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Emami net profit down 16% in Q2
Kolkata, Oct 30 (IANS) FMCG major Emami Ltd on Tuesday reported a 16 per cent decrease in its consolidated profit after tax (PAT) to Rs 82.68 crore in the quarter ended September 30, of the current fiscal as compared to Rs 98.60 crore in the corresponding quarter of last financial year.
Its revenue from operations, for the quarter under review, was at Rs 628.02 crore as against Rs 627.93 crore in the year-ago period.
“Our male grooming range has performed well during the quarter. Younger brands and brand extensions have contributed significantly during this period. All our power brands have continued to gain market shares,” company Director Harsha V Agarwal said.
However, the company closed the half of the year (April to September) with revenue of Rs 1,242 crore with a like-to-like growth of 9 per cent.
“Despite continued challenges like erratic monsoons, transport strike and CSD channel disruption, domestic business grew by 9 per cent,” the company said in a statement.
Company’s gross margins at 67.4 per cent grew by 30 basis points (bps), despite increasing prices of material costs. EBIDTA (earnings before interest, tax, depreciation and amortisation) grew by 11 per cent and cash profit grew by 10 per cent.
EBIDTA margins at 25.2 per cent grew by 110 bps and cash profit margins at 22.1 per cent grew by 70 bps.
“Our growth in the first half of FY19 has been modest. Rising input cost of key raw materials has been a challenge. Wholesale recovery has been moderate and is expected to pickup further,” company’s Director Mohan Goenka said.
While Modern Trade performance has been good, rural too is picking up. With erratic monsoon and winter being slightly delayed, offtakes were affected, he said.
“However, our outlook is positive and we expect to close FY19 (2018-19) in double digits,” he added.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.