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<ul><li><keyword id="6357073" type="General" weightage="20" keywordseo="itc" source="Orion">ITC</keyword> believes that the Indian agriculture sector is “seriously threatened” by climate change and it needs attention.</li><li>It adopted a multi-pronged strategy to overcome the challenges, while increasing its profitability.</li><li>The company’s advisory app for farmers called Maars has a big role to play.</li></ul>The Indian agriculture sector is ‘seriously’ threatened by climate change and population explosion, and this calls for a higher level of production, ITC’s chairperson and MD Sanjiv Puri said. With that being said, ITC adopted a multi-pronged strategy to overcome the challenges put forth by the Indian agriculture sector. ITC believes that a strategic focus on value-added crops, its advisory app for farmers <keyword id="14508487" type="General" weightage="20" keywordseo="itc-maars" source="Orion">ITC MAARS</keyword> and climate smart agriculture will drive new vectors to sustain growth and profitability in this area. Notably, ITC’s agri-business sources over 40 lakh tonnes of agri-commodities from 22 Indian states and 20 agri-value chains. It also exports to over 95 countries across the globe. In an annual general meeting held on Wednesday morning, Puri emphasized that agriculture productivity and incomes today are seriously threatened by climate change and depleting natural resources. The rising populations have been making the issue worse as the demand for food is increasing. “ITC is committed to make a meaningful contribution to this new era of agricultural transformation,” Puri added during the AGM. ITC believes that the current situation calls for higher levels of production, building of competitive agri value chains, crop diversification to value-added products and scaling up of food processing to serve emerging consumer needs. <cmsannotation type="cmsannotation" annotationid="ITC’s MAARS app for farmers has a big role to play in it" comment="subhead" text="ITC’s MAARS app for farmers has a big role to play in it">ITC’s MAARS app for farmers has a big role to play in it</cmsannotation> To meet the target, the company will be focusing on accelerating adoption of advanced technologies through ITC MAARS. This will enable ITC to create a new and scalable revenue stream while benefiting farmers, Puri emphasised. ITC launched the MAARS app a few months back to offer artificial intelligence/machine learning (AI/ML)-driven personalised and hyperlocal crop advisories to farmers. It also provides access to quality inputs and market linkages as well as allied services like pre-approved loans. Puri added that the app has the potential to become a “considerable segment” of ITC’s agri-business, and is currently accessible by 40,000 farmers grouped into over 200 Farmers Producer Organizations (FPO) across seven states. “At the core, is your company's endeavour to restructure the backend into a robust network of vibrant FPOs to aggregate farmer effort and enhance efficiencies,” he said. ITC aims to engage and empower 4,000 FPOs, consisting of a crore farmers, over time. Puri emphasised that although nearly half of the country's workforce is dependent on the agriculture sector, it contributes to less than 19% of the country's gross value added (GVA). This reflects the challenges of low productivity, investments and incomes. “The opportunities arising out of India's growth story have also encouraged us to invest in five new manufacturing facilities that will be commissioned in the near term in areas such as agri and food processing, as well as packaging, among others. These assets are deeply aligned to the country's 'Make in India' and 'Digital India' vision as well as to the endeavours to 'Double Farmers' Income',” Puri said. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/fpi-selling-intensity-abates-in-july-as-global-macros-improve-commodity-prices-cool/articleshow/93003529.cms">FPI selling intensity abates in July, as global macros improve &amp; commodity prices cool</a> <a href="https://www.businessinsider.in/business/corporates/news/wipros-net-profit-drops-12-drop-in-q1-as-recession-fears-grip-its-non-us-clients/articleshow/93006573.cms">Wipro’s net profit drops 12% drop in Q1 as recession fears grip its non-US clients</a> <a href="https://www.businessinsider.in/business/corporates/news/hindustan-unilevers-resurgent-quarter-signals-demand-recovery-later-this-year/articleshow/93004051.cms">Hindustan Unilever’s resurgent quarter signals demand recovery later this year – brokerages bullish</a>

ITC is relying on its advisory app for farmers, valued-added crops to grow its agri-business

<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

In spite of significant disruptions during the year, <keyword id="6357073" type="General" weightage="100" keywordseo="itc" source="Orion">ITC</keyword> posted robust growth in revenues and profits, surpassing pre-pandemic levels. ITC's consumer-centricity, agility in seizing market opportunities, focus on execution excellence and proactive strategic interventions enabled it to post robust growth. Overall for FY 2021-22, gross revenue at Rs 59,101.09 crore increased by 22.7 percent, while EBITDA increased by 22 percent to Rs 18,933.66 crore. Profit before tax at Rs 19,829.53 crore grew by 15.5 percent over the previous year while profit after tax stood at Rs 15,057.83 crore as against the previous year's Rs 13,031.68 crore. Total comprehensive income for the year stood at Rs 15,631.68 crore (previous year Rs 13,277.93 crore). Earnings per share for the year stood at Rs 12.22 (previous year Rs 10.59). An extensive strategy reset has been undertaken in recent years to architect the structural drivers that will power ITC's next horizon of growth and ensure that the enterprise remains future-ready, consumer-centric and nimble. Each of ITC's businesses has pivoted to create new frontiers for the future, with enhanced competitiveness as well as sharper focus on cost management to strengthen the leadership or rapidly enhance market standing in the case of newer segments. As a core element of the ITC Next strategy, the company will continue to explore opportunities to craft disruptive business models anchored at the intersection of digital and sustainability, the two defining trends in the 'new normal', leveraging its institutional strengths. The FMCG-Others segment turned in a resilient performance with segment revenue growing by 8.6 per cent amid subdued demand conditions. After a relatively muted first half, revenue in the second half of the year witnessed double-digit growth. Staples and <keyword id="151485" type="General" weightage="50" keywordseo="convenience-foods" source="Orion">Convenience Foods</keyword> remained resilient even as the pace of revenue growth moderated on a relatively high base. Discretionary/Out-of-Home categories recorded strong growth surpassing pre-pandemic levels driven by progressive improvement in mobility. Progressive resumption of physical classes at educational institutions led to gradual recovery in the Education &amp; Stationery Products business, however, sales remained below pre-pandemic levels. Segment EBITDA for the year grew by 10 per cent to Rs 1,448.97 crore with margins being sustained at 9.1 per cent in spite of unprecedented inflationary headwinds. To accentuate consumer-centricity, agility and enable sharper focus in the context of the growing scale and complexity of operations, the <keyword id="3506789" type="General" weightage="50" keywordseo="branded-packaged-foods" source="Orion">Branded Packaged Foods</keyword> businesses have been reorganised into market centric clusters with integrated and empowered teams. Focused interventions made in the recent past have also augmented ITC's multi-channel go-to-market capability, resulting in manifold expansion in the reach and availability of its products. Over the last five years, market and outlet coverage have grown 4x and 1.6x, respectively, while the network of stockists has expanded to 6.4x during the same period. The impact of these multi-dimensional interventions is evident in the substantial margin expansion of 650 bps in Segment EBITDA over the last five years even in the face of significant inflationary headwinds witnessed during the year. After an extremely challenging FY 2020-21, the Hotels Segment witnessed smart recovery driven by the domestic leisure and wedding segments; business travel also saw progressive improvement, albeit remaining well below pre-pandemic levels. Pick-up in revenues together with relentless focus on cost management resulted in a positive swing of Rs 346.63 crore in Segment EBITDA, despite considerable disruptions caused by the two waves of the pandemic during the year. The Agri Business segment delivered stellar performance with segment revenue and results growing by 28.7 per cent and 25.6 per cent, respectively. This was driven by strong growth in wheat, rice, spices and leaf tobacco exports on the back of strong customer relationships, robust sourcing network and agile execution. The Agri Business has been a strong backbone and a key source of competitive advantage for ITC's FMCG and cigarettes businesses. The scope and scale of operations have grown manifold over the years and currently encompass over 4 million tonnes in 22 states and over 20 agri-value chains. The Paperboards, Paper and Packaging segment recorded strong growth of 36 per cent in segment revenue and 54.7 per cent in segment results. This was aided by demand revival across most end-user segments, higher realisations, product mix enrichment and exports. Robust margin expansion of appx. 270 bps was achieved leveraging the integrated nature of the business model, Industry 4.0 and other digital interventions. During the year, <keyword id="121907" type="General" weightage="50" keywordseo="itc-infotech" source="Orion">ITC Infotech</keyword>'s consolidated total income grew by 16.8 per cent to Rs 2,884.30 crore (previous year Rs 2,469.29 crore). Profit before tax stood at Rs 719.64 crore (previous year Rs 604.13 crore) and net profit stood at Rs 541.04 crore (previous year Rs 451.30 crore). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-in-india-does-the-aam-aadmi-even-need-it/articleshow/92382529.cms">5G in India – does the aam aadmi even need it?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/maha-political-crisis-uddhav-thackeray-vacates-his-official-residence/articleshow/92400287.cms">Maha political crisis: Uddhav Thackeray vacates his official residence</a>

ITC seizes the market; its sales surpass their pre-pandemic levels

<keyword id="6355629" type="General" weightage="100" keywordseo="google" source="Orion">Google</keyword> has put a freeze on <keyword id="6357342" type="General" weightage="20" keywordseo="Hiring" source="Orion">hiring</keyword> for two weeks to review its <keyword id="14512736" type="General" weightage="20" keywordseo="headcount-needs" source="Orion">headcount needs</keyword> and decide on future course of action. The company last week announced to slow down hirings for the rest of the year. According to The Information, Prabhakar Raghavan who is Google's senior vice president has sent an email to employees about the decision to stop hiring for two weeks. "We'll use this time to review our headcount needs and align on a new set of prioritised <keyword id="14512735" type="General" weightage="20" keywordseo="staffing-requests-for-the-next-three-months" source="Orion">Staffing Requests for the next three months</keyword>," Raghavan wrote. The hiring pause "would not impact offers that had already been extended to applicants." However, Google will not make any new offers until the hiring pause is over, the report said late on Wednesday. Earlier, Alphabet and Google CEO <keyword id="164502" type="General" weightage="50" keywordseo="sundar-pichai" source="Orion">Sundar Pichai</keyword> told employees that the company will be slowing down the pace of hiring for the rest of the year, as global macro-economic conditions continue to hit industries across the spectrum. According to an internal memo sent by Alphabet and Google CEO <keyword id="1604185" type="General" weightage="80" keywordseo="pichai" source="Orion">Pichai</keyword> to employees, the company will have to "be more entrepreneurial" and work with "greater urgency, sharper focus, and more hunger than we've shown on sunnier days". "In some cases, that means consolidating where investments overlap and streamlining processes. In other cases, that means pausing development and re-deploying resources to higher priority areas," Pichai noted. However, the Google CEO said that the company will still hire for "engineering, technical and other critical roles." Pichai said that the uncertain global economic outlook has been top of mind. "Like all companies, we're not immune to economic headwinds. Something I cherish about our culture is that we've never viewed these types of challenges as obstacles. Instead, we've seen them as opportunities to deepen our focus and invest for the long term," said the Indian-origin CEO. In the second quarter (Q2) this year, Google hired approximately 10,000 people. "Because of the hiring progress achieved so far this year, we'll be slowing the pace of hiring for the rest of the year, while still supporting our most important opportunities," said Pichai. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/itc-is-relying-on-its-advisory-maars-app-for-farmers-valued-added-crops-to-grow-its-agri-business/articleshow/93007505.cms">ITC is relying on its advisory app for farmers, valued-added crops to grow its agri-business</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/check-out-top-deals-on-amazon-2022-prime-day-sale/articleshow/93007218.cms">Amazon Prime Day 2022 – here are the top deals that have been revealed ahead of the sale</a>

Google pauses hiring for 2 weeks to review its 'headcount needs'

<ul><li>ITC re-measured its annual tax expenses after the government reduced the corporate tax rate. </li><li>Its profits were boosted by a ₹166 crore tax credit for the quarter. </li><li>Its revenues grew by a modest 6% for the quarter to ₹12,525 crore. </li></ul> ITC’s second quarter net profit jumped by 36% to ₹4,023 crore from ₹2,954 crore in the same quarter last year, all thanks to a deferred tax credit worth ₹166 crore for the quarter. Its revenues grew by a modest 6% for the quarter to ₹12,525 crore as compared to ₹11,776 crore in the same quarter last year. The company remeasured its annual tax expenses after the government changed the corporate tax rate. “The resultant impact is being recognized over the current and the remaining quarters of the financial year. Consequently, the tax expense for the current quarter and six months ended September 30, 2019 includes a credit of ₹340 crore,” ITC said in a statement with the quarterly results announcement. The company’s stock traded flat in anticipation the quarterly earnings report, as it went up by 0.8% in today’s trade. ITC has set ambitious targets for itself to generate as much as ₹1 lakh crore in revenue from its FMCG business by 2030. Last financial year, its sales from cigarattes fell to 45.8% as its hotels and FMCG divisions performed well. Lowering tobacco sales is good news as steep increases in taxes by government has been hurting the business. “Trading volumes in illegal cigarettes has affected such business. Thereby, now the consumer business i.e. the foods division, comprising of cookies, staples and snacks, now accounts for 21.3% of revenue, while agri-business generated 13.4% of ITC’s gross turn-over last fiscal,” said a report by Rudra shares in October.

ITC’s net profit jumps by 36% to ₹4,023 crore on tax credit

New Delhi, Jan 31 () FMCG major ITC on Friday reported a 29.03 per cent increase in consolidated net profit at Rs 4,047.87 crore for the third quarter ended December 2019.
 The company had posted a net profit of Rs 3,136.95 crore in October-December quarter of the previous fiscal.
 Net sales during the quarter under review rose 5.71 per cent to Rs 13,220.30 crore as against Rs 12,506.05 crore in the corresponding period in previous fiscal, ITC said in a regulatory filing.
 "The company posted a steady performance during the quarter amidst a particularly challenging operating environment," ITC said in a post earning statement.
 According to the company, the macro-economic environment continues to be adversely impacted as reflected in deceleration in GDP growth and persistent weakness in consumption demand and investments.
 "Delayed arrival of the Kharif crop due to spatial variations in rainfall, especially close to the harvest season, commodity price inflation together with disruptions in certain parts of the country exacerbated the already challenging operating environment during the quarter," ITC said.
 "Expectations of a good Rabi crop and a slew of measures announced by the government in recent months including reduction in corporate tax rates, initiatives to boost infrastructure and promote exports, augur well for the revival of the economy," it added.
 ITC's total expenses during the third quarter rose 5.25 per cent to Rs 8,779.14 crore as compared with Rs 8,340.61 crore in the year-ago quarter.
 During the quarter, revenue from total FMCG business was up 4.66 per cent to Rs 9,265.31 crore as against Rs 8,852.05 crore in the year-ago period. 
 Total FMCG business comprises segments like cigarettes and FMCG-others.
 Revenue from cigarettes stood at Rs 5,944.86 crore in the October-December quarter, up 5.31 per cent from Rs 5,645.05 crore in the corresponding period last fiscal.
 "Performance during the quarter reflects the persistent weakness in the overall demand environment, especially in rural markets and wholesale channel, tight market liquidity conditions and the increasing salience of illicit trade especially at the premium end," ITC said.
 Revenue from FMCG-others segment was up 3.53 per cent to Rs 3,320.45 crore as against Rs 3,207 crore a year ago.
 "The FMCG-Others Segment delivered a resilient performance during the quarter which witnessed a slowdown in overall growth rates both in urban and rural markets. Categories with relatively higher rural salience remain the most impacted," it said.
 FMCG-others segment of ITC consists of branded packaged foods like staples, snacks, meals, dairy and beverages, confections, apparel, education and stationery products, personal care products, safety matches and incense sticks.
 ITC's hotel business revenue rose 21.13 per cent to Rs 574.26 crore during the quarter as compared with Rs 474.06 crore in the corresponding period last fiscal.
 "The business posted a strong performance during the quarter with segment revenue and segment EBITDA growing by 22.2 per cent and 40.1 per cent respectively. There was all-round improvement, with both existing and new properties recording robust increase in RevPAR (revenue per available room) and F&amp;B sales. Higher room rates and operating leverage aided margin expansion," ITC said.
 Revenue from agri-business segment rose 10.43 per cent to Rs 2,258.87 crore as against Rs 2,045.38 crore in the December quarter of the previous fiscal.
 "In the agri business segment, growth in segment revenue was driven by trading opportunities in oilseeds, pulses &amp; coffee and scaling up of value added segments (spices and frozen snacks)," ITC said.
 Subdued demand for leaf tobacco in international markets accentuated by relatively steeper depreciation in currencies of competing origins and adverse business mix weighed on segment results, it added.
 Paperboards, paper and packaging segment revenue rose marginally by 0.83 per cent to Rs 1,555.36 crore as against Rs 1,542.51 crore of Q3/FY2018-19
 "Paperboards, paper &amp; packaging segment revenue witnessed muted growth on a relatively firm base due to slowdown in the FMCG and liquor industry and depressed realisations on softening of global pulp prices," the company said.
 Revenue from others segment, which includes information technology services, branded residences, among others, reported a 9.99 per cent growth at Rs 563.69 crore as against Rs 512.48 crore.
 In a separate filing, ITC said its board has appointed Atul Jerath as Additional Non-Executive Director of the company.
 Jerath is the Chief Underwriting Officer of The Oriental Insurance Company Ltd, overseeing a wide portfolio including property, health and aviation insurance, it added.
 Shares of ITC on Friday closed 0.60 per cent higher at Rs 235.25 apiece on the BSE. KRH RVK

ITC Q3 net profit up 29 pc at Rs 4,047.87 crore

<keyword id="6357073" type="ORGANIZATION" weightage="100" keywordseo="ITC">ITC</keyword>, the Indian conglomerateheadquartered in Kolkata has decided to venture into premium fruits and vegetables and pricey processed foods market, which would put it in direct competition with existing retailers and new-age grocers like <keyword id="2421691" type="UNKNOWN" weightage="100" keywordseo="Amazon-Fresh">Amazon Fresh</keyword>. This decision has also transformed ITC, which started off as <keyword id="73091" type="COMPANY" weightage="100" keywordseo="Indian-Tobacco-Company">Indian Tobacco Company</keyword>, into one of India's most diversified consumer companies. ITC's desire to expand beyond snack foods is backed by an elaborate distribution network and a wider product portfolio in order to build a retailing presence rivalling that of Mother Dairy. ITC group head (Agri &amp; IT business) S Sivakumar told <a href="http://economictimes.indiatimes.com/industry/cons-products/food/itc-to-expand-frontiers-with-foray-into-fruits-veggies/articleshow/59008263.cms">ET</a> that they were looking forward to building ITC’s Master Chef franchisee with processed, frozen foods, and come up with a separate brand name for fresh products like fruits and vegetables. "By the next quarter, we plan to do fruits and vegetables. Each quarter, we will probably have a rollout, either processed, frozen or dehydrated. The idea is to have a series of products which can be laid on top of existing channels, in the cold chain, in stores, once the capacity is created," Sivakumar said. ITC's consumer business presently consists of packaged food, personal care and educational stationery products, and is worth more than Rs 10,000 crore in revenues, having crossed the golden milestone in 2016-17. As per an official statement, ITC is now among the fastest-growing branded packaged foods businesses in India. The fruits and vegetable under the new brand will also be sold online, first via sellers like <keyword id="964794" type="COMPANY" weightage="100" keywordseo="BigBasket">BigBasket</keyword> and later expanding to other platforms.

From cigarettes to fruits! ITC to enter premium fruit and vegetable market

<keyword id="121459" type="CITY" weightage="100" keywordseo="ITC-Ltd">ITC Ltd</keyword> has informed the stock exchanges that two of its three executive directors — PV Dhobale and Kurush Grant — are retiring as the first had attained the age of superannuation while the second had taken premature retirement for health reasons. It's preferring President of Cigarettes and <keyword id="34523" type="CITY" weightage="100" keywordseo="fmcg">FMCG</keyword> business at ITC, <keyword id="1968926" type="PERSON" weightage="100" keywordseo="Sanjiv-Puri">Sanjiv Puri</keyword>, as the front runner to succeed long serving chairman <keyword id="131201" type="ORGANIZATION" weightage="100" keywordseo="YC-Deveshwar">YC Deveshwar</keyword> who is scheduled to hang up his boots in 2017. "Puri is the favourite (to be the next chairman) as of now unless there are sweeping promotions in the next few months," according to a source. The company has also appointed Puri and <keyword id="1601956" type="PERSON" weightage="100" keywordseo="Rajiv-Tandon">Rajiv Tandon</keyword> who is the chief financial officer, as additional whole time directors on the board while Nakul Anand remains executive director for hotel and lifestyle business. Puri will be the youngest of all the executive directors at ITC when he joins the board in December. This even as Anand is senior to Puri both in hierarchy and age. Still the latter is being considered the favorite to succeed Deveshwar as he spearheads the business that accounts for more than 60% of ITC's revenues and 80% of its profits. 

	An engineering graduate from IIT Kanpur who joined the company in 1986, Puri was promoted last December as the president of both the cigarettes and FMCG businesses of ITC, after handling FMCG distribution and cigarette business as divisional chief executive. 
 

	The company missed street estimates for its second quarter financial results and its share fell by 4.3% to Rs 334.70. The company attributed its weak performance to "unprecedented pressure" on legal cigarette industry sales volume, poor demand prevailing in the FMCG industry with instant noodle sales badly hit, and lack of trading opportunities in agri-commodities.

	 
	(Image credit: BCCL)

ITC announces retirement of two top executives; Sanjiv Puri may replace YC Deveshwar

<ul><li><keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> launches an incubator programme to help potential <keyword id="3152024" type="General" weightage="20" keywordseo="beauty-startups" source="Orion">beauty startups</keyword> with finance and guidance to grow bigger in the space.</li><li>Brands are to participate in the programme and showcase their brand value and the winning brand will earn a grant of ₹4 crore ($500,000).</li><li>A set of judges including actress Katrina Kaif, designer Sabyasachi Mukherjee, stylist Anita Shroff Adajania will be in the jury judging and mentoring the potential beauty brand.</li></ul>India’s largest beauty e-commerce player, Nykaa has come up with an initiative to support some of the many beauty startups and help build homegrown brands. Nykaa’s new incubator programme allows beauty startups in the country to showcase their brand and earn a grant of up to ₹4 crore ($500,000) and even an acquisition opportunity in the future. On July 20, Nykaa launched ‘Beauty&amp;You’ in partnership with American beauty giant <keyword id="162216" type="General" weightage="20" keywordseo="estee-lauder" source="Orion">Estee Lauder</keyword> with a prize pool of ₹4 crore that will be distributed among companies chosen by a panel of fashion entrepreneurs. “We are looking for brands that have innovative ideas and have a sustainable competitive edge and that would be unique products, unique technologies, engaging with new audiences in different ways, creating new business models, offerings, channels.” Shana Randhava, vice-president, ELC New Incubation Ventures told Business Insider India. Nykaa said that it’s not keen on taking equity in the winning startups in return for the grant amount, but they could. “There’s a chance that we may invest in these brands but that is not the aim of the programme. The aim is to give them a pure grant of capital without any equity in return. The awarded brands will get the ability to launch on Nykaa’s platform and stores if they are ready for that,” said CEO of the e-commerce giant Nykaa and son of founder Falguni Nayar Achint Nayar. The programme aims to help founders, innovators, and creators grow their businesses holistically by identifying brand goals, achieving scale ambitions, and curating product portfolios that speak to a new generation of consumers in the Indian market. A set of judges including actress Katrina Kaif, designer Sabyasachi Mukherjee, stylist Anita Shroff Adajania will be in the jury judging and mentoring the potential beauty brand. Shana said that they are looking for brands like Haeckel's, a UK based personal care brand whom Estee Lauder recently invested in. “Our vision is for Beauty &amp; You to harness the entrepreneurial energy in India to advance next-generation beauty brands by presenting opportunities that help put brands on a long-term, sustainable growth path,” said Randhava. It has not decided on how many winners will be declared, it could be one or even four. The chosen startup brands will be provided with masterclasses, financial support, mentorship, awareness and distribution support. The application process starts on August 1 on <a href="https://www.beautyandyouawards.com/">this website</a> and closes on September 30, and winners to be announced in November. “Brands participating should have passion and the rest we can help with. We have infrastructure to help them build and develop on that,” Achint Nayar, Nykaa, CEO. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/burger-singh-raises-30-crore-to-open-120-outlets-in-6-months/articleshow/93021975.cms">Burger Singh raises ₹30 crore, to open 120 outlets in 6 months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/itc-is-relying-on-its-advisory-maars-app-for-farmers-valued-added-crops-to-grow-its-agri-business/articleshow/93007505.cms">ITC is relying on its advisory app for farmers, valued-added crops to grow its agri-business</a>

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ITC is relying on its advisory app for farmers, valued-added crops to grow its agri-business

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From cigarettes to fruits! ITC to enter premium fruit and vegetable market

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ITC announces retirement of two top executives; Sanjiv Puri may replace YC Deveshwar

Nykaa open to funding beauty startups without equity, initially

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