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<ul><li><keyword id="260169" type="COMPANY" weightage="20" keywordseo="Pidilite-Industries">Pidilite Industries</keyword> reported a 94% decline in its consolidated net profit to ₹15.82 crore.</li><li>The total revenue was down 56% year-on-year to ₹897.84 crore during the period.</li><li>Investors pessimism priced in, share price has fallen nearly 2% since the beginning of the first quarter, till date.</li></ul>Fevicol maker’s revenue fell to less than half and the bottomline was teetering on the edge of a loss as the COVID-19 pandemic brought most construction and renovation projects to a grinding halt. Pidilite Industries, India’s largest maker of adhesives, reported a 94% decline in its consolidated net profit, which fell to ₹15.82 crore for the first-quarter ended June 30. <div type="Article" hostid="261" msid="77370693" title="Pidilite shareholders are paying the price for the real estate slowdown — weak pre-monsoon sales to drag revenues" mstype="2" mssubtype="0"></div> The total revenue was down 56% year-on-year to ₹897.84 crore during the period, the company said. However, this is still better than what analysts had predicted. The street was expecting a washout quarter. According to various analyst reports, the company was slated to see a revenue decline of almost 64%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pidilite </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth Q1 (YoY) </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-56% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-94% </td></tr></tbody></table> The share price also reflects that investors were hoping for the same. The stocks have declined nearly 2% since the beginning of the first quarter, till date. <div type="image" title="Pidilite (1)" msid="77394911" hostid="261"></div>A larger chunk of money for the company comes from the renovation and the new houses. The company’s consumers list includes carpenters, painters, plumbers, mechanics and amid the lockdown, these services were shut and later people were reluctant to allow workers into their houses due to the fear of the virus. And even for the future, with COVID hitting people’s pockets, <a href="https://www.businessinsider.in/business/news/asian-paints-share-price-falls-as-goldman-sachs-downgrades-stock/articleshow/75691813.cms">analysts think home renovation is not going to be on people’s minds anytime soon</a>. And, with high real estate prices, buying a new house is out of the question. Historically bad quarter This is the first largest drop in the first quarterly profit of Pidilite in at least three years— as the pre-monsoon season is usually the best time of the year due to people renovating homes using its products such as Dr Fixit, M-Seal and others. Earlier, the last such dip in the first-quarter profit was recorded in 2017 when the performance was impacted by the short term challenges of the transition to GST. <div type="image" title="pidilite Profit" msid="77395089" hostid="261"></div> This dent is large because of the low sales amid the coronavirus induced lockdown. The company saw zero sales in April, 50% sales in the month of May and 80% after a gradual recovery in June. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbi-governor-shaktikanta-das-leaves-repo-rate-unchanged-to-check-inflation/articleshow/77387591.cms" data-type="tilCustomLink">‘Watchful’ RBI leaves repo rate unchanged to keep inflation in check</a> <a href="https://www.businessinsider.in/stock-market/news/hdfcs-share-price-opened-1-5-higher-after-announcing-14000-crore-fundraising/articleshow/77385962.cms" data-type="tilCustomLink">HDFC’s share price opened 1.5% higher after announcing ₹14,000 crore fundraising</a>

COVID crashed profit and Pidilite couldn’t fix it⁠— yet

<ul><li>According to various analysts reports, the company is slated to see a revenue decline of almost 64%. </li><li>Pidilite’s shares have declined nearly 3% since the beginning of the first quarter, till date. </li><li>The pre-monsoon season for the 61-year old brand Pidilite is usually the best time of the year, as people go all out on renovation ahead of the rainy season. </li></ul>For the 61-year old brand Pidilite, the pre-monsoon season is usually the best time of the year— as people go all out on its prominent waterproofing products such Dr Fixit, M-Seal and others to renovate their homes ahead of the rainy season. However, it wasn’t the same this year. The company owns 70% of the market share in the waterproofing segment, and it saw a huge revenue decline during the nationwide lockdown, as its services are not included under the essential item lists. And, even as states began unlocking in phases, the pessimism around allowing carpenters, painters and plumbers into houses has kept demand under constraint and is expected to impact the company’s sales larger than ever before. With COVID hitting people’s pockets, <a href="https://www.businessinsider.in/business/news/asian-paints-share-price-falls-as-goldman-sachs-downgrades-stock/articleshow/75691813.cms">analysts think home renovation is not going to be on people’s minds anytime soon</a>. And, with high real estate prices, buying a new house is out of the question. That is the reason Pidilite’s shares have declined nearly 3% since the beginning of the first quarter, till date. <div type="image" title="Pidilite" msid="77370679" hostid="261"></div> “Waterproofing is facing headwinds due to slowdown in real estate,” the <a href="https://www.financialexpress.com/market/pidilite-industry-shares-pain-manufacturing-consumer-habits-post-coronavirus-change-spending-on-this-stock/1996673/">Kotak Institutional Equities</a> report said. According to various analysts reports, the company is slated to see a revenue decline of almost 64%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue growth (expected) </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-62.70% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-65% </td></tr></tbody></table> Moreover, this will be the first time in at least three years that the company will report such a big drop in its first quarterly profit. The last dip in the first quarter profit was recorded in 2017 when the performance was impacted by the short term challenges of the transition to GST. Due to the newly enforced tax regime, the company’s profit was largely impacted as a result of destocking by customers in June, the company <a href="https://www.business-standard.com/article/news-cm/pidilite-industries-drops-after-poor-q1-result-117072600226_1.html">said in the filing</a> to the stock exchanges. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quarter </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth in net profit </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 Q1 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 Q1 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.38% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 Q1 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-16.77% </td></tr></tbody></table> The dent in profit could be worse if not for cheap crude oil According to Edelweiss, the company is slated to see a profit dip of nearly 94%. However, this would have really been worse if not cushioned by the cheap crude oil in the first quarter. The company i<a href="https://www.livemint.com/Money/vohuVXJursYKglynv2wMCO/Pidilites-shares-hold-their-ground-despite-weak-rupee-and-r.html">mports a large amount of Vinyl acetate monomers to meet its manufacturing requirements. VAM is a derivative of crude oil</a> and is Pidilite’s key input — used for making glue and other adhesive material. VAM was trading 20% lower in the spot market from the fourth quarter of the last fiscal year at $670/t, according to a Credit Suisse report. Investor’s wait for management commentary However, the management is siding more in favour of caution than hope. “These low levels of prices are not going to benefit Pidilite for long-time, but in the short term, there will be gains which will accrue to them,” the company told analysts. “Reading June sales and extrapolating it could be misleading, as there is pent-up demand which may be coming through. This is especially true for categories like waterproofing where remedial work is happening just before the monsoon season begins,” the company told analysts. SEE ALSO: <a href="https://www.businessinsider.in/india/news/these-are-the-coronavirus-quarantine-guidelines-for-airline-passengers-in-every-indian-state-as-of-august-1/articleshow/77364628.cms?upcache=2" data-type="tilCustomLink">Here's all you need to know about COVID-19 quarantine guidelines for airline passengers in every Indian state</a> <a href="https://www.businessinsider.in/business/corporates/news/dgca-asks-spicejet-to-stop-ticket-sale-offer-as-govt-imposed-fare-limits-are-in-place/articleshow/77333769.cms" data-type="tilCustomLink">DGCA asks SpiceJet to stop ticket sale offer as govt-imposed fare limits are in place</a> <a href="https://www.businessinsider.in/india/news/checkout-covid-19-quarantine-guidelines-for-international-passengers-arriving-in-india-from-august-8/articleshow/77342418.cms" data-type="tilCustomLink">Here’s a checklist for international passengers arriving in India from August 8</a>

Pidilite shareholders are paying the price for the real estate slowdown — weak pre-monsoon sales to drag revenues

<ul><li>The stock of Pidilite is up 9% in the last 3 months.</li><li>Brokerages have cut earnings estimates and target price sharply.</li><li>The management is cautious. Unless real estate recovers, the demand for Pidilite’s products will be in doldrums. </li></ul>The 61-year old Pidilite’s brand <keyword id="1165950" type="PERSON" weightage="20" keywordseo="Fevicol">Fevicol</keyword> is ubiquitous for <keyword id="1142271" type="PERSON" weightage="20" keywordseo="Adhesives">adhesives</keyword> in India. A 70% market share in the segment is dominance worthy of envy. Add <keyword id="3010720" type="PERSON" weightage="20" keywordseo="Dr-Fixit">Dr Fixit</keyword>, M-Seal, prominent brands in waterproofing, to the equation and the two segments together make for more than half of the company’s ₹6,000 crore revenue. <div type="Article" hostid="261" msid="76618590" title="How does IRCTC make money" mstype="2" mssubtype="0"></div> These products are widely used by carpenters, painters, plumbers, mechanics, households, students, offices etc. The fact that the COVID-19 crisis has forced potential home buyers to save the money and renovate homes instead, should be good news for the company. But it isn’t quite panning out that way. <div type="image" title="Pidilite new" msid="76623668" hostid="261"></div>Recently, broking firm <keyword id="46252" type="PERSON" weightage="20" keywordseo="Motilal-Oswal">Motilal Oswal</keyword> cut the earnings estimate for Pidilite by as much as 41.5% for the financial year ending March 2021. “Waterproofing is facing headwinds due to slowdown in real estate,” the report said. Peer brokerages like <a href="https://www.financialexpress.com/market/pidilite-industry-shares-pain-manufacturing-consumer-habits-post-coronavirus-change-spending-on-this-stock/1996673/">Kotak Institutional Equities</a> and Emkay agree. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cut in FY21 earnings estimate </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emkay </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.6% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,170 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.40% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,317 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BOBCAPS </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.70% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,110 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-41.50% </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,345 </td></tr></tbody></table> The dent in profit could be worse if not for cheap crude oil Prices of Pidilite’s key input, vinyl acetate monomer used for making glue and other adhesive material, was trading 20% lower in the spot market from the last quarter at $670/t, according to a Credit Suisse report. Vinyl acetate monomer is a <a href="https://www.livemint.com/Money/vohuVXJursYKglynv2wMCO/Pidilites-shares-hold-their-ground-despite-weak-rupee-and-r.html">derivative of crude oil, and the company imports a large amount of VAM to meet its requirements.</a> This has been a useful cushion as the coronavirus lockdown brought sales to a grinding halt in April and May. However, the management is siding more in favour of caution than hope. “These low levels of prices are not going to benefit Pidilite for long-time, but in the short term, there will be gains which will accrue to them,” the company told analysts. Although the coronavirus lockdown period was just for one week in the relevant period, Fevicol-maker Pidilite saw its sales growth decline by 5.8% and profit decline by 23% on-year basis as a declining economy took a toll on consumer demand as well as construction and related activities. “Reading June sales and extrapolating it could be misleading, as there is pent-up demand which may be coming through. This is especially true for categories like waterproofing where remedial work is happening just before the monsoon season begins,” the company reportedly told analysts. SEE ALSO: <a href="https://www.businessinsider.in/business/news/pidilite-to-contribute-rs-25-cr-towards-coronavirus-relief-funds/articleshow/75119945.cms" data-type="tilCustomLink">Pidilite to contribute Rs 25 cr towards coronavirus relief funds</a> <a href="https://www.businessinsider.in/business/news/pidilite-to-acquire-majority-stake-in-tenax-india-stone-for-rs-80-cr/articleshow/74338226.cms" data-type="tilCustomLink">Pidilite to acquire majority stake in Tenax India Stone for Rs 80 crore</a>

Fevicol, MSeal, and Dr Fixit make over ₹3,000 crore a year in revenue — but that’s not enough for Pidilite to recover from COVID crisis

<ul><li><keyword id="2729966" type="PERSON" weightage="20" keywordseo="Fullife-Healthcare">Fullife Healthcare</keyword>, the startup which operates the brand <keyword id="6976612" type="UNKNOWN" weightage="20" keywordseo="FastUp">Fast&amp;Up</keyword> for sports nutrition supplements, has raised ₹50 crore.</li><li>The funding comes in from existing investors <keyword id="6398943" type="UNKNOWN" weightage="20" keywordseo="rakesh-jhunjhunwala">Rakesh Jhunjhunwala</keyword> and Sixth Sense as well as new investor Akash Prakash of Amansa Capital.</li><li>With the latest investment, the startup is looking to expand its portfolio of products and also add new markets including USA and Europe.</li></ul>Fullife Healthcare, the startup which operates the brand Fast&amp;Up for sports nutrition supplements, has raised ₹50 crore in its latest round. The funding comes in from existing investors Rakesh Jhunjhunwala and Sixth Sense as well as new investor Akash Prakash of Amansa Capital. Jhunjhunwala was one of the earliest backers of the company. With the latest investment, the startup is looking to expand its portfolio of products and also add new markets including USA and Europe. It already has a presence in Italy. Founded in 2015, the startup has products like Fast&amp;Up Charge (Vitamin C immunity booster) and Fast&amp;Up Reload (electrolytes). They will now be adding a new range of plant-based protein and super greens products to their portfolio. “Our investors have helped us immensely to make our vision a reality with their valuable feedback, guidance and deep involvement. It has helped us ensure that we stay true to our mission. This year, we are going to focus on increasing our product portfolio while catering to the required expanded capacity to cater to growing demand as well,” said Varun Khanna, Co-Founder, Fullife. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/pidilite-brands-fevicol-mseal-and-dr-fixit-make-over-3000-crore-a-year-in-revenue/articleshow/76623265.cms">Fevicol, MSeal, and Dr Fixit make over ₹3,000 crore a year in revenue — but that’s not enough for Pidilite to recover from COVID crisis</a> <a href="https://www.businessinsider.in/business/news/it-took-black-lives-matter-protests-in-us-to-kill-fairness-creams-in-india/articleshow/76622179.cms">It took Black Lives Matter protests in US to kill fairness creams in India</a>

Nutrition startup Fullife Healthcare raises ₹50 crore from Rakesh Jhunjhunwala and other investors

<ul><li>“In India, if you look at the <keyword id="409965" type="PERSON" weightage="20" keywordseo="Indian-auto-component-industry">Indian auto component industry</keyword>, there is no specific incentive you get to develop EVs,” said Arvind Goel, <keyword id="9477285" type="UNKNOWN" weightage="20" keywordseo="tata-autocomp-systems-chief">TATA AutoComp Systems chief</keyword>.</li><li>This came after Union minister <keyword id="26680" type="PERSON" weightage="20" keywordseo="Nitin-gadkari">Nitin Gadkari</keyword> last week said the country has the potential to become a major manufacturing hub for electric vehicles in the next five years.</li><li>China supplies key components for EVs, including Lithium-ion battery cells. Large parts of these imports from China (except alloy wheels) are sourced by vendors, whereas tyres are sold in the aftermarket, according to Motilal Oswal.</li><li>According to Goel, India can certainly become an EV leader without importing manufacturing parts from China, but for that, Indian original equipment manufacturers (OEM) need to look at the collaborative effort to localize everything.</li></ul>While India is propelling its plan to become a major electric vehicle market in the next 20 years some auto industry players think there isn’t enough support from the government for the EV making companies. “In India, if you look at the Indian auto component industry, there is no specific incentive you get to develop EVs,” said Arvind Goel Managing Director and CEO of TATA AutoComp Systems at ETAuto EV Conclave. “China started making EVs in 2007, and 2008 and the Chinese government saw to it that local investments were made and youth support and local R&amp;D benefits and so many benefits in terms of tax were given to local industries,” he added. Here’s what China did to promote EVs <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">China </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">China started the "863 EV Project" in 2001 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India unveiled the 'National Electric Mobility Mission Plan 2020' in 2013 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">As of 2019, China has invested $60 billion in subsidies and incentives for EVs. </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India released a two-pronged strategy aimed at both buyers and manufacturers, in which it offers $1.4 billion in subsidies to buyers. </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The subsidy for EV customers is RMB 60,000 (₹6,40,000) for battery electric vehicles (BEV) and RMB 50,000 (₹533,000) for plug-in hybrid vehicles (PHEV). </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India offers a purchase subsidy of ₹10,000 per kilowatt to which CEO's want to be extended to ₹15,000 per kilowatt. </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">China has over 1.2 million charging points as of 2019 and it plans to add another 600,000 charging points </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Charging infrastructure in India is at a nascent stage </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">China extended a 10% purchase tax exemption on EV sales until 2022. </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian government also lowered the GST rate on electric vehicles to 5% from the previous high of 12% </td></tr></tbody></table> Gadkari also revealed that the Centre is looking at initiating a pilot project for developing an electric highway on the upcoming Delhi-Mumbai green corridor. READ ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-the-list-of-indian-startups-working-on-electric-vehicles-and-batteries/slidelist/76562429.cms" data-type="tilCustomLink">Here are the startups fuelling India’s electric vehicle dream</a> India’s EV industry wants more from the government But the industry wants more. “You have to start thinking about it for eight or ten years in advance. You can’t start in two years, decide to switch to EVs, and say that I want to localize. What happens then is you start importing the technology and components from outside. So everything has a timeline that requires support and regulatory push from the government,” he said. One of the pending demands from the EV makers is for a 50% rise in purchase subsidy to ₹15,000 per kilowatt. “The government and OEMs have to work together to reduce the cost by making in India and making it locally, even the batteries and cells. If it happens, we will win the race and become the largest EV market in the world," <keyword id="191133" type="PERSON" weightage="20" keywordseo="Sulajja-Firodia-Motwani">Sulajja Firodia Motwani</keyword>, founder and CEO of Kinetic Green, <a href="https://www.autocarpro.in/news-national/kinetic-green-sulajja-firodia-motwani-india-ev-story-remains-very-strong-and-we-can-convert-the-pains-into-gains-56536">earlier told AUTOCAR professionals</a>. Union minister Nitin Gadkari last week said the country has potential to become a major manufacturing hub for electric vehicles in the next five years and the Centre is trying to extend best possible concessions to this sector. The final assembly is just one part China is a key<a href="https://www.businessinsider.in/business/news/products-like-air-conditioners-cars-electric-vehicles-tv-and-even-medicines-are-highly-dependent-on-material-from-china/articleshow/76618654.cms"> supplier for sub-components used in an engine, electrical /electronics, alloy wheels, tyres</a>, etc. It supplies key components for EVs, including Li-ion battery cells. Large parts of these imports from China (except alloy wheels) are sourced by vendors, whereas tyres are sold in the aftermarket, according to Motilal Oswal. <div type="image" title="EV charing" msid="76669371" hostid="261" caption="&amp;lt;p&amp;gt;Hindustan Petrolium corporation limited Launch Electric vehicle Charging Station in 2017&amp;lt;/p&amp;gt;"></div> The other major barrier for EV adoption in India is the unavailability of public charging infrastructure (PCS). However, the government has plans to install charging infrastructure for EVs in 70 cities and 20% of highways by 2025. Collaboration is the way to being Atmanirbhar (self reliant) <keyword id="9210258" type="PERSON" weightage="20" keywordseo="atmanirbhar-bharat">Atmanirbhar Bharat</keyword> is the campaign, a series of reforms, declared by the Indian Prime Minister <a href="https://www.businessinsider.in/india/news/pm-narendra-modi-announces-a-20-lakh-crore-financial-stimulus-for-a-self-reliant-india/articleshow/75700217.cms">Narendra Modi to make India a self-reliant nation</a>. According to Goel, India can certainly become an EV leader without importing manufacturing parts from China, “but for that, Indian OEMs need to look at the collaborative effort to localize everything. You can’t put a factory requirement; the factory needs to be for an international market. For example, some capes (capital expenditure) is put by Mahindras and some by Tatas, and they utilize each other’s facility to reduce the total investments into space” Whereas <keyword id="32047" type="PERSON" weightage="20" keywordseo="Mahesh-Babu">Mahesh babu</keyword> CEO &amp; MD of Mahindra Electric thinks self-reliance has been misunderstood by other market players and asserted that India should go hand in hand with other countries. He said, “self-reliant is not about making it in India; I think it’s a misconception. In self-reliant, I believe you have to collaborate. We collaborate with European companies that help us in designing some of the hardware. We collaborate with American suppliers and some Chinese suppliers today, we are collaborating with Japanese and Korean suppliers. The collaboration has to be international.” SEE ALSO: <a href="https://www.businessinsider.in/india/news/india-needs-over-600000-buses-for-25-million-commuters-daily-to-follow-social-distancing-norms-in-times-of-coronavirus/articleshow/76417090.cms" data-type="tilCustomLink">India needs over 600,000 buses for 25 million commuters daily to follow social distancing norms, according to a study</a> <a href="https://www.businessinsider.in/business/corporates/news/pidilite-brands-fevicol-mseal-and-dr-fixit-make-over-3000-crore-a-year-in-revenue/articleshow/76623265.cms" data-type="tilCustomLink">Fevicol, MSeal, and Dr Fixit make over ₹3,000 crore a year in revenue — but that’s not enough for Pidilite to recover from COVID crisis</a>

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