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The net profit of <keyword id="20739295" type="General" weightage="100" keywordseo="Patanjali-foods" source="keywords">Patanjali Foods</keyword> surged to Rs 262.90 crore year-on-year during the first quarter of the financial year 2024-25 (<keyword id="22373996" type="General" weightage="20" keywordseo="Q1FY25" source="keywords">Q1FY25</keyword>), the company informed the exchange in a filing. The company reported a three-fold rise in profit year-on-year during the first quarter of this financial year, compared to Rs 88 crore in the same quarter of the previous fiscal year. The company also reported standalone revenue of Rs 7,173.06 crore during the first quarter of FY 2024-25. The EBITDA of the company registered a twofold growth to Rs 435.08 crore year on year, and a 4.08% increase on a quarter-on-quarter basis. The company also stated that in Q1FY25, the EBITDA margin was 6.07%, up from 5.08% in the previous quarter on revenue from operations. The Food &amp; <keyword id="19931572" type="General" weightage="20" keywordseo="FMCG" source="keywords">FMCG</keyword> segment's revenues remained flat at Rs 1,953.55 crore during the quarter. However, the proportion of revenue contributed by this segment to revenue from operations rose to 26.77% in Q1FY25, compared to 24.84% in the same quarter last year. The <keyword id="1058362" type="General" weightage="20" keywordseo="export-revenue" source="Orion">export revenue</keyword> of the company stood at Rs 53.33 crore in Q1FY25. The company has added new markets to its export portfolio, now reaching 22 countries. The company also stated that its products are also available on <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> platforms in global markets. Patanjali Foods added that it reported a healthy quarter, with profitability metrics showing solid growth on a year-on-year basis. This growth was largely driven by reduced volatility in edible oil prices and stable performance in the Food &amp; FMCG portfolio. The company is also benefiting from new-age channels like e-commerce and <keyword id="19963428" type="General" weightage="20" keywordseo="quick-commerce" source="keywords">quick commerce</keyword>. In the <keyword id="19346576" type="General" weightage="20" keywordseo="Food-and-FMCG" source="Orion">Food and FMCG</keyword> business, the company recorded revenues of Rs 1,953.55 crore in Q1FY25, contributing to 26.77% of the company's revenue from operations. The company continued its focus on growing the biscuits division, registering a growth of 9.41% on a year-on-year basis. In Q1FY25, the <keyword id="10143315" type="General" weightage="20" keywordseo="biscuit-business" source="Orion">biscuit business</keyword> of the company has achieved revenue of Rs 417.03 crore. The company added that new launches of premium biscuits contributed to the growth of this portfolio. The 'Doodh' biscuit brand exceeded its previous performance by 6.97% on a year-on-year basis, with quarterly revenue of Rs 265.77 crore compared to Rs 248.46 crore in Q1FY24.

Patanjali Foods profit surges to Rs 262.90 crore on back of e-commerce and quick commerce channels

<ul><li><keyword id="29464" type="PERSON" weightage="20" keywordseo="Parle">Parle</keyword>, founded in 1929, has been able to reinvent itself over the years, while keeping its legacy intact.</li><li>We speak to <keyword id="120094" type="PERSON" weightage="20" keywordseo="Mayank-Shah">Mayank Shah</keyword>, Senior Category Head, <keyword id="235733" type="COMPANY" weightage="20" keywordseo="Parle-Products">Parle Products</keyword> about all that the brand has been doing, to further grow its presence in the market. </li></ul>Every time someone says Parle-G and we bet you cannot help visualize yourself dunking one in a steaming cup of chai (and at times losing half of it too). For decades now, Parle-G has been our favorite tea-time companion, the most affordable ‘snack’ that got many of us, from the previous generations, through college, and well basically a comfort food, that is so nostalgia-inducing. Much before Oreo popularized dunking it in milk, we had been doing it with Parle-G. <div type="image" title="Parle Products Creative 1" msid="84131808" hostid="261"></div> Parle, founded in 1929, first started manufacturing orange candies. It was only 10 years later that it manufactured its first biscuit, coming up as an alternative to the more elite British biscuits. From there to now, this homegrown brand has come a long way. While entering the premium segment with <keyword id="4498428" type="PERSON" weightage="20" keywordseo="parle-platina">Parle Platina</keyword> in 2017 that comprises products like Hide &amp; Seek biscuits, Milano cookies, Mexitos nacho chips and Nutricrunch range of nutritious products, it recently further diversified its offering, with the launch of its <keyword id="480300" type="PERSON" weightage="20" keywordseo="Parle-G">Parle G</keyword> Chakki Atta. The aim was to cash in on the momentum that branded atta consumption has been witnessing, since the <keyword id="43587" type="ORGANIZATION" weightage="20" keywordseo="pandemic">pandemic</keyword>. <div type="image" title="Parle Products Creative 5" msid="84131819" hostid="261"></div> Last year, Parle made headlines when they spoke about a surge in sales of Parle-G biscuits during the <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword>. This demand was a result of people stocking up on biscuits. It also became the most affordable ‘meal’ for thousands of migrant workers, who we saw with distress, walking back to their villages. It makes for an interesting case study, to understand how this brand, that was started 82 years ago, has stood the test of time. Despite being eight years short of a century old, Parle has tried to reinvent itself over the years, while keeping its legacy alive. A lot of the love for the brand comes from nostalgia, and also from the fact that despite entering newer categories, launching premium products, it is still looked at as an aam-aadmi product. How they react during a crisis also says a lot about the ethos of brands. The pandemic and Parle Last year, even before the pandemic hit India in full force and the government announced its first rounds of lockdown, Parle was prepared. Observing how things were in other countries, it had increased its production, just to make sure that the market never ran out of its biscuits. “What happened after the pandemic was something completely unprecedented, but we had been studying what was happening in neighboring countries, or in Europe, and we decided to double down on our production,” shared Mayank Shah, Senior Category Head, Parle Products. They also started shipping the products, keeping the stocks closer to the market, to minimize supply chain disruptions. As a result, when the lockdown was announced, and most brands were caught unprepared, Parle had its products, and especially Parle-G, in shops across the country. Having said that, Parle did meet with its fair share of troubles. With the sudden lockdown and with uncertainty looming large, there was a shortage of labor which the company was able to tackle by prioritizing its production; it stopped producing many of its offerings that were more labor-intensive. “As a result of this prioritizing, we were able to meet maximum demand. If at normal times, the demand is at 100%, during this time we saw between 160-170% demand, firstly because people were pantry-loading and secondly because of speculative buying,” explained Shah. However, this was also the time for the brand to give back to the society. The brand won a lot of love when it donated close to 3 crore biscuit packets to the government and NGOs. “Parle G is a brand that stands for goodness, in all senses, and we are more than just a corporate brand that is only interested in profits. We have always been a brand for the common man. Last year, raw material prices were going up and we could have easily taken a price hike, we never did that. I have been a part of this company for 20 years and I was surprised when my management came and told me we should be helping people. So each and every employee in the company lives by the philosophy of doing something for the greater good. Parle was launched as a Swadeshi brand to take on global biscuit brands, and this was during this last one year that I saw those philosophies come in play,” said Shah. “We saw so many posts on social media talking about us saying they were proud to see a brand go out and service consumers in the time of their need, it was a very moving experience for us,” he added. Entry into newer segments Over the years, we have seen Parle innovate and expand its portfolio to enter premium segments too. But why did the company, which primarily produces biscuits, decide to launch an atta brand? Shah said that the company has been producing atta for years now, but the product was exported to markets like the Middle East, UK and USA. “The packaged atta segment in India is worth around Rs 20,000 crore and only Rs 10,000 crore out of that is for branded packaged atta, which are either national or regional brands. But the overall atta market is much larger, and that is mostly people going out, buying wheat and getting it milled. During the pandemic however, we observed that people wanted to buy products that they thought were safer and we saw many switching to packaged atta. Penetration of packaged atta in the market is still very low and there is a huge opportunity for growth, so we thought this was the ideal time for us to launch it here,” explained Shah. He is not even worried about the more established players as he feels there is a huge, unpenetrated market for the brand to capture where people who used to buy loose atta are now converting to packaged, trusted brands. Parle had launched its premium range Platina three year back and now wants to focus on it to grow its market share, and to build relevance. “There has been a bit of a slowdown in the growth of our premium products in the last 1.5 years, so we will renew our focus on the segment with the opening up of markets,” explained Shah. <keyword id="6354839" type="UNKNOWN" weightage="20" keywordseo="marketing">Marketing</keyword> during the pandemic During times of crisis, marketing budgets are usually the first to get slashed.While Parle did not cut down majorly on its spends in the last 1.5 years, it did rationalize its spends, shared Shah. “During the pandemic, we did two things, firstly, we increased our digital spends, which helped us a lot, while also continuing to advertise on TV. Secondly, we also tweaked our creatives. Our communication in the last one year has been very different from what we usually do. All our communication has been about what has been happening around us. We paid tribute to the known and unknown frontline workers. That communication also sent a strong signal to our internal stakeholders that its our responsibility to rise to the occasion because so many of them were risking their lives in working during those times, and we wanted to acknowledge that.” Meanwhile, brands like Parle G also gain a lot from nostalgia. The last year has seen people take to social media to talk about their love for the brand, come up with content using the product and also coming up with innovative recipes using the biscuits. “That’s the thing about Parle G asa brand, everybody has their own way of eating the biscuit and they have their own stories. I have my Parle G story too; I stayed in a hostel for about 10 years. For anybody who has stayed in hostels knows how the food is. So we would eat the hostel food at 10 and then get hungry by 12. So we had a routine of having chilled milk from Aarey at 1 pm, we used to add a packet of Parle G to it, mix it and have it as a slurry. That was our lunch for 10 years. It was not just me, I know many people who did it. So we have always had a lot of user-generated content but the pandemic took it to a whole different level. It was heartening to see that kind of response from consumers,” he added. On where the next phase of growth for Parle as a brand will come from, Shah said, “It will come both from our biscuits and non-biscuits portfolios. While the penetration of biscuits is high, the per capita consumption is still lower, compared to Western markets. So I feel there’s still a scope of growth in the <keyword id="11569298" type="UNKNOWN" weightage="20" keywordseo="biscuits-segment">biscuits segment</keyword>.”

How Parle has stood the test of time

<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

<a href="http://www.businessinsider.in/gst-to-be-rolled-out-by-july-1-this-is-how-it-will-be-different-from-uk-canada-other-countries/articleshow/57392589.cms">July</a> onwards, you might feel that the typical glucose biscuit that you relish with your cup of tea has gone lighter; and you’d have nothing but goods and <keyword id="645517" type="COMPANY" weightage="100" keywordseo="services-tax">services tax</keyword> (<a href="http://www.businessinsider.in/finally-gst-confirmed-for-julyrollout/articleshow/57465694.cms">GST</a>) to blame for that. 
 Earlier, <keyword id="1451240" type="UNKNOWN" weightage="100" keywordseo="Glucose-biscuits">glucose biscuits</keyword> used to be taxed differently than the cream or oat biscuits, but <keyword id="6354679" type="ORGANIZATION" weightage="100" keywordseo="GST">GST</keyword> has mandated them all to be taxed similarly. This has forced the biscuit manufacturers to cut corners, so that the customers don’t bear the burden of increased costs. 
 
Also read: <a href="http://www.businessinsider.in/GST-rate-slabs-are-set-Heres-what-is-getting-expensive-and-cheaper/articleshow/55226810.cms">GST rate slabs are set. Here’s what is getting expensive and cheaper</a> 
 "This category is absolutely price sensitive... we won't be able to pass on any increase in cost to consumers," Haresh Doshi, president of <keyword id="4266538" type="UNKNOWN" weightage="100" keywordseo="biscuit-manufacturers-welfare-association">Biscuit Manufacturers Welfare Association</keyword>, told ET. 
 
Meanwhile, the association has filed a petition with the Goods and Services Tax Council, requesting it to keep biscuits that cost less than Rs 100 a kg in the zero-tax bracket. 
 
Also read: <a href="http://www.businessinsider.in/britannia-amul-dabur-to-raise-prices-or-cut-quantities-in-packaged-products-heres-why/articleshow/57371088.cms">Britannia, Amul, Dabur to raise prices or cut quantities in packaged products. Here’s why</a> 
 
As of now, low-priced biscuits are exempted from central excise but have to pay <a href="http://www.businessinsider.in/Budget-2017-here-are-vat-rates-of-india-china-uk-germany-and-brazil-find-out-which-country-has-the-highest-rate/articleshow/56759073.cms">VAT in states</a>. 
 
"Dry fruit cookies and oatmeal cannot be taxed on a par with low-priced biscuits," Doshi said. 
 
He added that even though there has been a surge in the input costs, prices in this segment have never gone up substantially. While glucose biscuits retailed at Rs 40 per kg in 1996, they sell at Rs 70 per kg twenty years later. 
 
(Image source: ThatScoop)

Glucose biscuits set to go lighter, all thanks to GST

<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

In the case of <keyword id="622298" type="ORGANIZATION" weightage="20" keywordseo="Nestle-India-Ltd">Nestle India Ltd</keyword> Vs Commissioner of Central Excise, Mumbai of 1999, it was ruled that KitKat is a biscuit and not a chocolate that is taxed high. And now with the government’s decision to roll out GST from July onwards, many FMCG companies are getting haunted by the past ghosts. 
 
Just like KitKat is a biscuit, vicks is a medicine, Parachute coconut oil is edible oil. The ambiguity is lot of our everyday necessities is making it difficult for the government to fix the tax. 
 "In the past, several tax officers had challenged some of the product categorisations, including those in the retail segment, but lost out in court or at appellate level," one of the persons in the know told <keyword id="6405564" type="COMPANY" weightage="20" keywordseo="The-Times-Of-India">The Times of India</keyword>. "Now we have a chance to go ahead with specifying the products in a way based on the old cases so that similar situations don't arise." 
 "The GST rates for each and every item are not yet decided as the government is categorising products and what rates can be applied on each category of goods," MS <keyword id="9128" type="PERSON" weightage="20" keywordseo="Mani">Mani</keyword>, senior director, <keyword id="514770" type="COMPANY" weightage="20" keywordseo="Deloitte-Haskins-Sells">Deloitte Haskins &amp; Sells</keyword> told TOI. "There is a chance that some of the old issues raised by the tax department regarding category of certain goods may come back to haunt some companies or products as GST is a new law and can redefine rates and what goods would fall under its preview."

KitKat is a biscuit and Parachute Coconut oil is edible! That's the new topic for GST debate

<ul class="summary-list"><li>John Oliver recreated a defunct Red Lobster restaurant on his show.</li><li>Oliver criticized private equity firms behind Red Lobster, which filed for bankruptcy in May.</li></ul><a target="_blank" href="https://www.businessinsider.com/john-oliver-india-election-results-sliding-towards-authoritarianism-modi-2024-6">John Oliver</a> cooked <a target="_blank" href="https://www.businessinsider.com/red-lobster-chapter-11-bankruptcy-filing-closed-stores-wsj-2024-5">Red Lobster</a> by purchasing the entire contents of one defunct restaurant and recreating his own version of the struggling seafood chain.Oliver, who did a segment on Red Lobster during an episode of his show <a target="_blank" href="https://www.businessinsider.com/john-oliver-hbo-streaming-youtube-jon-stewart-daily-show-free-2024-2">"Last Week Tonight"</a> that aired Sunday, criticized the <a target="_blank" href="https://www.businessinsider.com/red-lobster-endless-shrimp-bankruptcy-private-equity-debt-real-estate-2024-5">private equity firms</a> behind the chain, which filed for <a target="_blank" href="https://www.businessinsider.com/red-lobster-files-bankruptcy-continue-trading-not-disappearing-2024-5">Chapter 11 bankruptcy </a>in May.Oliver then revealed that his crew participated in an auction to purchase the contents of a previous Red Lobster location in Kingston, New York. Restaurant liquidator <a target="_blank" href="https://www.businessinsider.com/red-lobster-closing-50-locations-california-new-york-florida-2024-5">TAGeX Brands</a> previously confirmed to Business Insider that Red Lobster shut down dozens of locations across the US in May.The TAGeX Brands website shows that the Kingston location is no longer available for auction.Oliver then used the purchased items to recreate the restaurant in the show's studio."The frustrating thing is, it seems just about any random idiot could run a Red Lobster better than these companies have done. But there's really only one way to put that to the test," Oliver said before revealing the faux-Red Lobster.At Oliver's <a target="_blank" href="https://www.businessinsider.com/red-lobster-superfans-auctions-bankrupt-restaurant-chain-2024-5">Red Lobster</a>, there was only one item that customers could purchase: Biscuits."I'm excited to say we've actually got a finite biscuits promotion on right now where for just $1, you can get one biscuit," Oliver said, seemingly poking fun at Red Lobster's previous Endless Shrimp promotion, which the company said resulted in $11 million in losses in the third quarter of 2023. Other troubles that have plagued the business over the past few years include high <a target="_blank" rel="" href="https://www.businessinsider.com/red-lobster-endless-shrimp-bankruptcy-private-equity-debt-real-estate-2024-5">leasing costs</a>, less foot traffic during <a target="_blank" rel="" href="https://www.businessinsider.com/how-coronavirus-devastating-restaurants-across-us-2020-3">COVID-19 lockdowns</a>, and multiple <a target="_blank" rel="" href="https://www.businessinsider.com/red-lobster-rise-and-fall-bankruptcy-history-2024-5#2021-2022-under-new-management-there-was-a-period-of-unrest-at-red-lobster-with-multiple-new-executives-leaving-their-roles-11">Red Lobster executives</a> leaving roles.Representatives for TAGex Brands and Red Lobster did not immediately respond to a request for comment from BI.

John Oliver recreates Red Lobster restaurant using auctioned-off furniture because 'any random idiot could run a Red Lobster better than these companies have'

<ul class="summary-list"><li>Celebrity chef <a target="_blank" href="https://www.businessinsider.com/review-popular-chef-best-sweet-potato-pie-recipe-photos">Carla Hall</a> lives with her husband in Washington, DC. </li><li>You'll find lots of sundae toppings, mustards, and nondairy milks in her fridge.</li></ul>It's time to peek <a target="_blank" href="https://www.businessinsider.com/celebrity-chef-favorite-weight-loss-salads-costco-duff-goldman-2024">inside another celebrity chef's kitchen</a>.This time, we're taking a gander inside the well-stocked fridge that TV personality and cookbook author Carla Hall shares with her husband in <a target="_blank" href="https://www.businessinsider.com/where-to-eat-in-washington-dc-2021-10">Washington, DC</a>.Hall's fridge is a trove of fun finds, from condiments we know and love to fancy European butter and an ample supply of eggs.When she's in DC, Hall tends to eat most of her meals at home, and we caught her just after a social-media shoot when her fridge was fully stocked with her staples plus a few unexpected treats.<div type="image" title="Inside Carla Hall's fridhe - leftovers, olives, oat milk, and eggs" height="4000" width="3000" msid="110280852" hostid="261" sizebytes="1069488"></div><h2 id="2469f91c-e93c-4146-baea-c566a07a231e">Sundae fixings</h2><div type="image" title="Chocolate sundae" height="1500" width="2000" msid="110280854" hostid="261" sizebytes="160706"></div>Hall is serious about her ice cream. At the time of this interview, she said she had at least seven different containers of it in her freezer.Her favorites are from Jeni's and Tillamook, and her husband loves <a target="_blank" href="https://www.businessinsider.com/ben-and-jerrys-best-selling-ice-cream-flavors-ranked-2021-9">Ben &amp; Jerry's</a> Chunky Monkey, but the two really don't discriminate."We're pretty agnostic when it comes to ice-cream brands. We just like them all," she told Business Insider.But Hall's a chef, after all, so don't think she's scooping a few flavors into a bowl and calling it a day. She's dedicated a section of her fridge to sundae toppings, including homemade chocolate sauce, caramel sauce, and gooey wet walnuts.She also likes to top a sundae with toasted nuts, which she stores on the counter.<h2 id="0ccbbad8-ac92-4422-b153-869089be7245">Lots of condiments, including multiple mustards</h2><div type="image" title="Grey Poupon and Heinz Mustard" height="1500" width="2000" msid="110280856" hostid="261" sizebytes="180680"></div>"Condiments, lemons, and pickles" are always in Hall's fridge no matter how empty it gets because they're the basis of any <a target="_blank" href="https://www.businessinsider.com/review-popular-chef-best-coleslaw-recipe-photos">coleslaw</a> or hot sauce."I love all the mustards — they all have a different role," she said. She relies on it to add "tang" and "brightness" to dips and dressings. She had a jar of Grey Poupon Dijon in her fridge and said there's no replacement for a classic bottle of Heinz yellow mustard."As a Southern girl, yellow mustard is king," Hall told BI.For fried fish, she mixes yellow mustard with hot sauce. And one of her <a target="_blank" href="https://www.businessinsider.com/best-and-worst-jarred-tomato-sauce-to-buy-reviewed-photos-2021-10">favorite sauces</a> for red meat is a honey mustard, made by mixing equal parts yellow mustard and mayonnaise with a bit of honey.<h2 id="9ba60ccd-27ba-4581-902f-244f0ea696e0">A chocolate chess pie</h2>"I love desserts. I love sweets," Hall said. "I don't drink or smoke but my drug of choice is probably sugar."So it makes sense that the white box in her fridge houses a chocolate chess pie (on top, she's stacked two containers of simple syrup for a baklava recipe test).This particular fudgy Southern custard pie is part of Hall's offerings on Goldbelly, and she was taste-testing it for final approval.<h2 id="e2b2ecc9-ef8d-4bf3-bad4-06d622c4eadf">A triple stack of eggs</h2><div type="image" title="A stack of eggs" height="1500" width="2000" msid="110280857" hostid="261" sizebytes="200464"></div>Hall found a storage container for eggs that she loves when filming a segment for QVC.The clear plastic holder stores two layers of eggs — plus she keeps another carton stacked on top — so she can always see how many are left."I hate running out of eggs," Hall said, adding that she cooks them often. "My go-to meal when I just don't want to cook, or it's too late, or I want something quick is usually eggs — scrambled, an <a target="_blank" href="https://www.businessinsider.com/which-chef-has-the-best-recipe-for-omelets-reviewed-photos">omelet</a>," she said.<h2 id="782df9d7-185c-4b58-8ebe-8a0acbca0dee">Amaro cocktail cherries</h2><div type="image" title="Amaro soaked cherries" height="1500" width="2000" msid="110280858" hostid="261" sizebytes="184200"></div>"I don't drink, but I eat my alcohol," Hall told BI.She keeps amaro-soaked cherries in the fridge door to add to oatmeal — she's a "big proponent of <a target="_blank" href="https://www.businessinsider.com/savory-oatmeal-inspired-by-centenarians-in-loma-linda-blue-zone">jazzing up oatmeal</a>."She also likes using these jarred Italian cherries to add a more nuanced, tart flavor to pie filling made with frozen berries, which can be bland.<h2 id="a7f4c8c8-ffab-4fc2-8c3b-e255ecba77d2">European butter</h2><div type="image" title="Plugra butter" height="1500" width="2000" msid="110280860" hostid="261" sizebytes="160374"></div>You'll find both salted and unsalted butter in Hall's fridge. She likes unsalted for making biscuits but opts for salted butter on bread.But you may only see the really good stuff in her fridge if it's on sale."The one thing that I get when it's on sale is any kind of European-style butter," Hall said.She finds particularly good deals on high-end butter like Plugrà at her local Safeway, where she "stocks up on it."<h2 id="709cbc54-e389-4939-846e-495641f58a5e">Mystery leftovers</h2>If you're curious about the container with reddish contents in the center of Hall's fridge, join the club."I was trying to figure out what that was, I have no idea what that is. It looks like a stew," she said."Whatever it is, we were getting into it," she laughed.<h2 id="c89cd1ab-de60-493e-9d26-d2348ef86679">Plant-based milks galore </h2><div type="image" title="Califa Oat + Almond milk" height="1500" width="2000" msid="110280861" hostid="261" sizebytes="148974"></div>Hall has a wide range of dairy products in her fridge starting with chocolate oat milk, which she bought on impulse because it sounded good. The fridge also has unflavored nondairy milk, which Hall's husband uses in his smoothies. Their favorite is Califia Farm's oat and almond milk, but they also stock up on shelf-stable boxes of oat milk at Costco, which they can keep in the pantry when their fridge is too full.<h2 id="fc3bd219-0042-4dfe-b6a5-314846daad17">Heavy cream </h2>Hall keeps a quart of heavy cream from a local dairy on hand for <a target="_blank" href="https://www.businessinsider.com/guides/kitchen/how-to-make-whipped-cream">making whipped cream</a> and finishing soups. She also uses it for her recent discovery: a recipe for no-churn ice cream that she can make if her freezer supply runs out. To make it, she said, you freeze a mix of cream cheese, store-bought lemon curd, and a splash of heavy cream."Oh my god, it's so good," she told BI. "It's a quick little ice cream, and you don't need an ice-cream maker to make it."

Inside Chef Carla Hall's fridge, from Costco staples to the one thing she always buys on sale

<ul><li>FMCG companies are expected to register strong margins in Q1 as they will see the full effect of earlier-taken price hikes playing out. Cooling raw material prices will help. </li><li>Demand for staples have been stable, but the beauty and personal care category has not yet recovered fully. </li><li>The summer has seen a decline or low growth in ice creams and juices due to unseasonal rains. </li></ul>With cooling raw material costs, the FMCG sector is expected to kick in the first quarter of FY24 with ‘good quality’ profits, backed by improvement in margins. Input costs have been cooling over the last few quarters and have either remained stable or seen mild moderation, and companies have not been passing them off very generously in the form of price cuts. “We expect most of the companies to register stronger sequential gross profit margin (GPM) improvement in 1Q24F with input cost inflation cooling down further, high-priced inventory getting consumed and the full effect of earlier-taken price hikes playing out,” said a research report by Nomura. Certain categories such as hair oils, edible oils and soaps had witnessed price cuts in earlier quarters, which will flow through in the first quarter, as per BNP Paribas. Also, new price cuts and promotions were seen in laundry, edible oils and other home care categories during the quarter but no major price cuts were seen in biscuits and salts. Double digit revenue growth expected Price cuts and volume growth for the sector are directly proportional for the sector, and as of now most of growth seen in the sector was pricing-led. But that’s changing, analysts say. Demand from urban areas has been stable, with slight sequential improvement in rural demand as well. Also, the demand for staples have been stable, but the beauty and personal care category has not yet recovered though improving due to the price cuts. All in all, the sector should be able to present a good revenue growth for the quarter – notwithstanding the cooler summer this April-June with unseasonal rains that affected sales of juices and ice creams. “We estimate staples/discretionary (ex-ITC) pack to register 10.2%/8.8% revenue growth. We expect a good quarter from Nestle, Godrej Consumers and ITC and a weak print from Marico,” says a report by Kotak. Antique Stock Broking also expects the FMCG sector (not including ITC) to report early double digit revenue growth with moderation in pricing led growth. ITC is expected to see a fall in revenue as its agri business is expected to see a drop due to high-base effects. Nomura expects Nestle, Tata Consumers and Dabur to report the highest revenue growth YoY, and with ITC and Marico to post lower value growth. FMCG sector revenue growth projections YoY <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Antique Stock Broking </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 9.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.6%* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Marico </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dabur </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Godrej Consumer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consumer Products </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr></tbody></table>Source: Research reports *Kotak has considered standalone results for ITC Price cuts &amp; rising competition The street will closely watch management commentary on pricing, as analysts believe that the sector is poised for a good show in the first half of FY24 with a raw material cost tailwind. “However, in the second half of FY24 we expect revenue growth to moderate as pricing benefits should fade and growth would have to be volume-led,” said a report by BNP Paribas. There has been no aggressive price war as of now in the sector as of now, but if price cuts are not taken by large players in the segment, it might lead to unorganized players gaining market share. In the last one year, many consumers have ‘downtraded’ to unbranded products or local brands during periods of high inflation. “Prices of most stock keeping units (SKUs) have increased sharply over the last two years. Soap and detergent prices have risen 40-50% over that period. So far the price cuts have been limited and largely confined to the value segment. We believe price cuts might be needed to drive volumes,” said BNP Paribas. Without pricing strategies laid out, most FMCG players might see revenue growth challenges re-emerge this year, especially in the second half. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/it-companies-like-tcs-infosys-wipro-hcl-tech-q1-2023-24-earnings-preview/articleshow/101482733.cms">IT sector Q1 earnings preview: All eyes on deal wins, revenue guidance cuts</a> <a href="https://www.businessinsider.in/thelife/news/want-your-veggies-to-taste-like-chocolate-a-vr-glass-may-help-trick-your-mind/articleshow/101487079.cms">Want your veggies to taste like chocolate? A VR glass may help trick your mind</a>

FMCG sector Q1 preview — Caught between price cuts and volume growth

<ul><li>Local brands are making a comeback after their pandemic lows, and are now competing with national brands in categories like detergents, noodles, masalas and more.</li><li>HUL CEO said in an earnings concall that they have seen a market share dip in certain mass categories.</li><li>The number of homes that buy over 4-5 brands of the same product are growing, says a Kantar report. </li></ul>In Karnataka, many stores now have ‘1 To 3 Noodles’ on display along with Nestle’s 2-minute Maggi, the category leader. Apart from a stellar 35% penetration in the state, this local brand is catering to local tastes with a desi twist to instant noodles that comes with more masala. Similarly, North India-based Vasant Masala is catering the specific spice needs with its Awadh Garam Masala. There are more such examples of local brands that concentrate only on specific states — that are making a headway into the retail shelf space as well as the consumer’s homes, if not hearts. “Local brands live up to the local tastes better,” K Ramamkrishan, MD South Asia of Kantar tells Business Insider India. Moreover, these brands are bringing value onto the table beyond price points by capturing the specific preferences of the states and relationships with retailers. So much so, now they’re threatening the national brands sold by FMCG behemoths. “Local brands are no more brands that have basic packaging with a brand name. They are innovating, have brand ambassadors. Today local brands are only limited by their presence not their ambition,” said Ramamkrishan. He says the speed of decision making in local brands is high, and their agility allows them to capture dynamic trends in shopping habits faster. Back from pandemic lows Kantar’s Consumer Connections 2023 report says that there has been a resurgence in local brands that had faced troubles during the pandemic. Curtailed by their inability to raise prices, over 12 brands have shut shop during the pandemic. Many more couldn’t source raw material during the high inflationary period, or bear the costs, Ramamkrishan explains. With the pandemic over, the troubles have decreased and local brands are back with a vengeance. FMCG major HUL also admitted in its recent quarterly announcement that regional brands have curtailed the price growth in the sector. Rohit Jawa, CEO of HUL said that it has seen dips in market share in the mass segment due to small and regional players. “There has been a resurgence of small and regional players in select categories due to softening commodity prices – many of whom had vacated the market during the peak of inflation,” he said in an earnings concall. Most of the local brands tend to categories that are already high in penetration such as food and beverage, detergents, spices, washing powders, hair oils etc. “For example they won't be in face washes where the penetration is low,” Ramkrishnan explains. Kantar has picked a few brands like — Reflect Dishwash in Maharashtra, Saras Detergent Bar in Gujarat, Challenge Detergent Bar in Tamil Nadu, Sastry Balms in Andhra Pradesh, Supreme51 in Madhya Pradesh as some of the single-state brands that have exhibited double or even triple digit growth in the last one year, along with extensive penetration in the state of their choice. Flirting with many brands While consumers are pivoting towards local brands, they’re not shedding their loyalty to national brands either. The complex Indian consumers are more tuned to experimenting more. Ramkrishnan calls it ‘flirting with multiple brands’. The number of shopping trips or purchase occasions for Indians are growing at a rapid pace, says Kantar. An Indian makes 152 shopping trips in a year – which breaks it down to one in every 58 hours. This also includes e-commerce shopping. It indicates that people are buying only as much as required, and household consumption levels are not back to normal in spite of signs of revival. But a few others also prefer frequent shopping for reasons like freshness, accessibility and more. More shopping trips means more experimenting. The homes that buy over eight brands of biscuits/cookies rose to 34% in 2023 from 24% in 2022. The percentage of homes that buy over three brands of washing powders and liquids came in at 47%, going up by 6% in a year. And, 43% of homes bought over six brands of soap bars in 2023, rising by over 5%. Experimenting Indians are also giving a fillip to direct-to-consumer brands that have national ambitions buoyed by PE and VC investors who are betting big on them — all indicating rising competition in the sector.

Local brands rise as Indians flirt with newbies

<ul><li>An Assocham report says that even calorie-dense traditional Indian foods fare better than their Western counterparts. </li><li>Consuming Indian foods is more satisfying than Western dishes which increase cravings. </li><li>Indians are aware of the health effects of food, but most people refuse to shift to a healthier alternative. </li></ul>Indians are spoilt for choice when it comes to food. Not only is there a bhel or samosa vendor at the end of every street corner, quick service restaurants that dish out burgers, pizzas, chicken and more are also rapidly expanding in count while incorporating desi recipes. A recent report by Assocham may make choosing easier. The report ‘Indian Cuisine at Crossroads’ assesses Indian traditional and modern food, by going beyond calorific value – for instance it compares samosas with burgers. While a samosa is made of refined flour or maida and fried in vegetable oil, it also has fresh ingredients like cumin, boiled potatoes, peas, salt, chillies and spices. These ingredients are healthier than those that go into a burger, the report says. A burger, on the other hand, has preservatives, acidity regulator, emulsifier, improver and antioxidants along with refined wheat flour, sugar, wheat gluten, edible vegetable oil, yeast, salt, soya flour, sesame seed, vegetables, mayonnaise, and cheese or potato patty, Assocham says. Calorie-dense samosas are a better choice since they lack chemicals, it concludes. “Unlike traditional Indian foods which are prepared, generally fresh, non-traditional foods listed use preservatives and additives, making them greatly unhealthy—way more than their calorie content,” the report says. The industry body extends this argument for all desi vs Western foods — it says a vada pav would be healthier than a cheese pizza; kulfi is better than a chocolate ice cream; and the Bengali sweet sandesh is healthier than an apple pie. Are you ordering the ‘sides’? It is common to pair burgers with french fries and potato wedges; pizzas with garlic breads and a variety of dips. On the other hand, Indian thalis come with a combination of protein and carbohydrates like chapatis, daal, rice, sauteed vegetables and dairy products like dahi or chaas — which are more filling. Those who eat pizzas and/or burgers also tend to pair it with a carbonated beverage – making the meal more calorific. Compare that with an Indian thali. Thanks to the variety of options and portion control – Indians do not have to worry about overeating unlike other Western dishes which increase cravings, as per the report. “Even for higher-calorie dishes such as dosa and aloo paratha, the satiety quotient is better than small-calorie dense foods such as pizza as they are rich in protein, fibre,” the report insists. A nutrition transition Indian eating habits have been changing rapidly in the last two decades, with greater access to Western options, urbanisation, and increased wealth led to predictable shifts in diet, commonly known as – nutrition transitions. Even as the love for fast food is growing rapidly, the Indian food services industry is dominated by the unorganised segment comprising individuals or families selling ready-to-eat food through roadside vendors, dhabas, food carts, street stalls, etc. This segment has a lion’s share of the market, catering to 65-70% of the total market. On the other hand, the packaged foods market caters to only 15% of the total grocery retail market, as per FY20 data. Assocham also conducted a nationwide survey in which almost all respondents said they consumed packaged foods (both branded and unbranded) at least once a month. “The consumption of branded to unbranded food in India is roughly 1:3 in terms of value, making consumption of unbranded food pervasive in terms of value and more so in terms of quantity,” the report says. As between the choice of branded foods like potato wafers, chocolates, chips and biscuits with others like street food like noodles, mithai from sweet shops and fried snacks — the choice is determined by taste, quality and price. Indians are also well aware of the health effects of food on health. However, nearly half — 46% of respondents — said that they would not shift to a healthier alternative if the food of their choice was given a low health rating. Indian dietary habits, like in the case of most others, are not simply determined by physiological or nutritional needs of people, but also the pleasure that is derived from eating — and Indians seem to be sticking to their guns and gulab jamoons. SEE ALSO <a href="https://www.businessinsider.in/business/news/kfc-pizza-hut-and-dominos-are-going-desi-with-their-menus/articleshow/94030563.cms?utm_source=flipboard&amp;utm_medium=flipboard_rssfeed&amp;utm_campaign=flipboard_referral">The Taste of India: American chains go desi with veg makhani burgers, tandoori tofu subs and achaari pizzas</a> <a href="https://www.businessinsider.in/business/corporates/news/why-mcdonalds-is-going-big-even-as-pizza-hut-and-other-rivals-slash-store-sizes/articleshow/96782982.cms">Delivery versus dine-in: Why McDonald's is going ‘big’ even as rivals slash store sizes</a>

Samosas versus burgers: The Great Indian Dilemma

<ul><li>Top FMCG companies have cut prices of soap, detergents and hair oils.</li><li>Competition has gone up in the sector after many smaller, regional players making a comeback.</li><li>FMCG players said last quarter that they had to cede some of their market share to smaller players.</li><li>At the time, rise in agri commodity prices is making some of them hike prices of items like coffee and other beverages. </li></ul>After facing the onslaught of smaller and regional players in the last quarter, FMCG majors are on a path to cut prices to boost volumes as well sales. This pricing action is being seen mostly in categories that contribute large volumes and with a high share of unorganized players — like soaps, detergents, hair oils and edible oils. <keyword id="6365619" type="General" weightage="20" keywordseo="hindustan-unilever" source="Orion">Hindustan Unilever</keyword> has taken price cuts to the tune of 9-10% in soaps, <keyword id="6361491" type="General" weightage="20" keywordseo="procter-gamble" source="Orion">Procter &amp; Gamble</keyword> too cut <keyword id="443581" type="General" weightage="20" keywordseo="detergent-prices" source="Orion">detergent prices</keyword> by 11%. <keyword id="4283144" type="General" weightage="20" keywordseo="patajali" source="Orion">Patajali</keyword> slashed its soap as well as hair oil prices, as per a recent report by Kotak Institutional Equities. Top FMCG players said at the end of the April-June quarter that they had to cede some of their market share to smaller players. As per Nomura, their impact on market share on organized players is under control as of now, but needs to be watched closely. A lot of these players have shut up during the pandemic, but have ‘mushroomed’ back. “As the raw material prices have come down and have remained stable, there is increased competition from smaller players. Hence, most FMCG companies have undertaken price cuts to pass on the raw material benefits, and at the same time, they have increased ad spending to protect their market share,” Preeyam Tolia, senior research analyst of FMCG at Axis Securities told Business Insider India. Moreso, the volume growth trend has slowed down for most FMCG players due to slower-than-expected growth in the rural areas. Besides, the trend of downtrading had taken over during the era of high inflation last year, when players had to increase their prices. In Q1, even as volume growth remained tepid, the profitability of FMCG companies was high due to softening of prices of certain raw materials. Palm oil prices were down 2% month-on-month and by 26% year-on-year. Copra/coconut oil prices (updated until July 2023) remained in deflation, down 8% month-on-month and by 11% year on year. “Currently crude and palm oil used to make soaps and inputs such as soda ash used in detergents are showing a downward price trend, that is the reason many soap brands have reduced the prices to increase their volume and are passing on the margin benefits to consumers,” said Sraboni Haralalka, executive director at Wodehouse Capital Advisors. Can price cuts help? Most experts believe that the benefits of these price cuts on volume growth can be seen with a lag, in the second half of the current fiscal year. A few however believe volume growth itself might not be enough for companies that have been banking on pricing-led growth in the last few quarters. “Most other categories did not resort to any pricing action (apart from soaps, detergents, hair-oil, edible-oils), leading to anniversarying of pricing and lesser contribution to overall value growth. We expect no or negligible contribution from pricing in coming quarters; optically lowering overall value growth for the sector,” said Nomura. Added to that, the ability to take a next round of price cuts might also be lowered, experts believe as the prices of crude are inching up again. While crude oil prices were down by 14%, they have jumped 8% on a month-on-month basis – showing that the trend might see a back up. “We must look at the impact of the recent increase in crude oil prices. Any further increase in crude oil price would delay the price cuts and, hence, volume recovery,” says Tolia. Shampoo, coffee &amp; toothpastes get pricier While tea and biscuits prices have remained steady, the prices of coffee have inched up due to hardening agri commodity prices — especially in the case of cereals and milk in the last few months. “Prices remained stable in dairy except for Nestle, which increased the prices of its milk powder and curd by 2% and 5%, respectively. Nestle took another round of around 3-5% of price increases in its baby food portfolio, taking cumulative increases to 6-11% in the past six months,” said Kotak Institutional Equities. Health food drinks witnessed price rises of around 2-8% by Abbott, Danone and Mondelez. “Agri-commodities products have surged up. Food companies such as Nestle and Britannia may either increase product prices or take a hit on their margins and focus on volume growth,” said Haralalka. Products like confectionery, toothpastes and shampoos also saw price hikes from players like Vicco, HUL, Dabur and P&amp;G. Also price rises are seen in face and body washes, deodorants, air fresheners, men’s grooming and feminine hygiene – especially in areas where end consumer purchasing power is high. The margins in personal care products are higher and consumers don’t downgrade as easily as they do in the laundry or hair oil segments. The year of FY24 is expected to be a year of volume growth as FMCG companies are fighting to bring back their ‘small pack’ consumers. At the same time, inflation on the horizon is presenting a very cloudy picture for companies – making them re-think their pricing strategy in a way that ensures volume and margins hold steady.

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