Companies
Improving macro-indicators, good monsoon to drive consumer demand for FMCG products
Published
3 months agoon
Leading industry players expect improving macro-indicators and expectations of good monsoon and rabi crops to drive consumer demand for FMCG in the current fiscal. Consumer demand for FMCG (fast-moving consumer goods) remained sluggish amid a subdued operating condition in the March quarter.
The industry expects a mid-to-high-single-digit growth in value/volume in the January-March period, along with a continuation of the gross margins expansion trend, helped by deflation in input cost.
The rural demand, which was sluggish in the last few quarters, has picked up pace from the January-March period, and some FMCG makers have reported a narrowing down of the gap with the urban market. Rural India contributes nearly 35 to 38 per cent of the FMCG sales in the country.
Besides, further expansion of margins will help the companies to amplify their A&P (advertising & promotional) spending behind their brands, leading listed FMCG firms like Dabur, Marico and Godrej Consumer Products said in their quarter updates.
“We expect strong gross margin expansion on a year-on-year basis,” said Marico, adding that “we expect low double-digit operating profit growth on the back of a healthy expansion in operating margin”.
In the March quarter, Marico — which owns popular brands like Saffola, Parachute, and Livon — posted a slight uptick in volume growth on a sequential basis in its domestic business owing to steadying trends in the majority of the portfolios.
“During the quarter, FMCG demand sentiment stayed consistent vis-a-vis the preceding quarters with trends in urban and rural consumption largely converging,” Marico said. The company expects consolidated revenue growth to trend upwards, with domestic revenue growth outpacing volume growth in the quarters ahead.
Godrej Consumer Products said that operating conditions in India continue to remain subdued. “Our India organic business continued to deliver strong underlying volume growth at high-single-digit, with growth being broad-based across both Home Care and Personal Care,” said the Godrej group FMCG arm.
GCPL — which owns brands like HITS and Goodknight in Household Insecticides — said it has been subdued due to an extended winter in the North and East. Its newly acquired brands – Park Avenue and KamaSutra brands delivered in line with category seasonality.
“At a consolidated level (organic), we expect to deliver underlying volume growth of high single-digit and sales growth of mid-single digit, driven largely by currency volatility,” said GCPL, which gets half of its revenue from foreign market.
Dabur India said the demand trends “remained sluggish” during the quarter. “Rural growth picked up, fuelled by price rollbacks in staples, which led to the gap between rural and urban narrowing,” it added.
However, “with a positive outlook for the rabi crop harvest and monsoon forecast to be normal”, it expects consumption to pick up in the coming months, the company added.
Dabur — which owns various brands, including Dabur Chyawanprash, Dabur Honey, Real and Vatika — said its “consolidated revenue is expected to register mid-single digit growth during Q4 FY24”. Moreover, FMCG makers like GCP, Marico and Dabur expect double-digit growth from their international business on a constant currency basis.
However, Dabur will have an impact on currency depreciation in Turkey and Egypt. GCPL expects an impact on revenue of Rs 70 crore due to the re-organisation of its East Africa business.
Over the outlook, Marico said it maintains its aspiration of delivering sustainable and profitable volume-led growth over the medium term. Dabur said the past year was challenging in terms of consumer demand.
“We expect improvement in consumption going forward as macro-economic indicators continue to be robust. Our focus on investing behind our brands, distribution expansion, manufacturing capabilities and organisation will keep us in good stead to capture the opportunities in the marketplace,” it added.
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Companies
myTVS launches‘Mobility-as-a-Service’platform for EV fleets
Published
2 months agoon
September 23, 2024
myTVS, India’s digital automotive aftermarket platform and part of the $3 billion TVS Mobility Group, has officially launched its pan-India ‘Mobility-as-a-Service’ (MaaS) platform aimed at last-mile EV fleet operators. This comprehensive platform integrates a range of services for the entire electric vehicle (EV) fleet lifecycle, including leasing, real-time fleet management, servicing, spare parts management, charging solutions, telematics, roadside assistance, insurance, and tyre management.
The MaaS platform boasts a digital catalogue of over 180,000 SKUs and offers vehicle refurbishment services to enhance fleet longevity and efficiency. myTVS aims to become the go-to brand for last-mile fleet operators, enabling them to scale operations effectively through strategic partnerships with all stakeholders in the EV ecosystem.
As part of this initiative, myTVS has formed a strategic alliance with MoEVing, a leading EV-based logistics company in India. This partnership is expected to drive growth in the quickly evolving quick commerce sector, which is increasingly looking to electrify its operations to meet sustainability goals.
“This launch marks a pivotal transition for myTVS from personal mobility to fleet mobility solutions,” said G Srinivasa Raghavan, Managing Director of myTVS. “Our platform is tailored to meet the evolving demands of both personal and fleet mobility customers, ensuring efficiency and sustainability. With over 1,000 service outlets across India, we are uniquely positioned to support fleet operators with 24/7 telematics, a Network Operations Centre, and diagnostic services that maximise vehicle uptime.”
Vikash Mishra, CEO of MoEVing, emphasised the importance of ecosystem partnerships for accelerating EV adoption in India. “The launch of the MaaS platform by myTVS addresses a critical market need, offering a holistic solution that aligns with our mission to enhance service delivery and expand our national footprint.”
A recent BCG report forecasts significant growth in the organised last-mile delivery market, particularly in food, grocery, and e-commerce sectors, with EV adoption projected to reach 20-30% in organised fleets by 2025.
Raghavan concluded, “With over 1 million customers, myTVS is one of the fastest-growing aftermarket service providers in India. We plan to add another 2,500 outlets in the next two years, aiming for a market share of 10-12%.”
The myTVS MaaS platform offers flexibility and is designed to integrate seamlessly with OEM manufacturers, insurance providers, financial services, and leasing companies, ensuring comprehensive support for all stakeholders in the electric mobility landscape.
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Companies
One Point One Solutions wins two international orders – check details
Published
3 months agoon
September 23, 2024
One Point One Solutions Limited, a leading provider of technology-enabled business process management (BPM) services, has won two international orders. According to the information shared with the exchanges, the company has won a prominent telehealth company headquartered in Atlanta, USA.
The telehealth company provides a comprehensive platform designed to streamline the entire telemedicine cycle, offering innovative services that connect healthcare providers with patients globally.
Under this contract, One Point One Solutions will partner with the telehealth company to provide contact centre solutions and data verification services.
The company has also won a contract with a publicly listed Swedish company. As part of the contract, it will make a robust platform to streamline ticket management across departments, enabling seamless communication and creating a comprehensive knowledge repository.
It will also prepare a comprehensive solution for payroll data management that ensures secure user access and efficient processing of payroll information.
Earlier, ITCube Solutions Pvt. Ltd. – a One Point One Solutions Limited subsidiary – entered into a deal that will allow the company to use its AI-powered platform for automated detection, enforcement, and removal of infringing content across digital platforms.
“ITCube Solutions has secured a new client-win in the European region a renowned global player specialising in providing solutions against brand threats utilizing advanced AI-driven tools to combat online piracy, counterfeiting, and intellectual property infringement,” the company said in an exchange filing.
With a global presence including NewYork, Barcelona, Beijing & Salt Lake City and providing scalable, cost-effective SaaS solutions, the newly acquired client is changing the industry landscape.
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Companies
RBI restricts withdrawals from Jalna-based Mantha Urban Coop Bank for 6 months
Published
3 months agoon
September 22, 2024
Reserve Bank of India on Tuesday imposed restrictions on withdrawals from Maharashtra-based Mantha Urban Cooperative Bank for six months.
The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020.
As per the directions, the bank will not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment, among others.
“In particular, no deposit of the total balance across all savings bank or current account or any other account of a depositor may be allowed to be withdrawn” subject to conditions stated in the directions, the central bank said.
The directions will remain in force for a period of six months from the close of business of November 17, 2020 and are subject to review, it added.
It further said the issue of the directions by the RBI should not per se be construed as cancellation of banking license by RBI.
The bank will continue to undertake banking business with restrictions till its financial position improves, the central bank said, and added it may consider modifications of the directions depending upon circumstances.
In a separate release, RBI said it has imposed monetary penalty of Rs 20 lakh on Bengaluru-based Shushruati Souharda Sahakara Bank Niyamita for deficiencies in regulatory compliance.
The central bank also imposed a penalty of Rs 1 lakh on The Deccan Urban Co-operative Bank, Vijayapura, Karnataka, for contravention of the directions issued by it on prohibition of loans and advances to directors.
The story has been taken from a news agency