Latest news with #Mithal
Hindustan Times
20-05-2025
- Health
- Hindustan Times
The Taste by Vir Sanghvi: As Ozempic arrives in India, eating habits will change, which is bad news for restaurants
Could the nature of the restaurant business be changing? If the experience of the West is anything to go by then: Yes, certainly. And the changes are going to gain momentum. Dr Ambrish Mithal, India's leading endocrinologist was one of the first doctors in Delhi (perhaps all of India) to recognise how much the new drugs that were coming on the market would change our lifestyles. When most doctors were still reading about Ozempic he was already on to the next generation drug: Mounjaro. Dr Mithal has an interesting new book coming out about how these drugs will affect our behaviour. Till recently you could only buy them abroad but they are now going to be distributed in India and newer, even more efficient drugs should hit our market next year. Dr Mithal believes that this will make a significant difference to the lifestyles of many of us. As you probably already know, the technical names of the existing drugs are Semaglutide and Tirzepatide. Both work in the same sort of way. They affect our pleasure centres so that we are satisfied much earlier than normal. This means that we eat less because we feel fuller sooner. The drugs were invented to fight diabetes which they do extremely well. But they have other effects. If you eat less, which these drugs make you do, then you lose weight. If you lose weight then that affects all the other conditions that excess weight leads to: Heart disease, hypertension etc. There is also new research that suggests that the drugs can have positive effects on your health that are not weight-related. Once the drugs become easily available in India (by next month, I reckon) doctors will start prescribing them for weight loss. And given how overweight much of our upper middle class is, they will find many takers. I am sure that this will have huge and beneficial consequences for public health but my concern today is more limited: What will Ozempic and Mounjaro do to the restaurant and food delivery businesses? Almost all the evidence from America where the drugs have been available for a while is still largely anecdotal. I have not seen any research that provides convincing figures. But the anecdotal evidence points directly to only one set of conclusions: People are now eating less at restaurants and wasting more food than they used to. The new drugs don't necessarily stop you from being hungry so people go to restaurants anyway. But once they start eating they feel full so quickly — because the drugs affect satiety — that they find it difficult to finish what is on their plates. So far, restaurants have not had to work out how to cope with this trend. The drugs are expensive and so their use is not widespread enough to justify a change in the entire restaurant industry's approach to dining. But restaurateurs know that as newer weight loss drugs are introduced and patents for the existing drugs run out, prices will drop dramatically. And more and more people will start taking them. Well, some restaurants are already reducing portion sizes. I expect this trend will gather steam in the months ahead. But fine dining restaurants face a very specific problem. Many of them only serve so-called tasting menus which can be upwards of 10 courses. (At Copenhagen's Alchemist the menu has 70 courses.) They are now discovering that guests are ready to give up after two or three courses because they are already too full. Also, because it takes a little time for people to realise how full they are, restaurants that speed up the service have more luck. Those that take lengthy pauses between courses discover that by the time they are ready to serve the second course, guests are already complaining that they are too full. Frankly: Yes. The people who go to fine dining restaurants are, by definition, rich. They can all afford Mounjaro and Ozempic. And most are a little concerned about their weight. They have already started avoiding multi-course tasting menus in the US and Europe and the trend will spread globally. The only way restaurants will be able to cope is by either going a la carte or by offering smaller set menus. Personally, I don't think that this is such a bad thing. I am fed up of long tasting menus devised by chefs whose confidence is much greater than their skills. The other effect of the move away from tasting menus will be a shift in power away from the chef. At present at top restaurants the chef acts like he is doing you a favour and expects you to eat whatever he chooses. If we do go back to a la carte system then chefs will have to cook whatever customers select from the menu. And I think that's a good thing. But it isn't just the fancy places that will be affected. At Indian and Indian-Chinese restaurants most of us order too much. Just the carbs alone are breathtaking: Roti-naan basket, steamed rice plus pulao or biryani. At Chinese restaurants it can be noodles, plain rice and fried rice Even though the order is too large, we feel obliged to finish it because we have spent good money on the food. But what happens when we can't finish it because our bodies won't let us? When we start feeling like throwing up after too much matar paneer or chicken manchurian? After the first couple of times when we have to waste the food we will start ordering less. Once that happens the size of the average check at restaurants will go down and most restaurants will have to rework their economics. It will affect delivery too. In America delivery meals are a fact of life: People who don't have the time to cook are forced to order them. In India, on the other hand, we still regard them as treats; as opportunities to order delicious food we could never make at home. We usually order large meals and eat much more than we would have if we had just eaten home-cooked food. So, what happens when we find we can no longer eat so much? We will order less. And the delivery boom could be affected. There is another effect of these drugs that is still being studied: People who take them seem to want to drink less alcohol. Tables that would order two bottles of wine in a restaurant now have difficulty finishing one. In most of the world, wine sales are down. And spirits seem to be losing some of their popularity too. Some of the world's great liquor companies are in crisis because they can't shift their inventories. Not all of this is because of weight loss drugs. But once these drugs become cheaper and widely available, liquor consumption is unlikely to go up. Will we all be thinner when all this finally happens? Yes, for sure. And healthier too. And will the restaurant industry be in trouble? Well, not if it finds ways to cope with the drop in appetite. But yes, it will have to rethink its business models. A change is coming.
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Business Standard
17-05-2025
- Business
- Business Standard
Focus on exports, diversification to boost revenue growth: RITES CMD
Proactive efforts to secure export orders for rolling stock and diversify the client base have helped improve our revenue outlook for the coming years, RITES Ltd Chairman and Managing Director Rahul Mithal said. A Navratna public sector undertaking and leading transport and engineering consultancy company, RITES this week reported a 4.3 per cent decline in its consolidated operating revenue in the March quarter to Rs 615 crore compared to Rs 643 crore in the year-ago quarter. Net profit rose by 3.4 per cent year-on-year to Rs 141 crore in the quarter. Mithal told PTI that the company's rolling stock export business was impacted due to a lack of fresh orders from many of its erstwhile African and South Asian clients during the pandemic and post-pandemic periods. He added that the Quality Assurance segment also faced challenges as Indian Railways fixed four entities, for the first time, for the Quality Assurance work through an open tendering process, impacting both the volume and margins substantially. However, according to him, the export outlook improved after nearly three years when we secured an export order from Mozambique for the supply of 10 locomotives - the first such order won through global competitive bidding -- driven by sustained and focused outreach to prospective countries. "The aggressive outreach has also helped us in securing one export order in each quarter during FY25. As on March 31, 2025, RITES' export order book stands at Rs 1,360 crore. As an export order takes at least 15-24 months to materialise (from receipt of the order to conversion in revenue), you will see the impact on revenue from FY26," Mithal said. The major export orders as of March 31, 2025, with RITES are Bangladesh order for 200 passenger coaches at Rs 900 crore, Mozambique's order for 10 locomotives at Rs 300 crore and South Africa's orders (three orders each for 3 locomotives) at approx. Rs 150 crore. So far as QA business is concerned, according to Mithal, the company brought in a significant change in its approach to address the challenge arising from a policy shift involving the inclusion of three additional players for the QA services of Railways -- TuV India Pvt. Ltd, Bureau Veritas India Pvt. Ltd. and Intertek India Pvt. Ltd. He stated that RITES started diversifying its QA client base into new areas such as renewables (solar), PM Vishwakarma Yojana, power transmission & distribution, states' Jal Jeevan Mission & Public Health Engineering Departments, vendor assessment (GeM), Independent Safety Assessment and international business among others, thus having a big chunk of multi-sectoral business. "From the outset of FY25, we emphasised the execution of domestic consultancy projects, especially the high-margin consultancy projects, which helped us in limiting the dip in operating revenue and profits YoY," Mithal said. "Further by way of aggressive outreach, we also consolidated our order book by maintaining the trend of 'one order a day company', securing more than 500 orders worth Rs 5,500 crore in the year and ending the year with an all-time high order book of Rs 8,877 crore," he added. Outlining the way forward for the coming year, Mithal said, "This twin-pronged focused business strategy of improved execution and aggressive order inflows has given us the platform to aim for an all-time high revenue in FY26. We will also continue to maintain our strike rate of 1 order a day and get further export orders.
Time of India
17-05-2025
- Business
- Time of India
RITES eyes revenue growth through export focus, quality assurance & business diversification: CMD
RITES Ltd , a Navratna public sector undertaking and a leading transport and engineering consultancy company, is banking on increased export orders and diversification of its Quality Assurance (QA) business to drive revenue growth in the coming years, according to its Chairman and Managing Director, Rahul Mithal. In a statement to PTI, Mithal said, 'Proactive efforts to secure export orders for rolling stock and diversify the client base have helped improve our revenue outlook for the coming years.' The remarks come in the backdrop of the company reporting a 4.3 per cent year-on-year decline in consolidated operating revenue for the March quarter of FY25 to Rs 615 crore, compared to Rs 643 crore in the same quarter last year. Despite the drop in revenue, net profit rose by 3.4 per cent year-on-year to Rs 141 crore during the quarter. Mithal attributed the decline in rolling stock exports to a lack of new orders from traditional markets in Africa and South Asia during and after the pandemic. In addition, the QA segment saw a dip in volume and margins after Indian Railways , for the first time, engaged four entities—including TuV India Pvt. Ltd, Bureau Veritas India Pvt. Ltd, and Intertek India Pvt. Ltd—for QA services through an open tendering process. However, the outlook for exports has started to improve. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like They Lost Their Money - Learn From Their Lesson Expertinspector Click Here Undo 'The export outlook improved after nearly three years when we secured an export order from Mozambique for the supply of 10 locomotives – the first such order won through global competitive bidding – driven by sustained and focused outreach to prospective countries,' he said. Mithal noted that RITES has since managed to secure one export order in each quarter of FY25. As of March 31, 2025, the company's export order book stands at Rs 1,360 crore. He explained that export orders typically take 15–24 months to convert into revenue, meaning the financial impact will be more visible from FY26 onwards. Key export orders currently include: A Rs 900 crore order from Bangladesh for 200 passenger coaches A Rs 300 crore order from Mozambique for 10 locomotives Approximately Rs 150 crore worth of orders from South Africa for three separate contracts, each involving three locomotives In response to the evolving QA landscape, RITES has significantly reoriented its strategy by expanding its QA services beyond traditional railway projects. Mithal said the company has diversified into sectors such as renewables (solar), the PM Vishwakarma Yojana, power transmission and distribution, the Jal Jeevan Mission, Public Health Engineering Departments, vendor assessment through GeM, Independent Safety Assessment, and international assignments. "From the outset of FY25, we emphasised the execution of domestic consultancy projects, especially the high-margin consultancy projects, which helped us in limiting the dip in operating revenue and profits YoY," Mithal noted. He further highlighted the company's strong order book, stating, 'By way of aggressive outreach, we also consolidated our order book by maintaining the trend of 'one order a day company', securing more than 500 orders worth Rs 5,500 crore in the year and ending the year with an all-time high order book of Rs 8,877 crore.' Looking ahead, Mithal said RITES is well-positioned for growth. 'This twin-pronged focused business strategy of improved execution and aggressive order inflows has given us the platform to aim for an all-time high revenue in FY26. We will also continue to maintain our strike rate of 1 order a day and get further export orders,' he said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
17-05-2025
- Business
- Time of India
Focus on exports, diversification of Quality Assurance business to drive revenue growth: RITES CMD
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Proactive efforts to secure export orders for rolling stock and diversify the client base have helped improve our revenue outlook for the coming years, RITES Ltd Chairman and Managing Director Rahul Mithal said. A Navratna public sector undertaking and leading transport and engineering consultancy company, RITES this week reported a 4.3 per cent decline in its consolidated operating revenue in the March quarter to Rs 615 crore compared to Rs 643 crore in the year-ago quarter. Net profit rose by 3.4 per cent year-on-year to Rs 141 crore in the told PTI that the company's rolling stock export business was impacted due to a lack of fresh orders from many of its erstwhile African and South Asian clients during the pandemic and post-pandemic added that the Quality Assurance segment also faced challenges as Indian Railways fixed four entities, for the first time, for the Quality Assurance work through an open tendering process, impacting both the volume and margins according to him, the export outlook improved after nearly three years when we secured an export order from Mozambique for the supply of 10 locomotives - the first such order won through global competitive bidding -- driven by sustained and focused outreach to prospective countries."The aggressive outreach has also helped us in securing one export order in each quarter during FY25. As on March 31, 2025, RITES' export order book stands at Rs 1,360 crore. As an export order takes at least 15-24 months to materialise (from receipt of the order to conversion in revenue), you will see the impact on revenue from FY26," Mithal major export orders as of March 31, 2025, with RITES are Bangladesh order for 200 passenger coaches at Rs 900 crore, Mozambique's order for 10 locomotives at Rs 300 crore and South Africa's orders (three orders each for 3 locomotives) at approx. Rs 150 far as QA business is concerned, according to Mithal, the company brought in a significant change in its approach to address the challenge arising from a policy shift involving the inclusion of three additional players for the QA services of Railways -- TuV India Pvt. Ltd, Bureau Veritas India Pvt. Ltd. and Intertek India Pvt. stated that RITES started diversifying its QA client base into new areas such as renewables (solar), PM Vishwakarma Yojana, power transmission & distribution, states' Jal Jeevan Mission & Public Health Engineering Departments, vendor assessment (GeM), Independent Safety Assessment and international business among others, thus having a big chunk of multi-sectoral business."From the outset of FY25, we emphasised the execution of domestic consultancy projects, especially the high-margin consultancy projects, which helped us in limiting the dip in operating revenue and profits YoY," Mithal said."Further by way of aggressive outreach, we also consolidated our order book by maintaining the trend of 'one order a day company', securing more than 500 orders worth Rs 5,500 crore in the year and ending the year with an all-time high order book of Rs 8,877 crore," he the way forward for the coming year, Mithal said, "This twin-pronged focused business strategy of improved execution and aggressive order inflows has given us the platform to aim for an all-time high revenue in FY26. We will also continue to maintain our strike rate of 1 order a day and get further export orders."
Mint
14-05-2025
- Business
- Mint
RITES Q4 Results: Navratna PSU posts 5% YoY rise in PAT to ₹133 crore, declares 26.50% dividend. Details here
RITES Q4 Results: Navratna public sector undertaking, RITES Limited on Wednesday, May 14, posted a 5% increase in consolidated profit (attributable to the shareholders) to ₹ 132.71 crore for the quarter ended March 31 of the financial year 2024-25 (FY25). The profit figure stood at ₹ 126.10 crore in the corresponding quarter last fiscal. Its revenue from operations dipped over 4% to ₹ 615 crore in the quarter under review, compared with ₹ 643 crore posted in the same period a year-ago. Year-on-year decrease in revenue is attributed to lesser revenue from quality assurance, a downtick in turnkey and almost no exports, the company said. Segment-wise, the company saw an increase in revenue from consultancy during the March 2025 quarter. It stood at ₹ 362 crore, compared with ₹ 335 crore posted in the same quarter last year. However, revenue from turnkey construction projects declined to ₹ 202 crore from ₹ 259 crore on a YoY basis. EBITDA in the March 2025 quarter stood at ₹ 189 crore, up by 6.2% YoY, with margins of 30.8%. The company secured the highest-ever order book of ₹ 8,877 crore, with 150-plus orders worth ₹ 1,418 crore bagged in Q4. Rahul Mithal, Chairman and Managing Director, RITES Limited, said, 'Concerted efforts this quarter in execution of high-margin projects has helped us achieve our objective of coming as close as possible to our previous financial year's performance, in line with our business strategy for this year.' On the growth prospects, Mithal said, 'With an all-time high order book of ₹ 8877 crore and maintaining the trend of 'one order a day', we have built a strong platform for the year ahead, aiming for appreciable growth in our revenue.' The railway company's board also recommended a final dividend, along with the Q4 results. The PSU firm declared a dividend of ₹ 2.65 per share (i.e. 26.50%) on equity shares of face value of ₹ 10 for the financial year 2024-25. The dividend payment is subject to approval by shareholders in the ensuing 51st Annual General Meeting of the Company. "Upon approval of shareholders, the dividend declared will be paid within thirty (30) days of declaration, subject to deduction of applicable Tax at Source as per the provisions of the Income Tax Act, 1961 and rules framed thereunder," RITES said. RITES share price jumped sharply following the Q4 earnings announcement. PSU railway stock hit the day's high of ₹ 248.90, rising as much as 6.75% in intraday trade today. The stock finally settled at ₹ 243.40, up 4.40%. In the last one year, however, RITES share price has declined 27%. On a five year basis, its returns stand at 110%.
