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<ul><li>Parle is considering laying off 10,000 employees, thanks to the significant slump in sales, according to an ET report. </li><li>The auto industry has already laid off nearly 350,000 employees in the last four months. </li><li>Rural wages hit the lowest level in the last three years in May 2018. </li></ul>Every economic slowdown hurts the poorer people the most. It’s no different this time. The cash crunch rising out of a slowing economy and rising unemployment is biting budget households in India so bad that they are cutting back on biscuits and that is leading to more job losses at manufacturing plants. India’s largest biscuit maker, Parle is considering laying off 10,000 employees, thanks to the significant slump in sales, <a href="https://economictimes.indiatimes.com/jobs/drop-in-demand-may-force-parle-to-lay-off-up-to-10000-employees/articleshow/70763132.cms?from=mdr">according to</a> an ET report. Parle’s products are mostly consumed by people in the lower rungs of India’s economic pyramid, people in smaller towns and villages. Parle, which makes Parle-G, Monaco and Marie biscuits records an average sale of over ₹10,000 crore annually with over 100,000 employees. “The number of shops stocking these products is the same, but the number of products being sold from these shops is going down due to weakening consumer demand,” Mayank Shah, category heads at <keyword id="235733" type="COMPANY" weightage="20" keywordseo="Parle-Products">Parle Products</keyword> <a href="https://www.nationalheraldindia.com/india/after-britannia-now-parle-hit-by-slowdown-says-gst-responsible-for-it">told </a>National Herald. Higher tax and lower incomes It doesn’t help that biscuits are taxed at 12-18% in the goods and services tax regime. ““These biscuits were taxed at only 12-14 per cent under the previous excise and value added tax regime. Under GST, they are priced at 18%. This forces companies to increase prices, impacting sales,” Shah had added. The slowdown is getting increasingly visible in consumption. It started with trucks followed <a href="https://www.business-standard.com/article/companies/hul-volume-growth-slowest-in-7-quarters-q1-profit-in-line-with-estimates-119072400067_1.html">by car sales</a> and then two wheelers and now it has hit even products <a href="https://www.business-standard.com/article/companies/hul-volume-growth-slowest-in-7-quarters-q1-profit-in-line-with-estimates-119072400067_1.html">of daily consumption</a>. The auto industry has already <a href="https://www.businessinsider.in/indian-auto-manufacturers-have-laid-off-350000-jobs-in-four-months/articleshow/70563890.cms">laid off nearly 350,000 employees </a>in the last four months. Job cuts in companies like Parle will only make the situation worse. People are increasingly worried about the prospects in the coming as signalled by the Reserve Bank of India’s co<a href="https://www.livemint.com/news/india/consumer-confidence-for-the-month-of-june-drops-thomson-reuters-ipsos-survey-1563012458113.html">nsumer confidence index </a>that fell sharply in June 2019 and has stayed near that level since then. The falling biscuit sales only confirm that the country’s rural distress is far from abating. Rural wages hit the lowest level in the last three years in May 2018. “The turmoil is in rural, the turmoil is related to agriculture, so because of that the issues are happening in the value segment, right. So obviously it's affecting every segment but the biggest issue is happening in the value segment because that's what sells in those markets,” Varun Berry, the MD of Brittania said adding that people are shying away from buying <a href="https://www.businessinsider.in/Forget-cars-Indian-consumers-are-wary-of-buying-a-5-biscuit-packet/articleshow/70638256.cms">biscuits packs that are worth a mere ₹5</a>. Richer the better However, the richer Indians may be shelving plans for a new car but they aren’t cutting down on biscuits yet. So, the more expensive packs of biscuits are still selling well and that’s where <keyword id="6359432" type="DOMAIN" weightage="20" keywordseo="britannia">Britannia</keyword> has not had to resort to job cuts yet but Parle has. “With around 65-70% of the portfolio in the premium space, the company plans to introduce variants with protein, gluten free, whole wheat, seed, nuts, etc., and also a niche offering catering to modern trade and e-commerce channels,” said report on consumer sentiment by SBI Caps. See also: <a href="https://www.businessinsider.in/britannia-md-says-consumers-think-twice-before-buying-a-5-biscuit-raises-concerns-about-indian-economy/articleshow/70638256.cms">Forget cars, Indian consumers are wary of buying a ₹5 biscuit packet</a> <a href="https://www.businessinsider.in/kishore-biyanis-big-bazaar-wants-to-take-hindustan-unilever-and-procter-gamble-to-the-cleaners-with-its-own-laundry-brands/articleshow/70173836.cms">Kishore Biyani’s Big Bazaar wants to take Hindustan Unilever and Procter &amp; Gamble to the cleaners, with its own laundry brands</a>

India’s biscuit crisis shows slowdown is hurting the poor more — and job losses are making it worse

<ul><li>India is a relatively young market for <keyword id="26528" type="General" weightage="100" keywordseo="cheese" source="Orion">cheese</keyword> but the category has witnessed good growth during the pandemic.</li><li>For the past few years, <keyword id="6359432" type="General" weightage="80" keywordseo="britannia" source="Orion">Britannia</keyword> has been focusing on growing its <keyword id="6393794" type="General" weightage="80" keywordseo="dairy" source="Orion">Dairy</keyword> business and has big plans to grab a larger share in the category.</li><li>We speak to <keyword id="299988" type="General" weightage="20" keywordseo="abhishek-sinha" source="Orion">Abhishek Sinha</keyword>, Vice-President, Dairy Business, Britannia Industries Ltd. to understand what Britannia is doing to give a push to its Dairy business and how its Cheese portfolio is performing. We also talk to him about Britannia Cheese's latest campaign. </li></ul>India’s cheese market is at a relatively nascent stage when compared to global markets but it is a segment that presents a lot of opportunities. Since the pandemic when people were stuck at home, there was an increase in people experimenting with cooking and owing to the role cheese plays in a lot of global cuisines, there was a surge in demand of cheese worldwide, according to reports. Closer home, Britannia Cheese quickly recognized the opportunity and strengthened its digital marketing strategy to make the most of this surge in demand. In fact, in the financial year 2020-21, Britannia Cheese delivered sales of Rs 200-300 crore. Owing to the growth in demand, the brand also released a campaign recently which was aimed at raising awareness about the role the brand can play if included in children’s everyday diet. <div type="Youtube" id="Pdauhv7Ww8A" title="Britannia Cheese Hindi_20sec" thumbUrl="https://i.ytimg.com/vi/Pdauhv7Ww8A/mqdefault.jpg"></div> We recently caught up with Abhishek Sinha, Vice-President, Dairy Business, Britannia Industries Ltd. to understand how the brand has grown in the past few months, its new campaign and how it is ensuring it keeps up with its growth momentum. Excerpts: Q) You have recently released a campaign for Britannia Cheese where you talk about the importance of consumption of good quality proteins for young adults. Tell us a bit more… Our new campaign for Britannia Cheese aims to educate the audiences about its protein-rich qualities. Proteins are by far one of the most important macronutrients that should be a part of a healthy diet. The campaign aims to raise awareness about the role Britannia Cheese plays as a part of children’s nutrition and encourages parents to include it as a rich and delicious source of good quality protein in their children’s diet. With 2 slices of Britannia Cheese that is made of the goodness of cow’s milk, children will be able to get the same amount of protein as 1 glass of milk or 35 gms of paneer. Q) India is still a young market for cheese. Since your campaign is talking about including cheese in children's diet, how are you convincing parents it’s a healthy option? When we started our background work, our starting point was that Britannia Cheese had considerably less amount of fat when compared to our butter. Categories like butter are familiar to us and a part of our daily diet, while cheese is a relatively modern option and hence unfamiliar category for Indian population. Moreover, we also found that 4 out of 5 Indians don’t consume adequate amounts of good quality protein that comes from cow’s milk. Britannia Cheese which is made of cow’s milk is one of the richest vegetarian sources of good quality protein. Also, cheese is a major source of Calcium, Phosphorous and Vitamin A and hence a valuable addition to a healthy and balanced diet. Q) How big is India's cheese market? What is Britannia's market share in the category? As per IMAC Data, the Cheese category was Rs 3100 crore category in 2018 with 40% of the market coming from Retail sales and 60% of the market from institutional sales. In the financial year 2020-21, Britannia Cheese delivered sales of over Rs 230 crore and as per internal estimates, is the second largest player in <keyword id="13131124" type="General" weightage="20" keywordseo="retail-cheese" source="Orion">Retail Cheese</keyword> in the country. Q) What sort of growth has Britannia's dairy and cheese category witnessed in the last few years? What are a few factors that have helped achieve this growth? The financial year 2020-21 saw Britannia Cheese growing at 30% on the back of lockdowns and consumers shifting their consumption from out-of-home to in-home. The growth in the first half of the year was somewhat subdued owing to the large bases of the previous year, however the growth for Britannia and the category has come back in the second half of this year. While Britannia remains strong across top metros and modern trade stores, our key growth markets in recent times have been the next 20 towns beyond the top 8 metros and e-commerce. During and post the pandemic, we realized that the cheese category in Tier II towns has started outpacing the grown in metros and we are looking at growing our distribution in these markets significantly this year. Further the e-commerce business for cheese has been growing at a CAGR of 100% for the last 2 years and we expect to continue the momentum in the coming year as well. Q) Being one of the top players currently, what sort of innovations are you bringing about in the category? Are you also looking at focusing on gourmet/premium cheese offerings? One of the keys towards being India’s largest bakery foods company and one of the most trusted brands is the strength of our R&amp;D function in driving product innovations. The Dairy portfolio is also key in our vision of making Britannia a global Total Foods Company. One of the focus of our investments in the Ranjangoan unit would also be to build a world class R&amp;D facility. This will enable us to develop and grow the Indian Value-Added Dairy category. In the vision for Dairy, we see ourselves as a Leader in the Value-Added Dairy category which we shall achieve by bringing world-class product experiences to consumers at prices that are competitive and yet create margins for investment into the growth of such experiences. Some of the opportunities in Cheese that we would be keen to explore would be to grow the nascent <keyword id="13131123" type="General" weightage="20" keywordseo="cheese-snacking" source="Orion">Cheese Snacking</keyword> category which is very large in western markets. Our back-end competency would also enable us to become a preferred supplier of cheese to hotels, restaurants, QSRs and cafeterias. We would also seek to grow nascent categories like spreads, cream cheese and Mozzarella cheese. Meanwhile, other avenues for innovation that we have outlined lie in the Value-Added Drinks and Yogurts categories through a portfolio expansion for <keyword id="13131122" type="General" weightage="20" keywordseo="winkin-cow" source="Orion">Winkin Cow</keyword> and our Fresh Business. Q) Globally as well as in India, a lot of people are moving away from animal-based foods… What do you think the future of the Dairy category looks like in India? Today we see a large global recognition of the fact that our diets are high in carbohydrates but poor in protein and hence there is a move towards new sources of Protein to be added to our diets. In fact even in India there is a recognition of the fact that 4 out of every 5 Indians don’t consumer adequate amounts of good quality protein in their diet. This recognition is also fuelling the growth of the Dairy Category in the country and hence we see significant growth of categories like Cheese, Value Added Dairy Drinks and Value Added Yogurts. We are extremely bullish about the prospects of the category and hence have invested close to Rs 600 crore in our backward integrated dairy plant at Ranjangoan. Q) What is your focus going to be in terms of marketing your products? What is your target for FY 22-23? We expect FY 22-23 to be an exciting year for Britannia Dairy as this is the year we start manufacturing our own products. We would aspire to grow our business in high double digits led by Cheese, Dairy Drinks and the Fresh portfolio. We have embarked onto a powerful Brand Campaign for Britannia Cheese build on bridging the Protein gap for Indians. This message is being spread through a 3-month Brand Power TVC in mass media across India. We are also investing in digital initiatives for the savvy metro consumer. For Tier II and III towns, we will also be investing in OOH to take the message far and wide. We are also investing robustly in Modern Trade Visibility and across E-commerce platforms. We are also extremely bullish on Winkin Cow, our Dairy Drinks brand. We have regularly invested in advertising for the brand and next year, we plan to extend our offerings to various segments of the Dairy Drinks category, from affordable SKUs to premium and indulgent experiences. Lastly, the Dairy Factory will allow us to incubate Maharashtra as a market to build a robust fresh dairy portfolio.

Here’s how Britannia is strengthening its Dairy portfolio

<ul><li>With their sales being hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices.</li><li><keyword id="6359432" type="UNKNOWN" weightage="20" keywordseo="britannia">Britannia</keyword>’s MD Varun Berry said there is some serious issue in the economy.</li><li>He’s not alone, leaders from the auto industry have raised their concerns as the segment is witnessing its worst sales slowdown.</li></ul>Questions are being raised by top Indian businessmen about the economic health of the country. The latest one to cry foul is fast moving consumer goods company Britannia. In the <a href="https://www.dnaindia.com/business/report-consumers-thinking-twice-before-buying-a-rs-5-pack-britannia-2781047">latest earnings call</a> of Britannia, the company’s MD Varun Berry raised some serious concerns about the <keyword id="6356076" type="DEFINITION" weightage="20" keywordseo="indian-economy">Indian economy</keyword>. "We've grown only 6% and the market is growing slower than that. And that's a little bit of a worry, because even for a ₹5 product if the consumer is thinking twice before buying it, then there is some serious issue in the economy,” he said. This comes in even though Britannia holds one-third of market share in the Indian biscuit industry. With their sales hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices. India’s GDP has slumped to 6.8% in FY19, whereas <a href="https://www.businesstoday.in/current/economy-politics/india-economy-9-per-cent-gdp-growth-pm-modi-5-trillion-dollar-economy-target-ey/story/370433.html">analysts </a>say that for India to reach its dream of being a $5 trillion economy, the country’s GDP needs to grow steadily at 9%. The industry that has been worst hit has the auto industry which has seen a massive slowdown in sales has seen. Auto industry leaders like Pawan Munjal of HeroCorp, RC Bhargava of Maruti, Anand Mahindra of Mahindra &amp; Mahindra, have all been rallying for reduction of GST to boost growth in sales. Rahul Bajaj, the chairman of Indian conglomerate Bajaj Group. During his company’s Annual General Meeting, he spoke of the government’s role in the weak sales of the auto industry. “There is no demand and no private investment, so where will growth come from? It doesn’t fall from the heavens. The auto industry is going through a very difficult period. Cars, commercial vehicles and two-wheelers are going through a rough patch,” Bajaj added. Earlier, Adi Godrej, chairman of the Godrej group, too <a href="https://www.firstpost.com/business/industry-leaders-reaction-on-budget-2019-adi-godrej-says-budget-is-not-growth-oriented-stock-market-comes-down-considerably-6940161.html">said</a> that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”. <a href="https://www.ndtv.com/india-news/adi-godrej-rising-intolerance-hate-crimes-can-seriously-damage-growth-2068996">Godrej also touched upon a sensitive subject </a>saying that rising intolerance in the country is also affecting growth. However, there are also some who believe this is just a phase. HDFC Chairman <a href="https://www.businesstoday.in/current/economy-politics/indias-economic-slowdown-driven-by-lower-consumption-temporary-in-nature-says-hdfcs-deepak-parekh/story/370229.html">Deepak Parekh</a> in the recent annual general meeting of the bank said, “While there has been an across-the-board slowdown in consumption, given the inherent demand and low penetration levels, I believe this is temporary in nature.”

Forget cars, Indian consumers are wary of buying a ₹5 biscuit packet

New Delhi, Mar 26 () FMCG major Britannia Industries on Thursday urged the government to ensure inter-state movement of the raw material for the food processing industry during the three-week lockdown, imposed to prevent pandemic of Covid-19. The government should issue necessary permits immediately to all people who are part of the food industry supply chain, said Britannia in a statement. The supply chain includes suppliers of raw materials and packaging materials, food manufacturing factories, factory workers, transporters of materials and finished goods, depots, wholesalers, distributors and their sales persons. "Necessary permits need to be immediately issued to all of them," said Britannia Industries MD Varun Berry. Supporting the government's effort, he said intervention is required to restore supply chains with immediate effect. According to him, the food industry supply chain is disaggregated and dependent on inter-state movement of goods. Due to the nature of the materials, inventories across the chain are low . "If even one link in the supply chain is broken, the country could run out of stocks of packaged food in the next 7-10 days," he said. He further said that it would also ensure that essential food commodities throughout the country, as reiterated by Prime Minister Narendra Modi to ensure that people don't indulge in panic buying. "Thus, it is imperative that the supply chain for food products be restored in entirety and allowed to function with adequate safety measures and police protection," Berry added. Food is a declared essential commodity as per the Essential Commodities Act 1955 and the food processing industry has been exempted from the work and movements restrictions imposed at this point in time. "We need support from district authorities in allowing our factory workers to travel to the factory premises with appropriate safeguards," he said adding that this will help the company kick start production and ensure uninterrupted supply of essential packaged foods throughout the country. On Tuesday, PM Modi had announced a three-week lockdown of the nation to prevent the spread of Coronavirus (Covid-19) in the country. KRH ANSANS

Lockdown: Britannia urges govt to issue necessary permits to people in food processing supply chain

New Delhi, Feb 7 () Biscuits and bakery products maker Britannia Industries on Friday reported a 23.26 per cent increase in consolidated net profit at Rs 369.88 crore in the third quarter ended December 2019. The company had posted a consolidated net profit of Rs 300.07 crore in the same quarter last fiscal, Britannia Industries said in a regulatory filing. Total revenue from operations during the third quarter stood at Rs 2,982.68 crore as against Rs 2,842.44 crore in the year-ago period, it added. Commenting on the company's performance, Britannia Industries Managing Director Varun Berry said,"we had a decent quarter in the face of an economic slowdown...We chose to focus on strengthening the building block of the business rather than pushing sales in the face of a low offtake scenario." The company continued to expand the width and depth of distribution but additionally focused on improving distributor health and keeping the supply chain efficient, he added. Further, Berry said,"during this phase of sluggish demand, we continued to invest in enhancing our brand equity through focused product campaigns. As a result of our efforts, we continue to strengthen our position as a dominant market leader." On the cost front, he said there was moderate inflation in the prices of key raw materials for the bakery business. "There was a significant increase in milk prices which impacted our dairy business. Our accelerated drive on cost efficiencies, reduction in wastage and leverage on fixed costs helped us improve the shape of our business and deliver highest ever operating profits in the quarter on the back of a previous best quarter," Berry said. On the outlook, he said,"we are hopeful that in this country, slowdown can only be short lived and our focused efforts on distribution and processes will help us get back on high growth trajectory and consistently enhance value for all our stakeholders." RKL RUJ

Britannia Q3 net up 23.26 pc at Rs 370 cr

<ul><li>The SGX Nifty was trading nearly a percent higher, indicating a positive start for the Sensex and Nifty50.</li><li>Here's a list of stocks to watch out for in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amid positive cues from the global market, Indian stock-market indices are likely to open higher on Thursday. At 8:05 am, the SGX Nifty was trading nearly a percent higher, indicating a positive start for the Sensex and Nifty50. On Wednesday, the <keyword id="70622" type="ORGANIZATION" weightage="20" keywordseo="Dow-Jones-Industrial-Average">Dow Jones Industrial Average</keyword> gained 1.05%, to 27,976.84 points. These are the stocks to watch out for during the trading session on August 13: Tata Power The board of Tata Power has approved the merger of its wholly-owned subsidiary Coastal Gujarat Power Ltd, into the parent company to provide financial relief as it continues to face losses. Gujarat Power operates the ultra mega power plant at Mundra. Besides that, the company on Wednesday posted a consolidated net profit of ₹268 crore, up 10% compared to the same quarter last year. The shares of Tata Power ended nearly 3% higher yesterday. <keyword id="146218" type="COMPANY" weightage="20" keywordseo="Britannia-Industries">Britannia Industries</keyword> According to a stock-exchange filing Britannia Industries has allotted ‘commercial papers’ for an aggregate amount of ₹300 crores on August 12, with tenure of 12 months. Commercial paper is an unsecured debt instrument issued typically for the financing of a firm’s short-term liabilities. The shares of Britannia Industries ended over 2% lower yesterday. <keyword id="6357252" type="COMPANY" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> Hero MotoCorp is slated to report its first quarterly earnings, today. According analysts, the company is expected to see a 66% revenue dip, and over 88% fall in its profit. The shares of Hero MotoCorp ended over 2% higher yesterday. Ashok Leyland <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja Group</keyword> flagship firm Ashok Leyland reported a consolidated net loss of ₹388.82 crore for the first quarter ended June 30. The company’s revenue from operations in April-June 2020 significantly declined to ₹1,486.04 crore as compared with ₹6,588.23 crore in the year-ago period. The shares of Ashok Leyland ended nearly 4% higher yesterday. Aurobindo Pharma Drugmaker Aurobindo Pharma’s net profit was up 22.81% to ₹780.68 crore for the quarter ended on June 30, 2020, mainly on account of robust sales in the US market. The shares of Aurobindo Pharma ended nearly 1% lower yesterday. <keyword id="6363556" type="DOMAIN" weightage="20" keywordseo="indiabulls">Indiabulls</keyword> Housing Finance Sameer Gehlaut has stepped down as the Executive Chairman of Indiabulls Housing Finance (IBH). The company has appointed former RBI deputy governor SS Mundra as its non-executive chairman with immediate effect. The shares of Indiabulls Housing Finance ended over 2% higher yesterday. Mahindra &amp; Mahindra Financial Services Mahindra &amp; Mahindra Financial Services has raised ₹3,088.82 crore through a rights issue which was oversubscribed approximately 1.3 times. The rights issue of the deposit-taking non-banking finance company closed on Tuesday. The shares of Mahindra &amp; Mahindra Financial Services ended nearly 1% higher yesterday. Eicher Motors, GAIL India, Grasim Industries, Aditya Birla Fashion These companies are slated to report their first quarterly earnings today. SEE ALSO:<a href="https://www.businessinsider.in/india/news/interglobe-aviation-indigo-shares-gained-over-9-after-the-company-decides-to-lease-back-12-of-its-aircrafts/articleshow/77500385.cms" data-type="tilCustomLink"> IndiGo shares rally over 9% after the company decides to lease back 12 of its aircrafts</a> <a href="https://www.businessinsider.in/tech/news/it-only-takes-50-tweets-to-find-a-troll-on-twitter/articleshow/77512151.cms" data-type="tilCustomLink">It only takes 50 tweets to find a troll on Twitter</a>

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India’s biscuit crisis shows slowdown is hurting the poor more — and job losses are making it worse

Prerna Sindwani

Here’s how Britannia is strengthening its Dairy portfolio

Samarpita Banerjee

Forget cars, Indian consumers are wary of buying a ₹5 biscuit packet

Sanchita Dash

Lockdown: Britannia urges govt to issue necessary permits to people in food processing supply chain

PTI

Britannia Q3 net up 23.26 pc at Rs 370 cr

PTI

Top stocks to watch today— Britannia, Hero MotoCorp, Ashok Leyland, M&M Financial, Indiabulls Housing and more

Navdeep Yadav

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