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Extremely clear that market is facing muted demand, says Nestle India chairman | Mint

Livemint

Livemint · 9m ago

Extremely clear that market is facing muted demand, says Nestle India chairman | Mint

Nestle India has reported a 1% increase in revenue for the September quarter as middle-income households continue to cut back on their consumption of packaged foods and beverages due to high food inflation. The company noted that demand was particularly weak for milk products and chocolates, with volumes declining slightly. This trend is primarily affecting consumers in large urban cities, while rural demand has remained stable. Nestle's CEO, Suresh Narayanan, highlighted the impact of high food inflation on consumption and expressed concerns about the polarisation of the current market.

Related News

FMCG sector may see mid single-digit volume growth in Q3; margins to expand

Livemint

Livemint · 1y ago

FMCG sector may see mid single-digit volume growth in Q3; margins to expand

The FMCG sector is expected to have weak revenue growth in Q3FY24 due to muted volumes and demand challenges. However, benign raw material prices are anticipated to support gross margin expansion. Food and beverages are expected to outperform home and personal care categories. Companies like Mrs. Bectors Food Specialities, Jyothy Labs, Nestle India, and Tata Consumer Products that prioritize expanding their distribution networks are expected to experience stronger revenue growth. The quarter saw a decline in essential raw material prices, leading to the resurgence of local regional firms.

Nestle nominates former Amazon exec Manish Tiwary as India MD

VCCircle

VCCircle · 10m ago

Nestle nominates former Amazon exec Manish Tiwary as India MD

- Nestle has nominated former Amazon India executive Manish Tiwary as the new managing director of its Indian unit. - The proposal is subject to board approval and, if approved, Tiwary will take over the position on August 1, 2025, after the retirement of current MD Suresh Narayanan. - Manish Tiwary recently resigned from his role at Amazon, where he headed the company's India operations. - Prior to his time at Amazon, Tiwary held various positions at Unilever's Indian and Gulf units. - Suresh Narayanan has been with Nestle for over 26 years and was appointed as the chairman of Nestle India in 2015. Before that, he held leadership roles in Nestle operations in the Phillipines, Egypt, and Singapore.

Nvidia’s new AI chip delayed due to design flaws, says report | Mint

Livemint

Livemint · 1y ago

Nvidia’s new AI chip delayed due to design flaws, says report | Mint

Nvidia's upcoming AI chips are facing a delay of at least three months due to design flaws, impacting customers such as Meta, Google, and Microsoft. The delay was reported by sources indicating that shipments aren't expected until Q1 2025. While Nvidia did not comment on the delay, they reassured that production is on track. In other news, Nvidia's market value surged by $329 billion, aided by expectations of high demand for its processors after Microsoft reported increased AI expenditures. Rival chipmakers Intel and AMD are also trying to catch up in the AI chip race.

Global consumer product makers to step up investments in India to increase capacity

Thehindubusinessline

Thehindubusinessline · 1y ago

Global consumer product makers to step up investments in India to increase capacity

Global consumer product companies such as Coca-Cola, Mondelez, Nestle, and L'Oreal are increasing their investments in India to boost production capacities. Coca-Cola witnessed strong demand in the Indian market, while Mondelez experienced double-digit growth driven by chocolates and biscuits. Nestle plans to invest significantly in India, and L'Oreal considers India as one of its top 15 markets. Despite challenges, Unilever remains focused on investing in its brands and capabilities in India. The move comes amidst urban consumption outpacing rural growth and increasing competition from regional and unorganized players.

Low cost, small cars necessary, any demand setback won't change strategy, says Maruti's RC Bhargava

Money Control

Money Control · 11m ago

Low cost, small cars necessary, any demand setback won't change strategy, says Maruti's RC Bhargava

Maruti Suzuki's chairman, RC Bhargava, announced that FY24 was the best year in the company's history, resulting in a proposed record dividend of Rs 125 per share. Bhargava emphasized Maruti's commitment to small cars in India, stating that any temporary slump in demand would not alter the company's strategy. He also discussed Maruti's plans for electric vehicles and hybrid cars, aiming to export 20% of its production by 2030. The company plans to strengthen its presence in rural areas and smaller towns and clear inventory glut before the festive season. Additionally, Bhargava highlighted the company's efforts to improve gender parity with the appointment of two new women directors.

Legacy companies can no more think the small guy doesn't matter, says Nestle MD Suresh Narayanan

Economic Times

Economic Times · 12d ago

Legacy companies can no more think the small guy doesn't matter, says Nestle MD Suresh Narayanan

Nestle India's outgoing MD, Suresh Narayanan, remarked that legacy companies must adapt to smaller, nimble operations due to rising local and consumer brands disrupting traditional large-scale models. He emphasized the need for premiumization alongside affordable offerings to remain competitive. Despite regional challenges, signs of economic recovery and stabilizing commodity prices indicate a promising future. Narayanan will be succeeded by Manish Tiwary as competition and market changes demand agile leadership within the industry.

Nestle India appoints ex-Amazon Manish Tiwary as Chairman

Economic Times

Economic Times · 15d ago

Nestle India appoints ex-Amazon Manish Tiwary as Chairman

Nestle India has appointed Manish Tiwary as its new Chairman, effective August 1, 2025, following Suresh Narayanan's retirement. Tiwary, previously with Amazon, will also take on the role of Managing Director for a five-year term starting August 2025. Narayanan, who overcame challenging times like the Maggi crisis, expressed gratitude to stakeholders and confidence in the company's future under Tiwary's leadership. This succession plan reflects Nestle India's ongoing commitment to growth and leadership stability.

Maruti Suzuki’s new plant faces minor delay, Kharkhoda production to begin by 2025-26: Chairman RC Bhargava | Mint

Livemint

Livemint · 11m ago

Maruti Suzuki’s new plant faces minor delay, Kharkhoda production to begin by 2025-26: Chairman RC Bhargava | Mint

Maruti Suzuki India Ltd is facing a slight delay in finalizing the site for their new plant in Kharkhoda, Haryana. The plant, expected to start production by 2025-26, will have an annual capacity of 10 lakh units. Chairman of Maruti Suzuki India, RC Bhargava, reaffirmed the company's commitment to low-cost and small cars despite a temporary setback in demand. He also mentioned the company's plan to release six electric vehicle models by 2030-31, with the first model expected to be produced and exported in the coming months.

Slack under attack over sneaky AI training policy

TechCrunch · 1y ago

Slack under attack over sneaky AI training policy

Slack is facing backlash for using user data to train AI services without clear consent. Users are automatically opted in, with an opt-out option requiring an email. Confusion and frustration arose due to unclear privacy policies and hidden terms. Despite assurances that Slack AI doesn't use customer data, users demand clearer communication and transparency regarding data usage.

Royalty dispute: Nestle India highlights significant gains from parent's IPRs

Livemint

Livemint · 1y ago

Royalty dispute: Nestle India highlights significant gains from parent's IPRs

Nestle India has stated that it has greatly benefited from its parent company's intellectual property rights (IPRs), leading to faster innovation and cost savings. The company maintains a licensing agreement with its parent company, granting it exclusive rights to manufacture and sell Nestle products in India and access Nestle's technology, patents, and know-how. These IPRs have resulted in enhanced efficiency, reduced waste, and significant cost savings for Nestle India. However, despite these benefits, the majority of shareholders rejected a proposal to increase the royalty payout to the parent company.

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