Marico Plans To Expand Foods Portfolio, Aims For Up To Rs 400 Crore Revenue
Marico says on track to meet its target of Rs 350-400 crore food business revenue in FY21 and Rs 450-500 crore in the next fiscal.
Marico Ltd. will increase its offerings in the foods segment as it aims to expand its breakfast and mid-meal snacks and immunity products.
“We are focused on foods and want to participate in high tailwind growth categories which have room for a second player with a differentiated positioning,” Saugata Gupta, managing director and chief executive officer at Marico, told BloombergQuint in an interview. The company, he said, will enter categories which are worth more than Rs 500 crore and aim to gain market share.
The maker of Parachute hair oil said it's on track to meet its target of Rs 350-400 crore food business revenue in FY21 and Rs 450-500 crore in the next fiscal.
In the July-September quarter, Marico launched ayurveda products including Saffola Kadha Mix and Saffola Golden Turmeric Milk Mix.
In the value-added hair oils segment, Marico is confident of growth improving. The segment contracted 1% by value and grew 4% by volume during the quarter.
Marico Q2 Results 2020-21: Key Highlights (YoY)
- Net profit was up 7.9% at Rs 273 crore.
- Revenue rose 8.7% to Rs 1,989 crore.
- India volume growth stood at 11%.
- Ebitda gained 10.2% to Rs 389 crore.
- Margin expanded to 19.6% from 19.3%.
Shares of Marico are trading flat on the NSE even as the benchmark Nifty fell 0.75%.
Watch the full interview here: