 "Emami q2fy24 results")
Emami Ltd on Monday reported a 3 per cent fall in its net profit for the quarter that ended on September 30 of Rs 178.5 crore as compared to Rs 184.18 crore in the same quarter last year. As compared to Rs 137.72 crore in the previous quarter, the net profit was up 29.6 per cent.
The company's revenue from operations for the quarter was Rs 864.47 crore, up 6.23 per cent from Rs 813.75 crore in the same quarter last year. It was also 4.7 per cent higher than Rs 825.66 crore in the previous quarter.
In September, Emami announced the acquisition of a 26 per cent stake in Axiom Ayurveda, which markets beverage products under the brand "AloFrut" for an undisclosed amount, paving its entry into the juices segment.
Through this strategic investment, the Kolkata-based leading personal care and healthcare maker has entered into the packed juice category by acquiring a 26 per cent stake in Axiom Ayurveda and its subsidiaries, according to a joint statement.
"This investment is in line with Emami's strategy to invest in the Health & Wellness segment and will also help Emami to enter into this growing segment," said a regulatory update by the company. The acquisition of 26 per cent Axiom shares is "through primary infusion and secondary buyouts" and is expected to be completed within one month, the company said.
Axiom has a presence in the Indian beverage market with a proprietary fusion of aloe vera pulp with fruit blend. It has other product portfolios in the beverage segment & personal care, which contributes 15-20 per cent to the business, it added.
"The company has its own manufacturing facility in Ambala, Haryana and is setting up a fully automated modern new facility in Jammu (Kathua) at a cost of Rs 160 crore," it said.
For the financial year ended on March 31, 2023, Axiom Ayurveda's turnover was Rs 129 crore.
