Page 10 - Fmcg

HUL receives Rs 447.5 cr GST demands and penalties, firm to make assessment

Leading FMCG maker Hindustan Unilever Ltd on Monday said it has received Goods and Services Tax demands and penalties totalling Rs 447.5 crore from the authorities. In a regulatory filing, HUL -- which owns brands such as Lux, Lifebuoy, Surf Excel, Rin, Pond's and Dove -- said these "orders are currently appealable" and it will make an assessment. The company received a total of five orders passed from different zones of GST officials over issues such as disallowance of GST credit, salaries including allowances paid to expats etc on Friday and Saturday last week. "The Orders were received by the company on 30th December, 2023 and 31st December, 2023, respectively and the intimation is being submitted today i.e. 1st January, 2024, being the first working day after receipt of the Orders," said HUL. This includes the demand for tax "on salaries including allowances paid to expats amounting to Rs 372.82 crore and penalty amounting to Rs 39.90 crore" from the Joint Commissioner, CGST an

Skincare brand Nivea India appoints Geetika Mehta as managing director

Mehta, who has an experience of over two decades in the FMCG sector, will steer the brand in the country, Nivea India said in a statement

Investcorp leads Rs 340-cr funding to packaging firm Canpac Trends

Global alternative investment firm Investcorp has led an investment of Rs 340 crore (USD 41 million) in the paper-based packaging solutions provider Canpac Trends, companies said in a joint statement on Friday. The transaction provides a partial exit to JM Financial's second India fund that has been invested in Canpac since 2021. Founded by Nilesh Todi, Ahmedabad-based Canpac makes folding cartons, which have diverse end-use in fashion and retail, food and food services, FMCG, and industrial products. It also makes paper bags, luxury boxes, corrugated cartons and flexible laminate solutions. Canpac has four manufacturing plants in Ahmedabad, Kolkata and Tiruppur in Tamil Nadu, apart from an R&D facility. The investment will help Canpac expand its production footprint to more manufacturing hubs, apart from scaling up sales capabilities, Canpac founder Nilesh Todi said. Gaurav Sharma, head of India investment business at Investcorp, said paper packaging champions sustainability, a .

Growth gains, dividend yield along with stable taxation to boost ITC stock

Non-cigarette segments have delivered annual revenue growth of 14% and net profit growth of 20% over FY18-23

Some green shoots, but rural a stressor for FMCG companies: Top honchos

Top honchos say urban demand continues to grow

New businesses to boost growth momentum of Tata Consumer Products

The key driver of growth for the company is expected to come from new segments of Sampann (packaged staples), Soulful (healthy snacks/drinks) and NourishCo

Marico expects revenue growth to come back in H2, says MD & CEO Gupta

Home-grown FMCG major Marico expects revenue growth to come back in the second half of the fiscal and sluggish rural demand to gradually improve, said its Managing Director and CEO Saugata Gupta. It has taken price corrections after softening of inflation in the domestic market in the last two quarters, which has some effects on its revenue growth. However, it has helped it either gain or sustain market share and also increase penetration in some of its portfolio, he added. In the next two quarters, revenue growth of the company would be in line with volume growth, Gupta told PTI. "Revenue growth is expected to move into the positive territory in H2 as pricing deflation in the domestic business steadily tapers off. The company has taken price drops in its core brands as Saffola and Parachute," Gupta added. Last week, Marico, which owns popular brands like Saffola, Parachute, and Livon, reported 17.2 per cent increase in consolidated net profit for September quarter. However, its ..

Dabur Q2 result: Profit up 5% to Rs 507.04 cr, revenue at Rs 3,203 cr

Homegrown FMCG major Dabur India Ltd on Thursday reported a 5 per cent increase in consolidated net profit at Rs 507.04 crore in the second quarter ended September 30. The company had posted a net profit of Rs 490.86 crore in the July-September quarter a year ago, according to a regulatory filing. Its revenue from operations was at Rs 3,203.84 crore in the quarter under review as against Rs 2,986.49 crore in the corresponding quarter of the previous fiscal. The company's expenses were at Rs 2,669.43 crore in the September quarter. Shares of Dabur India Ltd rose 2.18 per cent to Rs 528.40 apiece in afternoon trade on the BSE.

GCPL net profit rises 21% to Rs 432.77 crore during Jul-Sep quarter

FMCG major Godrej Consumer Products Ltd (GCPL) on Wednesday reported a 20.6 per cent increase in consolidated net profit to Rs 432.77 crore for the second quarter ended September. The company had posted a net profit of Rs 358.86 crore in the July-September period last year, according to a regulatory filing. Revenue from the sale of products of Godrej group's FMCG arm was up 6.06 per cent at Rs 3,568.36 crore during the second quarter of the current fiscal. In the year-ago period, the same stood at Rs 3,364.45 crore. Similarly, its revenue from operations was up 6.19 per cent in the September quarter to Rs 3,601.95 crore. GCPL's total expenses during the quarter under review rose 2.86 per cent to Rs 3,035.97 crore. Total income of GCPL in the September quarter was at Rs 3,667.88 crore, up 6.87 per cent compared to the year-ago period. Shares of the company declined 1.68 per cent to close at Rs 975.90 on the BSE.

Tata Consumer to merge 3 subsidiaries to reduce compliance requirements

Tata Consumer Products Ltd said it would merge its three wholly-owned subsidiaries -- NourishCo Beverages, Tata SmartFoodz and Tata Consumer Soulfull -- to ensure "more effective utilisation of the resources" and reduce "compliance requirements". The board of the Tata group firm's FMCG arm on Tuesday approved the Scheme of Amalgamation of the three wholly-owned subsidiaries of the company, informed Tata Consumer Products Ltd (TCPL). The combined businesses will have "more effective utilisation of the resources of the said companies, reduction in overheads, costs and expenses, economies of scale, elimination of duplication of work and rationalisation and reduction of compliance requirements", said TCPL. "The scheme is proposed to the advantage of the transferor companies and the transferee company and will yield beneficial results for the shareholders, creditors, employees, and all concerned," said TCPL, which was earlier known as Tata Global Beverages Ltd. The scheme involves the .

As stake value doubles, govt puts plans to sell ITC stock in cold storage

The Centre is getting around Rs 1,000 crore dividend annually from the cigarette-to-FMCG conglomerate for its 7.87 per cent stake

Marico Q2 results: Net profit rises 17.3% to Rs 353 cr, misses estimates

Marico's net profit rose 17.3% to Rs 353 crore in the July-September quarter, but missed analysts' average estimate of Rs 357 crore, according to LSEG data

We don't see rolling back of prices as an imminent issue: Nestle India

The company is also increasing its advertising and promotional spends, particularly digital spends

Recovery signs in rural consumption, but stress remains: Kantar report

Household consumption has also grown on the back of the return of atta into shoppers' baskets, after the government halted the free grain distribution scheme

Hindustan Foods Ltd to invest Rs 100 cr to in sports shoes manufacturing

Hindustan Foods Limited has entered into a sales and purchase agreement (SPA) to acquire 100 per cent of the shareholding of KNS Shoetech Private Limited from its existing shareholder

India's per capita FMCG consumption low compared to other economies: HUL MD

Premiumisation is bound to accelerate as Indians become more affluent and urban, says Jawa

ITC's stock may remain range-bound post July-September quarter show

Most brokerages have cut their earnings estimates marginally to factor in the weak performance of the paperboards division

P&G sales surpassed analysts' estimates as price hikes offset lower volume

Organic sales rose 7% in the quarter ended Sept. 30, the maker of Tide detergent and Pampers diapers said Wednesday. Analysts had projected growth of 5.8%, according to data compiled by Bloomberg

Dabur receives GST demand notice of Rs 320.60 cr, firm to challenge matter

Homegrown FMCG and Ayurvedic products maker Dabur on Tuesday said it has received a Goods and Service Tax (GST) demand notice of Rs 320.60 crore. The company will challenge the same based on strong merits by filing its reply before the relevant authorities, Dabur India said in a regulatory filing. "The Company has received intimation of tax ascertained as being payable under Section 74(5) of CGST Act, 2017, wherein GST short paid / not paid amounting to Rs 320.60 crore has been advised to be paid by the Company along with the amount of applicable interest and penalty... failing which Show Cause Notice will be issued," Dabur informed. However, the company -- which owns power brands like Dabur Chyawanprash, Dabur Honey, Dabur Honitus, Dabur PudinHara, and Dabur Lal Tail -- said it will have "no impact on the financial, operation or other activities of the company. "The impact will be limited to the extent of final tax liability as may be ascertained along with interest and penalty, i

White good PLI beneficiary should obtain cost certificate for sales: DPIIT

Companies selected under the production-linked incentive scheme (PLI) for white goods will have to submit a certificate from a registered cost accountant with regard to related party sales and computation of the arm's length price for availing benefits of the scheme. Making certain changes in the guidelines of the PLI scheme for promoting domestic manufacturing of white goods (air conditioners and LED lights), the Department for Promotion of Industry and Internal Trade (DPIIT) said that the administrative ministry may also visit the manufacturing facilities to review the scheme's progress, and directly solicit feedback from the industry. Based on the requests and suggestions received from various applicants and industry associations and with a view to simplifying the operation of the scheme, the department has made certain revisions to the scheme guidelines issued by the DPIIT on June 4, 2021. According to the department, regarding captive consumption and sales to related party, ...