Starbucks, the renowned American coffee shop chain, is preparing to launch its second establishment in the city of Faridabad. This new store will be located within the recently inaugurated shopping center, The Mall of Faridabad, situated in NIT, Faridabad, Haryana.
A store bearing the Starbucks brand on the ground floor of the mall is presently undergoing fit-out work. Starbucks made its debut in Faridabad earlier this year in March, when it inaugurated a store in another newly established shopping center, Pebble Downtown Mall.
The company is now poised to unveil its most recent store within the recently inaugurated Mall of Faridabad. The Mall of Faridabad welcomed its first visitors on Monday.
Starbucks made its debut in India through a partnership with the Tata Group. The very first Starbucks store in India was inaugurated on October 19, 2012, at the Elphinstone Building, Horniman Circle, Mumbai.
Hindustan Unilever Ltd (HUL), a leading company in the fast-moving consumer goods (FMCG) industry, has announced a 4% increase in its independent net profit, reaching INR 2,717 crore for the quarter concluding in September 2023, compared to INR 2,616 crore in the corresponding quarter of the previous year.
In the reporting period, the company experienced a 4% year-on-year (YoY) increase in its sales, reaching INR 15,027 crore.
The board has announced an interim dividend of INR 18 per equity share for the fiscal year ending in 2024, with the record date for this dividend scheduled for November 2.
The underlying volume growth for the September quarter was 2%, falling short of analysts’ anticipated 3%.
The EBITDA for the quarter reached 3,694 crore, with margins at 24.18%, surpassing the estimated figures of INR 3,609 crore and 23.5%, respectively.
Breaking it down by segments, the home care business saw a 3% increase, driven by mid-single-digit volume growth. Within this sector, fabric wash experienced mid-single-digit volume growth, and the premium portfolio continued to deliver strong results. Household care volumes grew in the high single digits, primarily due to the performance of the dishwasher segment.
In the second quarter, the beauty and personal care business achieved a 4% growth, primarily driven by mid-single-digit volume growth. Skin cleansing, on the other hand, experienced low-single-digit volume growth, with Lux and Hamam brands consistently delivering strong results.
Revenue decreased due to additional price reductions in the soap segment. However, there was double-digit growth in skin care and color cosmetics, attributed to strategic efforts in exploring new demand areas and future channels.
Hair care registered robust high-single digit growth, with Clinic Plus and Indulekha brands maintaining their strong performance.
“We delivered resilient and competitive growth whilst stepping up our EBITDA margin in a challenging operating environment, marked by subdued rural demand and heightened competitive intensity,” said Rohit Jawa, CEO and MD, HUL.
Within the foods and refreshment business, which expanded by 4%, the tea segment experienced moderate growth as consumers continued to opt for lower-priced options. In contrast, the coffee segment saw a double-digit increase.
Looking ahead, HUL expressed a cautious optimism, expecting a gradual recovery in FMCG demand. This positive outlook is bolstered by the approaching festive season, sustained strength in services, and the government’s emphasis on capital expenditure.
“At the same time, we need to be watchful of volatile global commodity prices as well as the impact of monsoon on crop output and reservoir levels,” the FMCG major added.
On Thursday, HUL shares closed flat at INR 2,550 on NSE.
Government on Thursday assured that prices of all major food items and commodities will remain stable during the upcoming festival season.
Food secretary Sanjeev Chopra told mediapersons that government is using all tools to control prices.
He added that various steps have been taken by the government in the past few months to ensure that prices of essential commodities like wheat, rice, edible oils and sugar remain stable.
Chopra said sugar prices are among the cheapest in India in the world at INR 44 per kg, however curbs on sugar exports are to remain in place beyond the deadline of October 31, to ensure its domestic availability and to keep its prices under check.
He added that due to stable sugar prices, around 95 per cent sugar cane dues to farmers have been paid for 2022-23.
Even edible oil prices have been down since the past in year, the food secretary said, except in case of groundnut oil.
In case of rice, Chopra said that 20 per cent export duty on parboiled rice has been extended to march 31, 2024, to ensure price stability and availability in domestic markets.
Custom authorities have been directed to ensure stricter essential checks so that no other varieties can be exported in the guise of parboiled rice, he added.
Only some friendly countries have been allowed export of rice, the secretary informed.
Around 97,000 tonnes of rice has been sold under OMSS, he informed.
Chopra said that though rice inflation is now at 11 per cent since the past few months, however with harvest season setting in, it may come down drastically.
Wheat prices too have been under control, the food secretary said, adding that retail inflation in it has been around 3.6 per cent in the last one year.
Even in wholesale, the inflation in wheat has been around 3.86 per cent.
He added that there is no possibility of wheat prices rising as there is adequate stock available.
Chopra informed that 87 lakh tonnes will be available in wheat stocks till April 2024. Also there is 76 lakh tonnes available in buffer, which can be used.
Fast moving consumer goods major Nestle India Ltd on Thursday said it had closed the second quarter of FY24 with a higher revenue and after tax profit.
Declaring a second interim dividend of INR 140 per share of INR 10 each, Nestle also said it would split each equity share into fully paid 10 shares each with a face value of INR 1 by amending the Capital clause in the Memorandum of Association.
In the quarter that concluded on September 30, 2023, Nestle India generated a total revenue of INR 5,009.5 crore from sales of its products both domestically and internationally, with a net profit of INR 908 crore compared to INR 661.4 crore in the same period of Q2FY23.
Irregular rainfall and a shortfall in precipitation are anticipated to affect the output of maize, sugar, oilseeds, and spices, which could potentially lead to adverse pricing trends. The coffee market remains volatile due to a global supply deficit, and it was noted that weather conditions during the Indian Robusta crop harvest could influence production.
The forthcoming winter conditions could have an effect on wheat production. Nonetheless, the company anticipates a healthy milk surplus during the winter, which is likely to help maintain price stability.
As per Chairman and Managing Director Suresh Narayanan, domestic sales experienced double-digit growth due to a combination of factors including product mix, sales volume, and pricing.
“We are investing towards building our brand equity and have made strong and significant investments across all product groups. We crossed INR 5,000 crore turnover, which has been our first in any quarter in the history of the Company and a landmark for us,” Narayanan said.
The company’s equity shares, each with a face value of INR 10, concluded at INR 24,122 on the BSE.
Despite a challenging business landscape and a significant base effect in certain operational areas, ITC Limited managed to maintain its robust growth trajectory for the quarter. This was primarily attributed to its commitment to customer-centric strategies, rapid digital integration, exceptional execution, and agility.
The Gross Revenue reached INR 17,549 crore, demonstrating a 3.4 percent year-on-year growth (excluding Wheat & Rice exports, which saw an 8.9 percent increase). Meanwhile, the Profit Before Tax (PBT) surged to INR 6,514 crore, marking a noteworthy 9.7 percent year-on-year growth.
The Profit After Tax (PAT) experienced a substantial 10.3 percent year-on-year growth, reaching INR 4,927 crore. During the quarter, the Earnings Per Share stood at INR 3.96, compared to the previous year’s INR 3.61.
India continues to shine brightly, with robust tax collections, easing inflation, and an uptick in credit growth serving as some of the noteworthy positive signals within high-frequency indicators.
Even though public investment remains robust, consumer demand, particularly in the value segment and rural markets, has been relatively lackluster due to below-average monsoons and persistent food inflation, which experienced a sharp increase during the quarter.
Signs of recovery are emerging, as the potential for enhanced agricultural output, the arrival of the festive season, rising rural wages, and increased government investment in infrastructure bode well for a revival in rural markets.
In the near term, it will be crucial to closely monitor the pace of economic growth in China and other advanced economies, escalating geopolitical tensions, crude oil prices, consumer price inflation, particularly in the food sector, fluctuations in commodity prices, and agricultural output.
ITC said strong performance continues in FMCG – Others; segment revenue up 8.3 per cent YoY on a high base and a 2-year CAGR @ 14.5 per cent.
The segment EBITDA margin expanded 150 bps YoY to 11 per cent while the segment PBIT up 36.8 per cent YoY.
ITC posted resilient performance in cigarettes segment with net segment revenue up 8.5 per cent YoY and segment PBIT up 8 per cent YoY on a high base.
There was a sustained volume claw back from illicit trade on the back of deterrent actions by enforcement agencies and relative stability in taxes. Market standing reinforced through focused portfolio/market interventions & agile execution, ITC said.
ITC posted stellar performance in Hotels Business with record high second quarter performance; Segment Revenue and PBIT up 21 per cent and 50 per cent YoY, respectively, on a high base.
Segment EBITDA margin is up 170 bps YoY to 30.7 per cent driven by higher RevPAR, structural cost interventions & operating leverage.
ITC Hotels was honoured to have exclusively curated and served from the best of India’s culinary heritage at the prestigious G20 summit, Bharat Mandapam, New Delhi.
ITC Maurya also had the honour of hosting the President of the United States of America and the entire US delegation to the Summit.
The scheme of demerger approved by Board in August 2023 is progressing as per scheduled timelines.
A statement said that the Company continues to engage with farmers to build resilience in agrarian practices against extreme weather events; the Company’s Climate Smart Agriculture programme covers over 23 lakh acres and about 7.5 lakh farmers in the country.
Strong customer relationships and agile execution in Leaf Tobacco & Value Added Agri products continue to drive growth.
In line with its strategy to rapidly grow the salience of value-added products in the portfolio, the Business ramped up capacity utilisation of the recently commissioned value-added Spices processing facility in Guntur.
Further, the state-of-the-art facility (being set up by IIVL – a wholly owned subsidiary of the company) to manufacture and export Nicotine and Nicotine derivate products conforming to US/EU pharmacopoeia standards has been commissioned; exports are expected to commence over the next few months.
Performance in the paperboards, paper and packaging segment reflects the impact of low priced Chinese supplies and muted demand in export markets, sharp reduction in global pulp prices and high-base effect; domestic demand was also relatively subdued in certain discretionary categories.
Sharp drop in net sales realisation and global pulp prices witnessed during the quarter are likely to have bottomed out; green shoots of revival in demand were visible towards the end of the quarter, ITC said.
The project for augmentation of in-house chemical pulp capacity by approximately 20 per cent was completed during the quarter; this initiative will further enhance substitution of imported pulp and enable reduction in operating costs.
Structural advantages of the integrated business model, Industry 4.0 initiatives, strategic investments in pulp import substitution, High Pressure Recovery Boiler and proactive capacity augmentation in Value Added Paperboards aided in partly mitigating pressure on margins.
Indian Angel Network (IAN) has appointed Sarika Saxena to serve as the Managing Partner of its venture capital fund, IAN Alpha Fund.
With over 25 years of experience in the finance industry, Saxena previously held the position of General Manager for Strategic Investments (Private Equity) at HT Media. Her investment portfolio encompasses a diverse range of companies across consumer, technology, fintech, and edtech sectors, spanning both domestic and international markets.
Before her role at HT Media, Sarika Saxena also had professional experience at VBHC and National Commodities Management Services Ltd, among other organizations.
Commenting on Saxena’s appointment, IAN Co-Founder Raman Roy, said, “We are thrilled to welcome Sarika Saxena as the new Managing Partner of IAN Alpha Fund. Her exceptional insights, extensive industry expertise, and unwavering commitment to early stage investing makes her a perfect addition to the top class team of current Managing Partners… “
According to the statement, Saxena has played a key role in facilitating early-stage investments amounting to $100 million and has managed assets under management (AUM) of approximately $300 million.
“I am truly honoured to be a part of IAN, an esteemed organisation that has consistently led the industry as a pioneer for an impressive 16 years. I am excited to join the prestigious IAN leadership team and I look forward to utilising my domain expertise, extensive global network, and multifaceted experience to drive the IAN Alpha Fund’s success, both in India and on the international stage.” Saxena said.
Established in 2022 with a fund size of INR 1,000 crore, IAN Alpha Fund represents the second fund within the IAN series. Earlier this year, it made an undisclosed investment in B2Badda, a B2B marketplace specializing in industrial goods and services.
IAN is a prominent player in the Indian startup ecosystem with a portfolio of over 200 startups. Among its noteworthy investments are Spinny, Wow! Momo, and Zypp Mobility. It stands as one of the most active angel networks in the country, fostering growth and innovation in the startup space.
Myntra, the e-commerce company specializing in fashion and lifestyle, announced on Thursday that it tallied approximately 460 million customer visits during its recently concluded Big Fashion Festival, which was part of the festive season sale.
Myntra reported that the Indian wear category experienced a 2.2-fold surge in demand compared to typical business-as-usual days.
“Myntra’s marquee festive fashion event, the Big Fashion Festival (BFF), concluded its biggest edition by far witnessing about 460 million customer visits,” Myntra said in a statement.
This was the fourth edition of BFF where sellers at Myntra offered access to over 23 lakh styles while scaling up the selection by over 50 per cent from the previous edition, the statement said.
Some of the leading metros driving demand during BFF were Bengaluru, New Delhi, Mumbai and Hyderabad.
The platform also witnessed discerning customers with an appreciation for premium and trendy fashion from Tier 2 and 3 regions, fuelling the festive fervour with around 42 per cent of the demand originating from these regions.
“Lucknow, Patna, Indore, Guwahati, Bhubaneshwar, Dehradun, Jammu and Siliguri were among the top cities and towns in the non-metro regions,” the statement said.
Rasayanam, a prominent name in the world of Ayurvedic wellness, is excited to announce its latest range of health and immunity-boosting products. Meticulously formulated to support individuals in their journey towards natural holistic well-being, this trio of juices is set to revolutionize our approach to health. These offerings provide effective solutions for weight management, blood glucose control, and overall vitality.
Slim Trim Juice: Put an end to the eternal struggle with weight management with this innovative creation. Using a cold-pressed technique, it skillfully blends 15 remarkable Ayurvedic herbs, including Harad, Daru Haridra, Curcumin, Beetroot, Garcinia, Aloe vera, Trikuta, Chitrak Mool, Gudmaar, Green Tea, Giloy, Amla, Gokshura, Moringa, and Bach. These ingredients have been meticulously combined to facilitate accelerated and sustainable weight loss.
GlucoCare Juice: Simplify the task of effectively managing blood glucose levels. This meticulously crafted elixir incorporates potent components such as Jamun, Karela, Gudmar, Vijyasar, Methi, Neem, Amla, and Banaba. With a daily morning intake of just 30ml of GlucoCare Juice, you can stimulate natural insulin production within your body, reducing the reliance on alternative insulin. Regain control of your diabetes journey and experience an overall boost in health and vitality with Rasayanam’s GlucoCare Juice.
Pure Amla Juice: Rasayanam’s Pure Amla Juice, featuring twice the concentration of Vitamin C, emerges as the ultimate elixir for promoting lustrous hair, radiant skin, and enhanced immunity. Responsibly sourced from Francis Amla, this juice serves as a rejuvenating tonic for hair, nails, skin, and overall well-being, courtesy of its antioxidant properties and high Vitamin C content. By choosing Rasayanam’s Pure Amla Juice, individuals can unlock the natural potential of Amla and embark on a journey toward a healthier, more vibrant version of themselves.
Rasayanam continues its unwavering dedication to Ayurvedic principles, uniting age-old wisdom with modern methodologies to provide products that promote a harmonious connection between the mind, body, and spirit. Each of these three juices reflects the meticulous craftsmanship of Ayurvedic experts, guaranteeing safety, effectiveness, and a holistic approach to well-being.
Gujarat-based Gopal Snacks is in the process of preparing for its planned initial public offering in 2024. As part of this, it has attracted a secondary stake investment from a consortium composed of 360 One Asset, Axis Alternative Investment Fund, and White Oak Capital Management, as disclosed by two undisclosed individuals familiar with the transaction.
The pre-IPO transaction is valued at approximately INR 100 crore to INR 200 crore, with the funds earmarked to fulfill obligations stemming from a loan acquired by the founders in the previous year, as indicated by the aforementioned sources.
In December 2022, an article in Mint revealed that the founder Bipin Hadvani secured a debt of INR 490 crore from JM Financial for the purpose of acquiring his younger brother’s ownership stake in the company.
360 One Asset and Gopal Snacks have officially verified their pre-IPO investment in the company, although they have refrained from disclosing any further particulars.
“Our thesis is based on investing in strong market-leading brands that grow consistently along with profitability. The company has a strong focus on high quality and quantity at the right price and shown consistent growth with high profitability,” Sameer Nath, chief investment officer, head, Private Equity, 360 One Asset said in a statement.
Axis and White Oak have not promptly replied to a comment request.
360 One Asset, formerly known as IIFL Private Equity under IIFL Wealth and Asset Management Ltd, had previously made a successful investment in Bikaji Foods from its pre-IPO fund, resulting in favorable returns.
Gopal Snacks has also enlisted the services of two merchant banks to facilitate its readiness for a public listing. The company is actively working on filing a draft red herring prospectus in the upcoming months, with the timing of the listing contingent on market conditions, according to the first source mentioned.
“It is aiming to list before March 2024, as the market conditions may become harder after that because of the elections. A 2024 IPO is expected,” the second person added.
During an interview in December, Hadvani expressed the company’s ambition to pursue a public offering valued between INR 800 crore and INR 1,000 crore.
Additionally, as mentioned by the individuals quoted above, the funds generated from the IPO will be used to settle the remaining debt.
As per one of the sources mentioned, Gopal Snacks recorded approximately INR 1,400 crore in revenue for the fiscal year 2023, with a post-tax profit of around INR 113 crore.
Amongst other snack manufacturers, Bikaji Foods joined the public market in November 2022, while Prataap Snacks, known for its Yellow Diamond brand, made its debut on the stock exchange in October 2017.
Originally founded in 1991 as Gopal Gruh Udyog, the company, headquartered in Rajkot, rebranded itself as Gopal Snacks Pvt. Ltd in 2009. With a presence spanning Gujarat, Rajasthan, and Maharashtra, the company operates seven manufacturing plants. Gopal Snacks, boasting a workforce of over 4,000 employees, has the capacity to produce a remarkable 10 million packets daily. Their distribution network extends across 11 states, facilitated by a network of 750 distributors and over 700,000 retailers, as detailed on their website.
Dairy brand Parag Milk Foods has appointed Rahul Kumar Srivastava as its new Chief Operating Officer (COO), the company announced in a press release on Thursday.
With a remarkable three decades of experience in the industry, Srivastava has previously held the position of Managing Director at renowned brands like Amul and Lactalis India.
Commenting on Srivastava’s appointment, Devendra Shah, chairman, Parag Milk Foods, said, “Mr. Rahul Kumar’s exceptional expertise and unparalleled proficiency in the dairy realm align perfectly with Parag Milk Food’s vision.”
In his new capacity, Srivastava will spearhead the company’s strategy for achieving profitable growth while actively exploring market opportunities within the dairy-FMCG sector and addressing the increasing global demand for nutrition.
“We are confident that with his leadership, the company will continue to deliver sustainable higher business growth,” Shah stated.
Founded in 1992, Parag Milk Foods operates a range of brands including Gowardhan, ‘Pride of Cows,’ Go, and Avvatar. The company asserts its extensive reach, encompassing over 500,000 retail touchpoints, 29 depots, and more than 500 super stockists.
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