On Monday, the Ministry of Consumer Affairs reported a 4.5% decrease in the weighted average price of onions in Maharashtra’s various markets. This decline was also observed in consumption centers following the increase in the minimum export price.
“The Government’s decision to impose Minimum Export Price of $800/ton on onion with effect from 29th October 2023 till 31st December 2023 to discourage exports and maintain availability in domestic markets has shown an immediate impact of price correction in Maharashtra markets, where prices recorded a decline of 5 per cent to 9 per cent from the highest price registered during last week,” an official statement said.
“In view of increasing demand in the month of November, the Department of Consumer Affairs and Food Distribution has started releasing Onion Buffer stock into the market both through mandi sale and discounted sale to retail consumers at centres of high prices. This includes retail sale through 685 Mobile retail outlets covering over 170 cities,” the statement added.
The NAFED and the NCCF have initiated the acquisition of an additional 2 lakh metric tons (LMT) of kharif harvest onions, with the intention of distributing them in high-price centers to effectively manage and stabilize onion prices.
Leisure Hotels Group (LHG), a prominent experiential resort chain located in North India and renowned as the largest resort chain in Uttarakhand, has recently unveiled its plans for an enchanting boutique resort situated in the lively hill town of McLeodganj. The resort is slated to welcome guests in the early months of the upcoming year, underscoring LHG’s dedication to expanding its presence within the picturesque state of Himachal Pradesh.
Nestled in serenity, this resort will boast 34 meticulously crafted rooms and suites, providing guests with an unparalleled and unforgettable experience. An All-Day Diner awaits, promising to take visitors on a delightful culinary adventure. State-of-the-art amenities seamlessly blend with LHG’s renowned personalized services, ensuring an exceptional holiday. Guests can also relax at the bar, indulging in handcrafted cocktails crafted by expert mixologists, or bask in the tranquil beauty of McLeodganj from the Rooftop Café, all while savoring specially brewed coffee.
Commenting on the development, Vibhas Prasad, Director, Leisure Hotels Group, said “We are thrilled to partner with the distinguished Belvedere Boutique Himalayan Retreat, an alliance that fortifies our growing presence in the enchanting state of Himachal Pradesh. With the introduction of our upscale boutique property in one of the state’s most sought-after tourist destinations, our goal is to offer an indelible local experience infused with cultural heritage and uncompromising comfort. As a destination, McLeodganj presents an immense opportunity, and we aspire to be the preferred choice for travelers from across the country while fostering invaluable support to the local community.”
The resort enjoys a convenient location, situated in close proximity to various prominent tourist attractions, including the esteemed Dalai Lama Temple, which is only a kilometer away. Guests have the opportunity to immerse themselves in the vibrant local culture by taking a leisurely stroll along Mall Road for a delightful shopping experience or savoring delectable street food. McLeod Ganj is easily accessible by air, road, and rail, and it has a reputation for enchanting adventure and spiritual seekers from around the globe. With its breathtaking vistas of the Dhauladhar ranges and a harmonious blend of Buddhist culture and old-world Victorian influences, it serves as an ideal escape from the daily hustle and bustle.
Leisure Hotels Group stands as an immersive resort chain situated in North India, recognized as the largest amidst the picturesque state of Uttarakhand. Since its establishment in 1989, the Group has catered to discerning travelers across 18 diverse locations within Uttarakhand, Goa, Himachal Pradesh, and Uttar Pradesh. Its repertoire of 29 properties comprises a spectrum ranging from sophisticated business hotels to exclusive boutique resorts and tailor-made villas, encompassing delightful properties that cater to leisure, adventure, wilderness, and spiritual pursuits.
The foundational vision of the Founders is deeply embedded in tradition, aiming to conserve and construct a purpose-oriented establishment by upholding its traditional approach of wholehearted service at the core of its offerings. The Group remains unwavering in its dedication to guests, stakeholders, community, and the environment.
Drools Pet Food Pvt Ltd has introduced two innovative programs poised to transform the landscape of pet healthcare services and veterinary practices across the country.
Drools is delighted to present ‘Drools Vet Thrive,’ a pioneering program dedicated to enhancing veterinary clinics, representing a major advancement in the dedication to animal welfare. With a significant investment of INR 25 crore, this groundbreaking initiative is set to reshape the realm of pet healthcare services and veterinary practices throughout India.
The main goal of this comprehensive program is to elevate pet healthcare services by equipping veterinary clinics with cutting-edge equipment, including advanced diagnostic tools and surgical instruments. It also provides veterinarians with state-of-the-art resources to guarantee the provision of top-quality care to pets.
In a strategic diversification effort, Drools expands into the Small Animal Pharmaceutical sector by introducing ‘Drools Veterinary Health.’ This remarkable initiative was unveiled at the Federation of Asian Small Animal Veterinary Association (FASAVA) Congress 2023, a prominent veterinary event hosted at Hotel Westin Mumbai.
Dr. Shashank Sinha, CEO and Veterinarian at Drools Pet Food Pvt Ltd said, “Drools is deeply committed to the overall well-being of pets. Our ‘Drools Vet Clinic Upgradation Scheme’ and the introduction of ‘Drools Veterinary Health’ epitomize our unwavering dedication to elevating pet healthcare and ensuring that pets receive the finest care possible. By extending these enhancements to veterinary clinics nationwide, we guarantee that pet parents across the country have access to top-tier pet healthcare services. The launch of ‘Drools Veterinary Health’ reinforces Drools’ commitment to comprehensive pet care and solidifies our vision to become an integral participant within the pet healthcare ecosystem. Both of our pioneering initiatives are designed to ensure that our beloved furry companions receive the care, attention, and affection they truly deserve.”
Dr Dhananjay Bapat, President of Pet Practitioners Association of Mumbai (PPAM) said, “Drools is spearheading the liaison of India’s pet care and vet services with the international veterinary community. This is a crucial step in India’s journey to achieve global standards in pet care. By collaborating with international organizations such as FASAVA and WSAVA, Drools is not only providing Indian veterinarians with access to the latest global best practices but also enabling them to learn from and share knowledge with their international counterparts.”
Dr. S Yathiraj, President, Pet Practitioners Association of Karnataka (PPAK) and former Dean of Veterinary College, KVAFSU, Bangalore stated, “The need to improve veterinary services in India is critical, and Drools is playing a vital role in making this happen. The company’s initiatives are helping to address and improve access to care for animals and raise awareness about the importance of veterinary care. This is having a positive impact on pet welfare, public health, and the economy. I commend Drools for its commitment to improving veterinary services in India.”
Drools is celebrated for its dedication to providing premium, well-balanced, and nourishing pet food, continuously establishing benchmarks in pet care and nutrition. As a brand synonymous with excellence, Drools remains steadfast in enhancing the well-being of pets and their owners.
Food Square, the distinguished upscale gourmet retail store in Mumbai, celebrated its grand inaugural ceremony on Saturday at its flagship location on Linking Road, Bandra. The evening bore witness to the presence of renowned personalities, including Anshula Kapoor, Abhimanyu Dasani accompanied by his sibling, Pulkit Samrat, Sunita Ahuja, Elnaaz Narouzi, Alvira Khan, Teena Singh, and a gathering of influential figures such as Ishna Batra from Mamma’s Lifestyle, Rizwan Bachav, Sonakshi Raj, Nishka Lulla, Vivek Dhadha, Rishina Khandari, and Payal Singhal. The event exhibited an impressive array of products, featuring international spirits, an assortment of cheeses, imported chocolates, and live stations offering delectable pizzas and pastries.
The splendid event was honored by the presence of Masaba Gupta, who elegantly inaugurated Food Square with a ribbon-cutting ceremony on October 27, 2023. The lower ground area buzzed with excitement as a ceremonial cheese-cutting spectacle unfolded, accompanied by vibrant DJ beats, creating an unforgettable evening. All four floors reverberated with musical performances that beautifully complemented delightful gastronomic experiences. The stations displayed a tempting assortment of pizzas, ice cream samplings, a range of pasta dishes, and more, while the bar section featured an impressive collection of wines from around the world.
The festivities kicked off with a Champagne Shower, graciously hosted by Lalit Jhawar (Co-founder and CEO, LandCraft Retail – Food Square) and Mayank Gupta (Managing Director). The celebration was open to all, attracting a sizable crowd that filled the store with a vibrant atmosphere. The event commenced with a welcoming red carpet at the entrance, where celebrities and expatriates were observed entering the establishment. It offered an unforgettable experience, featuring culinary samples representing global delights, refined wine-tasting sessions, engaging rounds of entertaining games, and live musical performances on each floor. The event provided a sneak peek into what Food Square is poised to offer the city, highlighting how its culinary treasures bring people from around the world closer to each other. Situated conveniently in the heart of Bandra, Mumbai, Food Square now stands as the ultimate destination for all things gourmet. Attendees expressed their utmost satisfaction, making the event a remarkable addition to Mumbai’s gourmet retail landscape and an unforgettable experience.
Callebaut, celebrated for its genuine Belgian chocolates steeped in a century-old tradition, is excited to declare its ongoing partnership with acclaimed Chef Arvind Prasad, who continues as their brand ambassador in India for the second year in a row. This collaboration bears substantial significance for Callebaut, intending to strengthen its relationships with associates while highlighting the versatile uses of its products.
Over the past year, Chef Arvind has been a pivotal figure in the brand’s representation across various platforms. Notable highlights from this period include his representation of Callebaut at prominent events like India’s largest trade show, Aahar in Delhi. He actively engaged with the chef community, collaborated with influencers in the food industry, and notably participated in the CIBUS Parma trade show in Italy as a representative of India.
“In my culinary journey, I’ve worked with numerous renowned chocolate brands, but it’s with Callebaut that I’ve found a truly reliable partner. What excites me most about Callebaut chocolates is its workability, versatility, and unique Belgian Chocolate taste, enabling me to craft my best creations,” said Chef Arvind.
This Diwali season, Chef Arvind has introduced a captivating entremet named ‘Diya,’ a delightful egg-free confection that combines the opulence of dark chocolate with saffron and an assortment of nuts. Explaining his creation, he expressed, “I aimed to craft a truly lavish dessert by blending Belgian Chocolate with elements closely associated with Indian celebrations. In this instance, I’ve used a combination of pistachios, almonds, and cashews, widely favored for Diwali gifting.”
Dhruva Sanyal, Managing Director of India for Barry Callebaut, said “Our focus is on expanding our reach among the chef’s community and promoting the Finest Belgian Chocolate across India. The collaboration with Chef Arvind has been incredibly fruitful, drawing attention to our Callebaut brand and integrating its products into well-known hospitality brands across India. We eagerly anticipate Chef Arvind’s extensive pastry expertise and reputation to elevate Callebaut’s brand awareness and market share.”
This year, Chef Arvind has a packed schedule, including several masterclasses. The first of these sessions is set to take place at Bakery Biz in Mumbai on November 29, 2023. Furthermore, he will continue to showcase, share, and inspire others with his finest creations through Callebaut’s digital platforms. Chef Arvind is also deeply involved in Callebaut’s nationwide competition, offering chefs across India a platform to exhibit their talents and compete for the esteemed title of ‘Callebaut Patissier of the Year.’
Magnolia Bakery, established and rooted in New York City, has earned a reputation for infusing a playful twist into traditional recipes since 1996. Now, venturing into Mumbai, the bakery is set to unveil its first flagship store in the city. Committed to making each day sweeter than the last, Magnolia Bakery will delight patrons with a wide array of handmade delights, from cupcakes, cheesecakes, cookies, and brownies to its acclaimed Banana Pudding.
Introduced to the Indian market by Spago Foods in 2019, the latest addition in Mumbai represents Magnolia Bakery’s inaugural flagship establishment in the city, spanning 2300 square feet across the ground and mezzanine floors. Presently, Magnolia Bakery operates directly owned establishments in New York City, Chicago, and Los Angeles within the United States, while also boasting franchise locations in international destinations such as Dubai, Abu Dhabi, Riyadh, Amman, Doha, Manila, and Istanbul.
The flagship store of Magnolia Bakery in Mumbai presents a tantalizing menu designed to delight your taste buds and leave you yearning for more. From the cherished Classic Tres Leches—a luscious sponge cake soaked in a trio of milks—to the renowned World-Famous Banana Pudding, a delightful fusion of fresh bananas, vanilla wafers, and velvety pudding, our offerings guarantee to transport you on a journey through delightful nostalgia.
For aficionados of chocolate, the Double Fudge Brownie is a must-experience, brimming with the indulgence of rich cocoa. Our assortment of cakes and cupcakes showcases a medley of flavors, encompassing classic Chocolate and Vanilla variations, each adorned with your preferred Chocolate or Vanilla Buttercream. And for those craving a fruity indulgence, our Blueberry Jamboree offers a burst of delightful fruity goodness.
Magnolia Bakery’s flagship store in Mumbai serves as your gateway to an unforgettable dessert adventure, where each bite encapsulates a celebration of both flavor and tradition.
Upon entering Magnolia Bakery, you will be greeted by a welcoming and cozy ambiance that seamlessly blends timeless elements with contemporary design upgrades. The bakery preserves its distinctive allure, featuring white beadboard counters, tin metal ceilings, and accents of Aberdeen green on the walls. To further elevate the environment, we’ve introduced modern elements, including quartz countertops and white brick tiles that harmonize with our iconic monochrome hexagonal floor tiles.
With comfortable seating choices spanning two levels, encompassing the ground floor and mezzanine, we’ve broadened the customer seating capacity to welcome a larger number of patrons. Our vision for Magnolia Bakery in Bandra aimed to capture the essence of New York while adding a dash of Mumbai’s unique spirit. This design seamlessly blends the allure of New York with the lively energy of Mumbai.
Located in the heart of Bandra’s bustling high streets, the local surroundings played a pivotal role in shaping the design choices. The establishment predominantly employs a white and green color scheme, featuring a custom-made floral pattern ceiling in white, which creates an overall ambiance that is both fresh and welcoming. The design seeks to blend New York’s classic aesthetic with contemporary elements, resulting in a rich and distinctive atmosphere.
Upon entering, visitors will immediately take note of the tasteful incorporation of glass and vertical slats, effectively managing natural light while establishing an inviting interior ambiance across the entire store. The Bandra flagship store encompasses 2300 square feet over both the ground and mezzanine levels, affording patrons a charming view of the freshly crafted cakes and cupcakes.
Zonu Reddy, Partner at Spago Foods, Magnolia Bakery India Franchise, said “We are so excited to open our first Magnolia Bakery flagship store in Mumbai and our first outside of Bangalore. Now, fans across the city can enjoy their favorite Magnolia Bakery desserts at any time. Our Mumbai fans have already shown so much excitement for the brand and we’re thrilled to now be bringing the Magnolia Bakery experience they know and love to their neighborhood. We’re looking forward to seeing everyone on opening day and beyond!”
In the July-September quarter, Hindustan Unilever (HUL) raised its advertising expenditure by INR 679 crore, bringing it back to the 11-12% of sales range seen in the March 2021 quarter after a gap of nine quarters. This move is driven by heightened competitive pressures, and HUL’s Chief Financial Officer, Ritesh Tiwari, has expressed the company’s intention to sustain this level of advertising spending in the future. HUL holds the title of India’s largest advertising spender.
Over the last nine quarters, market turbulence has been driven by both inflation and the Ukraine war. Prominent corporations like HUL and Britannia have highlighted concerns about the resurgence of smaller, regional brands that had withdrawn from the market during the peak of inflation, as well as the emergence of direct-to-consumer brands primarily operating online.
“When you look at tea or detergent bars, smaller players are growing significantly ahead of large players,” Tiwari told analysts on the September quarter earnings call. “We are also seeing a sharp increase in the media intensity. Aggregate media deployment in our category increased by over 20% versus the same period last year.”
During the September quarter, HUL allocated INR 1,720 crore to advertising and promotional expenses, reflecting a significant year-on-year surge of 65%, largely propelled by advertising. This stands out as one of the most substantial sequential boosts in advertising expenditure observed in at least the past 18 quarters for India’s leading FMCG manufacturer. In the preceding quarter, HUL recorded product sales revenue amounting to INR 15,027 crore.
Tiwari stated that the company has incrementally raised its advertising expenditure in recent quarters, progressing from 7.2% to 8%, 8.8%, 9.9%, and ultimately reaching 11.4% in the September quarter, approaching its pre-inflation reference points. He emphasized, “From my perspective, this figure will hold steady, considering the heightened competitive pressures we’re facing.”
HUL’s gross margin exhibited a year-on-year improvement of 700 basis points in the September quarter, reaching 52%, which has now returned to levels seen before the onset of inflation. Just to clarify, a basis point is equivalent to 0.01 percentage point. The last occasion HUL recorded an allocation of more than 11% of advertising and promotional expenses as a portion of sales was during the March 2021 quarter.
In the last quarter, the company implemented additional price reductions for both fabric wash and household care products in order to transfer the advantages of reduced input costs to consumers. Simultaneously, Tiwari explained that investments in advertising for these product categories have been increased to safeguard their competitive standing.
HUL is not the only company taking this approach; other prominent publicly traded consumer goods firms like Colgate-Palmolive and Marico have also increased their advertising expenditures by 26-32% year-on-year during the September quarter. As an example, Marico’s advertising expenses reached double digits, accounting for 10.8% of sales, all the while achieving a gross margin expansion of 685 basis points.
According to industry executives, many companies have been raising their advertising budgets as their margins have improved, thanks to the easing of input cost pressures. This trend coincides with their efforts to reduce product prices in order to stimulate volume growth.
“Contribution margins improved across segments year-on-year (in the September quarter). Commodity price normalisation and product cost-led initiatives will drive further margin improvement,” Havells India chairman and managing director Anil Rai Gupta had told analysts during the company’s earnings call. He said the firm will maintain its advertisement spending.
Nestle India, in an investor presentation, stated that it has increased its advertising and sales promotion costs to 1.3 times the levels observed in 2017 during the first nine months of the current fiscal year. This is in contrast to the 1.4 times increase seen in fiscal 2022 and the 1.5 times increase observed in fiscal 2021.
The company’s fiscal year aligns with the calendar year.
FMCG giant Marico announced a 17.2 percent increase in its consolidated net profit for the second quarter (Q2) ending on September 30, 2023. The company’s consolidated net profit for this quarter stood at INR 360 crore, as reported in a BSE filing, marking significant growth compared to the INR 307 crore in consolidated net profit from the corresponding period in the previous fiscal year.
Nonetheless, the company experienced a marginal decline in its revenue from operations during Q2 FY24, with figures totaling INR 2,476 crore, in contrast to the INR 2,496 crore in revenue from operations recorded in Q2 FY23.
During Q2 FY24, the company’s total expenses decreased to INR 2,038 crore, as reported in the regulatory filing. This marks a reduction from the INR 2,115 crore in total expenses incurred during the corresponding period in the previous fiscal year.
Throughout the quarter, demand patterns in the domestic FMCG sector remained largely consistent with the previous quarter. The company noted that although urban sentiment showed sequential improvement, challenges such as increased food inflation and uneven rainfall distribution contributed to a slower-than-expected recovery in rural demand.
In an official statement, the company mentioned that packaged foods, owing to its strong urban presence, sustained a robust growth trajectory and consistently outperformed mass home and personal care categories.
Marico maintains a positive outlook for the gradual recovery of sectoral volume growth, largely due to well-managed commodity inflation and the implementation of price reductions across various categories. This optimistic outlook is further supported by the stable retail inflation, the onset of the festive season, and sustained government spending.
The company reported that a substantial portion of its portfolio exhibited positive trends in terms of customer demand, with approximately 85% of its business either gaining or maintaining market share and penetration.
Regarding the sales channels, the company shared that both Modern Trade (MT) and E-commerce experienced robust double-digit growth exceeding 20%. In contrast, the general trade sector witnessed a slight YoY decline in the low single digits.
Furthermore, Marico reported that its international business maintained a robust pace, achieving a constant currency growth rate of 13%, even in the face of challenging geopolitical situations and macroeconomic challenges in certain markets.
FMCG products maker Procter & Gamble Hygiene and Health Care Ltd posted a remarkable 36.44% increase in its post-tax profit, reaching INR 210.69 crore for the first quarter ending in September. This performance marks a significant improvement from the INR 154.41 crore profit reported during the corresponding quarter of the previous fiscal year for the company, which follows a financial year from July to June.
According to a regulatory filing, the company reported a 9.04% increase in net sales, amounting to INR 1,135.06 crore for the quarter under review, compared to INR 1,040.92 crore during the same period the previous year.
During the July-September period, the company’s revenue from operations stood at INR 1,138.35 crore, indicating an 8.94% increase compared to the corresponding period of the previous year.
In its earnings statement, the company attributed this rise to a “superior retail execution and integrated growth strategy.”
The “PAT (Profit After Tax) for the quarter was INR 211 crore, up 36 per cent versus year ago led by acceleration of volume growth coupled with product price-mix and productivity,” it added.
The company, renowned for its popular brands like Vicks in healthcare and Whisper in feminine care, saw its total income increase by 9.74% to reach INR 1,154.12 crore.
In the September quarter, the company’s total expenses rose by 2.81% to reach INR 869.65 crore.
“We delivered a strong top and bottom line growth in the quarter by executing our integrated strategy of a focused product portfolio of daily use categories…,” the company’s Managing Director L V Vaidyanathan said.
On the BSE, the shares of Procter & Gamble Hygiene and Health Care Ltd dropped by 1.37% to close at INR 16,744.25 per share.
Hindustan Coca-Cola Beverages (HCCB) Ltd, the bottling subsidiary of the prominent beverage company Coca-Cola in India, saw a remarkable twofold increase in its net profit, reaching INR 809.32 crore for the fiscal year 2023, as reported by business intelligence platform Tofler. The company, with a network of 16 factories spanning across India, disclosed a substantial 41.51 percent surge in its operational revenue, totaling INR 12,735.12 crore for FY23, according to its submission to the Registrar of Companies.
In the prior fiscal year (FY22), HCCB recorded a net profit of INR 377.14 crore, with its operational revenue amounting to INR 8,999.30 crore.
Nonetheless, HCCB’s other income for FY23 experienced a decline of 29.48 percent, reaching INR 105.27 crore.
The total income for FY23 reached INR 12,840.39 crore, marking a substantial increase of 40.35 percent compared to the total income of INR 9,148.59 crore in FY22.
HCCB witnessed a notable 39.79 percent increase in its operating expenses, which amounted to INR 11,191.26 crore for the fiscal year ending in March 2023.
“After two consecutive years of Covid-related disruptions and business impact, your company has delivered an impressive performance for the Financial Year 2022-23,” said HCCB.
The company emphasized maintaining a “laser-sharp” focus on execution, expanding its market reach, and safeguarding its business model, as stated.
HCCB produces and markets a diverse range of 60 products spanning seven distinct categories. Among its product offerings are popular beverages such as Coca-Cola, Thums Up, Sprite, Minute Maid, Maaza, SmartWater, Kinley, Limca, and Fanta.
“Your company strongly believes in the long-term prospects of the category, and hence, has continued to invest and accordingly has made an additional investment of INR 1304.64 crore in property plant and equipment to build HCCB into a Total Beverage Company,” it said.
In the short term, the Indian economy encountered a variety of challenges on multiple fronts; however, it continues to stand as one of the most dynamic major economies globally, with substantial potential for growth in the long term.
It mentioned that a favorable demographic composition, rapid urbanization, and rising prosperity serve as significant structural catalysts for India’s economic growth.
HCCB stated that it responded swiftly and flexibly by adjusting to evolving consumer demands. To broaden its reach in entry-level packaging, including 150 ml Tetra, 200 ml RGB, and 250 ml PET, the company extended its presence through strategic investments in these segments, involving new production lines and glass bottles, along with effective market execution.
Regarding the future prospects, it expressed a highly optimistic long-term outlook for the beverage business in India.
The foundational factors supporting long-term growth, including increasing disposable incomes, heightened consumer awareness, relatively low levels of consumer goods market penetration, advantageous demographics, the ongoing urbanization trend, and a growing preference for established brands, remain steadfastly in position.
HCCB “will continue to focus on the new opportunities like E-Commerce, Grocery, Pharmacy etc. to grow organically and inorganically in line with its vision and mission”.
The company will maintain its commitment to invest in enhancing capabilities to align with market demand and foster innovation, with a focus on expanding manufacturing capacity and increasing chilling equipment capacity.
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