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<a href="http://www.businessinsider.in/searchresult.cms?query=Nike&amp;sortorder=effectivedate">Nike</a>, the world’s biggest sportswear maker has shut down 35% of its stores in India so as to cut losses. Currently, there exists only 200 stores of the sportswear maker. 
 
According to the data filed with the <a href="http://www.businessinsider.in/searchresult.cms?query=Registrar+of+Companies&amp;sortorder=effectivedate">Registrar of Companies</a> (<keyword id="6605088" type="ORGANIZATION" weightage="20" keywordseo="ROC">Roc</keyword>) in March 2015, Nike’s losses were around Rs 541 crore. Its losses for the current year were Rs 101 crore. 
 
"As part of its strategy, Nike is reducing its number of partners in the country and will be working with just three or four to run its operations here, earlier it had around 20 partners and it has halved the number. Further consolidation will take place." a senior industry executive told ET. Many of the stores closed by Nike have been converted into Multi-Brand stores by its partners like <keyword id="3667865" type="UNKNOWN" weightage="20" keywordseo="SSIPL">SSIPL</keyword> and <keyword id="13319" type="PERSON" weightage="20" keywordseo="Ravi-Jaipuria">Ravi Jaipuria</keyword>'s RJ Corp. These multi-brand stores are showing encouraging results. 
 
According to the sources, Nike has been thinking about its strategy of sponsoring bats for top Indian cricketers. Though, Nike spends around Rs 60 crore per year to sponsor the Indian cricket team's kit, sponsoring bats of cricketers such as <a href="http://www.businessinsider.in/searchresult.cms?query=Axar+Patel&amp;sortorder=effectivedate">Axar Patel</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Ajinkya+Rahane&amp;sortorder=effectivedate">Ajinkya Rahane</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=R+Ashwin&amp;sortorder=effectivedate">R Ashwin</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Ravindra+Jadeja&amp;sortorder=effectivedate">Ravindra Jadeja</a> and <a href="http://Parthiv Patel">Parthiv Patel</a> among many others is an added cost. 
 
"Wrong marketing investments leading to poor return on investments has been a problem for Nike in India, the company's retail expansion strategy has also not worked according to plan, leading to closure of many stores," senior industry executives told ET. 
(image:Reuters)

Nike
shuts down 35% of its Indian stores to cut losses

Executive Director (R&amp;D), TSR Murali, the brain behind Kurkure and Aliva, has quit <keyword id="110163" type="CITY" weightage="100" keywordseo="PepsiCo-India">PepsiCo India</keyword>, a person familiar with the matter told TNN. He said Murali was one of the most important in the country’s efforts to spawn innovations in its food business. 
 
The high profile exits come at a time when the sales of soft drinks are slowing down in the country. Several executives in charge of key functions left the company recently while a few others are waiting in the wings, said people familiar with the matter, citing the frequent restructuring in the Indian subsidiary of the New York-based food and beverage giant. 
 PepsiCo veterans <keyword id="2933728" type="UNKNOWN" weightage="100" keywordseo="Meghnad-Mitra">Meghnad Mitra</keyword>, who worked as senior director, planning and strategy , at the company , and <keyword id="150453" type="PERSON" weightage="20" keywordseo="Sunil-Duggal">Sunil Duggal</keyword>, director of corporate affairs, who was responsible for liasoning with Indian government and industry bodies on behalf of the beverage major have also put in their papers recently . 
 
A PepsiCo India spokesperson told TNN: "While senior and middle management levels do witness churn, we are pleased by the fact that we have been able to fill most of these positions internally which speaks for our talent pipeline created by our robust leadership development model and people plans. PepsiCo India has over a period of time built a very strong pipeline by giving people a mix of different critical experiences within PepsiCo India and internationally and continues to do so.” 
 The company faced a churn of senior and mid-level executives from both its marketing and sales division when it divested its north India bottling operations to <keyword id="13319" type="PERSON" weightage="100" keywordseo="Ravi-Jaipuria">Ravi Jaipuria</keyword>'s <keyword id="477661" type="UNKNOWN" weightage="80" keywordseo="RJ-corp-">RJ Corp </keyword>in November last year. The deal saw PepsiCo handing over four plants and two co-packing units across six states. Around 900 direct employees of the company were affected by the deal. Glitches dogged PepsiCo till March this year when it had to pay sizeable compensations to the workers at most of the transferred plants in a bid to make them to start production for RJ Corp. 
 Industry experts said PepsiCo's "Power of One" strategy, which has also come under fire from activist investors, is one of the main reasons behind employee dissatisfaction at the company .Earlier, operations were divided into two individual entities at PepsiCo--food (FritoLay India) and beverages (PepsiCo India Holdings) --with individual leaders at the helm. Then, led by PepsiCo's long-term CEO <keyword id="6421975" type="PERSON" weightage="100" keywordseo="Indra-Nooyi">Indra Nooyi</keyword>, the company merged its foods and beverages businesses in many markets with the idea that selling food and beverages as part of a single portfolio will give the company more leverage to take on rivals such as <keyword id="6391475" type="CITY" weightage="20" keywordseo="Coca-Cola">Coca-Cola</keyword>, which only sells beverages. 
 
(Image credits: wikipedia)

PepsiCo India facing HR challenge with top level resignations

<keyword id="20376663" type="General" weightage="20" keywordseo="Devyani-International" source="keywords">Devyani International</keyword> Ltd, the operator of <keyword id="19998734" type="General" weightage="20" keywordseo="Pizza-Hut" source="keywords" meta.keywordsubtype="org" meta.entityname="Pizza Hut" meta.hostid="261" meta.entityid="Pizza Hut">Pizza Hut</keyword>, <keyword id="20066481" type="General" weightage="20" keywordseo="KFC" source="keywords" meta.keywordsubtype="org" meta.entityname="KFC" meta.hostid="261" meta.entityid="KFC">KFC</keyword>, and <keyword id="20910882" type="General" weightage="20" keywordseo="Costa-Coffee" source="keywords" meta.keywordsubtype="org" meta.entityname="Costa Coffee" meta.hostid="261" meta.entityid="Costa Coffee">Costa Coffee</keyword> stores, has reported a profit of Rs 224.30 crore for June quarter FY25 helped by marketing campaigns and promotional deals. The Quick Service Restaurant (QSR) operator had reported a loss of Rs 1.59 crore in April-June FY24, according to a regulatory filing by the Jaipuria family-promoted firm on Monday. Revenue from operations in the quarter was Rs 1,221.90 crore as against Rs 846.63 crore in the year-ago period. Its "consolidated EBITDA for the quarter closed at Rs 220 crore, with margin at 18.3 per cent - an improvement of 1.7 per cent compared to the previous quarter," said an earning statement from the company. Total expenses in June quarter increased 42.9 per cent to Rs 1,201.28 crore. During the quarter, Devyani International Ltd (DIL) added 54 stores with an aim to reach consumers in its under-penetrated markets, it said. "With this addition, DlL's total store count moves to 1,836 stores as of June 30, 2024," it said adding it has plans to open 250-275 new stores in FY25. It is on track to meet the target of 2,000 stores across its brand portfolio within the current financial year, said DIL which also owns and operates South Indian vegetarian food QSR chain Vaango. The company continues to focus on "offering value-driven options to consumers to navigate market dynamics and drive growth. The company introduced innovative marketing campaigns and promotional deals across its range of brands, enabling it to capitalise on seasonal trends," it said. In June quarter, DIL opened 20 new restaurants for KFC taking the total count to 617. While for Pizza Hut, it added 15 stores in India, taking the total count to 570. It added 11 stores of Costa Coffee and by the end of June 2024, DIL was operating 192 stores. DIL also operates 40 stores of KFC in Nigeria and 28 stores of KFC and Pizza Hut in Nepal. It was also operating 295 stores of KFC in Thailand by the end of the June quarter. "We witnessed an improved performance for DIL in Q1, driven by seasonality and cost leverage from better ADS across our businesses. Our Thailand business also demonstrates growth with new store openings and a customer delight strategy," Chairman Ravi Jaipuria said. Shares of DIL were trading at Rs 178.60 apiece on BSE, down 1.27 per cent from the previous close. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms" target="_blank">Neeraj Chopra’s Paris Olympics journey to begin with qualification round today – top rivals to look out for</a><a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a>

Devyani International reports Q1 profit of ₹224 crore

As the Indian economy continues to thrive and expand, the country's wealth landscape has seen remarkable transformations. From visionary entrepreneurs to industry magnates, Indian billionaires have not only amassed significant fortunes, but also influenced various sectors with their strategic ventures. Below, we list down 10 such Indians whose accomplishments have earned them a spot in the ‘Top 10 richest persons in India’ list as of June 2024, as per Forbes. <cmsannotation type="cmsannotation" annotationid="List of richest people in India in 2024" comment="subhead" text="List of richest people in India in 2024">List of <keyword id="5287020" type="General" weightage="20" keywordseo="richest-people-in-india" source="Orion">richest people in India</keyword> in 2024</cmsannotation> <table style="font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-kerning: inherit; font-optical-sizing: inherit; font-feature-settings: inherit; font-variation-settings: inherit; font-variant-position: inherit; font-stretch: inherit; font-size: 18px; line-height: inherit; font-family: Georgia, &quot;Times New Roman&quot;, Times, serif; vertical-align: baseline; background-color: rgb(255, 255, 255); width: 870px;" class="redcator-table-advance"><tbody><tr><th style="padding: 8px; margin-right: 0px; margin-left: 0px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Indian Rank</th><th style="padding: 8px; margin-right: 0px; margin-left: 0px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Name</th><th style="padding: 8px; margin-right: 0px; margin-left: 0px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Net Worth (US$)</th><th style="padding: 8px; margin-right: 0px; margin-left: 0px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Company</th><th style="padding: 8px; margin-right: 0px; margin-left: 0px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Global Rank</th></tr><tr><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">1</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Mukesh Ambani </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">$115.8 B</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Reliance Industries</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">11</td></tr><tr><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">2</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Gautam Adani </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">$86.2 B</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Adani Group</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">18</td></tr><tr><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">3</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Savitri Jindal and Family </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">$39.8 B</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">JSW Group </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">32</td></tr><tr><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">4</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Shiv Nadar </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">$32.5 B</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">HCL Technologies </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">51</td></tr><tr><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">5</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Dilip Shanghvi </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">$24.9 B</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Sun Pharmaceutical Industries Ltd</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">76</td></tr><tr><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">6</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Kumar Birla </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">$22.9 B</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Aditya Birla Group </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">86</td></tr><tr><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">7</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Cyrus Poonawalla </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">$21.8 B</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Serum Institute of India </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">90</td></tr><tr><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">8</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Radhakishan Damani </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">$20.9 B</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Avenue Supermarkets </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">92</td></tr><tr><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">9</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Kushal Pal Singh </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">$19.6 B</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">DLF Limited </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">96</td></tr><tr></tr><tr><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">10</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Ravi Jaipura </td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">$18.4 B</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">Varun Beverages</td><td style="padding: 8px; font: inherit; border-width: 1px; border-style: solid; border-color: black; vertical-align: baseline;">104</td></tr></tbody><tbody></tbody></table> <cmsannotation type="cmsannotation" annotationid="1. Mukesh Ambani - $115.8 Billion" comment="subhead" text="1. Mukesh Ambani - $115.8 Billion">1. Mukesh Ambani - $115.8 Billion</cmsannotation> At the helm of Reliance Industries, Mukesh Ambani's unparalleled vision has led to groundbreaking advancements across telecom, retail, and energy. His strategic investments and innovative approaches have consistently driven Reliance to greater heights, solidifying his status as India's richest person. <cmsannotation type="cmsannotation" annotationid="2. Gautam Adani - $86.2 Billion" comment="subhead" text="2. Gautam Adani - $86.2 Billion">2. Gautam Adani - $86.2 Billion</cmsannotation> Gautam Adani, the founder of Adani Group, has reshaped the business landscape with his diverse ventures in ports, logistics, renewable energy, and infrastructure. Adani’s expansion into these crucial sectors has not only enhanced his conglomerate's influence but also contributed significantly to his substantial net worth. <cmsannotation type="cmsannotation" annotationid="3. Savitri Jindal and Family - $39.8 Billion" comment="subhead" text="3. Savitri Jindal and Family - $39.8 Billion">3. Savitri Jindal and Family - $39.8 Billion</cmsannotation> The Jindal family's wealth is largely attributed to the success of the JSW Group in the steel industry. Savitri Jindal’s leadership has been instrumental in steering the company towards greater achievements, further cementing its place among India’s elite. <cmsannotation type="cmsannotation" annotationid="4. Shiv Nadar - $32.5 Billion" comment="subhead" text="4. Shiv Nadar - $32.5 Billion">4. Shiv Nadar - $32.5 Billion</cmsannotation> As the co-founder of HCL Technologies, Shiv Nadar has made a lasting impact on the IT sector. His philanthropic initiatives in education and healthcare underscore his commitment to societal betterment, complementing his remarkable business success. <cmsannotation type="cmsannotation" annotationid="5. Dilip Shanghvi - $24.9 Billion" comment="subhead" text="5. Dilip Shanghvi - $24.9 Billion">5. Dilip Shanghvi - $24.9 Billion</cmsannotation> Dilip Shanghvi, the mastermind behind Sun Pharmaceutical Industries, has built a global pharmaceutical empire. His strategic acquisitions and innovative drug development have positioned Sun Pharma as a leader in the healthcare sector, reflecting his visionary approach. <cmsannotation type="cmsannotation" annotationid="6. Kumar Birla - $22.9 Billion" comment="subhead" text="6. Kumar Birla - $22.9 Billion">6. Kumar Birla - $22.9 Billion</cmsannotation> Leading the Aditya Birla Group, Kumar Birla manages a diverse portfolio that spans cement, metals, and telecommunications. His adept oversight has propelled the group to new heights, demonstrating his ability to navigate and excel in various industries. <cmsannotation type="cmsannotation" annotationid="7. Cyrus Poonawalla - $21.8 Billion" comment="subhead" text="7. Cyrus Poonawalla - $21.8 Billion">7. Cyrus Poonawalla - $21.8 Billion</cmsannotation> Cyrus Poonawalla’s Serum Institute of India stands as a pivotal player in global healthcare, primarily due to its significant contributions to vaccine production. His influence extends beyond the domestic sphere, impacting health on a global scale. <cmsannotation type="cmsannotation" annotationid="8. Radhakishan Damani - $20.9 Billion" comment="subhead" text="8. Radhakishan Damani - $20.9 Billion">8. Radhakishan Damani - $20.9 Billion</cmsannotation> Founder of DMart, Radhakishan Damani has revolutionised the retail sector with a focus on value-driven offerings and efficient operations. His success in building a prominent retail chain has secured his place among India’s wealthiest. <cmsannotation type="cmsannotation" annotationid="9. Kushal Pal Singh - $19.6 Billion" comment="subhead" text="9. Kushal Pal Singh - $19.6 Billion">9. Kushal Pal Singh - $19.6 Billion</cmsannotation> As Chairman of DLF Limited, Kushal Pal Singh has crafted a real estate empire that is a testament to his strategic vision and execution. His developments have significantly shaped India’s real estate market, contributing to his considerable wealth. <cmsannotation type="cmsannotation" annotationid="10. Ravi Jaipuria - $18.4 Billion" comment="subhead" text="10. Ravi Jaipuria - $18.4 Billion">10. Ravi Jaipuria - $18.4 Billion</cmsannotation> Ravi Jaipuria, the founder of Varun Beverages, has made a substantial mark in the beverage industry. His company’s growth and market presence has propelled him into the ranks of India's wealthiest individuals, showcasing his business acumen. These ten magnates represent the pinnacle of wealth and influence in India for 2024. Their diverse ventures and strategic innovations continue to shape the economic landscape, driving growth and development across multiple sectors. As they push the boundaries of success, their contributions to industry and society underscore their significant roles in India's burgeoning economy. Their stories of ambition, resilience and strategic foresight offer inspiration and insight into what it takes to thrive in today's competitive business world.

Top 10 richest people in India in 2024

Quick service restaurant operator <keyword id="20376663" type="General" weightage="20" keywordseo="Devyani-International" source="keywords">Devyani International</keyword> Ltd on Tuesday reported a consolidated net loss of Rs 48.95 crore in the fourth quarter ended March 31, 2024, impacted by forex translation loss due to the devaluation of Nigerian currency. The company had posted a consolidated net profit of Rs 59.88 crore in the fourth quarter of the previous fiscal, Devyani International said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 1,047.08 crore as against Rs 754.98 crore in the corresponding period a year ago, it added. Total expenses were higher at Rs 1,057.32 crore as compared to Rs 724.77 crore in the year-ago quarter, it added. During the quarter ended March 31, 2024, and the year ended March 31, 2024, due to significant devaluation of the Nigerian currency, the Nigerian subsidiary of the group has recognised Rs 42.37 crore and Rs 89.7 crore devaluation impact on account of translation loss of USD denominated liabilities in Nigerian subsidiary's financial information as at March 31, 2024, and year ended March 31, 2024, respectively, the filing said. "Considering the significance of the amount involved, the said exchange translation loss has been presented as an "exceptional item" in consolidated financial results of the group," it said. Devyani International Ltd (DIL) is the largest franchisee for <keyword id="20506161" type="General" weightage="20" keywordseo="Yum-Brands" source="keywords" meta.keywordsubtype="org" meta.entityname="Yum Brands" meta.hostid="261" meta.entityid="Yum Brands">Yum Brands</keyword> (KFC and Pizza Hut) in India. It is also the sole franchisee for Costa Coffee Brand and stores in India. Besides, it also has the South Indian vegetarian chain Vaango. For the fiscal ended March 31, 2024, the consolidated net loss was at Rs 9.65 crore. The company had posted a consolidated net profit of Rs 262.51 crore in the year ended March 31, 2023, according to the filing. In FY24, consolidated revenue from operations was at Rs 3,556.32 crore as against Rs 2,997.72 crore in FY23. "In 2024, we have diligently focused on our strategic expansion goals. Over the course of the year, we opened 256 new stores, including 47 in the fourth quarter. As of March 31, our total store count has reached 1,782, including the 283 KFC stores we acquired in Thailand on January 18, 2024," Devyani International Chairman Ravi Jaipuria said. He said alongside the global expansion, the company has also been working on a strategy to enhance its domestic footprint of the food courts business in response to India's emergence as a major destination for travel, tourism, and shopping. "The domestic travel market is picking up very well and we are seeing religious tourism as one of the important thrust areas. India is also gaining importance in the international markets for medico tourism and a value-for-money shopping destination," Jaipuria said. DIL said the investments in infrastructure and the revitalisation of the travel and tourism sector augur well for the quick service restaurant (QSR) industry. "The outlook for India in 2024 appears optimistic, and DIL is well poised to seize the opportunity presented by this favourable trend," it said. The company said its board has approved the appointment of Kamaljit Singh Bedi as CEO - Institutional Business and New Business Ventures with effect from May 14, 2024. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/chatgpt-maker-openai-has-launched-gpt-4o-a-new-ai-voice-assistant/articleshow/110112039.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/chatgpt-maker-openai-has-launched-gpt-4o-a-new-ai-voice-assistant/articleshow/110112039.cms" target="_blank">ChatGPT maker OpenAI has launched GPT-4o, a new AI voice assistant</a><a href="https://www.businessinsider.in/tech/news/google-i/o-event-today-how-to-watch-and-what-to-expect/articleshow/110105611.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/google-i/o-event-today-how-to-watch-and-what-to-expect/articleshow/110105611.cms" target="_blank">Google I/O event today – how to watch and what to expect</a><a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-4-lite-to-launch-soon-in-india-expected-price-specs-and-everything-we-know-so-far/articleshow/110076267.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-4-lite-to-launch-soon-in-india-expected-price-specs-and-everything-we-know-so-far/articleshow/110076267.cms" target="_blank">OnePlus Nord CE 4 Lite to launch soon in India – expected price, specs and everything we know so far</a>

Devyani International posts net loss of ₹48.95 crore in Q4

Top 25 richest people in India in 2024

<ul><li>Cancerians, like <keyword id="111343" type="General" weightage="80" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, contributed 8.5% to the cumulative wealth, saw a 26.4% erosion.</li><li>Aries comes fourth, courtesy <keyword id="3820" type="General" weightage="80" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> who saw a 2% uptick in his wealth to top of the list.</li><li>Virgos, led by the likes of <keyword id="10020505" type="General" weightage="80" keywordseo="shapoor-pallonji-mistry" source="Orion">Shapoor Pallonji Mistry</keyword> and Anil Agarwal contributed 9.6% to the list.</li></ul> The stars have to align for entrepreneurs to become billionaires, they say. While not everyone believes in it, 360 ONE Wealth Hurun India Rich List 2023 report gives a detailed list of the star signs of India’s most successful billionaires. As of 2023, those with the <keyword id="123559" type="General" weightage="100" keywordseo="pisces" source="Orion">Pisces</keyword> sign had a great year, followed by Taurus and Libra. Things were not that smooth for the Cancerians who saw 26% of their wealth eroded. While there was a cumulative wealth increase of almost 35% for the Pisces, Taurus saw an uptick of 26.6%. Librans were just behind with 25.2% growth in wealth. Virgos, Aquarians, Capricorns, Leos and Gemini’s saw a double digit growth in wealth in the last one year. Aries, and Scorpios saw single digit rises. For Sagittarians, there was barely any change. The top contributors to the list A closer look at the star signs of India’s richest shows that, overall, Virgos and Scorpios led the way in total contribution, with the highest number of entries followed by Pisces. Virgo, the star sign was led by the likes of Shapoor Pallonji Mistry, Anil Agarwal, Gopikishan Damani and contributed 9.6% to the Hurun Rich list. Shapoor Pallonji Mistry has total wealth of ₹70,800 crore and is fifth on the list of Richest Non-Resident Indians. Anil Agarwal of Vedanta Group has ₹66,900 cr with his family after seeing a 14% uptick. While Cancerians cumulatively saw an erosion, the likes of Gautam Adani, who has come second overall despite a tough year, contributed 8.5% to the rich list. The Aries in this list were propelled to the fourth spot, courtesy Mukesh Ambani who saw a 2% uptick in his wealth to top the individual list. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Zodiac sign </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total contribution to the list (%) </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Richest Individuals </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Virgo </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9.60% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Shapoor Pallonji Mistry, Anil Agarwal, Gopikishan Damani </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Scorpio </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9.10% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Yusuff Ali MA, Sunil Mittal, Arvind Kumar Poddar </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Pisces </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9.00% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gopichand Hinduja, Radhakishan Damani, Uday Kotak </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aries </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.90% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani, Sudhir Mehta, Adi Godrej, S Gopalakrishnan </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gemini </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.90% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">LN Mittal, Kumar Mangalam Birla, Rahul Bhatia </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Leo </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.80% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sri Prakash Lohia, Acharya Balkrishna, Rakesh Gangwal </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cancer </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.50% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani, Shiv Nadar, Benu Gopal Bangur </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Capricorn </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8.10% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Karsanbhai Patel, Vijay Chauhan, Radha Vembu </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aquarius </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.60% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nusli Wadia, Vikram Lal, Jamshyd Godrej </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Taurus </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.50% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla, Rajiv Singh, Harsh Mariwala </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sagittarius </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.20% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ravi Jaipuria, Sajjan Jindal, Mangal Prabhat Lodha </td></tr><tr><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">12 </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Libra </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #cccccc 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.70% </td><td style="border-left:solid #cccccc 0.50000025pt;border-right:solid #000000 0.50000025pt;border-bottom:solid #cccccc 0.50000025pt;border-top:solid #cccccc 0.50000025pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Dilip Shanghvi, Chandru Raheja, P Pitchi Reddy </td></tr></tbody></table>Source: 360 ONE Wealth Hurun India Rich List 2023

Star power: Indian billionaires with Pisces zodiac sign had a good run last year

<ul><li><keyword id="18680128" type="General" weightage="20" keywordseo="qsr-players" source="Orion">QSR players</keyword> that run <keyword id="18680129" type="General" weightage="20" keywordseo="international-restaurant-brands" source="Orion">international restaurant brands</keyword> like <keyword id="58553" type="General" weightage="20" keywordseo="pizza-hut" source="Orion">Pizza Hut</keyword>, <keyword id="6376241" type="General" weightage="20" keywordseo="KFC" source="Orion">KFC</keyword>, Domino’s saw a sharp rise in sales growth in FY22 and FY23.</li><li>Analysts call it the delivery delta where app-driven deliveries of fast food rose after partial opening of lockdowns.</li><li>But that has dipped in the last 2-3 quarters due to a lot of various factors including rising competition, inflation which has dipped consumer sentiment. </li></ul>Fast food helped Indians get over the pandemic blues — as pizzas, burgers and fried chicken helped them survive Zoom calls and kept kids away from trouble. The pandemic was a boom time for quick service restaurants (QSRs) that ran brand chains like Domino’s, Pizza Hut, McDonald’s, Burger King and more. After partial re-opening, the same store sales growth (SSSG) of most of their operators in India was in the range of 35-60% in FY22 – which extended to FY23 as well due to aggressive store openings as well as massive pick up in delivery orders. “Before the pandemic, the delivery orders were less than 15% (of total sales) for most QSRs with the exception of pizzas, which went up to 25-30% during the pandemic — that’s where delta growth came from,” Karan Taurani, research analyst at Elara Capital. <div type="image" title="annual growth data" msid="103448431" hostid="261" caption="&amp;lt;p&amp;gt;Source: Business Insider India &amp;lt;/p&amp;gt;"></div> The ‘new-normal habits’ never stuck — and in the last two quarters most operators like Devyani and Sapphire (KFC and Pizza Hut), Jubilant (Domino’s) saw their SSSG slip into the negative zone with the exception of Westlife (McDonalds) which continues to grow, albeit in lower single digits. The sales slipped further between 1-6% for all the players in Q1, with fried chicken and burgers doing slightly better than pizzas. The slowdown in pizza sales started two quarters ahead — in Q3 itself. “The demand trend in the pizza category has remained challenging as seen in the past few quarters – a combination of high base, relatively higher average order value in the pizza category versus other QSR segments,” says a report by J M Financial. <div type="image" title="qsr" msid="103451765" hostid="261" caption="&amp;lt;p&amp;gt;Source: Business Insider India &amp;lt;/p&amp;gt;"></div> The inflation of competition Apart from a general slowdown, there are structural issues too at play - similar to what <a href="https://www.businessinsider.in/business/corporates/news/small-regional-players-are-increasing-competition-says-hul-ceo/articleshow/102009466.cms">FMCG companies are facing</a>. A report by J M Financial says that both regional and national players are expanding aggressively – denting into their business. “A lot of unorganised competitors who had shut down during the pandemic are now back in business and that’s increasing competition,” says Taurani. With muted sales, only some of the players have been able to take only marginal price hikes in spite of heavy inflation of most of its ingredients in the last few quarters — like cheese and vegetables — leading them to go in for cost controls and better operational management to maintain margins. QSR players, however, believe that this dent in the sentiment is an effect of inflation and most of them expect a reversal in sentiment as well as raw material prices. “High inflation across industries and categories has led to a short-term impact on consumer sentiment and demand in the last few quarters,” said Ravi Jaipuria, the non-executive chairman of Devyani International in the first quarter earnings concall. The company expects demand to pick up from the third quarter onwards. The golden era that wasn’t Sanjay Purohit, group CEO of Sapphire Foods also echoed the same sentiments saying that as inflation stabilises, demand will start to come back. It’s with this confidence, few are moving to change their aggressive store addition plans. Jubilant, Sapphire and Devyani added anywhere between 35-47 new stores during the quarter while Westlife added four new stores. Taurani opines that the number of store additions have slowed down in Q1, and Q2 demand will provide a better picture on the view ahead. “I wouldn't say that the demand situation is very rosy. But in India, the curve is never linear. There will be good quarters, bad quarters, but overall, we are all committed to India's growth and we are all committed to our strategy,” said Saurabh Kalra, managing director of Westlife Foodworld. The QSR sector is a textbook case of the fading effects of the post-pandemic boom on the economy. Most of these companies have chosen to spread their wings in lieu of the fast growth they saw in the last two fiscal years – and it’s yet to be seen if the fast food craze will stand the test of time in an era of higher rentals. (This is the first article in the ‘Boom to Bust’ series which will discuss post-pandemic trends.)

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Quite a many major industry segments in India are doing very well in India producing billionaires. Making a positive impact on the Indian economy by catering to the needs of both domestic market and exports, several industry segments are outperforming the others. Here are the top 10 industry segments in the country that have produced the maximum number of billionaires as per the Hurun Report. 1. Pharmaceuticals Pharmaceuticals in India have produced the highest number of billionaires numbering 137. The richest person from this industry segment is Poonawalla with a net worth of INR 88,800 crores. Indian is the largest supplier of generic drugs to the world. India fulfills more than 50 percent of the global need for different vaccines, 40 percent of the generic medicine demands of the US and 25 percent of the total medicine needs of the UK. 2. Software &amp; Services The software and services sector has produced 73 billionaires, the second largest number in India on the Hurun Report. The richest person in this industry segment is Azim Premji with a net worth of INR 1,17,100 crores. India has some industry leaders in this segment including Infosys, Wipro, TCS and Tech Mahindra that provide diverse kinds of products across different industry segments. 3. FMCG FMCG industry segment in India has produced 59 billionaires and hence stands in the third rank for producing the highest number of billionaires. The richest person from this segment is Nusli Wadia &amp; Family with a net worth of INR 42,200 crores. In the fast-moving consumer goods segment, household and personal care products alone account for 50 percent of the sales. 4. Chemicals and Petrochemicals Producing 57 billionaires, the chemicals and petrochemicals segment in India stands in the fourth position for producing the highest number of billionaires. Sri Prakash Lohia with a net worth of INR 40,500 crores is the richest one from this segment. The dominant players in this segment are Reliance Industries Ltd (RIL), Indian Petrochemicals Corporation Ltd. (IPCL), Gas Authority of India Ltd. (GAIL) and Haldia Petrochemicals Ltd. (HPL) 5. Automobiles &amp; Auto Components The fifth one in the list of industries producing the highest number of billionaires is the automobiles and auto components sector in India producing 45 billionaires. The wealthiest person from this sector is Rahul Bajaj &amp; Family with a net worth of INR 60,700 crores. India is among the largest markets in the world and also among the leaders in the commercial vehicles manufacturing segment. 6. Construction &amp; Engineering Construction engineering sector in India has produced 45 billionaires and thus stands in the sixth position among the <keyword id="8885473" type="General" weightage="20" keywordseo="top-10-industries" source="Orion">top 10 industries</keyword> producing the highest number of billionaires. The richest in this sector is P Pitchai Reddy enjoying a net worth of INR 13,400 crores. Tis segment is one of the largest employers in India and makes a significant contribution to the nation’s economy. 7. Financial Services The financial services sector in India has produced 43 billionaires with the richest person Uday Kotak having a net worth of INR 94,100 crores. This segment comprises commercial banks, co-operatives, non-banking financial companies, insurance companies, mutual funds, pension funds, and other smaller financial entities. 8. Food &amp; Beverages The total number of billionaires in Indian that have made their wealth in the food and beverages sector is 39. This makes this industry segment eighth member in the list of top 10 industries producing the highest number of billionaires. The wealthiest person from this sector is Ravi Jaipuria &amp; Family and the family’s net worth is INR 11,500 cores. India’s food and beverage industry makes up the major part of the Consumer Packaged Goods (CPG) industry. 9. Textiles, Apparels &amp; Accessories The textiles, apparel and accessories segment in India has produced 36 billionaires and this segment is ranked the ninth among the top 10 industry segments that have produced the highest number of billionaires. The wealthiest person from this sector is Harish Ahuja having a net worth of INR 5,900 crores. Indian textile industry is one of the oldest in the world and highly varied in terms of deliverables. 10. Real Estate The real estate sector in India has produced 33 billionaires and thus it stands in the tenth position among the industry segments that have produced the highest number of billionaires. The wealthiest person from this segment is Jitendra Virwani and his net worth is INR 29,900 crores. The real estate sector in the country is among the most recognized sectors across the globe. The four sub sectors of this segment include housing, retail, hospitality, and commercial.

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