New Age Indian Sweets: Godrej's 2023 Report on Food Trends

New Age Indian Sweets: Godrej's 2023 Report on Food Trends

By Author

Published on November 14, 2023

As Diwali, one of India's most vibrant and celebrated festivals, approaches, the focus naturally shifts to one of the most cherished traditions of the festival – Mithai. These sweet delicacies, deeply rooted in Indian culture, are more than just treats; they are symbols of joy, tradition, and celebration. The Godrej Food Trends Report 2023 brings to light an exciting evolution in the world of Indian sweets, blending tradition with modern, health-conscious innovations.

A Glimpse into the Evolving Sweet Tooth

The report, a culmination of insights from over 350 culinary thought leaders including celebrity chefs, food bloggers, and healthcare professionals, delves into how Mithai is adapting to the changing palates and lifestyles of Indian consumers. It highlights three major trends reshaping the landscape of these traditional sweets:

  • Dietary Mithai Variations: A staggering 99% of experts foresee a rise in demand for Mithai with specialized dietary adaptations. This trend speaks volumes about the growing health consciousness among consumers, driving innovation in sweet offerings.

  • Gourmet and High-End Mithai: Around 75% of experts are excited about the emergence of contemporary twists on classic Mithai. These gourmet versions blend traditional flavors with innovative techniques, offering a tantalizing fusion of past and present.

  • Hyper-Regional Sweets: Equally, 75% of panelists observe a surge in interest for hyper-regional sweets. This trend reflects the growing curiosity around regional cuisines and underscores the dynamic and evolving Indian culinary landscape.

Mithai: A Timeless Favorite Adapting to Modern Times

Rushina Munshaw Ghildiyal, Managing Director of Perfect Bite Consulting and Curating Editor of the Godrej Food Trends Report, reflects on the unshakeable charm of Mithai. She notes that despite evolving food trends, Mithai continues to be a beloved tradition, now experiencing a resurgence with healthier options, regional specialties, and gourmet innovations.

Godrej Industries Limited and Associate Companies (GILAC) at the Forefront

Godrej Industries Limited and Associate Companies (GILAC), valued at $5 billion and with a history spanning 125 years, plays a pivotal role in various sectors including Chemicals, FMCG, Real Estate, Agriculture, and Financial Services. GILAC's commitment to 'Good & Green' drives its growth, creating an inspiring workplace and contributing significantly to India's diverse industries.

Expanding Global Footprint and Diverse Operations

Godrej Industries Ltd, the holding company of GILAC, operates in multiple domains like oleo-chemicals, surfactants, finance, and estate management. Its FMCG arm, Godrej Consumer Products Limited (GCPL), is a leader in Household and Personal Care Products, both in India and in developing economies globally. Godrej Properties Limited (GPL) brings innovation to real estate, while Godrej Agrovet Ltd (GAVL) focuses on enhancing productivity in Indian agriculture.

As Diwali draws near, the Godrej Food Trends Report 2023 offers a window into how traditional Indian sweets are not just enduring but thriving, adapting to contemporary tastes and lifestyles. It's a testament to the timeless appeal of Mithai and the innovative spirit of the Indian culinary scene.


IHCL Q2 Results: Net Profit Soars 226% to ₹583 Crore

IHCL Q2 Results: Net Profit Soars 226% to ₹583 Crore

By Nishang Narayan

Published on November 10, 2024

Indian Hotels Company Limited (IHCL), backed by the Tata Group, has announced an impressive second-quarter performance for FY2024-25, with net profit surging 226% year-on-year (YoY) to ₹583 crore. Revenue also climbed by 27.4%, reaching ₹1826 crore.

The company attributed this strong growth to strategic initiatives, including record hotel signings and expansions. Puneet Chhatwal, Managing Director and CEO, highlighted that IHCL has signed 42 new hotels, expanding its portfolio to an industry-leading 350 properties. The company also met its goal of opening two hotels per month, with 14 new properties launched this fiscal year.

Additionally, IHCL is set to take over the management of The Claridges, New Delhi, under a hotel operating agreement starting April 2025, further strengthening its footprint in the capital.

H1 Performance and Expansion

For the first half of FY2024-25, IHCL reported revenue of ₹3376 crore, marking a 16.4% YoY growth. Profit for the same period more than doubled, rising 103% to ₹843 crore.

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In another key development, IHCL entered into agreements to acquire a majority shareholding in the Tree of Life brand, enhancing its portfolio with boutique leisure properties.

Financial Highlights

Ankur Dalwani, Executive Vice President and CFO, noted the company’s robust financial position with a consolidated gross cash of ₹2460 crore as of September 30, 2024. The consolidation of TajSATS into IHCL’s portfolio contributed to a 48% YoY growth in Consolidated Profit After Tax (PAT) to ₹247 crore, excluding an exceptional item of ₹307 crore related to the integration.

Looking Ahead

With continued expansions and acquisitions, IHCL is well-positioned to sustain its growth trajectory. The company’s strategic focus on operational efficiency and portfolio diversification promises an exciting future in the hospitality sector.


Wyndham Hotels & Resorts Posts Strong Q3, Raises Full-Year EPS Outlook

Wyndham Hotels & Resorts Posts Strong Q3, Raises Full-Year EPS Outlook

By Nithyakala Neelakandan

Published on October 28, 2024

Wyndham Hotels & Resorts, a global leader in hospitality, reported a strong performance for the third quarter of 2024, highlighting significant growth in its development pipeline and system-wide room expansion. The company’s results underscored its strategy to expand the brand's footprint and enhance shareholder value, even amidst a complex economic environment.

System-wide rooms increased by 4% from the previous year, with more than 17,000 rooms opened globally, including a 15% year-over-year increase in the U.S. The company awarded 197 development contracts this quarter, bringing its pipeline to a record 248,000 rooms across 2,100 hotels—a 5% year-over-year growth. CEO Geoff Ballotti emphasized, "Our teams around the world once again delivered exceptional results, executing our long-term growth strategy and achieving 7% growth in comparable adjusted EBITDA fueled by continued system expansion, higher royalty rates, and growth in our ancillary revenues.”

Wyndham’s ECHO Suites Extended Stay brand contributed significantly to growth, now representing 14% of the development pipeline. This brand has achieved strong market reception since its 2022 launch, with over 280 contracts awarded to date. The extended-stay segment maintained a robust 63% occupancy rate and average guest stays of 55 nights, signaling sustained demand.

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Internationally, Wyndham saw a 7% increase in RevPAR driven by pricing power and increased occupancy. The EMEA, Latin America, and Canada regions together posted a 13% RevPAR growth, while the U.S. market maintained consistent occupancy, reflecting resilient demand in the select-service sector. However, Asia-Pacific (APAC) RevPAR dropped by 7%, though it showed sequential improvement.

Financially, Wyndham posted a net income of $102 million for Q3, with adjusted EBITDA up by 4% to $208 million. Diluted earnings per share rose to $1.29, up 7% from last year, supported by the company’s share buyback efforts. Wyndham returned $126 million to shareholders through share repurchases and quarterly dividends of $0.38 per share.

With a healthy balance sheet, Wyndham ended Q3 with $72 million in cash and $750 million in total liquidity. The company strategically expanded its share repurchase program, buying back 1.3 million shares this quarter. Ballotti concluded, “Stabilizing RevPAR trends and improving comparisons, coupled with increased infrastructure demand, are expected to pave the way for improved results in the coming quarters. We remain steadfast in our long-term strategy, aimed at delivering outstanding value to our guests, franchisees, and shareholders.”

Key Metrics and Outlook:

  • System-wide room growth: 4% year-over-year

  • Development pipeline: 5% increase, totaling 248,000 rooms

  • Q3 diluted EPS: Increased by 7% to $1.29

  • RevPAR: Up 1% globally, with 7% international growth

  • Total liquidity: $750 million, with a net debt leverage ratio of 3.5x

Wyndham’s forward momentum, marked by continued brand expansion, international growth, and focus on shareholder returns, places the company on a steady path toward achieving its full-year 2024 outlook.


Kalyani Developers to Invest INR 800 Crores in Hospitality and Residential Projects

Kalyani Developers to Invest INR 800 Crores in Hospitality and Residential Projects

By Nishang Narayan

Published on October 26, 2024

Bengaluru-based Kalyani Developers, also known as Kalyani Tech Park Pvt Ltd, has announced an ambitious plan to invest INR 800 crores in the hospitality sector, specifically focusing on the development of two hotels with 300 rooms each in North Bengaluru. This strategic move aims to enhance the region's reputation as a premier destination for both leisure and business travelers.

In addition to the hospitality investments, Kalyani Developers is making its foray into the residential sector, unveiling plans for three new projects in North Bengaluru, Whitefield, and Kanakapura Main Road. The company is also set to embark on a mixed-use development project in Hyderabad, which underscores its commitment to creating vibrant living and business environments.

A Mohan Raju, managing director and CEO of Kalyani Developers, commented on the company's growth strategy: “Over the past three decades, we’ve established a strong reputation in commercial real estate, hospitality, automobile, and renewable energy, consistently delivering value through our commitment to quality, innovation, and customer satisfaction. The residential sector presents a significant opportunity for us to leverage this legacy and expertise, aligning with shifting market dynamics and consumer expectations.”

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Raju emphasized that North Bengaluru was chosen for the first residential launch due to its rapid development and emergence as a key real estate hub. He stated, “This focused investment plan will ensure that each project embodies our commitment to quality, innovation, and long-term value creation for homeowners and investors alike.”

Kalyani Developers will manage the construction of all projects through its in-house team, which boasts over 30 years of expertise in delivering more than 12 million square feet of commercial spaces. The team, now led by experienced professionals in residential construction, is dedicated to executing projects to the highest standards with timely delivery.

Looking ahead, Raju noted that the residential sector is expected to become a significant contributor to Kalyani Developers' overall business strategy. While the company’s commercial and hospitality verticals continue to thrive, the new residential projects are poised to play a pivotal role in the firm's growth trajectory.

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