Margin trends to see an uptick, FY24 revenue growth likely between 18-25%: Westlife Foodworld’s Amit Jatia

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Revenue growth for fiscal 2023-24 is expected to be seen between 18 to 25 percent and margin expansion will be similar to previous fiscals in FY24, said Westlife Foodworld’s Vice Chairman Amit Jatia while speaking to CNBC-TV18. “Will see margin at a new high next year with expansion of 100-150 basis points,” he said.

Mcdonald’s India franchisee Westlife Foodworld has reported a broadly in-line operating performance, supported by 14 percent same store sales growth (SSSG) and 10 percent store adds. While the operating performance was robust, a slight miss in revenue and EBITDA resulted in an 11 percent miss in PAT.

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Jatia further said that the company has added as many as 35 new restaurants in FY23, and it plans to add 40 to 45 more new restaurants in FY24. “Incremental restaurants will be added in smaller towns,” he added.

According to analysts, the management anticipates a high single-digit SSSG and plans to add 40-45 new restaurants in FY24, with a target to reach 580–630 new restaurants by 2027.

Also, in the third quarter, Westlife converted 17 restaurants (to 220, 72 percent of total) to EOTF (experience of the future) format. In the next 24 months, 100 percent stores are likely to be converted to EOTF model.

The easing commodity pressures and the company’s focus on growing average unit volume are the key positive factors. This could be partly offset by an increase in royalty.

The current or guided retail expansion rate at 12 percent on an existing base is healthy. The journey of an execution-driven outperformance continues to add up for Westlife.

Brokerage Motilal oswal has reiterated its ‘Neutral’ rating on the stock with a target price of Rs 800. Meanwhile, ICICI Securities maintains its ‘Add’ recommendation on the stock with a revised target price of Rs 850 from Rs 790 earlier.

Westlife Foodworld has an average broker target of Rs 838.67 per share, implying a potential upside of 9 percent from the current market levels, according to data from Trendlyne.

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Shares of Westlife Foodworld Ltd were trading 0.27 percent lower at Rs 766.25 apiece in Wednesday’s trade. The stock rose 9 percent in the last one month, while it fell 1 percent on a year-to-date basis.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Goldman Sachs to pay $215 Million to settle case on underpaying women

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Goldman Sachs Group Inc. has agreed to pay $215 million to put an end to a long-running class-action lawsuit that accused the Wall Street giant of systemically underpaying women.

The New York-based bank struck the deal with lawyers representing about 2,800 female associates and vice-presidents, according to a joint statement from the bank and the plaintiffs’ lawyers. Bloomberg News earlier reported on the settlement, of which about a third is expected to be set aside for attorney fees.

Goldman Sachs will engage an independent expert to conduct an additional analysis on performance evaluation processes, as well as its process for promotion, for three years, according to the statement.

Also read: Gender pay gap deepens during COVID, women left behind on pay hike, bonuses: Study

The upcoming trial, scheduled for next month in New York, would have provided a rare public forum for testimony about inequality inside the financial industry, where all but one of the six biggest US banks have only ever been run by men.

The two sides had been finalizing a deal, racing to settle before trial, Bloomberg News reported last week.

The case was closely watched in an industry where women have long said that complaining of unfair treatment can derail careers. Though the trial was to focus on the statistics of pay and promotion, and a judge had said the question of a boys’ club atmosphere didn’t qualify for class treatment, it was poised to be more than a mere grab bag of numbers. It would likely have examined some of the fabric of Goldman’s workplace, thanks in part to testimony from executives.

The settlement is bigger than the sum that Smith Barney paid decades ago, more than $100 million, to end what was known as the Boom-Boom Room suit, which had accused the firm of harassment and discrimination.

Also read: Goldman Sachs begins ‘brutal’ layoff of 3,000 staff, largest among banks

The Goldman suit was first brought by Cristina Chen-Oster, a Massachusetts Institute of Technology graduate who joined in 1997 and sold convertible bonds. She filed a discrimination complaint in July 2005 with the US Equal Employment Opportunity Commission, then sued in 2010. Goldman fought — successfully, in some cases — to send some women in the case to arbitration, a more secretive system.

But mandatory arbitration agreements aren’t the only tools in the corporate arsenal. Nondisclosure agreements and settlements have long been used on Wall Street and beyond to keep claims of bad behavior and unfair treatment out of the spotlight.

For years, Goldman and its peers have pledged to diversify their ranks, acknowledging that they need to do better. Even though Goldman’s partner class last year was 29 percent women, it counted as Goldman’s most inclusive group of promotions yet.

Also read: ‘How quickly life can turn upside down’ — Indians bear brunt of Goldman Sachs layoffs

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bajaj Finance to pay Rs 30 per share dividend, fixes record date. Details here

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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NBFC major Bajaj Finance’s board has recommended a dividend of Rs 30 per share or 1500 percent for the financial year ended March 31, 2023, along with earnings for the fourth quarter.

Bajaj Finance has fixed Friday, June 30, 2023, as the record date for determining the eligibility of shareholders for the proposed dividend.

“In line with the Company’s Dividend Distribution Policy, the Board of Directors have recommended a dividend on equity shares at the rate of Rs 30 per share (1500%) of face value of Rs. 2 each. for the financial year ended 31 March 2023,” the company said in a filing.

“The said dividend, if declared, by the shareholders at the ensuing Annual General Meeting, will be credited/dispatched on or about 28 July 2023 or 29 July 2023,” the statement read.

Bajaj Finance has declared 23 dividends since June 29, 2001. In the past 12 months, Bajaj Finance has declared an equity dividend amounting to Rs 20.00 per share, according to data from Trendlyne.

At the current share price of Rs 6055.95, this results in a dividend yield of 0.33 percent.

Bajaj Finance Q4 profit beats estimates

Bajaj Finance posted a 30 percent jump in its March quarter (Q4FY23) profit at Rs 3,158 crore, beating estimates. A CNBC-TV18 Poll has pegged the profit figure at Rs 3,110.1 crore.

Revenue from operations of the financial services firm grew 24 percent to Rs 11,359.59 crore from Rs 8,626.06 crore in the year-ago quarter.

Shares of Bajaj Finance Ltd settled 0.30 percent lower at Rs 6,057.00 apiece on the NSE in Wednesday’s trade ahead of its March quarter results. The stock touched a 52-week high of Rs 7,777 on September 22, 2022 and 52-week low of Rs 5,235.6 on June 17, 2022.

The stock has an average price target of Rs 7,731, according to Trendlyne data, implying an upside potential of 27.92 percent.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Prestige Group plans to build and operate its own shopping centres, says more malls in the pipeline

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prestige Estates plans to build, own and operate its own shopping centres and there are more malls in the pipeline, the group’s CMD Irfan Razack said. Last month, Prestige Estates opened its first large mall after the Blackstone Group transaction and it got the company good footfalls.

“Footfalls of around 100,000 people on a weekend is unheard of and that is Prestige Falcon City at Kanakapura Road and that mall is trading very nicely,” he told CNBC-TV18.

In terms of office rentals, the demand has come back. With this no-COVID situation, there is a push from all companies that everybody should start working from office, he said.  “The demand for office is back, the inventory is minimal, the vacancies are very minimal and the rentals have firmed up,” he added.

Prestige Group is one of the leading real estate developers in the country, with a track record of over three decades in real estate development. It has a diversified business model across residential, office, retail and hospitality segments with operations in 12 key locations in India.

The company has a very strong pipeline, which is making the management very confident. “First two quarters of this financial year did Rs 6,500 crore bookings and our target is around Rs 12,000 crore for the year which is Rs 2,000 crore plus from the previous year. We can beat that,” he said.

The company has lack of inventory in Bengaluru. “The inventory is less in Bengaluru and that is the reason why we are working hard to see that we get all our approvals and our RERA numbers are in place, so that the final quarter should be the best quarter that we have ever had,” he explained.

Motilal Oswal is bullish on Prestige Estates and the brokerage expects the 2023 calendar year to be a defining year for the company.

Prestige Estates has Rs 6,500 crore of inventory in ongoing projects and Motilal Oswal has raised their FY24 pre-sales growth estimates by 16 percent.

Also Read | Only way to develop Mumbai is through redevelopment, says Irfan Razack

“The inventory coming in from Bengaluru, large projects coming in from Hyderabad, Mumbai and the contribution from smaller cities such as Kochi, Calicut put together, 2023 will be a defining year for the company,” he said.

Motilal Oswal in its recent note mentioned that Prestige Estates could see Rs 15,000-17,000 crore of pre-sales in FY24. When asked if this is a reasonable assumption, he replied, “Rs 15,000 crore is a very reasonable assumption considering that we have a lot of stock in the pipeline and considering the market as well as there is a lot of dealer’s confidence in the company that we will deliver. Rs 15,000 crore for 2023-2024 is pretty easy.”

The stock was up 4.22 percent in last one week and down 6.03 percent in the past month.

For the entire interview, watch the accompanying video

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vedanta’s Anil Agarwal pumps in Rs 25,000 crore more in Odisha after mega Gujarat investment

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Vedanta” isinid=”INE205A01025″ bseid=”500295″ nseid=”VEDL” sector=”Mining & Minerals” exchange=”bse”]

Vedanta shares touched an intraday high on BSE in early morning trade after Chairman Anil Agarwal said the company would pump in Rs 25,000 crore to expand its aluminium, ferrochrome and mining businesses in Odisha apart from the Rs 80,000 crore investment in the state.

Vedanta shares have been on an upward movement for the past few days on the back of the mega-investment announcements. In the past six days, shares have gained over 18 percent.

Let’s take a look:

Odisha

With the latest investment announcement of Rs 25,000 crore, Vedanta is contributing nearly 4 percent to Odisha’s GDP, as per a regulatory filing. “We (Vedanta) stand testimony to what is possible if you Make in Odisha. It is amongst India’s most favourable investment destinations, ably led by the stable governance, leadership, and vision of Shri. Naveen Patnaik Ji, which is reflected in the state’s Ease of Doing Business rankings,” said Agarwal.

Also read: PVR shares fall nearly 3% after investors offload 9% equity

Gujarat

In association with Foxconn, Vedanta recently picked Gujarat for their new semiconductor plant. The Indian conglomerate and Foxconn signed a memorandum of understanding with the Gujarat government for setting up the plant for Rs 1.54 lakh crore. The plant is expected to open up 100,000 job opportunities. The Vedanta chairman said the Gujarat project was important for India as only three countries — Korea, China and Taiwan — have semiconductor plants. He said once chips and glass are available in India, the cost of a laptop can fall from Rs 1 lakh to around Rs 40,000 per unit or less.

Maharashtra

After Vedanta-Foxconn picked Gujarat for their new semiconductor plant, a political storm erupted in Maharashtra for being unable to bag the deal. Amid this, Vedanta Chairman Anil Agarwal told CNBC-TV18 that an independent agency selected Gujarat as a conducive location for the new plant. He also tweeted that the firm is “fully committed to investing in Maharashtra as well”.

This multibillion dollar long-term investment will change the course of Indian electronics. We will create a pan-India ecosystem & are fully committed to investing in Maharashtra as well. Maharashtra will be our key to forward integration in our Gujarat JV. (4/4)

— Anil Agarwal (@AnilAgarwal_Ved) September 14, 2022

Also read: Vedanta Chairman Anil Agarwal says independent agency selected Gujarat for semiconductor plant

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Noida-based India Exposition Mart to raise Rs 600 crore via IPO; files draft papers with SEBI

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Noida-based India Exposition Mart Ltd on Monday filed a preliminary prospectus with markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 600 crore through an initial public offering (IPO).

According to the draught red herring prospectus (DRHP), the initial share sale would include a fresh issue of equity shares worth up to Rs 450 crore and an offer-for-sale (OFS) of up to 11,210,659 equity shares by existing shareholders.

The company may contemplate a private offering of up to Rs 75 crore in equity shares which might reduce the size of the fresh issuance.

Also Read: SEBI appoints Madhabi Puri Buch as new chairperson

India Exposition plans to use around Rs 316.91 crore of the Rs 450 crore to fund capital expenditure requirements for the development of its current infrastructure facilities, Rs 17 crore to settle debt and the rest for general corporate purposes.

Also Read: LIC IPO: State-owned insurer’s market debut likely to be pushed to next fiscal, says report

Existing shareholders include Vectra Investments, MIL Vehicles & Technologies, Overseas Carpets, RS Computech, Navratan Samdaria, Dinesh Kumar Aggarwal and Pankaj Garg. Emkay Global Financial Services is the sole book-running lead manager and Kfin Technologies is the registrar to the offer.

About the company

India Exposition Mart is one of the country’s major venue planners and providers, providing technology-driven, world-class facilities and safety standards for worldwide business-to-business exhibits, conferences, congresses, product launches, and promotional events, among other things.

The company had revenues of Rs 13.30 crore in FY21 and for six months ended September 30, 2021, it had posted revenues of Rs 10.66 crore which primarily includes income from space rent for fairs and exhibitions and income from maintenance services.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Amul roasts Ashneer Grover for once calling a pitch ‘bohot ganda fashion’ on Shark Tank India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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 Sony TV recently aired the first season of Shark Tank India and Amul celebrated the reality show with their new ‘topical.’ The poster recreated a scene from the show where sharks or investors Ghazal Alagh and Ashneer Grover were reacting to a pitch by a contestant. The caption of the post read “#Amul Topical: Popular Indian business reality television series, Shark Tank!” and the poster carried the message, “Yeh sabko digest hota hai. 100% equity on taste.”

Also read: Shark Tank India: Here’s how much each judge earned per episode

Entrepreneur Niti Singhal, Founder of Twee In One, shot to fame after her idea of reversible clothing was rejected by BharatPe Founder Ashneer Grover on the reality show. Without mincing his words, Grover had said, “It’s very bad fashion. I don’t think anyone will wear this. You should shut this down. Why are you wasting your time?”

However, Grover’s wife was spotted wearing an outfit from Singhal’s collection on The Kapil Sharma Show.

Niti Singhal shared the Amul topical on Facebook, and wrote, “Thank you Amul! I have always been excited to see your hoardings since I was a child. Never thought I could be your Amul girl one day!!”

Also read: RBI examining corporate governance angle in BharatPe-Ashneer Grover episode: MC Exclusive

Niti’s mother also posted the feature on her Instagram with a caption, “So proud of you Niti to see you as an Amul Girl.”

Niti shared her mother’s post and wrote “Ye meri designer mom hai jo 2 lakh ke lehenge sell karti hai (Here is my designer mom who sells lehengas worth ₹2 lakh).”

Also read: Ashneer Grover in talks to sell his 9.5% stake in BharatPe: Report

She was responding to Grover’s ‘suggestion’ on the show to shut down the business and instead sell a lehenga with her mother which might get her more profit.

Ashneer Grover also shared the Amul topical on his Instagram handle. On the post, when one of his followers asked him if she was the same lady who pitched her business idea Twee In One, Ashneer replied with, “@niti.singhal congrats!” as reported by Hindustan Times.

Also read: Here’s a look at Amul’s 75 year journey

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Adani Wilmar IPO: Share allotment today, here’s how to check status

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Adani Wilmar’s initial public offering’s (IPO) basis of share allotment is expected to be competed today. If everything goes per plan, then the shares will be credited to the bidders; demat accounts The finalization of basis of share allotment of Adani Wilmar IPO is expected to take place tomorrow, and if allotted, then the shares will be credited to the demat account of bidders on or after February 7, 2021. Interested bidders can check the allotment status the IPO registrar Link Intime’s website, or on website of the Bombay Stock Exchange (BSE).

How to check through Link Intime website?

• Log onto the LinkIntime website 
• Click on the dropdown menu, and select ‘Adani Wilmar Ltd’
• Enter your Permanent Account Number (PAN) 
• Hit ‘Search’
• The status of allotment will appear on-screen

What is the grey market premium of Adani Wilmar IPO?

On the grey market, Adani Wilmar’s shares are listed at Rs 32 as of Wednesday. The company is expected to list its shares of the BSE and the National Stock Exchange (NSE) by February 8. It must be noted that Adani Wilmar IPO consisted only of freshly issued equity shares–the section for retail investors section was subscribed 392 percent, while the shares reserved for non-institutional investors were subscribed 5,600 percent; there were 2.15 crore shares reserved for them. Meanwhile, qualified institutional investors bid 573% times of the portion reserved for them. Adani Wilmar had said the proceeds from the IPO will be used to fund capital expenditure, reduce debt and for acquisitions.

Incorporated in 1999, Adani Wilmar is a fast-moving consumer goods ( FMCG) major which specialises in kitchen essentials, such as edible oil, flour, rice, pulses and sugar. The company sells cooking oils under the Fortune brand, and also boasts of rice, wheat flour, and sugar among its offerings. The company also sells non-food products like soap, handwash, and sanitisers.

Also read: Adani Wilmar IPO: All you need to know

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Pandemic lessons: Risks, resuscitation and resilience within the manufacturing sector

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The VUCA (Volatility, Uncertainty, Complexity and Ambiguity) world, aptly described by our keynote speaker, Bridgestone India MP Parag Satpute, has brought risk management to the centre stage in this new normal.  From merely a compliance activity to a contentious topic of discussion across boardrooms, risk management tops the agenda of every organisation the world over.  To understand the disruptions caused by the black swan event in the Manufacturing sector and its impact on supply chains,

ICICI Lombard & CNBC-TV18 organised a specially curated “Risk Masterclass 2021”. It is a special initiative under the aegis of India Risk Management Awards that recognizes India’s leading organizations that have taken the lead in managing business risks.

The session kickstarted with a context setting address by Sandeep Goradia, Head, Corporate Solutions Group, ICICI Lombard General Insurance.  He said, “As a part of the non-life insurance sector, we have always been working towards shifting our focus from being a risk transfer entity to playing a much more active role as a risk management partner.” 

Sharing some alarming statistics on cybercrime, he said, “For cyber events 2021 has actually recorded the highest incidences ever–on an average 30,000 websites are being hacked every single day and there is a cyber-attack every 39 seconds.” He welcomed Satpute to deliver his  keynote address.  Stressing on the importance of agility, Parag said, “What we have learned through this crisis is that the importance of agility and the importance of adapting to the situation very promptly will hold us in good stead during future crises also. So, this is the lesson we are taking from the COVID-19 crisis and hopefully this is what will help businesses to continue to thrive in future situations as well.”

He discussed how at Bridgestone they followed a structured approach to counter the challenges during the pandemic by deploying the 4S — secure, streamlined, sustained and shift.

Next up was an invigorating panel discussion with Industry leaders where Paromita Chatterjee, Special Correspondent, CNBC-TV18, had a conversation with Anil Chopra, Group Head–CEO, Apollo Tyres Ltd; Dinyar Manekshaw Jivaasha, Global Head & President, ESSAR; Abhay Baijal, CFO, Chambal Fertilizers; and Alok Agarwal, Executive Director, ICICI Lombard General Insurance.  Anecdotal references, insightful strategies, and contextual analogies were shared as the panelists unanimously agreed on digitisation being the driving force that kept manufacturing units well oiled and running amid the pandemonium.  

Anil shared how technology came to their rescue when 400 of Apollo’s trucks were abandoned midway during the lockdown, and with the aid of a GPS tracking mechanism they were able to avert a major crisis.  He also delved into interesting acronym coined at Apollo, called ‘DRIVE’ — discovering new sales, inventory and production optimisation, value of cash, and elimination of bad costs.   He maintained that a blended combination of offline and online is needed to stay ahead of the curve.  Speaking of digital transformation, Alok shared how ICICI Lombard ramped up their IT systems for transitioning the entire insurance process one and also ensure seamless claims clearances.  Abhay shared valuable lessons learnt during this period of trial and rightly quoted that, “Risk is like a snake in your backyard and you will not know which way it turns and bites you”.  Being in a continuous process industry, he shared how the company navigated the challenges of labour, packaging material and maintenance of the plant through the first and second phase of the lockdown.

Dinyar reprimanded companies for not taking the role of risk management seriously and emphasised the growing relevance of the digital world, which he warned is not risk averse. He said, “Strong risk management practices are the backbone of a successful company and that will distinguish people, otherwise it is like an elephant in a room and we’ll just be groping in the dark.”   He spoke at length on leveraging tech tools such as Cloud computing AI, ML, blockchain, 3D printing, predictive analysis, which will have an important play in the days ahead.

Alok explained how the play of Internet of Things (IOT) is transforming the supply chain space. Use of digital supply networks and solutions are handy tools for seamless supply chain management.  In addition, ICICI Lombard has developed a Corporate India Risk Index which measures a company across six broad risk parameters, 32 detailed risk parameters, and comparing their risk preparedness versus what is the reaction time at the time of the risk event happening. This risk index then gives a benchmark to the company against the other peers in the industry.  He also drove the importance of self-sufficiency along with awareness of world events that cause disruptions to supply chain and preparing for vendor back-ups, he stated “the buzzword Just-in-time is replaced with Just-in-case.”

Likening the pandemic to a war scenario, Alok summed up the session by stating, “We have to anticipate the risks, we have to prepare ourselves during peacetime so that during wartime we react better.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow