Page 4 - Growth

Millions of Chinese curb Southeast Asian growth as they decide to stay home

The visitor statistics suggest that Southeast Asia's economic recovery this year will be muted, amid a dimming global growth outlook from tighter monetary policies

Samunnati eyes more than 50% growth in revenue at Rs 6,600 cr in FY24

Open agri network Samunnati is eyeing over 50 per cent growth in revenue at Rs 6,600 crore in 2023-24, on the back of deepening its reach in both its verticals - agri finance and market linkage businesses, a top company executive said on Saturday. The company has clocked an overall Rs 4,400 crore revenue in 2022-23. "We are present in 23 states but the bulk of our business is mostly in states including Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, Madhya Pradesh, Maharashtra, Gujarat and Odisha. "We are planning to deepen our client engagement in all 23 states offering both short-term loans to FPOs as well as providing them with market linkages. With this expansion we expect to clock Rs 6,600 crore revenue in this financial year," Samunnati founder and CEO Anil Kumar SG told PTI. Currently, Samunnati has around 5,500 FPOs registered on its platform, 50 per cent of which are borrowers while most avail the market linkage offering of the company, he said. Explaining further, Kuma

Eveready will focus on growth but in a profitable manner: Mohit Burman

In a Q&A, the non-executive director who spearheaded the firm's change of hands from the Khaitan family to the Burmans, says he plans to sustain the current level of growth, if not exceed it

Private sector capex will be key contributor to growth: CEA Nageswaran

Chief Economic Advisor V Anantha Nageswaran expressed optimism about India's growth potential on Thursday during a special interactive session organized by FICCI

IIFL to raise Rs 1,500 cr in bonds to fuel growth, caps coupon rate at 9%

Leading non-bank lender IIFL Finance is raising up to Rs 1,500 crore through a public issue of secured redeemable non-convertible debentures (NCDs) to fuel credit growth and debt management, a senior company official said on Thursday. The public issue of the IIFL NCDs will open on Friday and has a base offer of Rs 300 crore. However, the company has a green shoe option to retain an over-subscription of up to Rs 1,200 crore. With the Reserve Bank of India pausing its rate hike cycle, IIFL remains optimistic about raising the entire Rs 1,500 crore in this tranche of issues with an attractive 9 per cent coupon rate. "We expect to raise the full subscription amount in this issue due to the attractive coupon rates. Credit growth is robust after the Covid-19 pandemic, IIFL Director Gaurav Mishra said. The IIFL bonds offer a coupon rate starting at 8.35 per cent for 24 months and the highest effective yield of 9 per cent per annum for a tenor of 60 months. IIFL has kept the highest coupo

India at inflexion point, company to continue double-digit growth: Diageo

Indian market is at a "great inflexion point", Diageo India MD & CEO Hina Nagarajan on Wednesday said, adding the company would continue its double-digit profitable growth journey, with a special focus on premiumisation and innovations. The company is looking the growing economy, the addition of the youth population, growing aspirations and occasions and increasing consumption of premium liquors among women as drivers for the growth in the country. The company has reshaped its portfolio with renovation and innovations on its mid and upper Prestige portfolio and sales of its Scotch brands are "accelerating", she said. Diageo India's Prestige level starts from McDowell and goes to Johny Walker and single malt whisky. "Our focus would be on these categories and there is room for innovation and renovation in all these segments. There is room for premiumisation in each of the segments," said Nagarajan in a press meet here. When asked about its innovation-to-sales ratio, she said, "our

Global environment challenging but company steadfast : TCPL chairman

The global environment has been challenging due to volatile macroeconomic condition and geopolitics but the company remains steadfast and is focusing on building a strong platform for progress, Tata Consumer Products Ltd (TCPL) Chairman N Chandrasekaran said on Tuesday. Addressing shareholders at the annual general meeting, he said TCPL has been on a transformative journey and has made significant progress during the last three years into becoming and evolving as a leading FMCG company. "During this period, a number of decisive actions have been taken to become a growth-oriented company and build a strong organisational capability," he said. The company continues to focus on strengthening its core business and at the same time, work on new opportunities to expand the target addressable market, said Chandrasekaran, who is also the chairman of Tata Sons, the holding firm of Tata Group. "The global environment has been sort of challenging due to a volatile macroeconomic condition as w

Better numbers in private projects

Three hoops to jump to be convinced that torrid growth will come

Apollo Tyres expects double-digit revenue growth in FY24 on organic growth

Apollo Tyres Ltd expects double-digit revenue growth in FY24 purely on the performance of organic volume growth, according to company President Asia Pacific, Middle East and Africa, Satish Sharma. The Indian tyre industry is in a sweet spot with strong demand coming in while raw material prices are moderating, he said although reducing tyre prices would depend on competitive intensity. "We are still in the same vicinity of a double-digit growth. It is definitely on the cards," Sharma said in an interaction here. He was responding to a query on the revenue growth outlook for FY24. In 2022-23, Apollo Tyres clocked a consolidated revenue from operations of Rs 24,568 crore as against Rs 20,948 crore in 2021-22. With the base effect and impact of COVID-19 pandemic "all gone", Sharma said,"Going forward, it's all volume (growth), there is nothing that will come out of value (due to price hikes) except for a mix enrichment, which is a continuous process." For the tyre industry also, he

Himadri Speciality Chemical Q4 PAT grows over three-fold to Rs 77 cr

Himadri Speciality Chemical Limited (HSCL) on Saturday reported over three-fold jump in profit after tax to Rs 77 crore for the March 2023 quarter on account of higher revenue. It had posted Rs 21 crore profit after tax (PAT) for the same period in 2021-22, HSCL said in a statement. For the full 2022-23, the company's PAT rose to Rs 208 crore from Rs 65 crore in FY22, registering over three-fold growth. Its total income from revenues also increased to Rs 1,029 crore from Rs 834 crore in the year-ago quarter, the company said. In FY23, revenue surged to Rs 4,172 crore from Rs 2,798 crore in FY22. Anurag Choudhary, CMD of Himadri Speciality Chemical Ltd, said, "Strong focus on core businesses and commitment to provide value-added products, coupled with investment in R&D, innovation, and improved business model, have consistently led us to achieve sustainable results and grow our profitability". Kolkata-based Himadri Speciality Chemical Limited is into manufacturing and supply of ..

FMCG major Nestle India expects double-digit volume growth this year

FMCG major Nestle India on Friday said there could be a downward revision in prices as the inflationary pressures have started coming down, and expects a double-digit volume growth this year. Nestle India is expanding its retail network in the rural areas and expects more than 20 per cent of the sales to come from those areas. Besides, it is expanding in the pharmacy space with 'Nestle Health Science' products. "Unless there is an adversity because of the El Nino effect, which is being talked about on the monsoons, I would expect the demand position will be fairly stable for us going forward and we should be able to continue on the path of double-digit growth," Nestle India Chairman & Managing Director Suresh Narayanan told PTI. The company has reported volume growth in the last 20 out of the 25 quarters. "I think inflationary pressures are starting to come down. So I do hope that the pricing pressures would also start to come down," he said. "We are now seeing volume growth come

Ratings firm Icra expects tyre sector revenues to grow by 7-9% in FY24

Ratings firm Icra on Thursday said it expects a revenue growth of 7-9 per cent for tyre industry in the current fiscal. The rating agency pegs the domestic tyre demand growth at 6-8 per cent for FY2024, supported by stable growth in the replacement segment and sustained demand momentum in the OEM segment, Icra said in a statement. The rating agency noted that it expects the demand momentum in the OEM (Original Equipment Manufacturer) segment to continue in FY2024 with an estimated growth of 8-10 per cent. Replacement demand, which forms around two-thirds of tyre demand, is likely to witness mid-single digit growth in FY2024, it added. "ICRA projects a 7-9 per cent growth in industry revenues for FY2024 with domestic growth outpacing exports," Icra Assistant Vice President and Sector Head Nithya Debbadi said. Segment-wise, commercial vehicles shall benefit from the increasing traction in the infrastructure and construction segments, she added. Strong underlying demand and preferen

Ice-cream brand Baskin Robbins looks at 20% growth in India in FY24

Premium ice-cream brand Baskin Robbins is looking at a 20 per cent growth in India in the 2023-24 financial year, a company official said. Mohit Khattar, the CEO of Graviss Foods, which is the master franchise for Baskin Robbins in South Asia, said the company was not perturbed by Reliance's foray into the segment as competition is good for the industry. Following are the excerpts from an interview he gave to PTI: Q. What is your growth strategy in India? -- The growth strategy for Baskin Robbins in India centres around innovation in every aspect -- the products we have, the way we serve our customers, the way we advertise. So it's all about reaching out to different audiences. Q. How do you plan to expand in Tier 2 and Tier 3 cities? -- We are present across 239 cities in India. So, we are already in Tier 2 cities. It is not that difficult for us. It is about getting our products right, which is what we're more focused on -- whether it's different flavours or beverages. One of t

AU Small Finance Bank reports net profit of Rs 425 crore in Q4

Net interest income - the difference between interest earned and interest expanded - was Rs 1213 crore for the Q4, up 30% from the same period of the previous financial year

PM Rishi Sunak goes live on LinkedIn to promote UK's growth plans

British Prime Minister Rishi Sunak on Monday joined a live question and answer session with a range of UK businesses as part of a new Business Connect programme, which he says will promote his economic growth priority and optimise the conditions for businesses in the country to thrive. Over 200 of the UK's highest-profile CEOs and business leaders, representing key growth sectors, including tech, life sciences and advanced manufacturing, gathered in London for the first Business Connect event to hear directly from Sunak. It came as Downing Street released the latest figures to show that 1,800 jobs a month have been created since October 2022 the month Sunak took charge in the wake of a disastrous mini-Budget which resulted in predecessor Liz Truss being deposed as Prime Minister. Since taking office, I've spoken to over 1,000 business people because they are the innovators and change-makers at the heart of our economy, supporting jobs, attracting investment and driving growth, sai

Indian operation to maintain high double-digit growth: KONE India MD

KONE Elevators India, a subsidiary of the Finnish multinational corporation KONE Corporation, on Wednesday said that it will continue to grow at a high double-digit rate in India, despite cost pressures, as demand from the residential and infrastructure sectors remain robust. The company has also announced the expansion of its Kolkata office, which serves the eastern region and export markets in Nepal, Bangladesh and Bhutan. "In 2022, we had grown strong by over 15 per cent and the growth trajectory will continue as India's growth remains strong. We aim to grow between 15-17 per cent in the current fiscal year," KONE India MD Amit Gossain said. He noted that the company's market share is currently at 25 per cent in the segment it operates, and that new technology-backed products and services will help push the market share further. Gossain expressed optimism about the Indian market, saying that it is the second largest market after China in Asia and that KONE has a presence in 60 .

Heineken reports high-single-digit revenue growth in India for March qtr

Dutch brewing major Heineken NV on Wednesday reported a high-single-digit organic growth in net revenue from the India market in the March quarter, helped by volume growth and pricing. Heineken, which now controls the leading Indian beer maker United Breweries Ltd (UBL), said it had a mid-single-digit volume growth in the January-March period, led by the domestic brand Kingfisher. Its premium portfolio of beer in the Indian market grew in the "high-teens", led by Kingfisher's Ultra and Heineken Silver, the company said in the update for the first quarter of 2023. "In India, net revenue grew by a high-single-digit organically, driven by volume growth and pricing. Beer volume grew by a mid-single-digit, led by Kingfisher," it said. In the Chinese market, Heineken grew by close to fifty per cent, with a strong performance of Heineken Original and Heineken Silver, it added. However, in the Asia Pacific region, Heineken's net revenue declined 5.4 per cent organically, with total ...

Volvo Car India reports 38% growth in sales in January-March quarter

Volvo Car India on Monday said it has sold 544 units in the first quarter of this year, a 38 per cent growth, over the same period last year. The automaker had sold 393 units in the January-March period of last year. The sales growth during the period was led by the XC60 which registered a 27 per cent growth, the automaker said in a statement. The locally assembled all-electric XC40 Recharge saw 138 units being delivered during this period thereby contributing 25 per cent of the total volume, it added. "A 38 per cent growth confirms positive customer sentiments in our luxury mobility offerings," Volvo Car India Managing Director Jyoti Malhotra said. The first quarter performance is a good indicator and the company is confident that the coming quarters will show better results, he added. "We remain committed to introducing a new electric model every year and we are on a good trajectory of achieving our aim of going all electric by 2030," Malhotra said. The Swedish firm establishe

Purabi Dairy targets 50% revenue increase to Rs 300cr this fiscal year

The West Assam Milk Producers' Co-operative Union Ltd (WAMUL) on Thursday said it is aiming to clock a 50 per cent jump over its 2022-23 revenue to around Rs 300 crore in this fiscal. The business of the Guwahati-based cooperative, which markets milk and milk products under the Purabi Dairy brand, crossed Rs 200 crore in 2022-23, WAMUL said in a statement. Of the Rs 200 crore, Rs 190 crore came from milk and milk products while Rs 10 crore came from the cattle feed business. The milk cooperative had registered over 32 per cent rise in sales in 2022-23. "The revenue growth can be primarily attributed to the rising demand for the milk and milk products of the cooperative. The cattle feed business, which started operations in May 2022, also added to the revenue," it said. During 2021-22, Purabi Dairy's business stood at Rs 151 crore, the company said. "Looking forward, Purabi Dairy has set an ambitious target of achieving a turnover of Rs 300 crore in 2023-24. To achieve this, WAMUL

Lamborghini India expects luxury supercar sector to see double-digit growth

Automobile Lamborghini is expecting luxury supercar segment to see double-digit growth in India this year, driven by improving infrastructure, rising population of ultra high net worth individuals and other factors, its country head Sharad Agarwal said on Thursday. He also said that Lamborghini India has started 2023 on a positive note with a strong order book, with most of its models having a waiting period of 18 months throughout 2024. The Italian super sports luxury carmaker on Thursday rolled out its second model of Urus SUV lineup, Urus S with a price tag of Rs 4.18 crore in the domestic market. Lamborghini began its India operations in 2007. Last year, it sold 92 units in India, a growth of 33 per cent over 69 units in 2021. Apart from the newly launched Urus S, Lamborghini sells three more models -- premium SUV Urus and two super sports cars Huracan Tecnica and Aventador in the country, with prices starting upwards of Rs 3 crore. Cars carrying a price tag of Rs 20 million o