Archive: August 2, 2023

India Transforming To A Net-Zero Emissions Energy System: A call to action to 2030

Bengaluru, August 2023: Energy lies at the heart of India’s development aspirations, from ensuring a better life for its 1.4 billion people to realising a USD 5 trillion climate economy. At the same time, India confronts an energy trilemma: Balancing energy security, energy equity, and environmental sustainability while pursuing decarbonisation. To successfully navigate this trilemma, concerted efforts and partnerships are essential among the government, businesses, and civil society. Decisions made in this decisive decade will determine India’s ability to decarbonise while ensuring continued economic growth and development.

The report launched on August 1 by The Energy and Resources Institute (TERI) and Shell, INDIA TRANSFORMING TO A NET-ZERO EMISSIONS ENERGY SYSTEM outlines what India needs to do this decade (from now until 2030) to help meet its net-zero emissions target while also delivering energy security and energy equity.

The report presents four potential scenarios, all aiming to achieve net-zero emissions within India’s energy system by the latter half of this century. It highlights the need for (i) Increasing electrification in energy end-use sectors. (ii) Meeting electricity demand increasingly from non-fossil sources. (iii) Developing low-carbon alternatives such as hydrogen and biofuels for hard-to-electrify segments. (vi) Deploying digital solutions to enable low-carbon alternatives. (vi) Supporting circular economy business models to drive resource efficiency. (vii) Creating an enabling environment for planning, establishing, and scaling up carbon removals after 2030 to address the most expensive and hardest-to-abate residual emissions. It further emphasises the need for policy interventions, technological advancements, and behavioral changes to facilitate the transition towards more-sustainable energy practices. It also highlights the new economic and business opportunities for India to position itself as a leader and to leapfrog to more energy and emissions-efficient technologies and solutions.

Speaking at the launch, Nitin Prasad, Chairman, of Shell Group of Companies in India, said, “Shell has been a thought leader in India’s energy transition journey jointly with TERI for over a decade. Building on this collaboration, the report explores pathways for India until 2030 to achieve its commitments, emphasising the pivotal role of renewable energy, energy efficiency, and electrification in its decarbonisation efforts.”

Highlighting the need for a conducive regulatory framework that will help India decarbonise, Dr Vibha Dhawan, Director, TERI, said, “India possesses a remarkable prospect to establish itself as a prominent global front-runner in low-carbon technologies and solutions. To seize this opportunity, India must give paramount importance to establishing a conducive regulatory framework that promotes growth and encourages innovation. In addition, businesses and companies must play an active role in supporting India’s ambition of achieving net-zero emissions. Significant contributions can be made by investing in renewable energy, hydrogen, and bioenergy sectors. By capitalising on this potential, India can propel itself towards a future driven by low carbon and energy-efficient technology, surpassing the greenhouse gas-intensive paths pursued by advanced economies at present.”

The INDIA TRANSFORMING TO A NET-ZERO EMISSIONS ENERGY SYSTEM report has further identified ten key areas this decade for policy and investment action, in order to fully realise India’s ambition and potential to be a climate change-maker:

1. Harness the co-benefits of the energy transition to drive broader sustainable development goals
2. Develop a vibrant low-carbon manufacturing industry
3. Expand electricity transmission and distribution networks
4. Ramp up investments in energy storage and renewables integration
5. Increase the use of hydrogen and bioenergy to decarbonize hard-to-abate sectors
6. Establish a robust policy framework for investing in natural carbon sinks
7. Implement the strategic roadmap for carbon capture and storage (CCS) and incentivise investments in carbon removal
8. Introduce carbon pricing measures to drive low-carbon businesses and consumer choices
9. Foster sectoral collaborations and coalitions to accelerate action
10. Take the opportunity to deliver a just transition by equitably sharing costs and benefits

Get ready as ‘Commando’ reports on duty on 11th August, 2023 only on Disney+ Hotstar

Mumbai 2023: Never leave a brother behind, bringing this feeling of patriotism alive is our new commando – Prem along with a fantastic team as Disney+ Hotstar drops the trailer of its high-octane, power-packed series, ‘Commando’. Produced by Vipul Amrutlal Shah and Sunshine Pictures Pvt Ltd and directed and created by Vipul Amrutlal Shah. The series is set to release on August 11, 2023, on Disney+ Hotstar. Torn between a nefarious plan and a bio-war, Commando Prem devises an extraction mission to protect his nation and his brother Commando. Will he be able to succeed?

Starring the dynamic and immensely talented Prem in and as Commando, the action-thriller will also see Adah Sharma, and Vaibhav Tatwawadi in pivotal roles, alongside Shreya Singh Chaudhry, Amit Sial, Mukesh Chhabra, and Ishteyak Khan.

Producer, Director and Created Vipul Amrutlal Shah said, “Commandos are the real heroes of our country and it’s always been a great honor and pleasure to bring their heroism on screen. Introducing Prem has been an amazing journey. The hunger that he has to do his best keeps us all on our toes. He is not only great in action but also in romance and emotions. His teaming up with Bhavna Reddy ( Adah Sharma) is fun to watch. Adah has proven her acting talent in The Kerala Story and her action avatar in Commando, so Prem and Adah are a great team. Also, we have the most amazing actors in Amit Sial, Tigmanshu Dhulia, Vaibhav Tatwawadi, Shreya Chaudhary, Manini Chaddha, and many others. The most difficult thing for Commando is to design action. Prem brings his unique new style of action and that’s made the show a real high-octane action thriller. I hope the audience will love this new upgraded web series version of one of the best action franchises of Indian cinema.”

Talking about the show and his character, Prem said, “In the journey of bringing life to the character of Commando Virat, I had the extraordinary opportunity to work under the guidance of the esteemed director Vipul sir for my debut project. It’s like a dream turned into reality for me. Since I was just 11 years old, I harbored the passion to become an actor, and Commando has been a monumental milestone in every sense. Earning the trust and confidence of Vipul sir was an achievement in itself. Though portraying the role of Commando Virat seemed like a daunting challenge, with the support of the incredible team and my trainers Akshay sir and Raakesh sir, it became an attainable feat. Getting to debut as the Commando alongside such a phenomenal cast, including Adah Sharma, Vaibhav Tatwawadi, and an amazing crew, not to mention having it released on a globally prestigious platform like Disney+ Hotstar is actually the stuff of dreams. Commando truly embodies the essence of excellent teamwork. I sincerely hope the audience resonates with my portrayal and embraces me as their new commando.”

Talking about the show, Adah Sharma said, “I’ve played Bhavana Reddy in Commando 2 and 3. Wherever there is a Commando being made in the world Bhavana Reddy will be there even if it’s for a few seconds but she will make sure she’s there! Bhavana is the connecting factor between the OTT commando and the film. Vipul sir is really cool to work with. He works on the acting as much as he does on the action. Prem and Vaibhav are awesome guys who are super enthusiastic. I shot for just 6 days for Commando but it was the best 6 days ever with Andy Long and his stunt team and the super efficient team of Disney+ Hotstar”

Talking about the show, Vaibhav Tatwawadi said, “I am excited to bring a unique blend of action, stunts, and the powerful theme of friendship and brotherhood to the screen. I have always been fortunate enough in the kind of roles I play and the people I get to work with. Working with Vipul sir was one of the best experiences. He is a great director and an equally amazing human being. Adah and Prem were great co-stars to have. Since it’s Disney+ Hotstar, I am sure it will reach a very wide audience. Overall a truly gratifying experience. Looking forward to the audience reactions”

G20 EMPOWER summit celebrates Key Outcomes to Accelerate Women-Led Development

Hyderabad,  August 2023: The G20 EMPOWER Summit took place in Gandhinagar, Gujarat on 1st August 2023. This followed on from the Inception Meeting held in Agra, Uttar Pradesh on 11th and 12th February 2023 and the 2nd meeting in Thiruvananthapuram, Kerala on 5th and 6th April 2023. During India’s G20 Presidency, women-led development has emerged as a crucial focus area on a life-course approach basis marking a shift from women’s empowerment alone.

The Summit had a total participation of over 300 participants (263 domestic participants and 70 international delegates). The international delegates were from 13 G20 and 4 guest countries and 8 International Organisations. These included Argentina, Australia, Brazil, France, Indonesia, Italy, Japan, Mexico, the Republic of Korea, Saudi Arabia, South Africa, the UK, the USA, Bangladesh, The Netherlands, Spain, UAE, WTO, ISA, UN Women, UN, UNICEF, ILO, World Bank, and ADB.

The Inaugural session of the EMPOWER Summit was addressed by Union Minister for Women & Child Development and Minority Affairs, Smt Smriti Zubin Irani; Chief Minister of Gujarat, Shri Bhupendra Patel; Minister of State for Women & Child Development, Dr. Munjpara Mahendrabhai; CEO NITI Aayog, Shri B.V.R. Subramanyam; Secretary, Women & Child Development, Shri Indevar Pandey; Chair, G20 EMPOWER, Dr. Sangita Reddy; Chief of Staff, Office of Executive Director, UN Women, Mr. Mohammad Naciri; and President FICCI, Mr. Subhrakant Panda.

The Summit marked the achievement of tangible outcomes alongside the identification of commitments and recommendations encompassing all three themes of G20 EMPOWER under the Indian presidency – Education: A Game-changing Pathway to Women’s Empowerment, Women’s Entrepreneurship: A Win-Win for Equity and Economy, and Creating a Partnership for Promoting Women’s Leadership at all Levels including Grassroots. An essential enabler for all three has been Digital Inclusion. Over this year, G20 EMPOWER scaled up several ongoing initiatives, while also developing concrete new outputs.

Chief of Staff, Office of Executive Director, UN Women, Mr Mohammad Naciri lauded India for undertaking a women-led development approach. He highlighted that this shift in semantics from development for women to women-led development creates a seismic shift in power which turns women from beneficiaries to contributors. To the ‘One Earth, One Family, One Future’ motto of G20 announced by India, he added ‘One Chance’ to signify that we have one more chance to get back on track to a future that is sustainable and the key to doing so lies in gender equality.

The Minister of State, Women & Child Development, Dr Munjpara Mahendrabhai recognized that narrowing the digital gender divide is crucial for empowering women to contribute more effectively to economic growth, and for that, we need to focus on improving women’s access to basic and advanced digital resources, education, entrepreneurship opportunities, and leadership roles for women and girls. There is also an urgent need to collect gender-disaggregated data to understand the dynamics of the digital gender gap.

Union Minister for Women & Child Development and Minority Affairs, Smt Smriti Zubin Irani, expressed the hope that TechEquity, a Digital Inclusion platform developed and launched at the Summit under India’s G20 Presidency would be of value and use for women around the world in education and subsequently as an enabler for transition and progression in careers, particularly in STEM. The platform has been designed to enable women from across the world to educate and upskill themselves on digital literacy, financial literacy, and technical areas through training programs and resources provided on the platform. With courses being submitted by G20 Members and Guest Countries, it is envisaged that these courses will be available in 120 international and Indian languages. The platform envisages an outreach of 1 million users, internationally.

G20 EMPOWER serves as a platform to learn from insights and best practices across industries and businesses and strengthen knowledge sharing across the public and private sectors. Towards this end, the G20 EMPOWER Best Practices Playbook has been substantially scaled up under India’s Presidency. With extensive outreach and surveys, 149 best practices from 19 G20 countries have been added to the Playbook. The Playbook has been digitised to make it easily accessible. With the Indian Presidency having focused on women entrepreneurs and community leaders at the local level as a key theme, a fourth new focus area was added to the Playbook for encouraging the private sector to increase initiatives for women at the local or grassroots level.

While congratulating the G20 EMPOWER team for its various successes, the Minister for Women & Child Development and Minority Affairs, Smt Smriti Zubin Irani observed that India’s presidency has given a voice to women at the grassroots by successfully focusing on India’s SHG revolution wherein 80 million women in 8 million Self Help Groups manage 34 billion dollars of monetary value. She observed that the Playbook would now provide a glimpse into the lives and achievements of women at the grassroots, stories that would otherwise have been unheard. For the first time, the KPI Dashboard would also for the first time look at the role of women in Small and Medium Enterprises.

Chair, of G20 EMPOWER, Dr Sangita Reddy highlighted that to truly empower women, there is a need to nurture their roles in leadership and decision-making across all levels of society, with the G20 EMPOWER recommendations representing a significant stride towards that goal.

Working Groups under EMPOWER have developed three papers on important themes – corporate women empowerment, STEM and financial inclusion.

In order to drive the participation and progression of women, G20 EMPOWER has onboarded advocates from amongst CEOs and organisation heads to promote the G20 EMPOWER messages within their companies, sectors, networks, and countries. Under India’s Presidency, the number of advocates has increased from 380 to 544, with over 100 of the additions coming from India.

The Chair of G20 EMPOWER, Dr Sangita Reddy also remarked that the measures proposed by EMPOWER are about enabling women entrepreneurs to become strong pillars of the economy. EMPOWER is encouraging the private sector to step up, not only as financiers and procurers but also as mentors and enablers of growth. A mentorship platform has been designed to bring together mentors and mentees as an outcome of the EMPOWER alliance.

As a first under India’s Presidency, 73 Inspirational Stories from 9 countries have been curated on the G20 EMPOWER Website to highlight success stories of women achievers from across G20 nations and invited countries to motivate the next generation of girls and women.

India has emphasized Citizens’ Engagement across its policy action. With the goal of making this a true people’s G20, 51 Jan Bhagidari or citizen engagement events were held under EMPOWER to disseminate the message of women’s empowerment and underlying actions to over 100,000 people.

Shri Indevar Pandey, Secretary of Women and Child Development remarked that the Hon’ble Prime Minister, Shri Narendra Modi, envisions a new India where women play an equal and pivotal role in driving robust, sustainable, and inclusive growth. During India’s presidency, there has been a strong determination to uphold the commitment to global progress, with women at the core of achieving success in the interconnected pillars of People, Planet, and Prosperity.

Chief Minister of Gujarat, Shri Bhupendra Patel highlighted various schemes and initiatives of the Government of Gujarat towards the empowerment of women. He highlighted the centrality of women’s empowerment towards achieving inclusive and sustainable growth. He also emphasized the need to bridge the gender digital divide and empower women with the digital skills needed to succeed in the evolving job market being conditioned by new technologies.

Through several commitments and initiatives, the G20 EMPOWER outcomes, commitments and recommendations will accelerate the creation of a world where women have the necessary skills, access to resources, supportive infrastructure and environment, and mentorship for a transformational shift towards women-led development.

Union Minister for Women & Child Development and Minority Affairs, Smt Smriti Zubin Irani concluded the inaugural session with her inspiring words “Make women a priority if you want to grow with equity and equality. Make women a priority if you want an empowered future”.

Godrej Security Solutions partners with one of the leading centres of ISRO to provide enhanced security

Bangalore, August 2023: Godrej Security Solutions, a business of Godrej & Boyce, the flagship company of the Godrej Group, has recently bagged a project to provide a comprehensive Key Management System to Satish Dhawan Space Centre SHAR (SDSC-SHAR), the Spaceport of India. The state-of-the-art Key Management System will provide enhanced security measures to one of the lead centres of the Indian Space Research Organisation (ISRO).

ISRO centres play a significant role in safeguarding the nation’s security, thus making it necessary for our space centres to adopt world-class security measures that will protect critical infrastructure and valuable data. The project undertaken by Godrej Security Solutions entails the implementation of sophisticated encryption protocols and the safeguarding of critical keys and the bolstering of the overall institutional security framework of SDSC-SHAR. Furthermore, the system will assist in compliance management by establishing a robust framework for key generation and distribution, ensuring adherence to the highest security standards.

Commenting about the project, Mr. Pushkar Gokhale, Business Head, Godrej Security Solutions, said, “Godrej Security Solutions has always been at the forefront when it comes to ensuring the security of our nation by providing high-quality, indigenous solutions.

We are deeply honoured that Satish Dhawan Space Centre (SDSC-SHAR) has entrusted us to safeguard their highly sensitive premises. This project holds immense national importance, and we are committed to preserving the safety and security of this iconic facility.

We are committed to this project and given our profound understanding of the security landscape and advanced technological capabilities, we are in a position to offer a Solution to Secure all their critical entrances, by way of a state-of-the-art Key Management System. We are confident of completing the project well in time with the highest levels of quality, precision, and industry compliances. We look forward to working closely with SDSC-SHAR.”

Concept PR is Now Great Place To Work Certified

Kochi, August 2023: Concept PR India has bagged the coveted Great Place To Work® Certification in India valid through July 2024! According to the Great Place To Work criteria, Concept PR employees completed a detailed survey on their perceptions, experiences, and expectations from Concept PR. Employee feedback is an important constituent in assessing a company’s eligibility for the certificate Ergo, it promotes an inclusive atmosphere in which recognition is based on merit, career paths, and skill. Work culture incorporates a variety of incentives and encourages a healthy atmosphere for individuals, keeping them motivated to work and satisfied with work culture flexibility, inclusive diversity, and fair remuneration and people feel like they are contributing to society while working for the company.

Backed by 30 years of data, Great Place To Work is the global authority on workplace culture. Through its proprietary For All™ Model and Trust Index™ Survey, it gives organizations the recognition and tools to create a consistently positive employee experience. Its mission is to help every place become a great place to work for all, driving business growth, improving lives, and empowering communities. Through globally recognize and coveted Great Place To Work Certification and highly competitive Best Workplaces™ Lists, Great Place To Work enables employers to attract and retain talent, benchmark company culture, and increase revenue Its platform enables leaders to truly capture, analyze and understand the experience of every employee, and compare outcomes with data collected from more than 100 million employees in 150 countries worldwide.

Feeling elated about the milestone achievement, Ashish Jalan, Managing Director, Concept PR opined ” As a corporate family that extends beyond the workspace, giving a finer balance to work-life, our workforce has demonstrated the greatest level of high trust and has built a high-performance culture across the organization. What makes these awards even more satisfying is that they reinforce the collaborative environment and common goals toward success to which we are all committed. It’s a great moment, and we are thankful and delighted to convey this to each and every member of the team to keep this high and ongoing”.

Commenting on the achievement, Smita Vichare Pednekar Vice President HR “Fulfilling the criteria built on the trust model which ensures that every single employee, no matter who they are or what they do for their company, is having a consistently positive experience at work. Great workplaces are able to maximize their human potential through effective leaders, meaningful values, and a deep foundation of trust with all employees. When all of these factors consolidate, the company’s workplaces benefit from these improved innovation and financial growth.”

In India, the institute partners with more than 1800 organizations annually across over 20+ industries to help them build High-Trust, High-Performance Cultures designed to deliver sustained business results. Hundreds of CEOs and CXOs from India Inc. are part of the great place community that is committed to the vision of making India a Great Place To Work For All.

The Institute’s research shows that great workplaces are characterized by great leadership, consistent employee experience, and sustainable financial performance. These organizations can deliver a consistent experience to all their employees irrespective of their role, gender, tenure, or level. Their leaders believe in the vision of creating and sustaining a great place to work for all and role models being For All leaders.

Shriram General Insurance Q1FY24 Net Profit Rises 37% on Digital Sales, Better Product Mix

Chennai, August 2023: Shriram General Insurance Company (SGIC) on Tuesday said it wrote 13,03,340 policies driven by higher digital selling of traditional and new combo products. The company earned a net profit of Rs 98 crore during the first quarter of FY24, a 37% increase YoY.

The insurer, jointly owned by Shriram Group and Africa’s Sanlam Group, said that 82% of all its policies now come from online purchases and the company introduced three new products during the quarter. Its Gross Written Premium (GWP) stood at Rs 560 crore, a rise of 39% over the same period last year.

The company’s solvency at the end of June 2023 was 4.83, from 4.48 a year ago. The statutory solvency requirement is 1.5.

Segment-wise GWP as of Q1 FY24

• Motor: Rs 496.72 Cr (Rs 369.05 Cr in Q1FY23)
• Personal Accident: Rs 28.09 Cr (Rs 5.78 Cr in Q1FY23)
• Fire: Rs 23.84 Cr (Rs 17.69 Cr in Q1FY23)
• Engineering: Rs 4.35 Cr (Rs 3.44 Cr in Q1FY23)

The company has settled 39,076 claims in Q1 FY24, compared to 33,811 in the year-ago period.

Anil Aggarwal, MD & CEO, of Shriram General Insurance Company said, “Our phygital approach is the main driver during the quarter. While we remain focussed on existing business streams, we believe newer areas like EV insurance and developing a stream of combo insurance plans will help the market and drive growth for us. Additionally, we are looking at expanding into the non-motor segment for SMEs.”

The company has a workforce strength of 3,716 and 243 branches across the country. The insurer plans to increase its workforce by an additional 750 and branch numbers by 20% in the current year.

Godrej Agrovet Limited announces financial results for the first quarter ended June 30, 2023

New Delhi, August  2023: Godrej Agrovet Limited (“GAVL”) has today announced its financial results for the first quarter ended June 30, 2023

HIGHLIGHTS OF FINANCIAL PERFORMANCE (Q1 FY24)

Q1 FY24 Financial Summary

• The Company reported consolidated revenues from operations of Rs. 2,510.2 crore in Q1 FY24, unchanged from the same period last year
• Q1 FY24 consolidated EBITDA* increased to Rs. 206.8 crores from Rs. 169.3 crores in Q1 FY23, a growth of 22% year-on-year
•  Q1 FY24 Profit before tax* increased to Rs. 124.5 crore from Rs. 102.8 crore in Q1 FY23, a growth of 21% year-on-year

* EBITDA and Profit before Tax in Q1 FY24 excludes non-recurring items of Rs. 2.3 Crore towards dues in respect of industrial plots; Profit before tax excludes share of profit from associates

MANAGING DIRECTOR’S COMMENTS

Commenting on the performance, Mr. B. S. Yadav, Managing Director, Godrej Agrovet Limited, said:

Godrej Agrovet started FY24 with strong growth in profitability and margin expansion in the first quarter ended June 30, 2023. While our topline growth was flat, we achieved 21% year-on-year growth to clock a Profit before tax of Rs. 124.5 Crore in Q1 FY24. The growth in profitability was driven by the strong performance of domestic Crop Protection, Animal Feed, and Poultry businesses.

With robust volume growth and improved realizations in HITWEED (in-house herbicide), the domestic Crop Protection business achieved a record quarterly topline and profitability in Q1 FY24. Segment results of the Crop Protection business improved significantly by 224% in Q1 FY24 as compared to the same period last year. In the Feed business, sustained volume growth in cattle feed and aqua feed was accompanied by a notable recovery in margin profile across categories. Our food businesses maintained volume growth momentum in branded products and delivered margin expansion. In Poultry, revenues from branded products increased by 15% year-on-year led by higher volumes. Lower live bird costs on account of better operational efficiencies boosted profitability as segment EBITDA grew by 50% year-on-year. The dairy business turned EBITDA positive in Q1 FY24. The higher salience of value-added products coupled with the reduction in procurement costs contributed to a recovery in the margin profile.

Astec LifeSciences and Vegetable Oil businesses were adversely impacted by challenging market conditions. The continued demand-supply imbalance and the resultant decline in volumes as well as realizations of key enterprise products led to a sharp drop in Astec’s profitability. Astec’s contract manufacturing business, however, remained on track and its performance was in line with our expectations. The Vegetable Oil business suffered from a correction in end-product prices more than offset higher volumes.

During the quarter, GAVL commissioned its first downstream project in the Vegetable oil business of an edible oil refinery in Andhra Pradesh. The refinery has a capacity of 400 MT per day.

SEGMENT-WISE BUSINESS HIGHLIGHTS

Animal Feed

•  Sustained market share gains in the Cattle-feed category resulted in overall volume growth in Q1 FY24. Cattle-feed volumes surged by +19% year-on-year
•  Significant improvement in segment margin in Q1 as compared to the previous year and on a sequential basis on account of softening commodity prices

Vegetable Oil

•  Continued volume growth in FFB arrivals was offset by significantly lower crude palm oil prices and a marginal decline in the Oil extraction ratio
•  In Q1, GAVL signed a Memorandum of Understanding with the State Government of Odisha for the development and promotion of oil palm cultivation under the National Mission on Edible Oils-Oil Palm (NMEO-OP); the total potential is 10,000 acres
•  GAVL was also allotted a potential area of 47,000 Acre in Telangana by the State Government to expand the cultivation of Oil Palm

Crop Protection (Standalone)

•  The Standalone Crop Protection segment delivered record topline and margin performance in Q1 FY24 led by strong volume growth and higher realizations in the in-house herbicides portfolio
•  Robust growth in profitability was accompanied by a substantial improvement in the working capital cycle and collections

Astec LifeSciences

•  Astec continued to face demand-supply imbalance in its enterprise products portfolio in both domestic as well as global markets
•  Topline and profitability were severely impacted due to sluggish demand, lower realizations, and high-cost inventories of enterprise products
•  CMO revenues grew 3.0x y-o-y led by new product development while profitability also improved

Dairy

•  The dairy business turned EBITDA positive in Q1 FY24 led by buoyant margin performance across categories and sustained volume growth in Value-added products (VAP)
•  VAP revenues grew by 20% year-on-year in Q1 with higher volumes as well as realizations; the salience of VAP increased to 42% of total sales in Q1 FY24 from 38%, a year ago
•  Lower raw material costs aided by mini flush witnessed in the key procurement markets led to significant improvement in margin profile

Godrej Tyson Foods Limited

•  GTFL recorded excellent all-round performance in Q1 FY24 with topline and profitability growth across categories
•  Healthy volume growth in branded business, mainly Real Good chicken (+18% year-on-year) and lower raw material costs lifted profitability in Q1 FY24; GTFL continued with new product launches under the Yummiez portfolio
• Live bird business delivered sustained efficiency improvement, thereby contributing to an improved margin profile

ACI Godrej Agrovet Private Limited, Bangladesh

• ACI Godrej posted revenue growth of 15% year-on-year (in local currency terms) in Q1, driven largely by higher realizations