On Saturday, Avenue Supermarts, the operator of DMart, announced a notable 18.6% rise in consolidated total revenue, reaching INR 12,624.37 crore for the second quarter (Q2) concluded on September 30, 2023. This signifies an increase from the INR 10,638.33 crore revenue recorded during the equivalent period in the prior fiscal year, as stated in the company’s regulatory filing.
Nevertheless, the retail chain experienced a 9% decrease in its consolidated net profit, amounting to INR 623.35 crore during Q2 FY24, in contrast to INR 685.71 crore in the equivalent quarter of the prior year. Additionally, its PAT (Profit After Tax) margin was 4.9% in Q2FY24, a decline from the 6.4% seen in Q2FY23.
As per the BSE filing, the Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) for Q2 FY24 was reported at INR 1,005 crore, showing an increase from INR 892 crore in the corresponding quarter of the previous year. The EBITDA margin for Q2 FY24 was 8.0%, a slight decrease from 8.4% recorded in Q2 FY23.
Commenting on the company’s quarterly performance, Neville Noronha, CEO and managing director of Avenue Supermarts Limited, said, “Q2 FY 2024 saw revenue growth of 18.5% as compared to the corresponding quarter of last year. Our gross margins continue to be lower compared to the same period in the previous year due to lesser contribution from the higher margin General Merchandise and Apparel business.”
Moreover, the company disclosed that it inaugurated 9 additional stores in the quarter, bringing its total store tally to 336 as of September 30, 2023. The company specializes in an extensive array of products, with a particular emphasis on food, non-food items (FMCG), general merchandise, and apparel across various product categories.
At present, D-Mart adheres to an Everyday Low Cost – Everyday Low Price (EDLC-EDLP) strategy. This strategy is centered on acquiring goods at competitive prices, leveraging operational and distribution efficiency to ultimately offer customers value for their money by selling products at competitive prices.
According to a trade body’s statement on Friday, India saw a 26% decline in palm oil imports in September compared to the previous month, totaling 834,797 metric tons—the lowest in three months. This drop was attributed to increased inventories, leading refiners to reduce their purchases.
Reduced buying activity by the world’s largest vegetable oil importer may result in elevated palm oil inventories in major producer countries such as Indonesia and Malaysia, exerting downward pressure on benchmark futures prices.
According to a statement from the Mumbai-based Solvent Extractors’ Association of India (SEA), soyoil imports inched up by 0.1% to 358,557 tons, while imports of sunflower oil declined by approximately 17.8% to 300,732 tons.
Vegetable oil imports dropped by approximately 17%, declining to 1.55 million tons from the previous month’s high of 1.87 million tons, according to the report.
“India imported more than necessary during July and August, but retail demand in the country is weak. Refiners are now struggling to sell imported oil,” said a Mumbai-based edible oil trader.
India has become a leading choice for surplus oil supplies in recent months, largely because of its favorable 5.5% import duty on crude palm oil, crude soybean oil, and crude sunflower oil, as noted by B.V. Mehta, the executive director of the SEA.
The SEA reported that the domestic vegetable oil stocks increased to 3.7 million tons as of September 1, up from 2.4 million tons a year earlier.
According to a trader based in New Delhi, representing a global trade house, India’s vegetable oil imports for October may experience a further decline. This is attributed to subdued retail demand and the onset of soybean crop crushing for the new season.
India primarily sources palm oil from Indonesia, Malaysia, and Thailand, while it acquires soyoil and sunflower oil from Argentina, Brazil, Russia, and Ukraine.
PepsiCo aims to recreate the magic of its legendary ‘Nothing Official About It’ campaign by unveiling a playful advertising campaign for its Sting energy drink on the same day as the high-stakes India-Pakistan clash during the World Cup.
The ‘Nothing Official About It’ campaign during the 1996 Cricket World Cup completely overshadowed the official sponsor, Coca-Cola, making it one of the most disruptive moments in ambush marketing history in the country.
According to industry executives, the new ‘Unofficial Sponsor of Blue Energy’ advertisement for Sting aims to achieve a similar level of impact, especially since Coca-Cola remains the official drinks sponsor for this year’s World Cup.
They said PepsiCo’s ad seeks to ambush Coca-Cola’s official sponsor status, and yet stays on the right side of the legal requirements of the International Cricket Council (ICC). “PepsiCo has recast two of its most iconic campaigns – ‘Nothing Official About It’ and ‘Men in Blue’ – in this ‘Unofficial Sponsor of Blue Energy’ Sting ad,” said Rohit Ohri, chairman of ad agency FCB Group India. “The two Pepsi campaigns redefined the game, players and fans,” he added. Ohri was involved with both these when he was with ad agency JWT. The new Sting ad has been created by ad agency Leo Burnett.
An email seeking comments from PepsiCo elicited no response till press time.
The ICC has released a series of stringent advisories for brands, sponsors and partners to safeguard interests of sponsors. “It is evident that many people are eager to use the ICC IPR (intellectual property rights) to boost their business activities by marketing their products in connection with the event. The ICC is aware of businesses seeking to gain an unauthorised association with the event,” it has posted on its website.
PepsiCo’s most rapidly expanding brand, Sting energy drink, has introduced its new blue variant in synchronization with the iconic blue color associated with the Indian team.
In July, George Kovoor, Senior VP-Beverages at PepsiCo India, highlighted Sting’s remarkable growth trajectory, surpassing any other soft drink brand introduced in India’s soft drink industry over the past thirty years. Referring to data from researcher NielsenIQ, executives mentioned that energy drinks are experiencing a robust growth rate of 50-55% annually. Particularly, the affordable segment, priced at INR 20-25 per bottle, is witnessing an impressive 150% annual growth rate. In contrast, carbonated soft drinks are growing at a rate of 8-10%, albeit on a much larger base. Sting is priced at INR 20 for a 250-ml bottle. Launched in India in 2017, the brand has expanded its distribution to encompass more than two million outlets.
Sting faces competition from Coca-Cola’s energizing drink, Charged by Thums Up, as well as premium-priced brands such as Red Bull, Monster, and Hell. Coca-Cola India recently announced that its brand investments for the second half of the year would be at an all-time high, anticipating a substantial increase in consumer demand during the World Cup and the festive season. For the World Cup, Coca-Cola is actively promoting its Thums Up, Sprite, and Limca Sportz brands, with the latter being the official sports drink of the tournament.
Reliance Consumer Products has also introduced a lemon-flavored sports-themed carbonated beverage named Campa Cricket, inspired by cricket.
On Saturday, the online food delivery platform Swiggy reported a surge in orders, with more than 250 biryanis being requested every minute. This culinary frenzy coincided with millions of people glued to their television screens to witness the intense showdown between India and Pakistan in the 2023 Men’s ODI World Cup group match.
Swiggy witnessed a rate of 250 biryani orders per minute since the commencement of the match.
“One household in Chandigarh ordered 70 biryanis in one-go; it seems they were already celebrating,” said the company.
Additionally, Indians also ordered over 1 lakh cold drinks during the match.
“10,916 and 8,504 units of blue lay’s (chips) and green lay’s were ordered respectively today. Of course blue is winning here as well,” Swiggy posted on X.
The company further added, “3,509 condoms ordered, some players are playing off the pitch today”.
In the much-anticipated showdown at the Narendra Modi Stadium in Ahmedabad, India bowled out Pakistan for a mere 191, all while being cheered on by a crowd of over 100,000 enthusiastic fans. Subsequently, India secured a comfortable seven-wicket victory.
Bowling first on a slow pitch with variable bounce, India were on the backfoot as Pakistan were cruising at 155-2 with captain Babar Azam getting his fifty and wicketkeeper-batter Mohammad Rizwan nearing his half-century. But Azam falling to Mohammed Siraj sparked a Pakistan batting implosion as they lost eight wickets for just 36 runs in their next 13 overs, ending up at 191 in 42.5 overs. Such was the innings that no batter was able to hit a six and Nasser Hussain on air said “a collapse only Pakistan team can manufacture”.
In a significant milestone underscoring the expanding global presence of Japanese beauty and cosmetics titan SHISEIDO, the company has selected Tamannaah Bhatia as the first-ever brand ambassador for SHISEIDO’s Skincare range in India, in collaboration with their Indian distributor, Baccarose Perfumes and Beauty Products Pvt. Ltd.
Tamannaah Bhatia, the versatile and beloved Bollywood actress, has reached a significant milestone in her career by becoming the first Indian brand ambassador for SHISEIDO. Her captivating on-screen charisma and unwavering commitment to her art make her an outstanding embodiment of SHISEIDO’s principles of grace, innovation, and individuality. Tamannaah’s inherent beauty, combined with her seamless versatility in embracing various roles and styles, establishes her as the ideal selection for SHISEIDO’s brand ambassador in India.
Nicolas Baudonnet, VP of the Fragrance and Cosmetics division at SHISEIDO Asia Pacific said, “We are delighted to welcome Tamannaah Bhatia to the SHISEIDO family. Her charisma, talent, and timeless beauty resonate with our brand’s core values, making her the perfect choice to represent SHISEIDO in India. We look forward to working closely with Tamannaah and believe that her association with our brand will help us connect with our consumers on a deeper level. We are committed to bringing the best of SHISEIDO to the Indian beauty market. With the appointment of Tamannaah and expanding our presence in the market with the opening of our first SHISEIDO store in Mumbai, we are looking forward to embarking on an exciting journey with Indian beauty enthusiasts.”
The collaboration between Tamannaah Bhatia and SHISEIDO marks a momentous occasion where beauty and entertainment converge. It underscores SHISEIDO’s steadfast commitment to connecting with the diverse and ever-evolving Indian market, all while acknowledging Tamannaah’s extraordinary talent, timeless beauty, and her impact on fans throughout the nation.
Kadambari Lakhani, Director of Baccarose Perfumes and Beauty Products Pvt Ltd said, “This exciting collaboration not only marks a significant milestone for us and for SHISEIDO but also symbolizes the harmonious fusion of Japanese precision and Indian vibrancy. Tamannaah Bhatia embodies the essence of timeless beauty and has captivated audiences with her talent and charisma. This partnership promises to bring together the rich traditions of Japanese skincare innovation with the dazzling allure of Bollywood glamour, setting the stage for an enchanting journey into the world of beauty that transcends cultural boundaries.”
Villoo Daji, Senior Vice President of Group Marketing at Baccarose Perfumes and Beauty Products Pvt Ltd said, “SHISEIDO’s choice of Tamannaah Bhatia as their first brand ambassador in India reflects the brand’s dedication to enhancing the beauty experiences of Indian consumers. SHISEIDO’s Skincare range is an introduction to a skincare regimen that is simple and proven effective after extensive testing on Asian skin. This partnership is poised to inspire beauty enthusiasts and consumers across the country to explore SHISEIDO’s skincare and makeup products, renowned for their exceptional quality and efficacy. The collaboration between Tamannaah Bhatia and SHISEIDO promises exciting new ventures, innovative campaigns, and an enhanced brand experience for beauty enthusiasts across India.”
UK specialty coffee roaster, Pact Coffee, has secured its first retail listing with Waitrose.
Six coffee lines, including Pact Coffee’s award-winning Bourbon Cream Espresso, Fruit & Nut Espresso, and Single Estate Microlot Filter, are set to hit most Waitrose stores nationwide starting from 16th October.
Pact Coffee’s Bourbon Cream Espresso is a rich, indulgent dark roast that mirrors the classic biscuit, offering delightful creamy and chocolatey notes. This delicious coffee will be accessible in ground coffee, whole bean, and pod formats.
The Fruit & Nut Espresso will likewise come in ground and pod varieties. This coffee boasts a richer body and a caramelized flavor profile, with subtle notes of milk chocolate, dried fruit, and almonds – all inherent qualities within the coffee.
The Single Estate Microlot Filter will be exclusively offered as ground coffee.
Each of these offerings is crafted from 100% specialty-grade coffee and sourced directly from farmers with a strong commitment to ethical practices. The Single Estate Microlot Filter, for instance, has been directly sourced from the Kibirizi Washing Station, which is a cooperative comprised of 1,130 farmers, each typically cultivating less than a hectare of land.
It is a usual practice for individual farmers to care for coffee trees alongside growing fruits and vegetables on their modest plots. The cooperative actively aids its members by providing agricultural training, financial loans, and promoting gender equity through advances.
Paul Turton, CEO of Pact Coffee, said, “We couldn’t be more proud to be making Waitrose our grocery home, as we look to provide more consumers with the opportunity to enjoy the taste of some of the world’s best speciality-grade coffee.
“We’re fully aligned with Waitrose in that we’re constantly searching for the highest quality possible, whilst at the same time prioritising recognition and remuneration of the producer.
“Most exciting of all, every bean sold will make a huge difference to the lives of farmers and their families at its origin. Our coffee has the potential to be a tool for significant economic change, and we’re thrilled to have Waitrose on board with our mission and vision.”
This listing is the latest in a series of noteworthy advancements for Pact Coffee. In the past year, their Surrey roastery achieved carbon-neutral status, and the company earned B Corp certification. Moreover, they paid 76% above the 2022 Fairtrade base price. Recently, the roaster also garnered awards for six of its products.
The Bourbon Cream Espresso and Fruit & Nut Espresso will be offered for sale at a recommended retail price (RRP) of £6.95 per 200g bag, available in both ground and whole bean options, or in packs of 14 Nespresso® Compatible Pods. The Single Estate Microlot Filter will be priced at an RRP of £7.50.
There will be a promotional discount of 20% off all products available from October 16th to November 28th, 2023.
The India Smart Protein Innovation Challenge (ISPIC), a flagship program by The Good Food Institute India (GFI India), has successfully concluded its 3rd edition. GFI India, being a leading authority and hub of expertise in the alternative protein sector, organized this transformative initiative spanning 5 months. The program empowered emerging ventures and student researchers, equipping them with profound insights into the smart protein domain. This knowledge positioned them to address urgent challenges, spur innovation, and instigate a significant change in food systems. In doing so, the program aligns with both global and Indian objectives to promote alternative proteins and enhance food security.
ISPIC 2023, in partnership with Spectrum Impact, comprised three robust phases of immersive education, networking, and various knowledge-enhancement elements. These encompassed over 15 comprehensive masterclasses, engaging panel discussions, and interactive “Ask Me Anything” sessions, all thoughtfully crafted in collaboration with key figures and mentors from the smart protein industry. Participants leveraged these invaluable resources to refine their concepts and develop innovative solutions for addressing the identified gaps in the smart protein sector.
The team at Fattastic Technologies, Winner, ISPIC 2023 said, “ISPIC has been a great platform for us to network with like-minded people. We also learned a lot about the alternative protein industry in the Indian context. The major takeaway for our company was the individual mentorship, and the support we got with product design, go-to-market strategy, co-application, and a paid pilot for product trials.”
Speaking about the culmination of the challenge, Sneha Singh, managing director (acting), GFI India said, “We are thrilled to witness the culmination of our 3rd ISPIC Challenge 2023 today in person for the very first time since the challenge was launched in 2020. The participants have exhibited an extraordinary level of innovation and dedication, underscoring their potential to lead the growth of the alternative protein sector in India. The solutions presented today showcase a collective acknowledgment that our challenges are unique, but so are our solutions. This recognition makes me even more confident in India’s ability to establish itself as a global Innovation hub for alternative protein.”
“I am truly impressed by the exceptional caliber of the participants at ISPIC 2023. Their in-depth knowledge and the quality of their presentations were nothing short of outstanding. It is clear that the future of smart protein is in exceptionally capable hands, and I have no doubt that these young innovators will continue to drive positive change in the industry, an area India as a country should invest early in,” said Dr. N. Madhusudhana Rao, chief executive officer, Atal Incubation Centre – Centre for Cellular and Molecular Biology who was one of the judges.
The competition adopted a dual-track structure, known as “Smart Up” and “Start-Up,” each catering to different aspects of career and venture development. The “Smart Up” track emphasized the creation of inventive theoretical solutions through capstone projects, addressing industry-specific gaps. It was ideally suited for students and researchers. On the other hand, the “Start Up” track was tailored to assist in the expansion of smart protein ventures. This track offered practical guidance in navigating real-time challenges related to product development, fundraising, distribution, and other critical aspects of business growth.
During the Smart Protein Demo Day, top teams from both tracks had the valuable chance to showcase their innovative concepts. These presentations adopted a format reminiscent of the well-known “Shark Tank” competition, involving live pitches followed by a Q&A session with the judges. In acknowledgment of their outstanding contributions, three winners were selected from each track. Teams Progo Foods, Fattastic Technologies, and ProMyce secured significant cash prizes of 2 lakh each in the Start-Up track. Similarly, the Smart Up track celebrated the success of Alt Nutritos, OPZ Redients, and The Protein Gurus.
Established with the overarching goal of aligning with global climate objectives and responsibly nourishing the world’s growing population, ISPIC 2023 was a diverse and inclusive platform. It welcomed a broad range of solution strategies aimed at tackling various industry challenges, with a primary emphasis on improving the sensory qualities and nutritional content of plant-based, fermentation-derived, and lab-grown alternatives to meat, dairy, and eggs. This initiative spanned multifaceted interventions encompassing aspects of business, science and technology, and policy development, emphasizing a holistic approach to advancing the evolving smart protein industry.
On October 15, the e-commerce company Flipkart announced that it had registered a remarkable 1.4 billion customer visits in the initial seven days of its festive season sale, known as “The Big Billion Days.”
“Reflecting an overall uptick in consumer sentiment, the 10th edition of TBBD witnessed a record 1.4 billion customer visits over early access and seven days of the shopping festival,” Flipkart said in a statement.
The company reported that it successfully shipped products to distant areas, including Andaman, Hayuliang in Arunachal Pradesh, Choglamsar in Ladakh, Kutch in Gujarat, and Longewala in Rajasthan.
“This year also saw the largest fleet of women wishmasters compared to the previous TBBD editions. Flipkart’s Kirana partners delivered over 4 million packages in the first 4 days of TBBD’23,” the statement said.
Flipkart asserted that the artisan community, brought on board through its Samarth program, witnessed a six-fold increase in comparison to the period before the festive season.
“In this milestone year, we continue to spread festive cheer by creating 1 lakh new job opportunities across our supply chain, including fulfilment centres, sortation centres and delivery hubs. We strengthened another pillar of the Indian retail ecosystem by expanding our kirana programme, and this year, over 4 million deliveries were made by these partners in the initial days of TBBD,” Flipkart Group Chief Executive Officer Kalyan Krishnamurthy said.
The Food Safety and Standards Authority of India (FSSAI) distributed 36 Food Safety ‘Magic Boxes’ to the victorious participants of the National Science Seminar on Millets, with the objective of fostering food safety awareness among the younger generation.
In partnership with the National Science Centre (NSC), New Delhi, this endeavor forms a coordinated campaign to enhance understanding of the significance of millets, promote food safety measures, and cultivate healthier eating habits among young individuals.
Carefully crafted by FSSAI, the Food Safety Magic Boxes have been disseminated to schools to align with the National Science Seminar of 2023, which took place on October 12, 2023. This action was taken in response to a request from the National Science Centre and in support of the International Year of Millets to foster enthusiasm for millets.
During the seminar, 36 winning students from different States and Union Territories of the country participated and engaged in discussions on the topic “Millet – A ‘Superfood’ or a ‘Diet Fad’?”
Aligned with FSSAI’s dedication to food safety, the Food Safety Magic Box simplifies the process of identifying food adulteration. Detecting adulteration plays a pivotal role in ensuring the safety of our food. Although advanced laboratory methods offer precision and reliability, they can be expensive and time-intensive. Hence, it is imperative to create dependable “rapid screening tests” that can be easily conducted by individuals at home, allowing for a widespread evaluation of potential food adulteration when doubts arise.
FSSAI remains dedicated to imparting fundamental knowledge and fostering habits concerning food safety among young learners. The Food Safety Magic Box, a captivating educational resource, is meticulously designed to spark curiosity in students and equip them with the ability to differentiate between safe and unsafe food. Consistent with FSSAI’s overarching goal of safeguarding the food people consume, this box serves the purpose of aiding in the identification of food adulteration, addressing a pivotal aspect of food safety.
The Akshay Patra Foundation marked the 11th anniversary of its Surat kitchen with a special celebration. Meenaben M Gajjar, the Deputy Municipal Commissioner for PM Poshan Yojna at the Surat Municipal Corporation, graced the event with her presence. Joining her were a prominent gathering of corporate visionaries, distinguished academics, and enthusiastic citizens, all fervent supporters of The Akshaya Patra Foundation’s admirable cause.
This gathering provided a platform for acknowledging and celebrating exceptional students and teachers hailing from Akshaya Patra-supported schools in Surat. These remarkable individuals personify the tangible results of our collective endeavors, providing compelling evidence of the transformative influence of our continuous dedication. This public-private partnership has not only nourished and educated India but also served as a guiding light for sustainability, fostering a brighter future.
Jaganmohan Krishna Dasa, unit-president, Gujarat, aptly states, “In the PM Poshan program, we see the power of unity. Together, we’re forging a future where no child knows hunger, and every mind is enriched with education.”
The Surat kitchen plays a pivotal role in one of Akshaya Patra’s most extensive PM Poshan Mid-Day Meal initiatives, serving more than 375,088 children across Gujarat, with a significant 150,000 beneficiaries in Surat alone.
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