses, the company’s EBITDA margin would have stood at 6.1%.

In Q3 FY2024, the business experienced a 29% year-on-year increase in gross merchandise value (GMV), totaling INR 3,619.4 Cr.

The company reported a 25% year-on-year growth in consolidated gross merchandise value (GMV) within the beauty and personal care (BPC) segment. Additionally, the GMV of Nykaa’s fashion vertical surged by 40% year-on-year.

“Our fashion business is showing consistent improvement in profitability, reflecting our platform strength and quality of our customers,” said Nykaa.

Continue Exploring: Nykaa’s fashion vertical takes the lead with anticipated 40% YoY GMV growth in Q3 FY24

Nykaa Fashion’s contribution margin as a percentage of net sales value (NSV) improved by 510 basis points, reaching 6% in Q3 FY24, compared to 0.9% in the same quarter of the previous year.

Delhi HC orders panel to probe alleged non-veg ingredients in Patanjali toothpaste, seeks recommendations in 10 weeks

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February 6, 2024

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The Delhi High Court has directed a committee appointed by the Ministry of Ayush to establish the guidelines for classifying raw materials utilized in drug manufacturing as either vegetarian, non-vegetarian, or falling under other categories.

The court directive, issued on February 2, was prompted by a petition alleging the presence of non-vegetarian components in Patanjali’s Divya Manjan toothpaste.

The petition, submitted by attorney Yatin Sharma, contends that Patanjali is marketing ‘Divya Manjan’ with a green dot on their official website, despite it containing non-vegetarian ingredients. The petition calls for stringent measures against the company for neglecting to indicate the red mark, thereby misleading, unduly influencing, offending religious sentiments, deceiving, misrepresenting, and defrauding their customers.

Sharma lodged the petition in July last year and was instructed to address the relevant authorities accordingly. In response, the lawyer filed a complaint with the Ministry of Ayush on July 23, 2023, prompting the ministry to suggest the formation of a committee to establish guidelines for classifying raw materials employed in drug manufacturing as either vegetarian, non-vegetarian, or falling under other categories.

Continue Exploring: Patanjali Ayurved faces govt scrutiny as PMO directs Ministry of Ayush to address deceptive advertising complaints

In the interim, the court has allotted the committee formed by the ministry a period of 10 weeks to formulate its recommendations.

It’s worth noting that the Supreme Court recently directed Patanjali Ayurved to refrain from publishing misleading claims and advertisements disparaging modern medical systems. The court warned of imposing a fine of INR 1 crore on each product for making false claims suggesting it can cure specific ailments.

Continue Exploring: SC warns Patanjali over ‘false’ advertising claims

During a hearing on a petition filed by the Indian Medical Association (IMA) last November, a bench comprising justices Ahsanuddin Amanullah and Prashant Kumar Mishra verbally cautioned against Patanjali Ayurved’s misleading advertisements, emphasizing the gravity of any such transgressions.

Earlier, on August 23, 2022, notices were issued by the Supreme Court to the Union Health Ministry, the Ministry of Ayush, and Patanjali Ayurved Ltd., following an IMA plea alleging a smear campaign by Ramdev against the vaccination drive and modern medicines.

During these proceedings, Ramdev was strongly rebuked by the court for his criticism of allopathy and allopathic practitioners, asserting the necessity of restraining him from disparaging doctors and other treatment modalities.

IGP takes gifting to new heights with 30-minute instant delivery service

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February 6, 2024

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In an era where time is of the essence, IGP.com, the international gifts platform, makes a groundbreaking stride in the Indian retail landscape. With the introduction of its 30-minute instant delivery service, it not only sets a new benchmark for swift gifting experiences but also aims to redefine the dynamics of connections, ensuring seamless and memorable moments between gift giver and receiver.

IGP.com, renowned for its efficient same-day and scheduled deliveries across 400+ cities in India, further solidifies its dedication to swift service by introducing a lightning-fast 30-minute delivery option. Named “Your gift, their smile – Experience instant bliss with 30-minute delivery,” this initiative encompasses over 250 SKUs, accessible across more than 2000 pin codes, underscoring the platform’s unwavering commitment to instant joy.

This achievement is made possible by a sturdy logistics framework, orchestrated through three central warehouses strategically located alongside over 50 dark stores. This careful arrangement guarantees swift and punctual deliveries, transforming the 24/7 super instant delivery pledge from mere commitment into a tangible experience.

Tarun Joshi, the CEO and Co-Founder of IGP said, “We are thrilled to introduce the 30-minute instant delivery service, a testament to our commitment to enriching relationships through prompt and delightful gifting experiences. At IGP.com, we believe in creating moments of joy, and this service is designed to make those moments even more special, ensuring your gift brings an instant smile to your loved ones.”

As IGP.com bolsters its offerings in the Indian market, it has concurrently embarked on a global expansion journey, establishing operations in Dubai. This strategic step highlights the platform’s unwavering commitment to spreading happiness worldwide, fostering a harmonious celebration of love and joy across borders. With its ongoing innovation and global expansion efforts, IGP.com is poised to deliver unparalleled gifting experiences that transcend geographical constraints, delighting customers around the globe.

Continue Exploring: Online gifting giant IGP enters Dubai, aims at $10 Million revenue in 1.5 years

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