The ITC Hotels on Monday said it has embarked on an initiative to introduce an expansive range of millet-based bread, available across ITC Hotels and select Marriott International hotels in India and the Asia-Pacific (APAC) region.
In addition to that, the APAC region countries like Japan, South Korea, Australia, and Indonesia will also have access to other delectable millet-based food options.
It seeks to contribute significantly to India’s role in advocating the benefits of millets globally, commemorating 2023 as the International Year of Millets in partnership with the United Nations, the hotel chain said in a statement.
These millet bread, brimming with essential nutrients, cater to the discerning taste of health-conscious consumers, it said.
The menu showcases an array of delightful options, including Sorghum Sundried Tomato Sourdough Bread, Foxtail Millet and Carrot Bread, Multi Millet and Turmeric Loaf, and Pearl Millet Focaccia. Each of these delectable choices promises to deliver an exquisite and unforgettable culinary experience.
Beyond the realm of bread, the gastronomic journey extends to ITC’s millet-infused recipes gracing buffet spreads at select Marriott International hotels, the company said.
The well-known quick-service restaurant (QSR) chain, Wow! Momo, which is headquartered in Kolkata, experienced a significant increase in its operational revenue. In the financial year 2021-22, the company’s revenue surged by more than two times, reaching INR 219.8 Crores. This marked a substantial rise from its previous fiscal year’s revenue of INR 106 Crores.
The startup derives its revenue from the sale of food products via its restaurant establishments, which are located in more than 25 cities across India. Alongside its primary brand, Wow! Momo, the startup manages two additional brands – Wow! China and Wow! Chicken.
In the fiscal year 2021-22, the startup’s overall earnings, encompassing supplementary income, amounted to INR 222.1 Crores, showcasing a contrast to the INR 108.4 Crores recorded in the fiscal year 2020-21.
Despite the twofold increase in the top-line figure, Wow! Momo witnessed a more modest growth in its expenditures. As a result, the startup’s net loss decreased by 10%, reaching INR 53.4 Crores in the financial year 2021-22, compared to INR 59.4 Crores in the preceding fiscal year.
Total expenses experienced a 62% increase, rising to INR 274.5 Crores during FY22 from the FY21 figure of INR 169.1 Crores. Notably, the cost of materials consumed saw a substantial 95% surge, climbing from INR 48.7 Crores in FY21 to INR 95.3 Crores, thereby constituting the most significant component of expenses for the reviewed period.
Employee benefit expenditures surged by 76% to reach INR 51.3 Crores in the fiscal year 2021-22, displaying a substantial increase from the INR 29.1 Crores recorded in the previous fiscal year. These expenses encompass a range of components including employee wages, contributions to the provident fund (PF), gratuity, and various other welfare benefits for employees. According to information available on LinkedIn, Wow! Momo currently maintains a workforce of more than 1,000 employees.
In the fiscal year 2021-22, the startup allocated INR 29.6 Crores towards rental expenses, reflecting a substantial increase of 105% compared to the INR 14.4 Crores expended in the preceding fiscal year.
Established in 2008 by Binod Kumar Homagai, Sagar Daryani, and Shah Miftaur Rahman, Wow! Momo boasts a network of more than 500 outlets spanning across 25 Indian cities. In March of the current year, the startup unveiled its decision to consolidate its three brands, namely Wow! Momo, Wow! Chicken, and Wow! China, into a unified brand known as Wow! Eats.
In the previous year, the startup secured a funding of INR 125 Crores from OAKS Asset Management during its Series D funding round, valuing the company at INR 2,125 Crores ($257 million). Prior to this, Wow! Momo had obtained $15 million in its Series C funding round from Tree Line Management. The company is supported by prominent investors such as Tiger Global and Lighthouse.
Being a food entrepreneur is an exciting and challenging journey. The food industry is highly competitive, and building a strong reputation is crucial for success. One of the key factors that can set you apart as a food entrepreneur is your passion and commitment.
Passion and commitment in the food industry refer to the deep love, enthusiasm, and dedication that food entrepreneurs have for their craft and business. It is the driving force behind their pursuit of culinary excellence, innovation, and delivering exceptional experiences to customers.
It is evident in the quality of ingredients, the care taken in food preparation, the attention to detail, and the unwavering commitment to customer satisfaction. It is the unwavering desire to create something remarkable and make a positive impact in the culinary world.
Passion and commitment play a crucial role in building a reputation in the food industry. we will explore why passion and commitment are essential in the food industry and how they can help you strengthen your reputation as a Food Entrepreneur.
1. Fueling Innovation
Passion is the driving force behind innovation. As a food entrepreneur, your passion for creating unique and delicious culinary experiences can inspire innovation in your products and services. It pushes you to constantly experiment, refine recipes, and find new ways to delight your customers. This commitment to innovation sets you apart from competitors and helps build a reputation as a trendsetter in the industry.
Passion and commitment act as fuel for innovation in the food industry, sparking creative ideas, driving experimentation with new flavours and techniques, and pushing boundaries to create unique and exciting culinary experiences.
2. Building Authenticity
Authenticity is highly valued in the food industry. Customers seek out food experiences that are genuine and rooted in passion. By infusing your business with your passion for food, you create an authentic connection with your customers. Your commitment to quality ingredients, traditional cooking techniques, and attention to detail will shine through in your products, reinforcing your reputation as a trustworthy and authentic food entrepreneur.
Passion and commitment are essential for building authenticity in the food industry, as they foster genuine connections with customers, enable consistent delivery of high-quality products and services, and promote a strong sense of purpose and integrity in all aspects of the business.
3. Enhancing Customer Experience
Passion and commitment can significantly impact the customer experience. When you are genuinely passionate about your craft, it translates into every aspect of your business. From the ambience of your restaurant to the presentation of your dishes, your passion and commitment will leave a lasting impression on your customers. By consistently delivering exceptional experiences, you build a loyal customer base and a reputation for excellence.
Passion and commitment play a crucial role in enhancing the customer experience in the food industry. By infusing their work with passion, food entrepreneurs create a memorable and engaging experience for customers. Their commitment ensures consistent quality, personalized service, and attention to detail, leaving a lasting impression and fostering customer loyalty.
4. Nurturing Relationships
Successful food entrepreneurship relies heavily on building relationships, both with customers and industry partners. Your passion and commitment act as a magnet, attracting like-minded individuals who share your love for food. This enables you to forge strong relationships with suppliers, distributors, and fellow food entrepreneurs. Collaborations and partnerships further strengthen your reputation and expand your reach in the industry.
Entrepreneurs who are passionate about their craft and committed to providing exceptional experiences prioritize building strong connections with customers, suppliers, and other stakeholders. This focus on nurturing relationships cultivates loyalty, fosters long-term partnerships, and contributes to the overall success and growth of the food business.
5. Overcoming Challenges
The food industry is not without its challenges. However, passion and commitment help you navigate through difficult times. When faced with setbacks or obstacles, your unwavering dedication to your vision and your love for what you do will keep you motivated and determined. This resilience is admired by customers and industry professionals alike, earning you respect and reinforcing your reputation as a reliable and persistent food entrepreneur.
Passion and commitment are powerful drivers that help food entrepreneurs overcome challenges in the industry. Their unwavering commitment keeps them focused on their goals, allowing them to navigate setbacks, adapt to changing circumstances, and continually improve their business. By embracing challenges with passion and commitment, food entrepreneurs can turn obstacles into opportunities for growth and success.
6. Inspiring Your Team
Passion and commitment are contagious. As a food entrepreneur, your enthusiasm for your business can inspire and motivate your team members. When your team shares your passion and commitment, they become invested in your vision and work together to achieve common goals. This shared dedication creates a positive work environment and translates into exceptional service and products, further strengthening your reputation.
Passion and commitment are contagious, and they play a pivotal role in inspiring and motivating your team in the food industry. When entrepreneurs demonstrate a deep passion for their work and a strong commitment to their vision, it resonates with their team members, creating a sense of purpose and enthusiasm. So, let your passion and commitment shine through in everything you do, and watch as your reputation flourishes.
Restaurant Brands Asia on Monday revealed a steeper first-quarter loss, attributing it to Burger King’s India operator facing higher raw material expenses and a considerable outlay on expanding its store network.
According to an exchange filing, the restaurant chain’s consolidated net loss for the quarter ended June 30 expanded to 504.8 million rupees ($6.1 million), compared to 475 million rupees recorded in the same period the previous year.
Total expenses surged by more than 21%, reaching 6.72 billion rupees, primarily driven by a 26% increase in the cost of materials consumed. The rise in material costs was attributed to the escalation in the prices of ingredients such as cheese and vegetables.
The upward trend in costs has also exerted pressure on the profitability of competitors, including KFC franchisees Sapphire Foods India and Devyani International, as well as Domino’s Pizza operator Jubilant FoodWorks.
Earlier this year, Restaurant Brands Asia introduced new meals starting at 99 rupees ($1.20), strategically aligning with other global chains in India that focused on more affordable options to entice consumers amidst high inflation and reduced discretionary spending.
The company experienced a 25% increase in revenue from operations, reaching 6.11 billion rupees, thanks to the successful launch of new offerings and the expansion of its restaurant network in India and Indonesia. Over the past 12 months, the company opened numerous new restaurants in these countries, where it holds master franchisee rights.
Following the release of the results, shares of Restaurant Brands Asia, which also operates Restaurant Brands International’s Popeyes stores in Indonesia, recorded a nearly 2% increase. In the June quarter, the shares surged by almost 20%.
Following India’s decision to prohibit certain rice exports in order to manage domestic prices, traders express concern that another essential food commodity, Sugar, might become susceptible to similar measures.
As global supplies of sugar tighten, the world’s reliance on sugar exports from the South Asian nation has grown significantly. However, there are mounting concerns due to uneven rainfall across India’s agricultural belts, which has raised apprehensions that sugar production might fall short for a second consecutive year during the upcoming season starting in October.
As a consequence, this could potentially curtail the country’s capacity to export sugar. In response to safeguard domestic supplies and stabilize prices, the government has already imposed limitations on the overseas sale of wheat and certain rice varieties. These measures add further strain to global food markets, which have already been disrupted by adverse weather conditions and escalating conflicts in Ukraine.
The rice export ban is a clear signal the government is concerned about food security and inflation, said Henrique Akamine, head of sugar and ethanol at Tropical Research Services. “The worry now is that the government will probably follow suit and do something similar regarding sugar,” he added.
According to Aditya Jhunjhunwala, President of the Indian Sugar Mills Association, sugar cane fields in the primary producing regions of Maharashtra and Karnataka experienced insufficient rainfall in June, resulting in crop stress. As a consequence, the group anticipates a 3.4% decline in sugar output compared to the previous year, with an estimated production of 31.7 million tons in the 2023-24 season. However, Jhunjhunwala also mentioned that despite this decrease, domestic demand can still be met with the available supplies.
In the meantime, India is gearing up to utilize a larger quantity of sugar for biofuel purposes. The Indian Sugar Mills Association foresees mills diverting approximately 4.5 million tons of sugar to produce ethanol, marking a significant increase of 9.8% compared to the previous year.
“At this production level, India might not release any export,” said Bruno Lima, head of sugar and ethanol at StoneX. “We’ll have to follow closely if the ethanol diversion will be done in full.”
On Friday, Food Secretary Sanjeev Chopra criticized ISMA’s early evaluation of reduced sugar production, stating that it is highly premature and has caused unnecessary panic about a potential shortage in the country, as reported by the Press Trust of India.
India has imposed limitations on sugar exports in the past. For the 2022-23 season, the country set a cap of 6.1 million tons for shipments, a significant decrease from the 11 million tons allowed in the previous year. Analysts, including Akamine and Lima, project that for the next season, the export allowance might be further reduced to only 2 million to 3 million tons or potentially eliminated entirely. This situation poses a risk of triggering another surge in global sugar prices.
Sugar futures have witnessed a rise of approximately 20% this year, although they have slightly retreated from their peak in April when they reached 26.83 cents per pound, the highest level seen since 2011. Investors are concerned about the potential impact of El Niño, which could result in hotter and drier weather conditions in South and Southeast Asia, thus adversely affecting sugar production in those regions. Furthermore, Thailand might also experience a decrease in sugar output due to these weather uncertainties.
The combination of reduced production in various regions, such as Southern Africa and Central America, adds to the potential for another price rally in the sugar market. Akamine predicts that prices could trade within the range of 25 cents to 27.5 cents per pound in the upcoming season, while on Friday, they stood at 23.69 cents. However, the abundant sugar crop in Brazil is acting as a limiting factor on further price gains.
As of now, the Indian government is not expected to finalize the 2023-24 sugar export quotas. Since the harvest is scheduled to commence in October, any decision on export quotas is likely to be deferred until a later date. Additionally, the recent improvement in rainfall, as reported by ISMA, is anticipated to have a positive impact on the sugar crop, further influencing the government’s decision-making process.
“Officials will wait until they have full visibility of production,” said Carlos Mera, a senior commodity analyst at Rabobank.
In Monday’s BSE trading session, Zomato, the food delivery platform, experienced a notable surge, with its shares rallying 8% and surpassing the INR 100 milestone. Additionally, the stock achieved a fresh 52-week high, reaching INR 102.8.
Following Zomato’s attainment of profitability in Q1 FY24, its shares experienced a significant surge. The company reported a consolidated net profit of INR 2 crore for the quarter ended June 2023, marking a notable improvement compared to a loss of INR 186 crore in the corresponding quarter of the previous financial year. Notably, in the quarter ended March, the company had reported a loss of INR 189 crore.
During the reporting quarter, Zomato’s revenue from operations amounted to INR 2,416 crore, indicating a remarkable year-on-year growth of almost 71%. This substantial increase was in contrast to the company’s revenue of INR 1,414 crore reported during the same period in the previous year.
Gaurav Bissa, VP at InCred Equities, said, “Zomato has seen a very strong upmove from 58 levels when it triggered a buy signal in the Ichimoku setup. The stock has been forming higher highs and higher lows on the daily charts since Jan 2023 implying short-term trend reversal.”
“Investors are advised to buy the stock on declines towards 80 for a target price of 120-140 whereas existing shareholders can use 75 as trailing stop-loss,” Bissa said.
Meanwhile, Pravesh Gour, Senior Technical Analyst at Swastika Investmart, said, “The counter is bottoming out and has also witnessed a breakout of an inverse head and shoulders formation pattern on the weekly chart. It has confirmed its breakout above INR 90. The overall structure also looks lucrative for long-term investors as it trades above all-important moving averages.”
“MACD supports the current strength, whereas the momentum indicator RSI is also positively poised. On the upside, INR 100 is the psychological resistance level; above this, we can expect a rally towards INR 114. On the downside, INR 87 is an important support level during any correction,” Pravesh said.
Commenting on the Q1 earnings and his address to the investors, Managing Director and CEO Deepinder Goyal said, “We have been working hard to make our business less complex, and putting the right people at the right spots within our businesses. These things do not have definite/measurable impact, and I can in hindsight say that most of our seemingly “risky” bets have changed the trajectory of the business significantly, much faster than we expected”.
On the issue of profitability, Akshant Goyal, Chief Financial Officer said that he expected the business to remain profitable going forward. “Knowing what we know today, we believe we will continue to deliver 40%+ YoY topline (Adjusted Revenue) growth for at least the next couple of years,” Goyal said.
Khatirdari Restaurant, a new culinary gem, is poised to redefine the Indian dining experience in Noida. Nestled in the heart of the city, this culinary haven welcomes guests to indulge in the rich and diverse flavors of Indian cuisine. With a sincere commitment to showcasing the art of hospitality and the genuine ‘khatirdari’ that India is known for, Khatirdari Restaurant promises an unforgettable journey through the essence of Indian gastronomy.
“We are overwhelmed by the incredible response and love we have received from the people of Noida and beyond. It is a testament to the hard work and dedication of our team to provide an unforgettable dining experience for our patrons. We are committed to continually elevating our offerings and bringing the best of Indian cuisine to the table,” shared Swatantra Yadav, the visionary behind Khatirdari Restaurant.
Khatirdari Restaurant takes pride in offering an extraordinary dining experience that pays homage to the culinary heritage of India. Manned by renowned chefs, our menu is meticulously curated to bring together a fusion of traditional and contemporary dishes, exquisitely crafted with the freshest, locally-sourced ingredients and authentic spices. From the first bite to the last, your taste buds are in for a treat as you savor the harmonious symphony of flavors, capturing the essence of India’s gastronomic brilliance.
The ambiance of Khatirdari Restaurant is a seamless fusion of contemporary sophistication and traditional Indian aesthetics. The moment guests walk through the doors, they are enveloped in an inviting atmosphere adorned with elegant decor that beautifully reflects the essence of Indian culture. The harmonious blend of modern elements and timeless traditions creates a captivating space where diners can truly immerse themselves in a memorable dining experience, as if they’ve stepped into a captivating tapestry of Indian heritage.
Khatirdari aims to provide not just a meal but a delightful journey of flavors, where each dish tells a story of India’s culinary heritage. The restaurant’s dedicated team of chefs meticulously curates the menu, offering a symphony of traditional and innovative dishes, thoughtfully prepared with the finest ingredients and authentic spices. Its inviting ambiance and attentive service complement the extraordinary dining experience, ensuring that every guest leaves with a heartwarming memory of true Indian hospitality.
At Khatirdari, the attentive and courteous staff is wholly devoted to ensuring that every aspect of the dining experience surpasses expectations and leaves a lasting impression on each guest. With their extensive knowledge of the menu and keen eye for detail, the dedicated team is committed to delivering nothing short of exceptional service. From warm greetings to personalized recommendations, they strive to create a memorable and delightful culinary journey for every diner, making each visit truly unforgettable.
The FMCG sector experienced a boost in rural volume growth during the June quarter due to a reduction in inflationary pressures. As a result, players in the industry are optimistic about witnessing a gradual recovery in rural demand trends in the upcoming quarters. Nonetheless, companies are cautious and acknowledge the importance of closely monitoring the impact of erratic weather patterns on agricultural incomes and the potential influence of El Nino on the sector.
According to Dabur India’s CEO, Mohit Malhotra, the FMCG industry experienced a four percent increase in volume growth in rural regions during the June quarter.
“With the inflation softening, we have seen our rural growths bounce back to high single digits after three quarters. Rural growth for us was at eight per cent and urban growth was at 10 per cent in Q1. We believe rural growth will keep inching up and the gap between rural growth and urban growth for the industry will keep narrowing,” he stated on an earnings call.
During the recent earnings call, the management of Hindustan Unilever reported that rural volume growth turned positive in the June quarter of 2023, showing sequential improvements. However, they highlighted that this growth followed a volume decline experienced in the June quarter of 2022.
“Overall, with inflation moderating benefits of lower input costs were passed on to consumers through pricing actions taken in the quarter. The government has maintained its heightened amount of rural expenditure. That supports the overall situation of income levels in rural areas,” the company’s leadership stated.
The company also mentioned that the rise in government’s capex investments bodes well for non-farm incomes in rural areas. However, they emphasized the importance of closely monitoring the impact of the monsoon and weather-related risks as significant factors going forward.
Marico, on the other hand, stated that it has not yet observed any signs of recovery in terms of rural demand.
”Volume growth for the FMCG sector was in the positive territory for the second consecutive quarter, led by steady growth in urban, however, evident green shoots in rural were not yet visible. Factors such as retail inflation dropping to sub- five per cent levels, late pickup in monsoons, hike in kharif crop MSPs and higher government spending continue to give hopes of a gradual recovery in rural sentiment,” said Saugata Gupta, MD& CEO, Marico Ltd on a recent earnings calls.
He added that the extent of impact of “spatial distribution of rainfall and erratic weather patterns on rural farm incomes” will need to be seen in the near term.
In Bengaluru, a Zomato delivery partner was captured on video eating food from the delivery bag while waiting at a traffic signal. The video quickly spread across social media, raising doubts about whether the food he was consuming belonged to a customer or if it was his own meal taken during working hours.
The viral video captured the delivery partner behind his bike, indulging in small bites of what appeared to be snacks, possibly fries, taken from the delivery bag while waiting at the signal. A fellow commuter at the same signal recorded the incident and shared it on Facebook with the caption, “For all those who order from Zomato / Swiggy.”
The internet is divided as a few people argue that the delivery agent is breaching the rules, and some people stood with him, saying it might be his own food. A user commented, “The vendor must seal the food perfectly and see that it’s not tampered.”
Another person said, “Common sense is that’s his office bag with name and logo and expected to have food to be delivered. It’s in best interest to keep a separate pouch or bag for their own food to avoid being a target if food companies want to be reliable and expect to have a huge market and keep up with the rapid growth.”
Meanwhile, a section of people argued, “It is not fair to jump the gun as it could be his own food.”
“Pack will be sealed, He might be eating his own food. Without knowing correctly or seeing with my own eyes, I don’t believe such posts. Never blame a person so easily who does hard work for bread,” another user commented.
However, Zomato is yet to provide clarification regarding the incident that took the internet by storm. A similar incident occurred in the food delivery business in the national capital earlier.
Zomato CEO Deepinder Goyal on Sunday observed Friendship Day with a heartwarming gesture. He took to X (formerly Twitter) to share his plan of spreading joy by personally delivering meals and friendship bracelets to the dedicated delivery executives, esteemed customers, and valued restaurant partners.
The founder of the food-tech giant wrote, “Going to deliver some food and friendship bands to our delivery partners, restaurant partners and customers. Best Sunday ever!!”
In addition, he delightedly posted images of himself on a Royal Enfield motorcycle, clutching a collection of friendship bands adorned with the inscription, ‘best food friends forever.’
Going to deliver some food and friendship bands to our delivery partners, restaurant partners and customers. Best Sunday ever!! pic.twitter.com/WzRgsxKeMX
The CEO’s heartwarming gesture drew praise and excitement from amused users, who couldn’t help but express their admiration and delight.
One person wrote, “Zomato orders over Swiggy today where people are hoping to meet the CEO.”
Another user expressed their desire to have Goyal as their delivery partner and playfully inquired if he would be delivering in Chandigarh. Meanwhile, a grateful individual thanked Zomato for being their reliable ‘food friend’ during the absence of their domestic help.
Goyal has previously embraced the role of a Zomato delivery person on more than one occasion. On New Year’s Eve, he took it upon himself to deliver a few orders received through the app. Sharing the experience on Twitter, he even mentioned that his first delivery was made to the Zomato office itself.
In total, he proudly fulfilled four orders, adding to the excitement of his delivery adventures. Interestingly, his X (formerly Twitter) bio humorously reads, “Delivery boy at Zomato,” showcasing his playful and hands-on approach to the company he leads.
Just last week, Zomato achieved a significant milestone, posting a profit for the first time since its establishment in 2008. On August 3, the company proudly announced a net profit of INR 2 crore in the first quarter of the current financial year. In a light-hearted exchange on X (formerly Twitter), a user playfully suggested that Goyal could have borrowed the INR 2 crore from him instead of going door-to-door for deliveries. Responding with humor, the CEO appreciated the quip and playfully dubbed it the “Tweet of the day.”
In a recent move, the food delivery platform introduced a trial fee of INR 2 per order, regardless of the cart value. According to the app, this modest fee is aimed at helping them cover operational costs and ensure the smooth functioning of Zomato.
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