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Kolkata, Driven by robust growth, FMCG player <keyword id="40233" type="General" weightage="20" keywordseo="emami" source="Orion">Emami</keyword> Limited on Monday said its consolidated net profit for the first quarter of FY'24 surged by 88 per cent to Rs 136.75 crore, compared to Rs 72.69 crore in the corresponding quarter of the previous year. The company's consolidated revenues grew by 7 per cent to Rs 826 crore during the quarter. The company attributed the increase in net profit to strong growth in both its domestic and international businesses. "Excluding the sales of the summer portfolio, the domestic business grew strongly by 16 per cent, while the overall growth of the domestic business in Q1FY24 stood at 7 per cent. The pain management range, healthcare range, and BoroPlus achieved robust double-digit growth, and Dermicool posted high single-digit growth," the company said in a statement. International business grew by 8 per cent during the quarter, with robust growth in SAARC, GCC &amp; CIS regions. Emami reported relief in raw material cost pressure. The quarter witnessed a gross margin expansion of 240 basis points to 65.4 per cent. The company stated that despite investments in brand building and the integration of subsidiaries in the investment phase, EBITDA reached Rs 190 crore, expanding by 10 per cent, while the margin increased 60 basis points to 23 per cent. "While erratic summer weather and unseasonal rains impacted summer product offtakes, our non-summer portfolio grew strongly by 16 per cent. International business also continued its growth trajectory with 11 per cent constant currency growth. With inflation moderating further, we look to the future with increased optimism and confidence. The overall domestic business grew by seven per cent despite a challenging operating environment," Emami's Vice-Chairman and MD, Harsha V Agarwal, said. The company also concluded the buyback of its shares amounting to Rs 185.3 crore (excluding brokerage, taxes &amp; levies). Following the buyback, the share capital was reduced from 44.12 crore to 43.65 crore equity shares, and the promoter's stake increased from 54.27 per cent to 54.84 per cent. Emami shares jumped 2.19 per cent to close at Rs 560.05 at NSE.

Emami Q1FY'24 net up by 88% to Rs 137cr on strong demand

<ul><li>Indian markets might open slightly higher as <keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of the market, was up 0.39%.</li><li>Investors will monitor the RBI’s decision on interest rates and governor’s commentary on inflation and growth.</li><li>RIL, Adani Enterprises and Britannia Industries are among stocks to watch out for on August 5.</li></ul>Indian stock markets are expected to open on a positive note tracking global indices for a straight seventh session. However, they might curiously watch out for the <keyword id="679958" type="General" weightage="20" keywordseo="rbi-monetary-policy" source="Orion">RBI monetary policy</keyword> outcome today. According to experts, the central bank might go in for an interest rate hike and it could be in the range of 30-50 basis points. Investors will also watch out for the governor's commentary on inflation and growth, amid many global cues. On Monday, <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> closed 51 points lower at 58,298 and <keyword id="66115" type="General" weightage="20" keywordseo="nifty-50" source="Orion">Nifty 50</keyword> ended 6 points down at 17,382 – breaking a six-day gaining streak. Meanwhile, crude oil prices fell today hitting their lowest since before the Russian invasion of Ukraine in February; at $93 per barrel. The market however remains concerned about the impact of inflation on global economic growth and demand. The US market ended on a mixed note as investors looked ahead to monthly jobs reports for possible signs on the pace of interest rate hikes that would be taken by the Fed. Here are some of the stocks that will remain in focus: Adani Enterprises The company reported a 73% jump in consolidated net profit at ₹469 crore for June quarter while consolidated revenue from operations surged 225% to ₹40,844 crore. Britannia Industries The company reported an 11% drop in net profit to ₹335 crore as compared to the same quarter last year. Its revenues rose marginally by 4% to ₹3,700 crore in the same period. Future Retail Markets regulator SEBI has ordered a forensic audit of the financials of Future Retail. Bharat Electronics The state-run company announced the issuance of bonus shares in a 2:1 ratio. Lupin The pharma company announced a weak quarter with a consolidated net loss of ₹89 crore as against ₹542 crore last year. Earnings today Mahindra &amp; Mahindra, Titan Company, Aditya Birla Fashion And Retail, NMDC, Emami Honda India Power Products, Indigo Paints, FSN Ecommerce Ventures, One 97 Communications, Pfizer among companies that would report their quarterly earnings. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/price-hike-impact-will-be-seen-next-quarter-says-varun-berry-after-britannias-net-q1-falls-11/articleshow/93351282.cms">Price hike impact will be seen next quarter, says Varun Berry after Britannia’s net Q1 falls 11%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/reliance-backed-dunzos-b2b-logistics-arm-arrives-on-ondc/articleshow/93351531.cms">Reliance-backed Dunzo's B2B logistics arm arrives on ONDC</a>

Markets hold their breath ahead of the monetary policy today

<ul><li>The government of India has decided to allow duty-free import of crude soybean oil and sunflower oil.</li><li>The country had also limited basic import tax on crude oil, capped sugar export and banned wheat export.</li><li>Indian FMCG players have gone through several rounds of price hikes across several products over the last two years.</li></ul>The Indian government’s decision to allow duty-free import of crude soybean oil and sunflower oil, coupled with limiting of the basic import tax on crude palm oil to 10%, will bring cheer to the inflation-hit consumers as well as FMCG players. According to the analysts Business Insider spoke with, the current relaxations are going to bring down the cost of goods like — cooking oils, food items and even cosmetics. FMCG companies will have to pay much less for their raw material like sunflower and palm oil which goes into these products. The benefits of this reduction will be accrued in the next three months, Suman Jagdev, partner at Praxis Global Alliance told Business Insider India. He noted that the companies importing these edible oils will have to pay less, and the perk would be transferred to customers. “Because of its low domestic oilseed production, India imports about 55-60% of its annual edible oil consumption,” Jagdev elaborated,” Jagdev explained. <cmsannotation type="cmsannotation" annotationid="Biscuits, ghee, hair oil, coconut oil to get cheaper" comment="subhead" text="Biscuits, ghee, hair oil, coconut oil to get cheaper">Biscuits, ghee, hair oil, coconut oil to get cheaper</cmsannotation> Vinit Bolinjkar, head of research at Ventura Securities, also said that the price of edible oils should go down in the short term. Besides this, the price of food items like biscuits, ghee, hair oil, coconut oil would also see a reduction with the latest move. “The move is aimed to bring down the prices of edible oil in the domestic market and curtail inflation. We believe that domestic margins will pass through the decreased cost to consumers and still be able to protect their margins barring some minor basis point cut. Overall, the move should help organized players as they will again become at par with local players in terms of pricing,” Bolinjkar added. <cmsannotation type="cmsannotation" annotationid="Why is this a positive sign?" comment="subhead" text="Why is this a positive sign?">Why is this a positive sign?</cmsannotation> Indian FMCG players — including Nestle India, Marico, Hindustan Unilever, Ruchi Soya, Britannia, Dabur, Colgate Palmolive, Emami, Tata Consumer Products, Wipro Consumer Care — have hiked prices several times across several products over the last two years. The price hike was taken up due to several reasons including supply chain disruption due to Covid-19; and then the Russia-Ukraine war as well as inflationary pressure due to both the events that increased input costs. <div type="image" title="Biscuits, ghee and hair oil to get cheaper after government duty cut — but after three months" msid="91784802" hostid="261"></div> The price of raw material — food items and even crude oil increased — and reduced the margins of all the big FMCG players. The CEO of Nestle India, Suresh Narayanan, in an interview with CNBC in November 2021 pointed out that <a href="https://www.businessinsider.in/retail/news/a-third-of-indias-festive-seasons-is-over-whats-selling-and-whats-not/slidelist/87468577.cms">nine out of the 13 key ingredients </a>that it buys from the market have not been this expensive in nearly a decade. The Government of India capped sugar exports and banned wheat exports too. All these factors would benefit FMCG companies like Adani Wilmar, Marico and others, both Jagdev of Praxis Global Alliance and Bolinjkar of Ventura Securities agree. “While the move may hamper the profits of edible oil companies in the short run, we are particularly bullish on Adani Wilmar who is the largest edible oil player. It is now diversifying into other food categories and hence we believe that one can keep on accumulating the stock in his portfolio but in a staggered manner,” Bolinjkar of Ventura Securities added. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/grasim-industries-aditya-birla-fashion-and-retail-coal-india-among-stocks-to-watch-out-for-on-may-25/slidelist/91778168.cms">Grasim Industries, Aditya Birla Fashion and Retail, Coal India among stocks to watch out for on May 25</a> <a href="https://www.businessinsider.in/science/health/news/indian-rural-healthcare-centres-are-so-few-and-so-burdened-that-people-are-avoiding-them/articleshow/91781443.cms">Indian rural healthcare centres are so few and so burdened that people are avoiding them</a> <a href="https://www.businessinsider.in/stock-market/news/zomato-posted-a-1222-crore-loss-but-its-stock-gained-18-reasons-behind-the-surge/articleshow/91766080.cms" data-type="tilCustomLink">Zomato posted a ₹1,222 crore loss but its stock gained 18% — reasons behind the surge</a>

Biscuits, ghee and hair oil to get cheaper after government duty cut — but after three months

<ul><li>The average purchasing power in India is depleting fast that is likely to affect consumer demand.</li><li>However, benchmark indices Sensex and Nifty have recently hit record levels thanks to a surge in corporate profits, most of which came from cost cutting.</li><li>The sustained fall in household savings, both financial and physical assets like gold or real estate, over the last five years has been worsened by the fall in wages.</li><li>This has led to a sharp fall in consumer confidence and that is bad news for companies looking to sell cars, jewellery, home appliances, and even shares and other financial investments.</li></ul>Forget gross domestic product (GDP) and the high-as-a-kite stock markets. Even the Narendra Modi government likes to <a href="https://timesofindia.indiatimes.com/business/india-business/india-gdp-in-ppp-terms-more-than-bdeshs-govt/articleshow/78671559.cms" data-type="tilCustomLink" target="_blank">cite the country’s purchasing power when cornered</a>. But even that is on a slide, a not-so-merry one. It’s hardly a surprise given the knockout punch that the COVID-19 virus has delivered. Businesses looking to protect their bottomline have laid off a lot of employees, and many of those who still have jobs aren’t earning as much as they used to. On the other hand, <a href="https://zeenews.india.com/markets/sensex-hits-fresh-record-high-tops-44000-level-2325095.html" data-type="tilCustomLink" target="_blank">Sensex has kissed new highs</a> because corporate profits have surged in the latest quarterly statements. However, as Mahesh Vyas from the Centre for Monitoring Indian Economy, a business information firm, pointed out, between July and September 2020, corporate profits grew over 20%, the rebound in wages was just 3.8% after a sharp fall in the preceding quarter. And this is likely to be a continuing trend. As <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/why-companies-profits-have-rebounded-faster-than-wages-during-covid-pandemic/articleshow/79308002.cms" data-type="tilCustomLink" target="_blank">Vyas put it</a>, “The lockdown has taught companies a lesson or two on running business with fewer human resources. These lessons are unlikely to be forgotten.” That’s bad news for companies looking to sell cars, jewellery, home appliances, and even shares and other financial investments. There is more evidence of where the profits are flowing from. All the companies analysed by broking firm Motilal Oswal, put together, saw a decline of 7% in sales but a 16% jump in profit after tax. Simply put, most of the profit came from cost cutting and not a rise in demand. Consumer insights firm Nielsen recently explained the phenomenon. The Indian consumer is trading down in certain segments, those who can are buying larger packs to save money, and opting for more private labels. And that’s visible in the gross margin ⁠— before costs like wages, advertisements and promotion are deducted ⁠— of some of biggest names in consumer products. <table style="width: 233pt;"> </colgroup> <tbody><tr> <td class="xl63" style="height:45.0pt;width:129pt">Company</td> <td class="xl64" style="border-left-width: initial; border-left-style: none; width: 104pt;">July-Sep gross margin change (basis points)</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Bajaj Consumer</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-74</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Agro Tech Foods</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-183</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Jyothy Labs</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">128</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">ITC</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-163</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Dabur</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">9</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">HUL</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-128</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Emami</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">55</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Marico</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-163</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Nestle</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">56</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Colgate</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">344</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Godrej Consumer</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-57</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Britannia</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">176</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Varun Beverages</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-149</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Tata Consumer Products</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-269</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Aggregate</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-220</td> </tr></tbody></table>Source: IIFL, Change compared to same period last year Rational people spend more on discretionary items like cars and appliances when they save more. And the larger pessimism is visible in <a href="https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/CCS09102023E6F5FCA08F4C4BAB9F599F5D9DC754.PDF" data-type="tilCustomLink" target="_blank">the consumer confidence data</a>, put out by the Reserve Bank of India (RBI), which is breaking the charts on the wrong side. People do not expect to spend more on non-essential items even in the next one year. <div type="image" title="rbi ccs" msid="79317971" hostid="261" caption="&amp;lt;p&amp;gt;Indian consumer&amp;#39;s expectation of spending on non-essential items is abysmally low.&amp;lt;/p&amp;gt;"></div> The Indian consumer’s ability or willingness to spend had started eroding long before the pandemic. And, on an average, there has been a steady decline in household savings in India, to a point that this year’s estimate is the lowest since at least 2012. The pinch is much worse for people who are retired, many of whom living on their savings lying at the banks. The interest on long-term fixed deposits make less money compared to the savings account, which is much lower than the current inflation. Essentially, people are paying banks rent to keep their money safe instead of earning from it. <div type="image" title="India household savings" msid="79318175" hostid="261" caption="&amp;lt;p&amp;gt;India household savings, both financial &amp;lt;span class=&amp;quot;redactor-invisible-space&amp;quot;&amp;gt;and in physical assets like gold, are sharply down in the last five years.&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;"></div> This should concern markets as well as policymakers. "GDP is an aggregative indicator of economic activity and hides the extent of human misery and the loss of social and human capital caused by the health crisis. Nonetheless, if the projections hold, the GDP would have fallen approximately 6% below its pre-COVID level and it may take years to regain this lost output,” Deputy Governor of the RBI and a member of the Monetary Policy Committee Michael D Patra recently <a href="https://timesofindia.indiatimes.com/business/india-business/rate-cut-will-depend-upon-moderation-in-inflation-rbi-governor-shanktikanta-das/articleshow/78829858.cms" data-type="tilCustomLink" target="_blank">said</a>. The gloom, too, shall pass eventually. But to experience a boom people need jobs, good wages and a feeling of certainty. And that will only come from new corporate investment that can generate employment. And it has to happen sooner than later. Else, India’s famed demographic dividend would have been squandered. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/from-downward-dog-to-upward-boom-influencer-and-teacher-ira-trivedi-shares-how-virtual-yoga-took-off-during-the-lockdown/articleshow/79317417.cms">From downward dog to upward boom — influencer and teacher Ira Trivedi shares how virtual yoga took off during the lockdown</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/from-downward-dog-to-upward-boom-influencer-and-teacher-ira-trivedi-shares-how-virtual-yoga-took-off-during-the-lockdown/articleshow/79317417.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/remembering-ym-deosthalee-the-man-who-struck-the-right-chord-between-music-and-math/articleshow/79306305.cms">Remembering YM Deosthalee, the man who struck the right chord between music and math</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/remembering-ym-deosthalee-the-man-who-struck-the-right-chord-between-music-and-math/articleshow/79306305.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/indra-nooyi-may-be-in-joe-biden-cabinet-heres-a-look-at-her-take-on-some-key-issues-concerning-india-and-us/articleshow/79303469.cms">Indra Nooyi may be in Joe Biden's Cabinet – here's a look at her take on some key issues concerning India and US</a>

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Emami Q1FY'24 net up by 88% to Rs 137cr on strong demand

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Biscuits, ghee and hair oil to get cheaper after government duty cut — but after three months

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