Author: Rabindra

JSW Paints posts its first Operating Profits within 5 years of business launch

May 24,2024:JSW Paints, India’s leading environment-friendly paints company and part of the US$ 24 billion JSW Group, posted its first full year operating profits at an EBITDA margin of more than3% (approx.Rs 67 crores) for the fiscal year ended March 31, 2024. This makes JSW Paints the first and youngest Indian paints company to post operating profits in the shortest span of 5 years from its business launch. The company’s gross revenues crossed thetargeted Rs 2,000 crore milestone registering more than 10x industry growth rate. The scale-up in gross revenues was supported by a significant ramp-up in both Decorative Paints and Industrial Coatings businesses.

The current growth rate puts JSW Paints firmly on track to pursue its target of achieving Rs 5,000 crore within the next two years (i.e. by FY26). This will be supported by significant business transformation initiatives in the decorative paints segment. The company has appointed Mr Ashish Rai as Chief Business Officer – Decorativeto lead the transformation& growth in its Decorative Paints Business. With over two decades of experience in global organizations like Unilever where he led Distributive Trade Transformation, Ashish will be leading the Decorative Paints Business at JSW Paints to continuously deliver profitable top line growth.

According to Mr Parth Jindal, Managing Director of JSW Paints,“It has been an exciting and eventful five years for JSW Paints to achieve our guidance of being the youngest paints company to turn profitable in the shortest span of time. We are now determined to capitalize on the new opportunities as Indian consumers evolve their preferences towards purposeful living and environment-friendly products. As we navigate the next phase of growth in our manufacturing and marketing investments, I am happy to welcome Ashish Rai to transform and lead the next phase of growth in our decorative paints business.”

JSW Paints remains committed to building its business with the youngest, most gender diverse, and dynamic team in the industry with an average working age of 29 years. According to Mr. Sundaresan AS, Joint Managing Director & CEO of JSW Paints,“We are a young team and aspire to do things never done before. We are delighted that the difference we seek to make is well received, fueling our fast-pacedgrowth. We promise to continue bringing world class products and services to the doorstep of our consumers and make their homes truly beautiful.”

Mr Ashish Rai, Chief Business Officer – Decoratives at JSW Paints said,“I am thrilled to join JSW Paints at a pivotal juncture where the business is clearly ready to accelerate its growth momentum. The Decorative Paints category is closely tied to the joy Indian consumers feel in transforming their homes. The next phase of growth in our decorative paints business is supported by strong tailwinds of digital advancements, elevated consumer aspirations and our own commitment to exceed the ordinary by offering innovative and environment-friendly products that will delight our consumers.”

The rapid topline growth recorded by JSW Paints has been driven throughthoughtful disruptions and innovations it has offered to its consumers across India.
• JSW Paints remains the only company in India which offers the unique “Any Colour One Price” in Indian paints market.
• The luxury interior emulsion Halo is the Best Paint of India as has been tested against comparable offerings.
• JSW Paints waterproofing range iBlok is the surest way to waterproof homes. The company is scaling marketing support with a newadvertising campaign it recently launched across the country.
• Aquaglo – the water-based enamel – continues to delight consumersas the only non-smelly paint for wood & metal at home.
• JSW Paints has launched Opera range of luxury wood finishesthat are Made in India to take on imported Italian wood finishes.
• In Industrial coatings JSW Paints is leader in Coil Coatings and is expanding its offering to other segments like protective, pipe, windmill, floor and general industrial coatings.

Navanaami unveils its Magnum Opus Megaleio Hyderabad’s newest Landmark and the Destination for Luxury Living

Mumbai 24th May 2024: The city of Pearls is about to have its new crowning jewel. Navanaami Projects Private Ltd., the leading real estate developer from Hyderabad, unveiled its architectural magnum opus – The Megaleio – in the city, today. Planned as a luxurious residential project, Megaleio is envisioned to be Navanaami’s flagship showcase of thoughtful design thinking and a testimony of its relentless pursuit for quality, innovative designs, and true luxury architecture.

Navanaami’s Megaleio was unveiled at a star-studded gala event by Mr. Naveen Gadde, Founder & Managing Director, Navanaami in the presence of Mr. Rajeev Kumar Sharma, Principal architect, DesignHaaus and internationally renowned consultants from Tierra Design, ARUP Optimisation consultants along with other directors and guests.

Speaking on the occasion, Mr. Naveen Gadde, Founder & Managing Director, Navanaami, said, “The launch of Megaleio is a dream come true for all of us. At Navanaami, it is our commitment to push the boundaries of design and innovation. Megaleio represents a harmonious convergence of design, sustainability, and uncompromising luxury. As we work towards making our dream a tangible reality, we are proud to share that Megaleio will stand as a celebration of Hyderabad’s rich heritage and a bold statement of its aspirations for the future. We invite the world to experience a new paradigm of living, where the boundaries of imagination are pushed, and every moment is a celebration of the extraordinary.”

With just 20 minutes away from the Rajiv Gandhi International Airport and 15 minutes from Financial District, Megaleio enjoys the most unique location in Appa Junction Peerancheru and is well connected to major roads like Nehru Outer Ring Road and NH 163. Spread over 4.1 acres, Megaleio will be surrounded by a 1200-acre of greenery and in the vicinity of protected waterbodies Himayat Sagar and Osman Sagar, promising the future residents a natural ambience.

A dream project for the organization, Megaleio has been conceptualized as an architectural marvel for Hyderabad. Megaleio’s towering presence in the region is characterized by two iconic towers, comprising a total of 50 floors and 150 opulent exquisite residences. The twin towers establish Megaleio as an awe-inspiring landmark for the city.

The RERA-approved project boasts of a stunning design with double-height ceilings, a conscious façade, and an expansive interior that creates a remarkable ambiance. The 150 meticulously crafted residences, each a canvas of opulence and sophistication, is divided in three units: Skyline tower units with an area of 11,111sq.ft; Unity tower units with an area of 9999 sq.ft and 8888 sq.ft.

Further to being at the heart of nature, Navanaami’s Megaleio will have sustainability built-in right at the centre of the project. Crafted in collaboration with a constellation of world-renowned architectural design and engineering firms, including DesignHaaus, Tierra, Arup and Optimisation Consultants Megaleio epitomizes the harmonious fusion of architectural ingenuity and sustainable living. From its double-height ceilings and conscious façade to its IGBC certified and LEED-designed residences, every aspect of Megaleio will be meticulously curated to minimize its environmental footprint while maximizing luxury and comfort.

Catering to an audience of high-net-worth individuals, Megaleio has unparalleled amenities and facilities elevate the concept of ultra-luxury living to new heights. Residents will revel in branded kitchens, state-of-the-art home automation systems, noise-controlled windows, opulent bathrooms, and sustainable features that seamlessly blend eco-consciousness with sophistication. Private garages with EV charging capabilities, soaring 9-foot doorways, and internationally sourced flooring materials further amplify the exclusive allure of Megaleio.

With the iconic landmark that it promises to be, Megaleio has already captured the imagination of discerning buyers.

EaseMyTrip signs Letter of Intent (LOI) to join ONDC Network at the ONDC Startup Mahotsav

Mumbai, 24th May 2024 : EaseMyTrip.com, one of India’s leading travel tech platforms, announces the signing of a Letter of Intent (LOI) to join the Open Network for Digital Commerce (ONDC). This move positions EaseMyTrip to commit to this transformative initiative by ONDC. The ONDC initiative, launched by the Government of India in 2021, aims to create an open, inclusive, and competitive digital commerce ecosystem. It lowers entry barriers for small businesses and promotes a level playing field in the e-commerce sector.

The LOI was signed at the ‘ONDC Startup Mahotsav,’ organised by the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC and Startup India. The ONDC Startup Mahotsav, held on May 17, 2024, at Vanijya Bhawan, New Delhi, marked a significant milestone in India’s digital commerce journey.

Over 125 startups and over 20 unicorns, including EaseMyTrip, participated in the event, which leveraged the opportunities presented by ONDC to democratise digital commerce in India. The ‘ONDC Startup Mahotsav’ brought together around 5,000 startups in hybrid mode and featured insightful panel discussions and a masterclass on enabling startups on ONDC.

Rikant Pittie, Co-Founder of EaseMyTrip, expressed his enthusiasm about this new engagement “EaseMyTrip has always been committed to enhancing the travel experience for our customers through innovation and excellent service. By joining ONDC Network, we are taking a significant step towards supporting the digital transformation of commerce in India. This collaboration aligns with our vision of being a Nation-First company, contributing to the growth and development of India’s digital economy.”

T. Koshy, MD & CEO, ONDC, said, “ONDC Network was envisioned to revolutionise the digital landscape, especially empowering businesses and entrepreneurs across the country to tap into the vast potential of online commerce. With names like EaseMyTrip joining the Network, it certainly further strengthens our vision of harnessing the power of Open Network to drive inclusive progress and unlock new frontiers of opportunity for all”.

EaseMyTrip’s decision to join ONDC underscores its dedication to providing seamless, accessible, and efficient travel services while contributing to the broader goal of democratising digital commerce in India. This partnership will enable EaseMyTrip to reach a wider audience, including those who have been digitally excluded, ensuring that the benefits of digital commerce are shared across the entire nation.

Seabeats Real Estate LLC announces Exclusive Investment Opportunity in Dubai

New Delhi, May 24, 2024: Seabeats Real Estate LLC, a leading real estate development firm is thrilled to announce an unparalleled opportunity for individuals aspiring to own property in one of the world’s most dynamic cities. For just 100 AED, you can secure your own house and obtain a coveted Golden Visa, opening doors to a world of possibilities in Dubai.

With this groundbreaking offer, seize the chance to experience the limitless opportunities Dubai has to offer. Nestled in one of the most prestigious locations globally, owning a home in Dubai not only promises luxury living but also serves as a gateway to unparalleled privileges and advantages with the Golden Visa.

Seabeats Real Estate LLC assures the security and profitability of your investment, making it a prudent choice for your future. By purchasing your coupon number now, you stand a chance to win monthly rewards while embarking on a journey towards success and prosperity in Dubai.

Immerse yourself in Dubai’s breathtaking architecture, stunning skyline, and vibrant cultural scene. Explore a melting pot of diverse traditions and cuisines, creating unforgettable experiences within a global community of like-minded individuals.

The Golden Visa facilitates seamless travel to and from Dubai, opening up a world of opportunities for personal and professional growth. Don’t miss out on this extraordinary opportunity to make Dubai your home and secure your future in one of the world’s most thriving cities. The scheme will be launched throughout different cities in India and the culminating event will take place in Mumbai on 1st August 2024. Details regarding other cities are mentioned in the end.

Exclusive investor information sessions will be held across various cities from May 25, 2024 onwards. The exclusive sessions will provide potential investors with comprehensive insights into the project, including detailed plans, timelines, and expected returns. Attendees will also have the opportunity to meet with the project’s developers and financial advisors.

Experience Smoke and Spice Delights at Al Di La, Conrad Pune

Indulge your senses in a culinary journey like no other as Al Di La, the esteemed dining destination at Conrad Pune, presents a tantalizing fusion of bold flavors with its Smoke and Spice dishes. Throughout every Saturday and Sunday in May, guests are invited to savor the perfect balance of smoky aromas and blackened spices, elevating each bite to a new level of culinary delight.

Nestled within the luxurious confines of Conrad Pune, Al Di La sets the stage for an exquisite dining experience, where every dish is a masterpiece crafted with passion and precision. Drawing inspiration from the rich tapestry of global cuisine, the Smoke and Spice menu showcases a harmonious blend of robust flavors and intricate spices, creating a symphony for the taste buds. Start with appetizers like Kataifi Baskets, Flame roasted lemon grass & Paprika Chicken, Smoked stuffed morel and Jamaican Jerk John Dory Papillote. Main course includes dishes like Blackened Halloumi e Verdure, Lobster Tagliolini, Roasted Blacked Corn-fed Chicken and Blackened New Zealand Lamb Chops. Finally, finish your course with an amazing Basque Burnt Cheesecake. Al Di La offers a diverse array of options to cater to every palate.

Complementing the bold flavors of the Smoke and Spice menu is Al Di La’s inviting ambiance, where rustic charm meets contemporary elegance. Whether dining indoors surrounded by sleek décor or al fresco on the picturesque terrace, guests are treated to a sensory experience that transcends the ordinary.

Elevate your weekend experience and embark on a culinary journey that celebrates the art of smoke and spice. Join us at Al Di La, Conrad Pune, every Saturday and Sunday in May, and immerse yourself in a world of bold flavors, aromatic spices, and unforgettable moments.

HONASA Consumer Reports 23 percent Growth, Highest Ever Quarterly PAT at INR 30 Cr

Gurugram, May 24th, 2024: Honasa Consumer Ltd., is proud to share its financial performance for the quarter ending March 31, 2024, and for the fiscal year FY24. Demonstrating resilience and agility, the company has witnessed revenue from operations grow for the quarter at 21.5% year-on-year (23.3% like-for-like) and for the year at 28.6% year-on-year (31.6% like-for-like). With a 780-bps improvement in EBITDA margins year-on-year, Honasa Consumer clocked its highest ever quarterly Profit After Tax (PAT) of INR 30 Cr. By consistently outpacing market growth, the company reaffirms their dedication to innovation and strategic market expansion, thereby strengthening their presence in the beauty and personal care industry.

Sharing his thoughts on the business performance in Q4FY24, Varun Alagh, Chairman and CEO, Honasa Consumer, comments, “As we reflect on quarter and year, we are extremely happy to share that despite industry headwinds, Honasa has demonstrated remarkable resilience and growth for the quarter and fiscal, with a robust LFL growth of 23.3% for the quarter and 31.6% annually. We have stayed committed to delivering growth, improving profitability, and increasing our distribution network. Mamaearth’s unwavering popularity among consumers has been a key driver of our continued success, while The Derma Co’s is catching up and has recently achieved an ARR of INR 500 Cr+ highlighting our ability to craft and scale new-age beauty brands. Going forward, our focus remains on seizing untapped opportunities in the beauty landscape by tailoring brands and creating products that resonate with next-gen Indian consumers. Through our House of Brands approach, purpose-driven strategy, and placing emphasis on R&D and innovation, we aim solidify our position as frontrunners in the ever-changing BPC segment”.

Financial Overview

Q4 FY24 consolidated revenue stood at INR 471 Cr
Q4 FY24 sales grew by 21.5% year-on-year (23.3% like-for-like)
Q4 FY24 consolidated EBITDA improved by by 780 bps at INR 33 Cr
Q4 FY24 clocked highest ever PAT at INR 30 Cr for the quarter and INR 111 Cr for FY24
Delivered a strong FY24 performance with 28.6% YoY growth (31.6% like-for-like)
Business continues to be capital efficient, with a negative working capital cycle of minus 13days

Business Overview

Continued growth momentum in Q4 with increasing profitability
As per Euromonitor, Mamaearth’s 3X faster YoY (CY23-o-CY22) GMV growth outpaces its competitors (Other Top-14 BPC brands)
Mamaearth reached 188,377 FMCG retail outlets in India as of March ’24, increasing distribution up by 34% YoY
New products accounted for around 18% of FY24 Revenue from Operations
Using our unique House of brands strategy, Honasa aims to dominate the fast-evolving categories such as sunscreens. As per Honasa’s internal estimates, Honasa products command 30%+ market-share in most online channels in sunscreens
Tapping the ever-evolving category of color cosmetics, Honasa has launched Staze to redefine the beauty landscape and address the need gaps of the next-gen consumers

UNIQUE PLAYBOOK OF BPC BRANDS LEADING THE CHARGE

Mamaearth has solidified its position in the hearts of consumers and outpaced its competition by threefold in Year-on-Year GMV growth (CY23-o-CY22, as per Euromonitor, comparison with Other Top-14 BPC brands). With increasing household penetration across India, particularly notable in the face wash and shampoo categories, the brand has resonated deeply with diverse population segments Key innovations, such as the Hibiscus and Beetroot product line-ups, coupled with the brand’s entry into the personal wash category, have boosted its presence.

Demonstrating an exceptional growth, The Derma Co scaled to an impressive annual run rate of INR 500 Cr+ in the final quarter. As a pioneer in category development within the actives space, the brand has introduced format and ingredient-based innovations across multiple categories including serums and sunscreens.

Our achievements, both on the business and financial front, in this quarter and for the fiscal year emphasizes our dedication to develop and scale each brand within our portfolio through targeted, consumer-oriented approach, setting a new high in brand enhancement and market presence.

DATA-BASED INNOVATION AT THE HEART OF SUCCESS

In the final quarter of FY24, Honasa Consumer Limited continues to exemplify the strength of its innovation strategy, deeply rooted in current trends and data-driven insights, as a cornerstone of its robust performance.

Addressing the ever-evolving consumer needs, Mamaearth entered into the personal wash segment with a goal to capture a portion of the INR 25,000 Crore personal wash market. The brand also leads in innovation both in terms of formats and ingredients, carving out a distinct niche in the active-based products market. Emerging brands like Aqualogica, Dr. Sheth’s, and BBlunt continue to distinguish themselves through innovative products boasting strong claims that resonate well with consumers.

Drawing upon our expertise in data-driven innovation and a customer-focused mindset, we launched Staze, an inspirational color cosmetic brand targeting Gen-Z consumers, presenting a range of cost-effective and trendy beauty alternatives.

This quarter, standout innovations such as the Mamaearth Hibiscus Range, Mamaearth Beetroot Hydraful Sunscreen, The Derma Co 1% Hyaluronic Long Lasting Sunscreen, Aqualogica illuminate+ Dewy Sunscreen, Dr. Sheth’s Gulab & Glycolic Acid Serum, and BBlunt Dry Shampoo have taken the lead. These data-driven product innovations have played a significant role in driving growth, with new offerings contributing approximately 18% to FY24 Revenue from Operations. Our unwavering commitment to research and development, coupled with a relentless focus on innovation, continues to yield fruitful results for the company.

Leveraging the power of our House of brands strategy, we are committed to establishing our dominance in swiftly evolving sectors like Sunscreens. Throughout the calendar Year 23, we introduced 122 new products (NPDs). These innovations not only resonated deeply with our discerning consumers but also made a substantial contribution to our revenue.

SHAPING A FUTURE-POSITIVE TOMORROW

The release of Honasa’s first-ever impact report underscores not only its unwavering commitment to Environmental, Social, and Governance (ESG) principles but also showcases our heartfelt mission to ignite, steer and sustain meaningful conversations on beauty beyond business, inspired by goodness.

Our purpose-driven initiatives have made significant strides in advancing our mission to create positive change and impact. For instance, While Mamaearth’s Plant Goodness initiative has led to the production of over 12,000 tons of fruit, generating an economic value exceeding INR 20 crore, The Derma Co’s Young Scientist program has successfully engaged more than 20,000 students, improving their knowledge by over 42%. Contributing back to the society, Aqualogica’s Water For All project has saved 400+ hours daily, focusing 100% on women-led interventions. Additionally, BBlunt Shine Academy has certified over 10,000 women in different vocational courses. The introduction of the brand purpose for Dr. Sheth’s, ‘Healthy India, Healthy You’, not only strengthens our commitment to meaningful societal engagement but also extends our reach to the remote corners of India, promoting health and well-being across the nation.

In essence, Honasa remains steadfast in its dedication to driving positive change, embracing beauty as a force for good, and continuing to lead the charge towards a healthier, more inclusive future for all.

Alongside, our dedication to robust corporate governance remains unwavering, with a board comprised of 50% independent members, meticulous auditors, rigorous internal audit procedures, the adoption of ERP/DMS-SFA systems, and a proactive approach to gender diversity, with 53% female representation in our workforce. This commitment is further strengthened by the prestigious recognition of Honasa Consumer Limited as a #GreatPlaceToWork for the fourth year in a row, affirming our dedication to creating an inclusive and thriving workplace culture while being true to our pursuit of corporate governance.

As we progress, Honasa Consumer will uphold its commitment to deliver sustained growth and profitability for all its stakeholders, ensuring a future characterized by value creation, positive impact, and shared success.