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New Delhi, <keyword id="45432" type="General" weightage="20" keywordseo="Godrej-Properties" source="Orion">Godrej Properties</keyword>' net debt rose 45 per cent during April-June period of this fiscal to Rs 5,298 crore from the previous quarter on aggressive land purchase across major cities. According to an investor presentation, net debt of Godrej Properties -- the real estate arm of business conglomerate Godrej Group -- stood at Rs 5,298 crore as on June 30, 2023 as against Rs 3,649 crore at March-end. Debt-equity ratio stands at 0.56. Since April last year, Godrej Properties has been aggressive in new business development under which the company is purchasing land outright and also entering into joint development agreements (JDAs) wth land owners to create a pipeline for future development. It focuses on Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets. Enthused by strong housing demand, the company acquired 18 land parcels last fiscal year for development of new projects with an estimated sales potential of Rs 32,000 crore. It purchased four new land parcels with an estimated saleable area of 3.7 million square feet and expected booking value of Rs 6,450 crore between April-July period of this fiscal. Replying to a query whether the debt will increase further, Gordrej Properties Executive Chairman Pirojsha Godrej said, "I think you will see some increase...given the business development over the next couple of quarters." "But we think thereafter next year, we think the calendar 2024 is when there's a lot of these project launches happening...we expect very strong positive operating cash flows," he added. Earlier this month, Pirojsha had said the company's sales performance remained muted in April-June, but the company will meet the annual target to sell properties worth Rs 14,000 crore this fiscal. Godrej Properties' sale bookings fell 11 per cent year-on-year during the first quarter of 2023-24 to Rs 2,254 crore. "In terms of sale bookings, April-June was a weak quarter for us. But in deliveries, it was strong as we did nearly 5 million square feet area. Our annual guidance for deliveries is 12.5 million square feet," he had said in an interview. He exuded confidence that the company will achieve "healthy growth" in sale bookings during the remaining three quarters. Pirojsha said the company would achieve or even better the annual sales guidance of Rs 14,000 crore in 2023-24 against Rs 12,232 crore in the previous fiscal. Godrej Properties launched very few residential projects during the first quarter of 2023-24 and the bulk of bookings came from the ongoing projects. The pipeline of new launches is "very strong", he had said. On the financial performance front, the company recently reported a nearly three-fold jump in consolidated net profit to Rs 124.94 crore for the first quarter as against Rs 45.55 crore in the year-ago period. Total income rose to Rs 1,265.98 crore in April-June 2023-24 from Rs 426.40 crore in the corresponding period of the previous year.

Godrej Properties' Q1 net debt up 45% to Rs 5,298 cr from March-end; may rise further

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! President Joe Biden's reelection campaign is facing a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-beating-biden-debate-polling-election-2024-7">critical moment</a>. Sen. Peter Welch became the first Senate Democrat to publicly call for the president to <a target="_blank" rel="noopener" href="https://www.businessinsider.com/sen-peter-welch-democrat-calls-biden-drop-out-race-2024-2024-7">drop out of the race</a> — and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/key-democrats-chuck-schumer-nancy-pelosi-open-ditching-biden-2024-7">some Democratic leaders</a> might also now be open to ditching Biden. Hollywood, too, is starting to <a target="_blank" rel="noopener" href="https://www.businessinsider.com/celebrities-who-have-turned-on-joe-biden-2024-7">change its tune</a>.All eyes will be on Biden's solo press conference today closing out this week's NATO summit.But for now, we're turning to Wall Street in our big story, as big banks gear up to report their earnings.What's on deck:<ul><li>Markets: Unless the Fed starts to cut rates soon, millions of <a target="_blank" href="https://www.businessinsider.com/us-job-market-unemployment-rising-federal-reserve-interest-rate-cut-2024-7">Americans could lose their jobs</a>.</li><li>Tech: Samsung just unveiled a host of new products, including <a target="_blank" href="https://www.businessinsider.com/samsung-galaxy-ring-ai-finger-wearables-apple-intelligence-iphone-2024-7">an AI-powered fitness ring</a>.</li><li>Business: Warner Bros. Discovery CEO David Zaslav <a target="_blank" href="https://www.businessinsider.com/wbd-david-zaslav-biden-trump-election-regulation-sun-valley-2024-7/">would like a new president</a>.</li></ul>First, it's (almost) showtime.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="96623c87-7dd6-49a3-8d36-c62b6d2a0b32">The big story</h3><h2 id="4b5c5264-c8aa-405f-8197-d0eded9ba20f">Earnings to watch</h2><div type="image" title="JPMorgan Chase &amp; Co" height="1279" width="1920" msid="111671074" hostid="261" sizebytes="130426"></div>Just like that, it's Wall Street earnings season once again.To kick things off, JPMorgan, Citigroup, and Wells Fargo will be reporting their second-quarter earnings tomorrow.We'll continue to hear results next week, with Goldman Sachs and BlackRock reporting on Monday, and Bank of America and Morgan Stanley on Tuesday.To get a sense of what we could expect from these calls, I spoke with Kaja Whitehouse, a senior finance editor at Business Insider.She told me that, among other things, bankers and investors will be keeping an eye out for updates on Jamie Dimon's retirement, news on banks' AI adoption, and whether more banks will start <a target="_blank" href="https://www.businessinsider.com/chase-warns-pay-free-services-checking-account-2024-7">charging consumers for their checking accounts</a>.<div type="image" title="People walking past JP morgan tower outside" height="1280" width="1920" msid="111671073" hostid="261" sizebytes="281510"></div>To really break it down for you, here's my Slack conversation with Kaja.Is investment-banking activity coming back?Wall Street banks have been waiting for M&amp;A, IPOs, and other fee-generating corporate dealmaking to come roaring back for two years. There are finally signs activity is picking up.When <a target="_blank" href="https://ir.jefferies.com/press-releases/press-release-details/2024/Jefferies-Announces-Second-Quarter-2024-Financial-Results/default.aspx#:~:text=%E2%80%9COur%20second%20quarter%20net%20revenues,particularly%20strong%20performance%20in%20Equities.">Jefferies reported Q2 earnings</a> in June, it said investment-banking revenues grew 8.6% from the previous quarter and 59.4% from the same quarter last year across all business lines. Jefferies is much smaller than JPMorgan and Goldman Sachs, but its earnings are still closely watched as an indication of what's to come.Will Jamie Dimon share more details about his impending retirement?In May, the CEO shocked Wall Street by saying he plans to step down <a target="_blank" href="https://www.businessinsider.com/jpmorgan-ceo-jamie-dimon-hints-retirement-2024-5">in the next five years</a>. As Wall Street's longest running and best known CEO, his replacement and what he plans to do next are big dinner-table topics.Will banks start charging for everyday consumer products like checking accounts?Last week, Marianne Lake, CEO of JPMorgan Chase's consumer and community banking, suggested banks <a target="_blank" href="https://www.businessinsider.com/chase-warns-pay-free-services-checking-account-2024-7">could start charging for things that are currently free</a>. That includes checking accounts and financial planning tools.What's going on with AI?We're always watching for news on AI adoption, including how the tech might help companies maximize their potential and cut costs. Last quarter, BlackRock CEO <a target="_blank" href="https://www.businessinsider.com/blackrock-wants-to-build-the-infrastructure-for-ai-2024-4">Larry Fink said</a> AI has helped the asset manager increase productivity without increasing headcount.<h2 id="afa38848-bdf1-4d03-8378-6614b081886a">3 things in markets</h2><div type="image" title="Photo illustration of a desk on a cliff's ledge." height="2000" width="4000" msid="111671067" hostid="261" sizebytes="446990"></div><ol><li>We're at the edge of an unemployment cliff. The labor market's post-pandemic boom has cooled. Unless the Fed cuts interest rates, the recent unexpected rise in <a target="_blank" href="https://www.businessinsider.com/us-job-market-unemployment-rising-federal-reserve-interest-rate-cut-2024-7">unemployment is going to get worse</a>, economist Neil Dutta argues.</li><li>Private equity preps for commercial real estate grab. Investors have more than $250 billion in cash earmarked for North American properties. That's a sign the firms are gearing up for a <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-crash-investing-office-property-price-correction-2024-7">well-timed pounce on the beleaguered sector</a>, which is beset by high interest rates and vacancies caused by the remote-work shift.</li><li>After Tesla's big win streak, Elon Musk is once again the world's richest person. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/elon-musk-net-worth-tesla-stock-win-streak-300-billion-2024-7">Musk's net worth grew by $67 million</a> during Tesla's 10-day stock soar, bringing his overall net worth to $274 billion. He surpassed Jeff Bezos, the previous No. 1 Rich Guy, by $53 billion.</li></ol><h2 id="8445eeb9-2ee7-425f-b2b4-0bab141dabbc">3 things in tech</h2><div type="image" title="Overwhelmed worker surrounded by piles of work, with logos of big tech companies (Google, Amazon, Apple, Netflix) overhead, cursors, and broken hearts" height="900" width="1200" msid="111671069" hostid="261" sizebytes="94218"></div><ol><li>No rizz? Big Tech might be to blame. A 35-year-old FAANG manager is ready to settle down, but the demands of his job have made dating in Silicon Valley a struggle. He described the <a target="_blank" href="https://www.businessinsider.com/dating-silicon-valley-big-tech-hard-want-marriage-kids-2024-7">last decade of dating ups and downs</a> — including one dreaded situationship.</li><li>Samsung's ring to rule them all. The Korean electronics giant unveiled its shiniest new device, an <a target="_blank" href="https://www.businessinsider.com/samsung-galaxy-ring-ai-finger-wearables-apple-intelligence-iphone-2024-7">AI-powered fitness tracking ring</a>. The Galaxy Ring is a <a target="_blank" href="https://www.businessinsider.com/guides/tech/samsung-galaxy-ring-release-date-price-features-specs">direct competitor of the Oura Ring</a>, and a step away from the smartwatch, though Samsung still has <a target="_blank" href="https://www.businessinsider.com/guides/tech/samsung-galaxy-watch-7-ultra-release-date-price-features-specs">plenty of those to go around</a>. It also launched two <a target="_blank" href="https://www.businessinsider.com/guides/tech/samsung-galaxy-z-fold-6-flip-6-release-date-price-features-specs">more foldable phones</a>.</li><li>Can these new social apps make their 15 minutes last? You've heard of Instagram and TikTok. Then there was BeReal, followed by Lapse, NGL, and most recently Noplace. If these last few don't ring a bell, it's because they largely haven't lived past the initial buzz. Alternatives to Big Social pop up often, but so far, <a target="_blank" href="https://www.businessinsider.com/social-media-apps-bereal-noplace-retro-rival-instagram-tiktok-2024-7">none have stuck around long</a>.</li></ol><h2 id="52a8619f-db58-413c-acfb-c2d5c83ee4e6">3 things in business</h2><div type="image" title="A photo collage of two blue silhouettes and various housing-related imagery." height="1500" width="2000" msid="111671066" hostid="261" sizebytes="126076"></div><ol><li>Locked out with nowhere to go. Illegal eviction complaints are on the rise, <a target="_blank" href="https://www.businessinsider.com/landlord-illegal-lockout-court-tenant-2024-7">with tenants often left stranded</a>. Those at the margins of the rental market — living in long-stay motels or informal trailer parks, for instance — are <a target="_blank" href="https://www.businessinsider.com/informal-rental-agreement-affordable-housing-illegal-lockout-2024-7">especially vulnerable</a>. To make matters worse, <a target="_blank" href="https://www.businessinsider.com/illegal-wrongful-evictions-law-enforcement-police-court-2024-7">police rarely crack down on the landlords</a>.</li><li>David Zaslav would like a new president. The Warner Bros. Discovery CEO, like many tech and media bosses, isn't a fan of Joe Biden's antitrust policies. But while others in the biz shy away from saying it outright, Zaslav has made it clear: He wants <a target="_blank" href="https://www.businessinsider.com/wbd-david-zaslav-biden-trump-election-regulation-sun-valley-2024-7/">someone else in charge</a>.</li><li>Montana's housing crisis is a warning for older homeowners. Owning a home doesn't guarantee financial security in old age, as <a target="_blank" href="https://www.businessinsider.com/home-prices-montana-retired-boomer-homeowners-losing-houses-insurance-taxes-2024-7">Montana's current housing issue shows</a>. Though home values have skyrocketed, so have the costs associated with ownership, which can leave older homeowners with no choice but to downsize.</li></ol><h2 id="ed3a6986-5544-43ac-967e-03b7605cbe61">In other news</h2><ul><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/biden-new-york-swing-district-democrats-trump-election-2024-7">Biden faces a closer race in deep blue New York, a huge problem for swing-district Democrats</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/costco-raising-membership-fee-gold-star-executive-cost-2024-7">Costco is raising its membership fee for the first time in 7 years</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/brain-expert-explains-cognitive-test-for-president-not-easy-2024-7">A brain expert explains the cognitive test used to assess a president's mental fitness. It's not easy</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/index-ventures-investor-departures-new-funds-2024-7">An exodus of investors is underway at Index Ventures on the back of a $2.3 billion fundraise</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/microsoft-apple-ditch-openai-board-observer-seats-regulators-2024-7">Microsoft and Apple may be playing the long game by ditching OpenAI board roles</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/why-amazon-wants-you-to-pick-up-prime-day-orders-2024-7">Why Amazon wants you to pick up your Prime Day orders this year</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/costco-hourly-workers-get-pay-raise-increase-ceo-memo-2024-7">Costco's hourly workers are getting a raise — read the CEO's memo</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/fisker-founder-ceo-cuts-salary-1-dollar-cover-bankruptcy-costs-2024-7">Fisker founder cuts salary to $1 to cover bankruptcy costs</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/donald-trump-mark-zuckerberg-sent-prison-elected-truth-social-2024-7">Donald Trump threatens to send Mark Zuckerberg to prison if he is elected</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/gen-z-need-financial-support-parents-family-study-2024-7">Gen Zs are better at 'loud budgeting,' but nearly half still need financial support from family: study</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/clarence-thomas-accepted-free-yacht-trip-to-putins-hometown-2024-7">Clarence Thomas accepted a free yacht trip to Russia and got flown out on a complimentary helicopter ride to Putin's hometown, 2 Democratic senators say</a>.</li></ul><h2 id="6a8f1287-3363-4169-8e52-5148aa0c9e02">What's happening today</h2><ul><li>Delta Air Lines, PepsiCo, and other companies <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">are reporting earnings</a>.</li><li>CPI data is released by the Bureau of Labor Statistics.</li><li>President Biden wraps NATO summit with a press conference.</li></ul>The Insider Today team: Jordan Parker Erb, editor, in New York. Lisa Ryan, executive editor, in New York. Joe Ciolli, executive editor, in Chicago. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

Welcome back to Wall Street earnings season

<ul><li>In constant currency terms, <keyword id="13843427" type="General" weightage="20" keywordseo="ltimindtree" source="Orion">LTIMindtree</keyword> posted revenue growth of 8.2% YoY for the June quarter. </li><li>The order inflow continued to increase and reached $1.41 billion in this quarter. </li><li>“Our operational rigor helped us achieve an EBIT of 16.7% and PAT of 13.2%," said Debashis Chatterjee, CEO and MD. </li></ul> Technology consulting and digital solutions company LTIMindtree posted a 4.1% year-on-year rise in net profit to ₹1,152 crore for the first quarter ended June 30. Revenue rose 13.8% to ₹8,702 crore for the period. In constant currency terms, the company’s revenue rose 8.2% YoY for the June quarter. On a quarter-on-quarter basis, however, this revenue was almost flat at 0.1% growth. “Our key verticals BFSI (banking, financial services and insurance), Manufacturing &amp; Resources and Hi-Tech, Media, and Entertainment, which make up 75% of our revenues performed well,” said Debashis Chatterjee, chief executive officer and managing director. “Our strategic programs are bearing fruit and is evident in the upward movement across our client buckets. The order inflow continued to increase and reached $1.41 billion in this quarter,” he added. The company has 723 active clients as of June 30, 2023. During the quarter, $5 million+ clients increased by 18 on a YoY basis, while $10 million+ clients increased by 9 and $50 million+ clients increased by 3. “Our operational rigor helped us achieve an EBIT of 16.7% and PAT of 13.2%," Chatterjee added. EBIT is earnings before interest and taxes, while PAT refers to profit after tax. At the end of the quarter, the company had 82,738 professionals with the trailing 12 month attrition at 17.8%. Among the deals won during the quarter are a deal from one of the largest property &amp; casualty insurance companies in the United States, which has chosen LTIMindtree as a strategic partner for a multi-year application development and maintenance deal. Shares of the company were trading 2.5% lower at ₹5,006 in morning trade on the NSE. Meanwhile, the Nifty50 was up 0.45%.

LTIMindtree Q1 net profit rises 4.1% to ₹1,152 crore, revenue up 14% YoY

<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 class="summary-list"><li><keyword id="363661" type="COMPANY" weightage="60" keywordseo="GameStop">GameStop</keyword> shares have sung wildly this year, but are still up more than 1,600% in 2021.</li><li>The company is expected late Wednesday to report a narrower loss of $0.83 a share. </li><li>Shareholders at the video-game retailer elected Ryan Cohen as chairman at their annual meeting. </li></ul>Investors committing money toward seeing <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> shares advance have helped propel them up by more than 1,600% so far this year, keeping the rally going despite massive volatility in 2021.GameStop will release its quarterly report after regular-session trading closes Wednesday. It headed into the report with a new chairman as Ryan Cohen, its largest individual shareholder and co-founder of <a href="https://markets.businessinsider.com/stocks/chwy-stock">Chewy.com</a>, was elected to the post by shareholders earlier in the day.GameStop is among a handful of names in the midst of another rally in so-called <keyword id="10688429" type="UNKNOWN" weightage="60" keywordseo="meme-stocks">meme stocks</keyword> powered by retail investors working together to force a short squeeze on hedge funds looking to profit from bets that the share price will fall.GameStop was the center of a similar rally in January that launched its shares to an all-time high of $483 from around $17 at the start of the year. The shares eventually dropped back to about $45 before steadily rising again. The shares were up about 3% and trading above $310 each Wednesday afternoon, a modest move contributing to the gain of over 1,600% since the start of 2021.The company, which runs more than 4,000 stores and e-commerce properties in 10 countries, is expected to post a fiscal first-quarter adjusted loss of $0.83 a share, according to a FactSet poll of four analysts. That would be narrower than its adjusted loss of $1.61 a share logged a year ago when the company was dealing with store closures because of the COVID-19 pandemic.Wall Street and retail investors may also see an increase in GameStop's revenue. Sales are expected to come in at $1.16 billion, higher than $1.02 billion notched a year earlier."We are trying to do something that nobody in the retail space has ever done," Cohen, in addressing shareholders Wednesday, was <a href="https://www.bloomberg.com/news/articles/2021-06-09/ryan-cohen-rallies-gamestop-reddit-crowd-at-annual-meeting?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_content=tech&amp;cmpid%3D=socialflow-twitter-tech&amp;utm_source=twitter&amp;sref=GUP2BhaGer&amp;sref=GUP2BhaG">quoted as saying by Bloomberg.</a> "But we believe we're putting the right pieces in place and we have clear goals: delighting customers and driving shareholder value for the long term," he said. Cohen said he wouldn't introduce a new strategy yet, according to the report.GameStop in May launched a website that said it was hiring a team to <a href="https://markets.businessinsider.com/currencies/news/gamestop-nft-building-ethereum-powered-platform-hiring-team-ecommerce-transformation-2021-5-1030467635">build a platform for nonfungible tokens, or NFTs</a>, digital collectibles that have recently boomed in popularity.Bank of America last week said GameStop shares were <a href="https://markets.businessinsider.com/news/stocks/gamestop-bed-bath-beyond-stock-coverage-suspend-bankofamerica-meme-stocks-2021-6-1030496092">no longer trading on fundamentals</a> and rather were being swayed by non-fundamental factors including the number of conversations on Reddit related to the company, trading volumes, and short interest. The investment bank told clients it had stopped coverage of the retailer.

GameStop has had a wild ride in 2021, but the stock is still up 1,600% heading into its latest quarterly financial report

New Delhi, Feb 3 () Shares of realty firm Godrej Properties Ltd on Monday jumped over 8 per cent after the company reported a 9 per cent increase in consolidated net profit for the quarter ended December.
 The scrip climbed 8.29 per cent to close at Rs 1,071.30 on the BSE. During the day, it zoomed 9.74 per cent to Rs 1,085.70.
 On the NSE, it zoomed 7.88 per cent to close at Rs 1,067.95.
 Godrej Properties on Monday reported a 9 per cent increase in consolidated net profit at Rs 45.46 crore for the quarter ended December on higher income.
 Its net profit stood at Rs 41.63 crore in the year-ago period.
 Total income rose to Rs 517.47 crore in the third quarter of this fiscal as compared to Rs 430.7 crore in the corresponding period of the previous year, the company said in a regulatory filing. SUM SHW
SHW

Godrej Properties shares zoom over 8 pc after Q3 earnings

<ul class="summary-list"><li><keyword id="11896285" type="UNKNOWN" weightage="60" keywordseo="robinhood" source="Orion">Robinhood</keyword> stock dropped 12% Wednesday after Q3 results missed analyst estimates.</li><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> trading revenue fell 78% from the prior quarter to $51 million.</li><li>"Crypto activity came off record highs leading to fewer new funded accounts and lower revenue," CEO Vlad Tenev said.</li></ul><a href="https://markets.businessinsider.com/stocks/hood-stock">Robinhood's</a> stock tumbled as much as 12% on Wednesday after its third quarter results missed analyst estimates on revenue.The trading app's total quarterly net revenue came in at $365 million, lower than a Refinitiv estimate of $431.5 million. Revenue rose 35% on an annual basis, but was much below the second-quarter figure of $565 million.Robinhood posted a net loss of $1.02 billion, or $2.06 per share. That is below the Refinitiv estimate of a loss of $1.37 per share.Transaction-based revenue came in at $267 million, with revenue from crypto trading falling 78% from the prior quarter to $51 million.Robinhood said its second-quarter revenue from crypto transactions, of which <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a> <a href="https://markets.businessinsider.com/news/stocks/robinhood-ceo-vlad-tenev-diamond-hands-investors-ipo-stocks-memes-2021-8">made up 62%</a>, was much higher at $233 million. The company didn't specify which crypto asset was the most popular in Q3.<div type="image" title="Robinhood Q3" height="622" width="1186" msid="87312856" hostid="261"></div>"In Q3, crypto activity came off record highs leading to fewer new funded accounts and lower revenue as expected," CEO Vlad Tenev said in an earnings call on Tuesday. "Historically, our growth has come in waves. The surges have come during periods of increased volatility or market events."Robinhood warned investors that factors impacting its third-quarter results, like lower crypto trading, are likely to persist into the next quarter.Net cumulative funded accounts fell to 22.4 million in Q3, from 22.5 million in the second quarter. Monthly active users fell to 18.9 million, down from 21.3 million in the previous quarter. Average revenue per user fell 36% year-on-year to $65, versus $102 in the same period last year."Our industry sees a typical seasonality curve that shows higher growth in the first quarter of the year versus the last three quarters," CFO Jason Warnick said. "We continue to monitor regulatory developments relating to market structure matters such as statements from the SEC on payment for order flow, cryptocurrency regulation, option trading due diligence, and digital engagement practices."In the absence of changes to the market environment, Robinhood said it expects to generate revenue no greater than $325 million in the fourth quarter and full year revenue of less than $1.8 billion.Robinhood's shares last traded at $34.76 per share in early trading on Wednesday. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> slumped 6% to below $59,000, with one analyst saying Robinhood's results may have been a factor.Bitcoin's sharp correction has turned the recent bullish outlook lower, Nicholas Cawley, analyst at DailyFx, said. "While there are no confirmed reasons so far for the move, market sentiment may have been damaged after Robinhood released disappointing earnings last night with revenue from crypto activity seeing an unexpected slump," he added.Read More: <a href="https://www.businessinsider.com/how-to-earn-passive-income-commercial-real-estate-modiv-ceo-2021-10">The CEO of a $400 million real estate crowdfunding company breaks down how retail investors can acquire shares of commercial properties with as little as $1,000 - and explains why this method could work better than house hacking and REITs for some</a>

Robinhood tumbles 12% after Q3 revenue misses analyst estimates and crypto trading plummets

<ul class="summary-list"><li>Tech leaders are increasingly using the vague term "<keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword>" in earnings calls with investors. </li><li>Many are following the lead of Meta, who announced it would be focusing on building the metaverse.</li></ul>The "metaverse" has become a hot topic for executives, analysts, and investors alike, being mentioned in the earnings calls of more than 15 companies in the past few months alone. As the tech world grapples with what the metaverse will actually look like, several executives have started weaving mentions of it into discussion with investors. However, their remarks indicate they are still fairly unsure of what specifically the metaverse is and how it functions. While <keyword id="11892960" type="UNKNOWN" weightage="60" keywordseo="facebook" source="Orion">Facebook</keyword>'s recent rebranding to Meta helped increase awareness of the metaverse and propelled it to a topic of global conversation, even CEO Mark Zuckerberg only has a vague notion of the definition of the metaverse. "The best way to understand the metaverse is to experience it yourself, but it's a little tough because it doesn't fully exist yet," Zuckerberg said at a conference last month. Some companies are divided on whether it represents a real virtual space or if it's just a concept, while others are unsure if a metaverse will ever actually exist and are weary of the nebulous technology. <a href="https://www.businessinsider.com/morgan-stanley-is-worried-about-facebook-pivot-to-the-metaverse-2021-11">Analysts at Morgan Stanley</a> said the metaverse could represent an $8 trillion opportunity, but it would be a challenge to get people interested in using it. Augmented reality and artificial intelligence experts also told Insider that a metaverse could <a href="https://www.businessinsider.com/facebook-meta-metaverse-splinter-reality-more-2021-11">drastically amplify society's political polarization</a>.Still, companies are willing to make large investments in the metaverse, even if they don't fully understand it yet. The space is expected to be worth $82 billion by 2025, <a href="https://www.theinformation.com/articles/what-will-metaverse-be-worth-in-2025-our-guess-is-82-billion#:~:text=Our%20conclusion%20is%20that%20by,and%20Roblox%2C%20which%20already%20offer">according to The Information</a>, and companies plan to expand their goods and services into the experimental virtual space.Here's what some company executives are saying about the metaverse, and what they intend to do with it.<h3>Agora Inc.</h3>The real-time video platform just announced a network product that would "accelerate any kind of data, not just video or audio, and for any application, whether it's gaming, e-commerce, collaboration, or metaverse," according to CEO Tony Zhao."Recently, we have seen an accelerating trend of real-time engagement in extended reality environment, creating the infrastructure of metaverse," Zhao said in a November call with investors. "Our plan is to further enhance our capabilities in these areas and become an instrumental infrastructure provider for metaverse."<h3>Bilibili</h3>"Metaverse is a concept, it's not a product," Bilibili CEO Rui Chen said in a call with investors on Wednesday, suggesting elements of the metaverse have existed for a long time, but companies are only now jumping onboard."I think that if someone hears the concept of metaverse and decided to get into this business, probably would be a little bit too late," Chen said. "When we talk about metaverse, we think this is not something that can be done by a singular company. You need to have massive content production capability to produce another world."<div type="image" title="Whitney Wolfe Herd wears a brown and white dress while sitting on stage." height="1969" width="2625" msid="87837506" hostid="261"></div><h3>Bumble</h3>Bumble plans to build new engagement and community relationships for users "through the communities they build, the virtual goods and experiences they acquire or through new ways of owning their identity as they navigate the metaverse," CEO Whitney Wolfe Herd said in an <keyword id="12307792" type="UNKNOWN" weightage="60" keywordseo="earnings-call" source="Orion">earnings call</keyword> in November."Built on <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword> technology, we believe [Bumble BFF] will enable a level of participation and empowerment that will make our mission come to life," Herd said. "In the near term, this means new engagement, participation and creator models."<div type="image" title="Coinbase Co-founder and CEO Brian Armstrong speaks on stage in front of a green background" height="1740" width="2321" msid="87837507" hostid="261"></div><h3>Coinbase</h3>Coinbase COO Emilie Choi said in a November earnings call that the company had been spending "a lot of time" developing the metaverse alongside blockchain technology, cryptocurrency, and NFTs, which are being used by "tens of millions of Americans.""We think there's just an abundance of <keyword id="11893018" type="UNKNOWN" weightage="60" keywordseo="innovation" source="Orion">innovation</keyword> in this space, and we want to keep doubling down on those opportunities," Choi said in the call. <h3>Dolby Laboratories </h3>Dolby laboratories said it sees potential of the metaverse to integrate with its technology, particularly when it comes to auditory features. "I think the metaverse can take many forms, but ultimately, it is an audiovisual experience," CEO Kevin Yeman said in an earnings call on Tuesday, noting he hopes to integrate it with their Dolby.io technology. "I think some of our developers, they even define themselves as virtual environments and maybe, by extension, the metaverse."<h3><div type="image" title="Mark Zuckerberg Facebook Connect 2021" height="990" width="1320" msid="87837508" hostid="261"></div></h3><h3>Facebook</h3><a href="https://www.businessinsider.com/facebook-new-name-meta-rebrand-metaverse-zuckerberg-apps-2021-10">Facebook's Mark Zuckerberg announced the company was changing its name to Meta</a> in a push to focus its attention on the metaverse. Zuckerberg previously said <a href="https://www.businessinsider.com/what-is-metaverse-facebook-mark-zuckerberg-roblox-animal-crossing-2021-8">Meta's first venture into the metaverse</a> would be focused on building a virtual reality workspace, where employees could interact in virtual meetings. "You can think about the metaverse as an embodied internet, where instead of just viewing content — you are in it," Zuckerberg <a href="https://www.theverge.com/22588022/mark-zuckerberg-facebook-ceo-metaverse-interview">told The Verge.</a><h3>Match Group</h3>Match Group CEO Sharmistha Dubey said in an earnings call in November she imagines using metaverse features for the company's dating apps, like "a piano bar where people's digital selves are gathering around, but they're actually playing their pianos at home and jamming with others.""It is metaverse experiences coming to life in a way that is transformative to how people meet and get to know each other on a dating or social discovery platform and is much more akin to how people interact in the real world," Dubey said. <h3><div type="image" title="Microsoft CEO Satya Nadella, seated with open hands." height="3892" width="5190" msid="87837509" hostid="261"></div></h3><h3>Microsoft</h3>Microsoft CEO Satya Nadella touted the company's new Azure service in its earnings call in July to help decentralize computing, with companies like Campbell Soup, L'Oréal, and SAP migrating to its service."As the digital and physical worlds converge, we are leading in a new layer of the infrastructure stack, the 'enterprise metaverse," Nadella said.<h3>NetEase</h3>The Chinese tech entertainment company said the company is "technologically ready" for a move into the metaverse space."The metaverse is indeed the new buzzword everywhere today. But then, on the other hand, I think nobody has actually had firsthand experience in what it is," Margaret Shi, NetEase head of investor relations, said on a November earnings call.<h3><div type="image" title="Roblox CEO David Baszucki" height="1185" width="1580" msid="87837510" hostid="261"></div></h3><h3>Roblox</h3>Roblox has been frequently cited as an example of a potential metaverse model. Roblox CEO David Baszucki said in an earnings call in June that the company is driven to "really participating in inventing and shepherding in the metaverse in an innovative way.""When we think about the metaverse and what Roblox is, we do think of it as a utility," Baszucki said.The company aims to connect more than 1 billion people in the metaverse, according to Chief Product Officer Manuel Bronstein. The metaverse will also house experiences from ad agencies, according to Chief Business Officer Craig Donato.<h3>Unity Software</h3>The video game software company recently acquired Weta Digital, which it said will help with entry into the metaverse space, especially with a creator-focused approach. In an effort to populate the metaverse, the company has started building thousands of digital assets, such as virtual collectibles."That's going to really help us extract and help build the metaverse around the notion the world's a better place with more creators in it," CEO John Riccitiello said on an earnings call in November. "This really puts under our platform something that is, at least from an artist perspective, truly magic and they're the largest tappable audience we have in our universe."<h3>Vonage Holdings</h3>The cloud communications provider said it's focusing on cloud-based technology to increase user engagement in preparation for something bigger, hinting at use in a metaverse context. Vonage Holdings CEO Rory Read said on an earnings call in November that the company expects to see a more fleshed out version of the metaverse in the next five to ten years."We believe this is only going to accelerate as this 360-degree kind of engagement in the metaverse expands and explodes," Read said.<h3><div type="image" title="Bob Chapek" height="2348" width="3130" msid="87837511" hostid="261"></div></h3><h3>The Walt Disney Company</h3>CEO Bob Chapek said he is confident in Disney's ability to capitalize on the metaverse with its broad properties, citing the company's history with adopting technologies, like synchronized audio and computer animation."Suffice it to say, our efforts to date are merely a prologue to a time when we'll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse," Chapek said in a November call, suggesting the company creates its own metaverse.<h3>Warner Music Group</h3>Warner Music Group discussed the potential for content creation and distribution for their music on large-scale metaverse platforms, like Roblox and Fortnite, in its earnings call in November."When you begin to look at the global reach, the number of people that spend meaningful amounts of time in these new worlds, I think it provides a universe of opportunity," CEO Stephen Cooper said.

Here's what 14 top executives are saying about the 'metaverse'

Encouraged by volume growth, margin improvement and recovery in rural sales, India's top fast-moving consumer goods (FMCG) companies are now back to their normal growth cycle as they step up investments as well as spending on advertising and marketing. <keyword id="84065" type="General" weightage="20" keywordseo="fmcg-companies" source="Orion">FMCG companies</keyword> are chasing volume growth again after a gap of a few quarters, offering higher grammage and price cuts thanks to inflationary pressures softening on key raw materials for everything from soaps to food items. Hindustan Unilever (HUL), Dabur, Marico, Godrej Consumer Products, ITC, Tata Consumer Products and Nestle reported volume recovery in the March quarter and said they expect a gradual pickup in consumption in FY24. "The prospects of a sustained recovery have strengthened. After five quarters of volume decline, the sector has posted volume growth," Marico MD and CEO Saugata Gupta said in the company's earnings conference call. "Urban consumption has been steady while rural is showing some convincing signs of having bottomed out." Foods continue to drive growth for the sector, while the home and personal care segment also entered positive territory after an extended slowdown. Marico, which owns popular brands like Saffola, Parachute and Livon, reported an 18.7 per cent increase in its consolidated net profit to Rs 305 crore for the fourth quarter ended March 2023 while sales rose 3.65 per cent to Rs 2,240 crore, driven by single-digit volume growth and moderation in commodity prices. HUL said rural areas have shown improvement with higher value growth sequentially. While HUL's volumes continue to fall, the extent of decline has reduced versus last quarter. "The slowdown in the FMCG market is bottoming out. This improvement was led by volumes, which have turned flat in this quarter, versus a mid-single-digit decline in the December quarter," said HUL CFO Ritesh Tiwari in its earnings call. The makers of popular brands such as Rin, Lux, Surf Excel and Pond's said it expects the price-volume growth to rebalance further. "We expect volumes to recover gradually due to high levels of cumulative inflation and the fact that consumption habits typically recover with a lag," he said. For the March quarter, HUL reported an increase of 12.74 per cent in its consolidated net profit to Rs 2,601 crore. Net sales rose 10.83 per cent to Rs 14,926 crore. However, HUL warned the near-term operating environment is likely to remain volatile due to global slowdown risk and uncertainty related to weather phenomena like El Nino and heatwaves. Abneesh Roy, Nuvama Group Executive Director for Institutional Equities, said the outlook for the <keyword id="495979" type="General" weightage="20" keywordseo="fmcg-industry" source="Orion">FMCG industry</keyword> was "positive" with volume growth and improvement in margins for most companies in FY24. "As raw material prices are cooling off, companies shall start paring prices via grammage increase or gradual price reductions. Price growth shall ease while volume growth will improve," he said. Roy also cautioned about the impact of El Nino and the "aggression" from billionaire Mukesh Ambani-led Reliance Industries Ltd, a known disrupter, which aims to be a big player in the USD 110-billion FMCG segment. Meanwhile, Godrej Consumer reported an 11.47 per cent increase in its India revenue to Rs 1,822.92 crore in the March quarter. This was led by volume growth of 11 per cent. Its home care segment, which consists of household insecticides and air fresheners, grew 14 per cent and 17 per cent, respectively. "We expect to build on the current momentum and deliver volume-led growth along with upfront marketing investments and improvement in profitability," said its Managing Director and CEO Sudhir Sitapati. Britannia Executive Vice-Chairman and Managing Director Varun Berry also expressed optimism. "Volume growth will be certainly much better than this year," he said. On commodity prices, Berry said there is deflation in prices of palm oil, laminates and corrugated material for packing but flour and milk prices are soaring. "There are certain brands and certain packs where we have already initiated price reductions or promotions," he said. In the March quarter, Britannia reported a 47.53 per cent jump in consolidated net profit to Rs 557.60 crore. Its revenue from operations rose 10.93 per cent to Rs 3,892.02. Similarly, Dabur reported volume growth of 11 per cent during the March quarter and 14 per cent for FY23. Its quarterly net profit was Rs 292.76 crore and revenue from operations stood at Rs 2,677.8 crore. "Despite near-term concerns around inflationary pressures, we plan to accelerate the growth momentum by continuing to invest in brand building, innovation, and capabilities that will drive growth," said Dabur India CEO Mohit Malhotra. Other companies also recorded growth. ITC's revenue from the FMCG segment rose 19.34 per cent to Rs 4,951.17 crore from Rs 4,148.62 crore while EBITDA jumped 76 per cent. Nestle, the maker of Maggi, Kitkat and Nescafe, reported an increase of 24.69 per cent in its net profit to Rs 736.64 crore in the March quarter. Sales rose 20.43 per cent to Rs 4,808.40 crore. Tata Consumer reported a 21.12 per cent rise in its consolidated net profit to Rs 289.56 crore. Its revenue from operations was up 13.96 per cent at Rs 3,618.73 crore. Tata Consumer said it recorded growth in the India beverages business and food. It had a "strong margin growth and strong topline growth driven both by volume and price," the company said in its earnings call. "We have started seeing volume growth coming back. The impact of inflation and monetary tightening on economic growth and demand seems to be slowing down, but I would keep my fingers crossed and monitor it closely," said Tata Consumer MD and CEO Sunil D'Souza. "In the near term, we are seeing stability." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zomato-net-loss-narrows-to-188-crore-in-q4-revenue-rises-70-yoy/articleshow/100358894.cms">Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mankind-pharma-pnb-among-stocks-to-become-largecap-from-midcap-mutibagger-rail-vikas-nigam-to-turn-midcap-from-smallcap/articleshow/100356527.cms">Mankind Pharma, PNB among stocks to become largecap from midcap; mutibagger Rail Vikas Nigam to turn midcap from smallcap</a>

FMCG makers expect sustained recovery in volume and margins with price reduction in FY24

<ul class="summary-list"><li><keyword id="11945446" type="UNKNOWN" weightage="60" keywordseo="us-futures" source="Orion">US futures</keyword> edged higher on Tuesday after the benchmark indices climbed the previous day.</li><li>A strong earnings season so far has offset fears about <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword>, central banks, and <keyword id="11893545" type="UNKNOWN" weightage="60" keywordseo="evergrande" source="Orion">Evergrande</keyword>.</li></ul>US futures edged upwards on Monday as investors weighed strong company earnings against worries about rising inflation and distressed Chinese property developer Evergrande.<a href="https://markets.businessinsider.com/futures/s&amp;p-500-futuresures">S&amp;P 500 futures</a> were up 0.26% after the index rose 0.34% the previous day. <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq 100 futures</a> were 0.25% higher while <a href="https://markets.businessinsider.com/futures/dow-futures">Dow Jones futures</a> rose 0.19%.European stocks also made small gains, with the <a href="https://markets.businessinsider.com/index/stoxx_europe_600">Stoxx 600</a> up only slightly. China's <a href="https://markets.businessinsider.com/index/csi-300">CSI 300</a> rose 0.98% overnight, while Tokyo's <a href="https://markets.businessinsider.com/index/nikkei_225">Nikkei 225</a> climbed 0.65%.Stocks have been volatile for the past two months as investors have fretted about strong price rises, the likelihood of less central bank stimulus, and fears of contagion from the looming default of China's Evergrande.But equities have been supported by a strong third-quarter earnings season so far, with US banks in particular posting solid results.Data company FactSet said companies' profit margins remained strong in the third quarter and were on track to come in at their third-highest level since 2008."More S&amp;P 500 companies are beating [earnings per share] estimates for the third quarter than average, and beating EPS estimates by a wider margin than average," said John Butters, senior earnings analyst at FactSet.Earnings season continues on Tuesday, with <a href="https://markets.businessinsider.com/earnings-calendar">Netflix and Johnson &amp; Johnson</a> set to report their latest figures.However, investors remain jittery about inflation and its likely effect on central bank policy. Bank of England governor Andrew Bailey <a href="https://www.bbc.co.uk/news/business-58951983">gave a strong signal</a> over the weekend that the BoE is likely to raise <keyword id="6371181" type="UNKNOWN" weightage="60" keywordseo="interest-rates" source="Orion">interest rates</keyword> soon to deal with strong price rises, making it the first major central bank to do so.Another major worry is the crisis at China's Evergrande, a stressed property developer that owes more than $300 billion. It met a Hong Kong coupon payment <a href="https://www.businessinsider.com/evergrande-hong-kong-unit-paid-19-million-onshore-bond-coupon-2021-10">on Tuesday</a>, but has missed a number of other recent installments on offshore bonds.Barclays and UBS downgraded their 2021 growth forecasts for China on Monday, saying the <a href="https://www.businessinsider.com/evergrande-crisis-spreading-china-economy-gdp-downgrade-ubs-barclays-2021-10">Evergrande crisis was spreading</a> to the broader property market and weighing on investment.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-now-best-pricing-power-supply-chains-ubs-2021-10">UBS: Buy these 12 stocks now because their pricing power can help beat the global supply chain crunch - and give investors double-digit upside</a>Despite concerns about inflation, the yield on the key <a href="https://markets.businessinsider.com/rates/u-s--rates-10-years">10-year US Treasury note</a> has stayed steady in recent days. It was roughly flat on Tuesday at 1.584%, down from above 1.62% on Monday.Yet the prospect of higher interest rates has lifted shorter maturity bond yields sharply. The yield on the 3-year Treasury note stood at 0.701% on Tuesday, down slightly from Monday but trading at around its highest since the start of the pandemic.Elsewhere in <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, <keyword id="11894590" type="UNKNOWN" weightage="60" keywordseo="oil-prices" source="Orion">oil prices</keyword> rose again as the global energy crunch pushed users back towards the fossil fuel. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> was up 0.69% to $84.92, its highest level since January 2018. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI crude</a> was up 0.99% to $82.52 a barrel, its highest since January 2014.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was flat at around $62,100 after rising sharply in recent days in anticipation of the first bitcoin futures exchange-traded fund, which is <a href="https://markets.businessinsider.com/news/currencies/proshares-bitcoin-strategy-etf-bito-nyse-first-futures-fund-launch-2021-10">due to launch on Tuesday</a>."The cryptoverse is about to get a whole lot bigger now that the first US bitcoin-linked ETF will launch on Tuesday," said Edward Moya, senior market analyst at Oanda."Cryptocurrencies will now play a larger role on Wall Street and that has brought bitcoin within striking distance of record high territory," he added. Bitcoin touched a record high of close to $65,000 in April.

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