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Avenue Supermarts reports 17% surge in Q3 FY24 net profit, reaches INR 690.41 Crore

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DMart
DMart

Avenue Supermarts, the operator of the DMart retail chain, announced a 17% rise in consolidated net profit to INR 690.41 in the third quarter (Q3) concluding on December 31, 2023. This marks an improvement compared to the net profit of INR 589.64 recorded in the corresponding period of the previous fiscal year, according to the company’s regulatory filing on Saturday.

The PAT margin for Q3 FY24 remained unchanged at 5.1%, mirroring the same percentage observed in Q3 FY23.

In Q3 FY24, DMart witnessed a 17.3% increase in total revenue, reaching INR 13,572 crore, compared to INR 11,569 crore in the corresponding period of the previous year.

As per the BSE filing, DMart reported Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) of INR 1,120 crore in Q3 FY24, up from INR 965 crore in the same quarter of the previous year. The EBITDA margin remained constant at 8.3% in both Q3 FY24 and Q3 FY23.

The Basic Earnings per Share (EPS) for Q3 FY24 were reported at INR 10.62, compared to INR 9.10 in Q3 FY23, according to the filing.

Neville Noronha, CEO and managing director, Avenue Supermarts Limited, said, “Contribution from general merchandise and apparel has stabilized and trends are encouraging post Diwali.”

He further said, “This time the festive season sales were lower than expected in Non-FMCG. Within FMCG, agri-staples (ex-edible oil) are going through significantly high inflation.”

During the quarter, DMart expanded its operations by opening 5 new stores, thereby increasing the total store count to 341, as indicated in a statement.

D-Mart adheres to the Everyday Low Cost – Everyday Low Price (EDLC-EDLP) strategy. This approach focuses on acquiring goods at competitive prices through operational and distribution efficiency, ultimately providing customers with value for money by offering products at competitive prices.

Continue Exploring: Avenue Supermarts surpasses INR 12,624 Crore in Q2 total revenue, expands with 9 new DMart stores in Q2 FY24

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PAI Partners mulls divesting share in Nestlé’s Froneri, evaluates market options

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Froneri

PAI Partners is said to be considering the possibility of divesting its stake in Froneri, the ice-cream venture it shares with Nestlé.

The private-equity firm is reportedly in the ‘preliminary stages’ of evaluating choices for selling its stake in Froneri, as stated by sources familiar with the matter, as reported by Bloomberg.

Those same sources, who chose to remain anonymous, have suggested that PAI Partners might contemplate divesting its share in the latter part of the year. Simultaneously, there is speculation about initiating an initial public offering for the stake. Additionally, these insiders have conveyed that Nestlé is expected to uphold its interest in Froneri.

The venture is evenly divided in a 50-50 split, and sources from the news agency estimate a $10 billion valuation for PAI Partners’ share.

When reached for comment, both PAI Partners and Nestlé opted not to provide any statements.

Froneri’s Global Portfolio Expansion with PAI Partners

Established in 2016, UK-based Froneri was formed through the amalgamation of Nestlé’s European ice-cream operations with R&R Ice Cream, another UK business owned by PAI Partners.

The Froneri transaction brought together the ice cream operations of Nestlé and R&R in regions spanning Europe, the Middle East, Argentina, Australia, Brazil, the Philippines, and South Africa. Although the United States and Israel were initially excluded in 2016, three years later, the latter was also incorporated into the Froneri portfolio.

In 2019, Nestlé proceeded to divest its ice-cream operations in the United States, selling them to Froneri.

The leading global food company maintained its presence in the ice-cream business across Canada, Latin America, and Asia.

Nestlé’s Ice Cream Sales in 2022

In the 2022 financial year, Nestlé records its ice-cream sales within the ice cream and milk products segment, contributing to a total segment sales figure of SFr11.3 billion ($13.2 billion). This segment constitutes 12% of the overall group sales.

According to the company’s annual report for that year, ice cream generated SFr930 million, marking an 8.2% increase from the previous year.

In October, when Nestlé released its third-quarter and year-to-date results, the company disclosed sales within the ice cream and milk products segment amounting to SFr8.1 billion. This represented a slight decrease from the SFr8.3 billion reported in the corresponding period.

Continue Exploring: US-based ice cream brand Mini Melts receives funding boost from Altamont Capital

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AB InBev’s Corona Cero lands global sponsorship for Olympic Games until 2028

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AB InBev

AB InBev has secured a deal for its non-alcoholic Corona Cero brand to be the global beer sponsor of the Olympic Games through 2028.

The agreement, made with the International Olympic Committee (IOC), the global governing body for the Olympic Games, will encompass the upcoming three editions of the event – Paris 2024, Los Angeles 2028 (LA28), and the 2026 Milano-Cortina Winter Olympic Games.

AB InBev is set to become a global Olympic partner within the TOP (The Olympic Partners) program, the highest tier of Olympic sponsorship. The undisclosed-sum agreement represents the IOC’s first TOP partnership with an alcohol brand.

While Corona Cero will take the lead in global sponsorship, in the United States, AB InBev’s Michelob Ultra light beer brand will also sponsor the events of the Los Angeles Olympics and Paralympics.

Michelob Ultra holds a prominent position in the United States due to Constellation Brands having the rights to import and sell Corona in the country.

AB InBev chief marketing officer Marcel Marcondes said, “As we continue to invest to grow the category, we are excited to bring our beer brands to the Olympics and be a worldwide partner for these amazing events.

“Corona is one of our fastest-growing global brands, reaching consumers across 180 countries, and through this partnership, we expect Corona Cero to accelerate no-alcohol beer growth.”

The majority of global beer conglomerates derive the majority of their sales from traditional brews, yet most of these major companies are actively seeking to increase the sales of their non-alcoholic alternatives. In 2022, AB InBev disclosed its anticipation that 20% of Budweiser’s sales would be alcohol-free by 2025.

As part of the collaboration between the IOC and the International Paralympic Committee (IPC), the AB InBev partnership will encompass marketing rights for IPC events through 2028.

Jiri Kejval, the IOC’s revenues and commercial partnerships commission chair, said, “AB InBev manages some of the world’s most recognised brands. The company will be a natural addition to the TOP program, which brings together some of the world’s leading companies with a shared vision of supporting sport to build a better world.”

The Olympic Games has never formed a global partnership with a beer brand, primarily because of internal regulations discouraging the promotion of brands perceived as unhealthy. As a result, the global focus of the partnership revolves around Corona Cero, a non-alcoholic option, while the U.S. aspect centers on Michelob Ultra, known for its low-calorie content.

At the launch of the partnership, AB InBev CEO Michel Doukeris emphasized that the deal centers on Corona, citing it as the brand with “the highest reach.”

He stated, “Corona is the most global brand that we have in the company, and this is a global partnership. Corona today is available in over 180 countries worldwide and therefore it only makes sense for us to go with the brand that has the highest reach globally.”

The announcement coincided with the revelation that Michelob Ultra would serve as the exclusive sponsor of the US Olympic Team through 2028.

Continue Exploring: Unilever named official sponsor of UEFA EURO 2024, bringing favourite brands to the pitch

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US-based ice cream brand Mini Melts receives funding boost from Altamont Capital

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Mini Melts

Mini Melts, a US-based ice cream company, has secured investment from Altamont Capital Partners, a private-equity firm headquartered in California.

Details regarding the financial aspects were not revealed.

The beaded ice-cream business, operating in Connecticut, employs a distinctive “proprietary cryogenic freezing process” for manufacturing and delivers its products through a network of more than 20 distribution centers. Altamont mentioned in a statement that Mini Melts anticipates launching “multiple new distribution centers in 2024 and plans to further enhance its fully integrated, white-glove distribution model.”

Based in Philadelphia and established in 2004, Mini Melts distributes 30 million pre-packaged ice-cream cups annually through a network of over 15,000 locations, as stated by Altamont.

“We believe the beaded ice-cream category has expandable growth potential,” Altamont principal Kabir Mundkur said in a statement.

“We are excited to invest in the brand and bring Mini Melts into more consumers’ hands while fostering new and exciting innovation in the future.”

Dan Kilcoyne, the founder and CEO of Mini Melts, will continue to lead the company and remains a significant investor in the business, along with other shareholders.

“Our partnership with Altamont will bolster our growth plans, allowing us to spread into new markets and grow with new customers,” said Kilcoyne.

“We have experienced exponential growth over the past several years and are focused on reaching across the entire country and innovating for our valued customers. We are excited to leverage Altamont’s experience scaling family-owned businesses and in multi-unit operations, food manufacturing, and distribution to support our next phase of growth.”

Mini Melts joins Altamont’s portfolio, alongside companies like Juice Plus and Tall Tree Foods.

“The fully integrated white glove distribution model is a real difference maker. It enables an entirely seamless experience for the company’s channel partners, and a better quality product for consumers,” said Altamont managing director Kevin Mason.

Continue Exploring: Renowned rapper Snoop Dogg teams up with Happi Co to launch delicious line of ice cream pints

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Radico Khaitan’s Rampur Asava honored as Best World Whisky in the 2023 John Barleycorn Awards

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Rampur Asava

Radico Khaitan’s Rampur Asava Indian Single Malt Whisky has received the accolade for Best World Whisky in the 2023 edition of the prestigious John Barleycorn Awards.

In 2023, the IMFL-produced whisky emerged as the sole Indian whisky brand featured in the Top 100 Premium Wine and Spirits Brands of the World 2023.

Rampur Asava is set to make its debut among Indian Whisky enthusiasts soon. The John Barleycorn Awards emphasized the quality and distinctive features of Rampur Asava, shedding light on its noteworthy attributes.

Innovation at Radico Khaitan: Rampur Asava’s Unique Aging Process

“Rampur’s innovative approach to the ageing process distinguishes it from other world whiskies. The Himalayas provide polar opposite climate conditions throughout the year with the flavour of the famous Indian Summer giving Rampur an added dimension and depth. The malt interacts extensively with the cask, resulting in maturation almost four times faster than in Scotland,” a wire feed read.

Sanjeev Banga, President of International Business at Radico Khaitan Ltd said, “Our position as possibly the only Indian company in the industry with products such as Rampur Indian Single Malt Whisky, Jaisalmer Indian Craft Gin and Sangam World Malt Whisky in the super-luxury space, alongside international alcohol companies is testament to their quality.”

“The global availability of our products, coupled with the admiration and recommendations from top experts including this latest achievement in the John Barleycorn Awards, stands as proof of our unwavering commitment to product quality and consumer satisfaction,” Banga added.

Emphasizing the global significance of Indian whisky, Kunal Madan, Vice President of International Business at Radico Khaitan added, “India commands a staggering 48 percent share of the global whisky market. While the majority stays within our borders, the efforts of producers like us have successfully introduced our exceptional Indian whiskies to markets such as the US and UK. In a landscape dominated by only a handful of Indian whiskies, Rampur has earned its place as one of the most highly regarded brands. This recognition reinforces the impact of our journey, guided by quality and innovation, beyond national borders.”

Radico Khaitan’s three distilleries are located in Uttar Pradesh, set against the backdrop of the Himalayan foothills, where all of Rampur’s Whiskies undergo the processes of distillation, maturation, and bottling.

Continue Exploring: Indigenous spirits shine: India’s liquor exports soar, set to break $1 Billion barrier

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Marriott International aims for record-breaking 2024 in India with plans to expand portfolio to 250 hotels

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Marriott International
Marriott International

Marriott International, the world’s largest hotel chain by the number of rooms, anticipates yet another potentially record-breaking year for the company in India in 2024. This optimistic outlook is driven by strong demand in both leisure and business travel, coinciding with the company’s plans to introduce new brands in the country.

Ranju Alex, the Area Vice President for South Asia at Marriott International, said in an interview that the company is progressing as planned to enhance its portfolio in India to 250 hotels by 2025. This encompasses both currently operational and upcoming properties.

The US-based company, last year, projected that its revenues from Indian operations would surpass $1 billion in 2023.

“We have broken a lot of records and milestones in 2023 and we are expecting 2024 to be another record year. We are riding the India wave, and we are continuing with our very positive growth strategy. We are well within our commitment to be at 250 hotels by 2025, including operational hotels and those in the pipeline,” Alex said.

She refrained from revealing the financial performance of Marriott in India for the year 2023.

Moxy: Marriott International’s Disruptive Brand

“The economy is growing at a very fast pace here. We are seeing a lot of interest for our brands that are not there in India, and our owners want to debut those brands. For instance, the Moxy brand that will make its debut in South Asia this month, with the new Moxy hotel in Bengaluru. We are seeing a lot of interest for brands such as the Autograph Collection and EDITION. A lot of brands are on the threshold of entering India,” she added.

On Monday, Marriott is set to inaugurate the Moxy Bengaluru Airport Prestige Tech Cloud hotel, with the Moxy Mumbai Andheri West scheduled to open later this year. The upcoming additions to the Moxy pipeline comprise the Moxy Chennai OMR and the Moxy Bengaluru Sarjapur. Presently, Marriott oversees approximately 125 Moxy hotels spanning 25 countries, including 16 in the Asia Pacific region.

Asserting that Moxy is poised to disrupt the Indian hospitality market, Alex stated, “While every brand is unique, Moxy presents a very quirky and playful side of hospitality. For example, check-in at Moxy Hotels is at the bar, where guests are greeted with a complimentary cocktail. It’s also a very tech savvy brand targeted at modern travellers. It will have a lot of co-working areas and there are innovative room features such as smartphone control”.

According to Alex, the company is witnessing robust demand at its resorts and other leisure destinations throughout India.

“We have 10 JW Marriott hotels, and there are ten in the pipeline. Our pipeline includes hotels in locations such as Ayodhya, Ranthambore, and Pahalgam. We have a hotel opening in Katra in a couple of months, and there is another hotel opening in Sonamarg. Our hotel in Shillong has done extremely well,” she said. “The good news is that we opened 12 hotels in India last year, and all hotels have opened with very healthy occupancies and average daily rates,” she added.

Marriott Anticipates the Return of Business Travel:

Meanwhile, Alex anticipates that the resurgence of international business travelers in India will drive growth this year.

“From 2020-2022, a lot of companies curtailed travel plans because of health or financial reasons. Since 2023 has been a record year for a lot of companies because of the surge in business, I am confident that there will be a lot of conferences and meetings and target-setting trips planned for 2024,” she said.

“We expect the medical sector and the manufacturing sector to contribute to the conferences business. The wedding segment is here to stay, as now there are expectations that more weddings should happen here,” she added.

Continue Exploring: India’s hospitality industry toasts to 2024 with high hopes and record-breaking revenue growth

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India’s masur production set to hit all-time high of 1.6 million tonnes in 2023-24 rabi season

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Masur

India’s masur (lentil) production is expected to reach an all-time high of 1.6 million tonnes in the 2023-24 rabi season, driven by an increase in cultivation area, according to Consumer Affairs Secretary Rohit Kumar Singh.

In the 2022-23 rabi season, masur production stood at 1.55 million tonnes, according to official data. Despite being the world’s largest producer and consumer of pulses, India imports certain pulses, including masur and tur, to address domestic shortages.

“This year, masur production is going to be at an all-time high. Our masur production will be the highest in the world. The acreage has increased. The dynamic is changing,” Singh said at an event organised by the Global Pulse Confederation (GPC) on Friday.

During the ongoing rabi season, the cultivation of masur has increased, with the total acreage reaching 1.94 million hectares as of January 12. This marks an increase from the 1.83 million hectares recorded in the same period last year, as reported by agriculture ministry data. Additionally, on the sidelines of the event, the Secretary stated that masur production is projected to reach 1.6 million tonnes for the current rabi season.

He also highlighted that the nation consistently produces an average of 26-27 million tonnes of pulses each year. While being self-sufficient in chana and moong, the country relies on imports to address shortages in other pulses such as tur and masur.

“While we pitch for self-reliance in pulses, we cannot ignore that for some time to come, we probably need to keep (pulses) imports running,” he said.

While the government is incentivising farmers to grow more pulses, one needs to keep in mind the limited area under cultivation, he added.

Sharing how difficult it is to balance the farmers’ and consumers’ interests, the Secretary said, “I think we are doing ok in the last couple of years. Despite weather disturbances, we have managed to keep the prices of pulses reasonably under control.”

Continue Exploring: Govt expects 18% decline in tur prices by February

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Tata Consumer Products mulls fundraising strategies after INR 7,100 Crore dual acquisitions announcement

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Tata Consumer Products

Following the announcement of two potential acquisitions valued at INR 7,100 crore, Tata Consumer Products Ltd. is considering raising funds through a combination of debt issuance and equity from existing investors.

In an exchange filing on Friday, the company stated that a board meeting is set for January 19 to discuss various matters, including the potential fundraising through the issuance of commercial papers or debentures, a rights issue, or any other suitable mode as determined by the board.

Tata Consumer Products’ Dual Acquisition: Capital Foods and Organic India

The decision to raise capital comes as the Tata Group company has agreed to acquire Capital Foods Pvt., the owner of Ching’s Secret and Smith & Jones, and Fabindia-Backed Organic India, to expand its portfolio of high-margin businesses.

Continue Exploring: Tata Consumer Products seals INR 7,000 Crore dual acquisition, adding Capital Foods and Organic India to portfolio

The Tata Group agreed to acquire the Ajay Gupta-founded Capital Foods through an all-cash deal, as revealed in its exchange filing on Friday. The phased acquisition is set at an enterprise value of INR 5,100 crore.

Tata Consumer also intends to acquire Organic India with an enterprise value of INR 1,900 crore, aiming to establish a health and wellness platform. The company has entered into a share-purchase agreement with Fabindia for an all-cash deal, according to a separate exchange filing.

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Actress Sunny Leone ventures into gastronomy with ‘Chica Loca’ debut

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Chica Loca

Actress and Entrepreneur Sunny Leone has unveiled ‘Chica Loca by Sunny Leone,’ a fusion of global cuisine and a cocktail bar.

The inauguration of the flagship venue is set for January 22nd in partnership with Singing Bowls Hospitality, led by Sahil Baweja, situated at Gulshan One 29 in Noida.

“Chica Loca is more than a place; it’s an extension of my personality. It’s where people can immerse themselves in glamour yet feel completely at ease. I can’t wait for guests to enjoy their favourite artists while sipping their favorite cocktails and get a taste of my loca world,” said Sunny Leone.

Chica Loca’s Unique Culinary Blend:

The menu at Chica Loca mirrors Sunny Leone’s global travels and diverse experiences. Curated by Chef Vaibhav Bhargava, it introduces undiscovered flavors and innovative culinary techniques from various corners of the world.

The culinary offerings showcase a contemporary interpretation of multi-cuisine, incorporating influences from Indian, Asian, Mexican, and Italian culinary traditions.

In alignment with the culinary offerings, “Potions by Sunny Leone” introduces a diverse array of cocktails, each with its unique narrative and inspiration drawn from her Bollywood ventures, travel escapades, and personal moments.

Sahil Baweja, Director of Singing Bowls Hospitality, said, “We aim to create an environment that mirrors Sunny’s infectious energy and joyous persona. Chica Loca by Sunny Leone is our endeavor to create a blend of fantastic food, entertainment, and an unforgettable experience.”

With the launch of Chica Loca by Sunny Leone, the actress-entrepreneur marks the beginning of a new chapter in the realms of gastronomy and entertainment.

Read Other Articles: Hip-hop icon Badshah dives into hospitality with new dining ventures in Chandigarh

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Dunzo develops long-term strategy to address financial woes and salary commitments, sets payment timeline by January 31

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Dunzo
Dunzo

Cash-strapped delivery startup Dunzo communicated to its former employees on Friday evening that it is actively developing a comprehensive, long-term business strategy to address outstanding liabilities and fulfill pending salary commitments.

In October last year, the firm backed by Reliance Retail had informed its former employees that salaries for June and July, along with final settlements, would be disbursed by February 2024. The payment will encompass a 12% annual interest calculated on the employee’s tenure of service.

Dunzo will now outline a payment timeline by January 31 as the company formulates a solution over the next couple of weeks, as mentioned in the email.

“As you would recall, Dunzo has always been a transparent organisation and has operated with the absolute best intent for its team members. It is unfortunate that we haven’t been able to meet our financial commitments due to unforeseen business and external funding situations in the recent past. We are extremely sorry for this,” the email noted.

Dunzo’s Partner Store Setback:

In December, several of Dunzo’s partner stores, including Easy Bazar and MK Retail, temporarily went offline as the company delayed payments for grocery orders. They returned online in the same week after the dues were cleared.

The on-demand delivery platform has postponed salary payments on multiple occasions, citing preparations to secure additional funding to meet its payment obligations.

Continue Exploring: Awaiting investor funds, Dunzo yet to disburse November salaries

In September, Dunzo collaborated with payroll financing company OneTap to disburse salaries for existing employees for the month of August.

Read More: Dunzo turns to payroll financing app OneTap for August salary payments amid financial strain

Earlier in August, SnackFax had reported that Dunzo was scaling down its quick commerce operations under Dunzo Daily massively to cut down cash-burning propositions and focus on more lucrative verticals. A Dunzo spokesperson later confirmed that the company is in the process of moving to a partner store format.

Read More: Dunzo to lay off 150-200 employees despite fresh $35 Million funding: Reports

After shutting down the majority of its dark stores in major cities, including Bengaluru, the company collaborated with several offline retail stores like MK Retail, Easy Bazar, Pristine Supermarket, and Deepa Retail to fulfill quick commerce orders.

In October, Dalvir Suri, a Co-founder of Dunzo, resigned from his position. Suri played a pivotal role in introducing new business lines, including Dunzo Merchant Services (DMS).

Read Other Articles: Dunzo Co-Founder Dalvir Suri announces departure after six years of service

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