Despite 12.75% revenue surge, Coffee Day Enterprises reports Q2 loss of INR 109.15 Crore

News

By

-

November 10, 2023

On Thursday, Coffee Day Enterprises Ltd reported a consolidated net loss of INR 109.15 crore for the second quarter ending in September 2023, citing exceptional items.

According to a regulatory filing from Coffee Day Enterprises Ltd (CDEL), the company had posted a profit of INR 4.35 crore in the July-September period a year ago.

Nevertheless, the second quarter of the current fiscal saw a 12.75% increase in revenue from operations, reaching INR 258.40 crore, compared to INR 229.16 crore in the corresponding period of the previous year.

It incurred costs amounting to INR 119.22 crore in exceptional items.

Before factoring in exceptional items and taxes, CDEL recorded a profit of INR 3.50 crore.

“During the Quarter ended 30 September 2023, Tanglin Developments Limited(subsidiary) has received its Global Village Second tranche sale proceeds of INR 349 crores prost deductions of certain expenses incurred by GV Tech Parks on behalf of the Tanglin Developments Limited(subsidiary) and for non-satisfaction of certain CP’s as agreed in the investment agreement and an amount of INR 45.22 crores is shown as an expense under exceptional items,” it said.

Additionally, Tanglin Developments fulfilled its corporate guarantee liability by repaying INR 93 crore, adhering to the terms outlined in the settlement agreement with the lender of Coffee Day Global Ltd and Sical Logistics, concluding the matter in full and final settlement.

“Of INR 93 crores, an amount of INR 50 crores was paid towards corporate guarantee obligation of Sical Logistics Limited. Since, Sical Logistics Limited’s resolution process is completed and judgment given on 8th December 2022. No amount is recoverable and same is shown as an expense under exceptional items,” it said.

Total expenses for the September quarter stood at INR 258.46 crore, reflecting a 5.18% increase.

In Q2/FY24, income from the coffee and related business amounted to INR 247.53 crore, while INR 11.32 crore was generated from hospitality services.

Revenue for the September quarter reached INR 261.96 crore, marking a 4.79% increase.

On Thursday, Coffee Day Enterprises Ltd shares concluded at INR 48.63 on BSE, reflecting a 1.30% decline.

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

News

By

SnackTeam

-

November 10, 2023

0

Fashion brand Rare and Basics (R&B), owned by the Apparel Group, has recently unveiled its latest retail venture in Bengaluru, as shared by Apparel Group India on social media. Positioned in Hennur, this independent store proudly stands as the 15th addition to R&B’s expanding network of retail outlets across India.

“We are happy to announce the opening of Apparel Group brand R&B’s newest store in Hennur, Bengaluru. This is the brand’s 5th store in Bengaluru and the 15th store in India,” Apparel Group India wrote on LinkedIn while posting pictures of the new store.

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

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

UAE-based Apparel Group oversees a robust network of more than 2025 retail stores, showcasing a diverse portfolio of over 80 brands across multiple platforms. Among the prominent brands featured are 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.

Beer and spirits giant Diageo sees 14% share drop on weak Latin American outlook

News

By

SnackTeam

-

November 10, 2023

0

Diageo PLC, the prominent spirits and beer company, experienced a significant decline in its market worth on Friday. This downturn was triggered by its cautionary announcement regarding a pronounced deceleration in business across Latin America and the Caribbean, impacting both sales and prospective profits.

During the initial trading hours in London, the company witnessed a 14% decline in its share price. This drop followed the company’s communication to investors, indicating an anticipated slowdown in growth for the first half of the current financial year compared to the preceding half-year.

It attributed the “materially weaker” outlook in Latin America and the Caribbean to “macroeconomic pressures” and customers shifting to more affordable products, leading to a downturn. This geographic segment constitutes approximately 11% of Diageo’s overall sales.

Investors were taken aback by this development since the company, known for its portfolio including Johnnie Walker whisky, Captain Morgan rum, and Guinness, had earlier suggested a “gradual improvement” in sales growth.

The group emphasized its anticipation of growth improvement in North America, and it reported “continued momentum” in its businesses in Europe and the Asia Pacific, albeit at a slower pace compared to the preceding half-year.

Debra Crew, Diageo’s Chief Executive, noted that the company has observed repercussions from tensions in the Middle East, including the conflict in Gaza.

“It has impacted results for the region since we have stopped trading in some parts,” he said. “It is certainly not the largest part of Europe and Asia Pacific, but we have seen an impact since the tensions and it is weighing on consumer sentiment a little bit more broadly, but this has just been the last few weeks.”

Sophie Lund-Yates, the primary equity analyst at stockbrokers Hargreaves Lansdown, mentioned that Diageo possesses formidable brand strength. However, she added that Friday’s warning might raise concerns about the possibility that a “shift in preferences could have implications for other, more significant markets.”

Parag Milk Foods’ Q2 FY24 net profit skyrockets, surpassing INR 25.19 Crore and marking a 120.9% YoY surge

News

By

SnackTeam

-

November 10, 2023

0

Dairy FMCG firm Parag Milk Foods Limited (PMFL) reported a notable improvement in its financial performance on Friday. The company disclosed a substantial year-on-year (YoY) increase of 120.9%, with its consolidated net profit reaching INR 25.19 crore for the second quarter (Q2) ending September 2023. This signifies a noteworthy rise from the INR 11.39 crore consolidated net profit reported in the corresponding quarter of the previous fiscal year, as outlined in its recent regulatory filing.

In the same period a year earlier, the company’s total income increased to INR 803.7 crore in Q2 FY24, up from INR 665.16 crore.

According to the BSE filing, total expenses for the company expanded to INR 779.34 crore in Q2 FY24, compared to INR 654.83 crore in the corresponding period of the previous fiscal year.

The company noted a robust beginning to the festive season, marked by strong demand across various segments.

Despite the elevated festive performance of the previous year, the fundamental categories consistently recorded robust growth in both volume and value. This growth was attributed to inventive branding strategies and an extended distribution network. The stabilization of procurement prices, coupled with an enhanced product mix, contributed to a 220 basis point expansion in the Gross Profit Margin (GPM). This expansion also translated into an increased EBITDA margin, as shared by the company.

The EBITDA margin for the quarter saw a year-on-year expansion of 160 basis points, reaching 7.3%. The overall business health remained robust, as Parag Milk Foods Limited (PMFL) reported a healthy cash flow from operations amounting to INR 48.93 crore.

PMFL’s creative integration with Kaun Banega Crorepati (KBC) has facilitated a robust connection with consumers and an extension of distribution reach. According to a company statement, this integration is anticipated to enhance outreach particularly in tier 2 and tier 3 towns and cities.

Expanding its distribution reach and coverage of outlets will remain a strategic focus area for PMFL, with ongoing investments in this direction.

Devendra Shah, chairman of the company said, “On the back of a softening input cost environment and with good festive demand we expect the growth momentum to accelerate. Given this backdrop, we are confident to show healthy growth in our profitability in the coming quarters as well. We have also embarked on a business transformation drive by partnering with Boston Consultancy Group (BCG) to aid us unlock new avenues for growth, and streamline our operations for long-term sustainability.”

Parag Milk Foods additionally conveyed that key categories, such as Ghee and Cheese, sustained consistent momentum throughout the quarter, achieving a year-on-year growth of 6.2 percent.

GTRI proposes strict policies to combat consumption of unhealthy food in India

News

By

SnackTeam

-

November 10, 2023

0

On Friday, the Global Trade Research Initiative (GTRI) proposed that the government implement rigorous policies, including raising taxes on unhealthy food products and launching impactful public health campaigns. GTRI also suggested establishing legal restrictions on the levels of trans fats, sugar, and salt in processed foods, along with enforcing stringent food labeling regulations that mandate transparent and easily understandable nutritional information. These measures aim to address the escalating consumption of detrimental processed foods in the country and empower consumers to make informed choices about their dietary habits.

“In light of the Food and Agriculture Organization’s State of Food and Agriculture (SOFA) report, GTRI recommends stringent policy measures, including taxation on unhealthy foods and robust public health campaigns, to curb India’s rising consumption of harmful processed foods,” it said.

The study, which analyzed 154 countries, revealed that agricultural food systems globally incur hidden costs amounting to a minimum of USD 10 trillion each year.

In the case of India, this results in an annual sum of USD 450 billion, driven by environmental harm caused by greenhouse gas emissions, improper use of land and water resources, as well as health issues stemming from air pollution and diet-related diseases, according to the report.

The report noted that the proportion of ultra-processed foods, fats, and sugars is escalating at a concerning rate within India’s USD 325-billion food processing sector.

“The country’s battle with unhealthy diets, predominantly rich in ultra-processed foods, fats, and sugars, is a key contributor to these hidden costs,” GTRI Co-Founder Ajay Srivastava said.

According to him, the report emphasizes that these dietary patterns result in obesity and non-communicable diseases, leading to significant losses in productivity.

Given that India’s concealed expenses arising from unhealthy diets are calculated at 7.2 percent of GDP, the imperative for a dietary revolution is now more pressing than ever.

It recommended “enforcing increased taxes on ultra-processed foods, sugary beverages, and high-fat snacks to deter consumption. This approach could resemble the sugar tax implemented in certain nations.

“Import duties may be raised to the highest allowed level to cut unhealthy imports,” Srivastava said, adding there should be restrictions on the advertising of unhealthy foods, especially during children’s television programming and on platforms predominantly used by younger audiences.

He further stated that the government encounters a significant challenge: to harmonize the dimensions of agri-food systems by incorporating environmental stewardship, health awareness, and social equity into its policy framework.

“The FAO’s findings serve as a wake-up call for India to safeguard its future against the tide of environmental degradation and the burgeoning health crisis linked to dietary choices,” he said.

Shraddha Kapoor brightens Diwali with Hershey’s new digital campaign!

News

By

SnackTeam

-

November 10, 2023

0

Hershey India, a division of The Hershey Company, a prominent global snacking enterprise, has introduced a fresh digital initiative titled “Shraddha Waali Diwali” for its renowned HERSHEY’S KISSES brand, featuring Shraddha Kapoor as the brand ambassador. Remaining aligned with its core values of fostering heartfelt connections with those close to us, the digital film underscores the importance of reveling in the enchantment of unspoken moments with friends and family during the Diwali festivities.

Discovering how a beloved celebrity celebrates a special occasion is a source of fascination for many. Hershey India leverages this curiosity to establish relatability and forge connections with its audience this Diwali. The film unveils the essence of a ‘Shraddha Waali Diwali’ as a part of the ‘HERSHEY’S Waali Diwali’ celebration.

The film opens with a captivating scene featuring Shraddha Kapoor engrossed in her Diwali preparations. With enthusiasm, she highlights that when words fall short in expressing affection, the HERSHEY’S KISSES brand emerges as a perfect gifting solution, resonating with the festival’s spirit of love and togetherness. This cinematic experience beautifully encapsulates the simplicity and sweetness of Diwali celebrations, showcasing how the HERSHEY’S KISSES brand can be a source of pure goodness, enhancing the joy of those special moments with loved ones and fortifying everlasting bonds with family, siblings, and friends.

Commenting on the new campaign, Ankit Desai, Marketing Director, Hershey India said, “Chocolates have made a special place in consumers’ hearts as a preferred choice for celebrating moments of togetherness, through shared consumption or gifting, during festivals. Hershey’s delicious range of chocolates have seamlessly become an integral part of Indian households, for elevating everyday occasions or enhancing the joy of festive celebrations. Our latest campaign, Shraddha Waali Diwali, captures the true spirit of Diwali, where love and playfulness combine to create unforgettable moments with HERSHEY’S KISSES brand, fostering warm connections with loved ones. Through this campaign we want to strengthen our connection and relatability with audiences.”

This Diwali, Hershey India has also curated HERSHEY’S Festive Moments Gift Packs, each designed to offer a distinctive and immersive consumer experience through a QR Code featured on the packaging. Encouraging buyers of the HERSHEY’S Festive Moments Gift Pack to scan the QR Code, the initiative invites them on a personalized journey where they can input specific details, tailoring the experience to match the nature of their Diwali celebration—be it with family, friends, or a long-distance festivity.

Upon completing the details, consumers receive a specially crafted wish generated by augmented reality (AR), ready to be shared effortlessly over WhatsApp with their loved ones, thereby infusing a touch of thoughtfulness into the celebration. These Gift Packs showcase Hershey’s iconic brands, such as HERSHEY’S KISSES, HERSHEY’S Bars, and HERSHEY’S Exotic Dark, presenting a curated selection of handpicked flavors for a delectable and melt-in-mouth chocolaty experience.

Hershey’s Festive Gift Packs can be found at various outlets and retail stores across all channels.

Watch the film here:

CJI DY Chandrachud inaugurates cafe run by differently-abled individuals at SC complex

News

By

SnackTeam

-

November 10, 2023

0

Chief Justice of India (CJI) DY Chandrachud inaugurated the ‘Mitti Cafe’ in the Supreme Court’s complex on Friday. This cafe, exclusively managed by a non-governmental organization (NGO), is staffed entirely by individuals with diverse abilities. The NGO, known as ‘Mitti,’ is committed to facilitating economic independence and preserving the dignity of adults with physical, intellectual, and psychiatric disabilities, as well as those from vulnerable communities.

VIDEO | CJI DY Chandrachud inaugurates 'Mitti Cafe' inside Supreme Court complex. The cafe is managed by differently-abled people. pic.twitter.com/MpRbpL4dy6
— Press Trust of India (@PTI_News) November 10, 2023

Before the commencement of the inauguration, the Chief Justice of India called upon members of the Supreme Court Bar Association to rally behind the cause. Furthermore, in the presence of fellow judges, he announced the inauguration at the start of the day’s proceedings, as per a report from PTI.

“I hope the bar will support the initiative,” the CJI said.

Attorney General R Venkataramani said it is a “symbol of great compassion”.

The CJI mentioned that ‘Mitti Cafe’ has opened 38 outlets in different parts of the country and has served six million meals during the Covid-19 pandemic. In acknowledgment of this achievement, Advocate Priya Hingorani, who played a pivotal role in the process of opening Mitti Cafe in the Supreme Court, expressed gratitude to CJI Chandrachud for his unwavering support.

The NGO, established in 2017, has actively fostered job opportunities for individuals with diverse abilities over the years. Guided by an all-women’s leadership, CEO-founder Alina Alam heads the organization’s efforts.

Ayesha Alam, the director of Mitti Cafe, said “Mitti Cafe provides job opportunities to people with special needs and around 500 disabled people are directly associated with the cafe, with an additional 1200 disabled individuals being indirectly associated.”

During the event, the National Anthem was performed in sign language by children with diverse abilities.

Rocky ride for Honasa Consumer Ltd as shares dip 5% lower than IPO

News

By

SnackTeam

-

November 10, 2023

0

On Friday, shares of Honasa Consumer Ltd, the company behind the skincare brand Mamaearth, were trading nearly 5% lower than their initial public offering (IPO) price of INR 324 per share.

As of 11:02 AM IST, the company’s shares were valued at INR 287.45 on the National Stock Exchange (NSE). Nevertheless, during early trading, the stock experienced a decline, reaching as low as INR 256.30, marking a 15% decrease from the previous day’s closing price.

The company’s most recent market capitalization stood at INR 9,248.61 crore but dipped to INR 8,246 crore before partially recovering from the losses. The initial public offering (IPO) valuation of the company was approximately INR 10,425 crore.

In 2022, the latest private funding round for Honasa assigned a valuation of $1.2 billion to the omnichannel retailer, equivalent to approximately INR 9,995 crore at the exchange rate on Friday.

On Tuesday, November 7, Honasa Consumer’s shares debuted on the NSE at INR 330 per share, representing a 2% premium over the issue price. Subsequently, the stock witnessed substantial selling activity in the market.

The Honasa initial public offering (IPO) commenced on October 31, featuring a price range of INR 308-324 per share and concluded on November 2. The IPO successfully garnered INR 1,701 crore, comprising a fresh issue of INR 365 crore and an offer-for-sale component involving up to 4.12 crore equity shares valued at INR 1,336 crore.

Prior to the IPO opening for public subscription, Honasa Consumer had secured INR 765.19 crore from anchor investors, a list featuring prominent names such as Abu Dhabi Investment Authority, Fidelity, Goldman Sachs, Capital Group, and Norges Bank.

During an interview, Varun Alagh, the co-founder and chief executive of the company, cautioned against forming opinions about a company solely based on its short-term stock market performance. “If you’re trying to measure performance over 3-6 months, you should not … If you genuinely like a company, stay invested for a few years and measure our performance over the index, and that’s what one should hold the company accountable to,” Alagh had said.

Rising tur dal prices in India: Trade body calls for end of import deal with Mozambique

News

By

SnackTeam

-

November 10, 2023

0

India’s pulses trade body has called upon the government to annul the memorandum of understanding with Mozambique, which binds India to import 200,000 tonnes of tur dal from the country each year until 2025-26.

The Indian Pulses and Grains Association (IPGA) reported that a prominent exporter in Mozambique is hindering other exporters from shipping tur to India, consequently leading to a surge in prices.

“He has been forcing other exporters to sell tur to him. He has been holding the stocks and hiking the prices,” said Bimal Kothari, president, IGPA.

Importers of pulses in India have encountered difficulties in procuring tur from Mozambique over the last two months.

To counter the uncomfortably high domestic prices caused by a smaller Indian crop in the kharif 2022-23 season, India has turned to importing tur from Mozambique, Myanmar, and Malawi.

“Given that tur production in the current kharif crop is likely to remain lower, we are again likely to face supply tightness next year” Kothari said.

DS Group brings Italian luxury to India with first Brioni boutique in Delhi

News

By

SnackTeam

-

November 10, 2023

0

On Thursday, DS Group’s luxury menswear division announced the opening of the first Brioni boutique in Delhi, showcasing the renowned Italian luxury menswear brand.

The boutique encapsulates the essence of Brioni’s worldwide store concept, providing a welcoming and thoughtfully curated environment adorned with Italian-designed furnishings. This encompasses items such as a vintage Carlo Roma coffee table, a timeless Marco Zanuso armchair, and artisanal décor like a carpet and wall tapestry from the Genoese manufacturer MITA.

The Brioni boutique in New Delhi presents a varied selection of ready-to-wear clothing and accessories collections, along with an exclusive Bespoke service. Clients can experience personalized assistance and exceptional tailoring craftsmanship in a welcoming Italian ambiance that radiates both elegance and comfort.

Ritesh Kumar, spokesperson for DS Luxury, expressed his enthusiasm for this development, saying, “We are thrilled to announce the opening of the first Brioni boutique in India, right here at The Chanakya. This marks another significant milestone for DS Luxury as we continue to introduce the world’s iconic luxury brands across segments to discerning Indian consumers. Brioni epitomizes modern elegance and timeless craftsmanship, and we are confident that our patrons will appreciate the sophistication and exclusivity that this brand represents. The establishment of our new boutique underscores our unwavering dedication to delivering the utmost in luxury fashion, solidifying our role as a prominent arbiter of premium retail experiences in India.”

Mehdi Benabadji, Brioni CEO, added, “We are delighted to enter the Indian market with DS Luxury. The clientele in India will enjoy the creativity and exquisite savoir-faire our House has to offer.” This marks a significant step in bringing the luxury and craftsmanship of Brioni to the Indian market.

NewsHub