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MTR Foods eyes 1,000-crore biz
MTR Foods on Wednesday hoped that its revenues would touch Rs 1,000 crore this fiscal.
Hyderabad: MTR Foods on Wednesday hoped that its revenues would touch Rs 1,000 crore this fiscal. The Bengaluru-based packaged food company clocked about Rs 900 crore in total revenues in FY19.
"Our company has consistently been registering 14 per cent annual growth for the past five years. We expect a similar growth in FY19, which will take the company's revenues beyond Rs 1,000 crore mark," Sanjay Sharma, CEO, MTR Foods, told the media here.
He further said that Karnataka and two Telugu states contribute nearly 75 per cent to the company's top line. On Wednesday, the company launched two unique products-Masala Karam for use in everyday cooking and Seviyan Upma- under three-minute breakfast category. The new products are primarily targeted at AP and Telangana markets.
"Telangana and Andhra Pradesh together contribute the 2nd highest to our sales from India. This year, we have put together a strategy to focus on the two states both in terms of launch of new products as well investments and strategic initiatives. We have already set up a separate Business Unit for the states which will sharpen our focus and bring us closer to our consumers," said Sharma.
While innovation and strong consumer insights form the cornerstone for MTR Foods, we are also strengthening our distribution footprint and increasing penetration in the two states, he added. He said the company expects about Rs 150 crore from the two new products. MTR exports products worth about 10 per cent of the total revenues.
