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Dairy firm Hatsun Agro’s Q3 profit rises 24%, marks slowest growth in three quarters

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Hatsun
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Hatsun Agro Product, known for its brands like Arun IceCreams and Arokya Milk, reported its slowest quarterly profit growth in three quarters, impacted by heavy floods in its home state of Tamil Nadu.

Last month, cyclone Michaung flooded a large part of the southern Indian state of Tamil Nadu, which is home to 13 of Hatsun’s 20 milk processing plants and, according to ICICI Securities, accounts for over half of the company’s revenue.

In the three months ending on December 31, the Chennai-based company saw a 23.6% increase in its profit after tax, reaching 574 million rupees ($6.91 million). This marks its most sluggish growth since the March quarter of 2023.

Driven by increased raw material costs, total expenses surged by 11.2 percent, offsetting Hatsun’s notable 11.3 percent rise in revenue. This represents the company’s highest revenue growth since the March quarter of 2023, attributed to a productive flush season.

The flush season, spanning from October to February, is characterized by heightened milk production resulting from lower temperatures. It serves as a strategic period for dairies to accumulate and strengthen their supply for the upcoming lean season.

Competitors Heritage Foods and Dodla Dairy are scheduled to announce their third-quarter results later this month.

Hatsun Agro’s shares climbed to a four-month peak, increasing by as much as 3.7 percent after the results. However, they later surrendered all the gains and were trading 2.1 percent lower.

Continue Exploring: Hatsun Agro Products aims for global expansion of beloved ‘Ibaco’ ice cream brand amidst soaring popularity

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McDonald’s faces intensifying backlash over alleged support for Israel amid Gaza conflict, #BoycottMcDonalds trend gains momentum

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McDonald's
McDonald's

McDonald’s, the American multinational fast-food chain, continued to face growing backlash amid the Israel-Hamas war in Gaza, with the social media trend ‘Boycott McDonald’s’ gaining momentum.

The renewed boycott call followed after the franchise’s United Kingdom unit, in a post on the social media platform X (formerly Twitter) on Tuesday, denied its support for “any governments involved in the Middle East crisis.” McDonald’s issued this statement in response to a remark made by a social media user who called for the company’s boycott and Palestine’s freedom on the McDonald’s feed.

Continue Exploring: McDonald’s faces challenges in Middle East markets amid Israel-Hamas strife

“We are dismayed by disinformation and inaccurate reports regarding our position in response to the conflict in the Middle East. McDonald’s corporation is not funding or supporting any governments involved in this conflict. Our hearts are with all of the communities and families impacted by the crisis. We abhor violence of any kind and firmly stand against hate speech, and we’ll always proudly open our doors to anyone.” the corporation posted.

However, pro-Palestine social media users were quick to point out the fast-food chain’s policy of providing free meals to the Israel Defence Forces (IDF) since the outbreak of the war. These users indicated that by implementing such a move, McDonald’s has demonstrated support for Israel while the conflict continues in Gaza, leading to the death of over 23,000 Palestinians. Additionally, in the context of the Israel-Hamas war, Qatar and France have sent medicine for hostages in Gaza.

Notably, a week after the war broke out, McDonald’s Israel unit announced free subsidized meals for the Israel Defence Forces (IDF) and rescue forces in the wake of the conflict.

“Since the outbreak of the war, McDonald’s Israel has donated over one hundred thousand meals to the security forces, the residents of the Otaf and the hospitals, when 5 of the chain’s restaurants were opened for this purpose only. In addition, McDonald’s Israel gives a 50 per cent discount to all security and rescue forces that arrive independently at the branches,” the Israel unit posted on X on October 19.

By Thursday noon, nearly 45,000 posts flooded X, urging a boycott of the restaurant. Numerous demonstrators shared videos capturing ongoing protests outside McDonald’s outlets, expressing their solidarity with Palestine.

Significantly, in January, McDonald’s Malaysia initiated legal action against the Boycott, Divestment and Sanctions (BDS) Malaysia movement, seeking $1 million in damages. The lawsuit alleged the dissemination of “false and defamatory statements” targeting the restaurant. The BDS movement’s objective is to terminate global backing for Israel’s “oppression of Palestinians” and exert pressure on Israel to adhere to international law.

Numerous Western brands, including well-known names like Starbucks, Puma, and Hewlett Packard, are under scrutiny for their perceived “support for Israel.” Pro-Palestinian activists are actively promoting a boycott of these brands, aiming to draw increased attention to the plight of almost 2.3 million Palestinians who have lost their homes in the ongoing conflict.

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Deepika Padukone’s skincare brand 82°E set to expand product lines, channels, and global footprint in 2024

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Deepika Padukone 82°E

Deepika Padukone’s skincare brand, 82°E, is set to expand its product offerings across categories, bolster its presence in marketplaces and offline channels, and venture into new geographies, as revealed by Jigar Shah, co-founder of 82°E.

Discussing the company’s strategy for 2024, Shah stated, “Our plans for 2024 revolve around growth in three key areas: introducing a wider range of products, expanding channels both online and offline, and extending our geographical footprint globally.”

He further mentioned that, regarding geographical expansion, the company is in discussions with major players to establish a more significant presence in specific regions. Currently, the brand considers the US, Singapore, and Australia as its top three countries.

At present, the startup generates all of its sales exclusively through its website.

Shah stated that 82°E enjoys a global market reach, having shipped products to 50 countries last year. Regarding the Indian market, while the brand sees substantial sales in metropolitan areas, Shah emphasized, “We have a presence across India, catering to customers in tier 1, 2, and 3 cities, as well as smaller towns.”

He expects acceptance to grow in tier 2 and 3 cities as the brand matures.

Declining to disclose the revenue figures for the brand, Shah mentioned that the company has witnessed a notable rise in repeat rates for its initial products, soaring from 20-25 percent to 60 percent.

“This gives us validation about our products working and the acceptance of our products,” he said.

Diversifying its range, 82°E has ventured into the bodycare category. Discussing the recent launch, Shah explained that the products are developed with a scientific approach to body care and showcase a distinctive symbalance technology.

Continue Exploring: Bollywood star Deepika Padukone invests in specialty coffee brand Blue Tokai

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Ferns N Petals’ Udman Hotels sets bold growth agenda: Plans to expand through 50 new hotels

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Udman Hotels

Udman Hotels, the hospitality division of Ferns N Petals, has announced plans to broaden its presence in the hospitality sector by establishing 50 new hotels. The company emphasizes a primary focus on key regions, including Himachal Pradesh, Goa, Rajasthan, and Gujarat.

Additionally, Udman Hotels has introduced Udman Naldehra in Shimla, Himachal Pradesh. Describing this strategic expansion as a ‘pivotal milestone’ in Udman Hotels’ nationwide growth initiative, the company envisions establishing new benchmarks in the sector through its four-star properties.

Vikaas Gutgutia, the founder and managing director of Udman Hotels by Ferns N Petals, expressed that the guests have shown ‘tremendous enthusiasm’ towards Udman Hotels.

“With the inauguration of our seventh hotel in Himachal Pradesh, our goal is to extend our exceptional services to the Northern region, catering to tourists, travelers, and locals alike,” he said.

“This strategic move reinforces our commitment to providing unparalleled experiences and marks a significant milestone in Udman’s expansion, bringing our brand of excellence to new horizons in the hospitality industry,” he added.

The company stated that the recently established property in Naldehra offers a range of suite accommodations, including Junior Suites, Family Suites, and Two-Bedroom Suites, all equipped with attached balconies. Udman Naldehra comprises 30 rooms and provides various amenities such as a restaurant, room service, spa facilities, banquet and conference rooms, among others.

Continue Exploring: Ferns N Petals expands into F&B industry with the launch of The U Kitchen

The company announced that the property is scheduled to commence its operations on March 1 of this year and is strategically positioned for convenient accessibility.

“The property is well-connected to both public and private transportation options, including railways and airports and is situated in close proximity to renowned tourist attractions such as Mall Road and Jakhu Temple, and Tatta pani (known for paragliding and water sports),” the company said in a statement.

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PepsiCo India appoints Jagrut Kotecha as new Chief

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Jagrut Kotecha

Beverage and snacks giant PepsiCo India announced on Friday that Jagrut Kotecha, the Senior Vice President and Chief Commercial Officer for its AMESA (Asia, Middle East, and Africa) region, will assume the position of the new Chief for India.

In a statement released on Friday, PepsiCo announced that Ahmed El Sheikh, the current CEO for PepsiCo India, will transition from his role as the CEO for the Middle East Business Unit starting March 2024.

On January 12, according to ET’s report, Kotecha emerged as the frontrunner for the position of India CEO.

Executives familiar with the situation highlighted that Kotecha was preferred over others due to his extensive experience in the snacks industry.

Continue Exploring: PepsiCo eyes fresh leadership amidst intensifying competition in Indian snacks market

Eugene Willemsen, Chief Executive Officer for Africa and South Asia at PepsiCo, announced the leadership changes during his ongoing visit to India.

PepsiCo’s snacks business in India has encountered robust competition, leading to a loss in market share and a decline in volumes. The company aims to recover and strengthen its position, emphasizing the need for a leader with significant experience in the food sector. Executives familiar with the situation highlighted that PepsiCo’s primary focus is on fortifying its snacking business.

During its earnings call for the quarter ending September 2023, the New York-based company reported that PepsiCo’s snacks business, responsible for producing Lays and Doritos tortilla chips, experienced a decline in the mid-single digits.

According to details on his LinkedIn page, Kotecha served as the Vice President of the Snacks Category in the India region from 2016 to 2019. Before joining PepsiCo, he held the position of Sales Head at Cadbury India, a chocolate maker, from 1992 to 1994.

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Tata Consumer Products approves INR 6,500 Crore fundraising for Capital Foods and Organic India acquisitions

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Tata Consumer Products
Tata Consumer Products

Tata Consumer Products announced on Friday that its board of directors has considered and approved a fundraising initiative of up to INR 6,500 crore. According to a regulatory filing, the company plans to raise funds through the issuance and allotment of Commercial Papers, capped at INR 3,500 crore. Additionally, the approval includes the raising of funds by issuing equity shares with a face value of INR 1 each through a rights issue, not to exceed INR 3,000 crore.

“For the purposes of giving effect to the rights issue, the detailed terms to the rights issue including but not limited to issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course by the Board, or the ‘Capital Raising Committee’ constituted by the Board, in accordance with applicable laws, subject to receipt of necessary approvals, as may be required,” it said in the exchange filing.

Tata Consumer Products said that the funds totaling INR 3,500 crore are earmarked for bridge financing, aimed at facilitating the payment of consideration for the proposed acquisition of stakes in Capital Foods Private Limited and Organic India Private Limited.

Continue Exploring: Tata Consumer Products to fund Capital Foods and Organic India deals with cash reserves, bridge financing

Earlier on January 12, Tata Consumer Products announced the signing of definitive agreements to acquire 100 percent equity shares of Capital Foods, the owner of well-known brands ‘Ching’s Secret’ and ‘Smith & Jones,’ in a phased manner. The initial acquisition will include 75 percent of the equity shareholding, with the remaining 25 percent to be acquired over the next three years. This strategic announcement is geared towards expanding Tata Consumer Products’ product portfolio and fortifying its pantry platform. The estimated overall size of the categories in which Capital Foods operates is INR 21,400 crore.

Continue Exploring: Tata Consumer Products set to expand portfolio with strategic acquisitions of Capital Foods and Organic India

Sunil D’Souza, MD & CEO, Tata Consumer Products, had said, “We believe this is a good strategic and financial fit. It will open up significant market opportunities in the fast-growing non-Indian cuisines segment, leveraging the sales and distribution platform that we have built. The strong brand recall of Ching’s Secret and Smith & Jones coupled with our operational strength across channels makes us extremely confident of driving topline growth and realizing cost synergies. This transaction will accelerate momentum in our business and is margin accretive to our business.”

On the same date, Tata Consumer Products also announced that it had entered into definitive agreements to acquire up to 100% of the issued equity share capital of Organic India. This strategic move is in line with Tata Consumer’s overarching goal of expanding its product portfolio and increasing its presence in rapidly growing and high-margin sectors. The acquisition is set to establish a Health & Wellness platform for Tata Consumer Products. Notably, the Total Addressable Market for the categories in which Organic India operates is valued at INR 7,000 crore in India and INR 75,000 crore in international markets, where Tata Consumer already boasts a strong foothold.

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IndiaMART reports 27% YoY decline in Q3 net profit to INR 82 Crore, despite 21% rise in operational revenue

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IndiaMART
IndiaMART

IndiaMART InterMESH, a B2B marketplace, experienced a 27.4% decrease in its combined net profit, totaling INR 82 crore in the third quarter (Q3) of the financial year 2023-24 (FY24). This decline, compared to the INR 112.8 crore reported in the same quarter of the previous year, can be attributed to subdued growth in the current period.

Nevertheless, IndiaMART witnessed an 18.8% quarter-on-quarter (QoQ) rise in net profit, reaching INR 69 crore in the preceding quarter, Q2 FY24.

The operational revenue surged by 21%, reaching INR 305 crore in Q3 FY24 compared to INR 251 crore in the corresponding quarter of the previous year. Nevertheless, the quarter-on-quarter (QoQ) growth was modest, standing at 3.4% from INR 295 crore in Q2 FY24.

It’s important to highlight that IndiaMART exhibited a robust financial performance in Q3 FY23, achieving a 61% year-on-year (YoY) increase in net profit and a 34% growth in operating revenue.

In the reported quarter, the company observed a modest 9% year-on-year (YoY) increase in paying subscription suppliers, reaching 2.12 lakh. This growth was attributed to the addition of 1,826 such suppliers during the period.

IndiaMART’s Indian supplier storefronts recorded a 5% year-on-year increase, reaching 7.8 million in the third quarter of fiscal year 2024. Concurrently, the platform’s traffic also grew by 9% year-on-year, totaling 272 million. Notably, unique business inquiries showed a 4% rise, reaching 23 million in the same Q3 FY24 period.

Dinesh Agarwal, the CEO of IndiaMART, expressed that the third quarter saw the company achieving moderate growth in both revenue and deferred revenue, along with maintaining robust operating margins. He remains optimistic about the sustained profitability and positive cash flows, citing the company’s strategic utilization of market opportunities amid the growing digital adoption by businesses.

“We continue to focus on enhancing customer experience on our platform and drive deeper penetration of paying customers across cities, enabling businesses to grow online,” Agarwal added.

Meanwhile, IndiaMART witnessed a nearly 20% surge in expenses during the reported quarter, with spending reaching INR 230 Cr compared to the INR 192 Cr total expenses in Q3 FY23.

The largest portion of expenses was attributed to employee benefit costs, experiencing a 27.9% year-on-year increase to reach INR 138.5 Cr in Q3 FY24.

After the release of quarterly earnings, IndiaMART’s shares concluded Thursday’s (January 18) trading session with a 3.4% decline, closing at INR 2,511 on the BSE.

Continue Exploring: IndiaMART InterMESH records 2% growth in Q2 FY24 earnings, despite 17% net profit decline; operational revenue surges by 22%

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

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Bharat-Branded Products

The government is looking to leverage the franchise route for directly selling Bharat-branded products to consumers, as revealed by a senior official in a report on ET.

It will also utilize mass media to raise awareness about its initiative, wherein it provides subsidized kitchen essentials like onions, pulses, and flour directly to consumers.

“We are looking at opening 50 stores across Delhi,” the official said. The government is looking for someone to manage and operate the everyday operations of these stores, the official added.

Last month, the government inaugurated its first two stores at Delhi’s Rajiv Chowk metro station, strategically positioned to capitalize on the high footfall it receives. These establishments, owned by the National Cooperative Consumers’ Federation of India (NCCF), procure agricultural commodities such as food grains, pulses, spices, oilseeds, onions, and various consumer goods on behalf of the government, offering them to consumers at reasonable rates.

Continue Exploring: Govt to establish subsidized staple food outlets at Delhi metro stations, potential expansion to other cities

Plans are underway to promote the stores through radio broadcasts and announcements at metro stations, aiming to enhance consumer awareness. Additionally, the official mentioned a proposal to award prizes for every hundredth purchase made through digital transactions.

Through the establishment of these stores, the government aims to extend its outreach to a broader consumer base, facilitating their access to subsidies provided as part of its price intervention scheme aimed at mitigating food inflation.

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

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BL Agro announces INR 500 Crore investment in Telangana, signs MoU with govt to establish manufacturing unit for Nourish brand products

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BL Agro

BL Agro is set to invest INR 500 crore in Telangana and has signed an initial agreement with the state government to establish a manufacturing plant for various food products. The company, in a statement, announced that it has signed a Memorandum of Understanding (MoU) with Telangana Chief Minister Anumula Revanth Reddy to set up a manufacturing unit in the state.

The Memorandum of Understanding (MoU) was recently signed during the World Economic Forum held in Davos, Switzerland.

“Under the MoU, the company plans to invest INR 500 crores in Telangana and employ 5,000 people,” BL Agro said.

The upcoming manufacturing facility will be involved in the production of the complete spectrum of Nourish brand products, including wheat flour, pasta, vermicelli, spices, papad, etc. Additionally, it will manufacture rice bran and cottonseed oils.

“It is a moment of pride for us as a Group company to sign an MoU with the Telangana government and expand our footprints in the Southern part of the country,” Ashish Khandelwal, Managing Director, BL Agro said.

As per the terms set forth in the Memorandum of Understanding (MoU), BL Agro, in conjunction with its affiliate company Leads Connect Agritech, is set to establish an agricultural value chain in the state through its initiative ‘Khet Se Kitchen Tak.’ This initiative is aimed at supporting the farming community and agribusinesses, with the goal of enhancing productivity and sustainability in the agriculture sector.

Situated in Bareilly, Uttar Pradesh, BL Agro Industries Ltd is a key player in the Indian market, specializing in branded edible oils and various other food products.

Continue Exploring: FMCG giant BL Agro invests INR 500 Cr in agritech startup Leads Connect for strategic expansion

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

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Allied Blenders and Distillers Limited (ABD)
Allied Blenders and Distillers Limited (ABD)

Allied Blenders and Distillers Ltd, the producer of Officer’s Choice Whisky, has submitted revised preliminary documents to the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) with the aim of raising INR 1,500 crore.

According to draft documents filed with the Securities and Exchange Board of India (SEBI) on Thursday, the initial public offering (IPO) includes 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.

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

Out of the total proceeds from the fresh issue, a sum of INR 720 crore will be directed towards debt payment, and the remaining portion will be utilized for general corporate purposes.

As of December 2023, the company’s debt stood at around INR 808 crore, as indicated in the draft papers.

Having a market share of 8.2 percent in Indian-Made Foreign Liquor (IMFL) during fiscal 2023, Allied Blenders and Distillers submitted draft papers to Sebi in June 2022 for an IPO worth INR 2,000 crore.

In December of the same year, the company received approval from Sebi to initiate its maiden public issue but opted not to proceed with the launch.

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

The company’s range of products includes various brands of Indian-Made Foreign Liquor (IMFL), spanning whisky, brandy, rum, and vodka.

Some of the major brands of the company include Officer’s Choice Whisky, Sterling Reserve Whisky, Jolly Roger Rum and Class 21 Vodka.

ICICI Securities, ITI Capital and Nuvama Wealth Management are the book running managers and will advise the company’s on the maiden public issue.

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

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