MTR Foods eyes Rs 1,000 cr revenue by 2015
Bangalore-based MTR Foods today said it is aiming for nearly three-fold jump in its revenues to Rs 1,000 crore in the next three years.
The company, which is a wholly-owned subsidiary of Norway-based Orkala Group, reported sales of Rs 350 crore for the financial year 2011-12.
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"Our aim is to mainstream MTR Foods as a culinary expert and grow our revenues to Rs 1,000 crore by 2015," MTR Foods Chief Executive Officer Sanjay Sharma told reporters here.
The company, which is present in various segments like ready to eat instant foods and spices, today announced its entry into meal mixes with the launch of 'Rasoi Magic' brand.
MTR Foods had acquired the Pune-based Rasoi Magic Foods (India) in April 2011 in line with its plan to expand into the meals segment.
The company has launched meal mixes in powder format. The consumer just needs to add fresh ingredients such as vegetables, paneer, milk to the mix.
According to company estimates, meal mixes segment is estimated to be around Rs 60 crore in 2011 and is expected to grow over 40% in the 2012-14 period.
When asked about the company's expectations from the Rasoi Magic brand Sharma said: "In the next three years we aim to make it a Rs 100 crore brand..That's the kind of potential it has".
The Rasoi Magic range is sold mainly in the western region of the country and consists of 21 meal mixes.
In order to achieve its revenue targets, the company is also looking to extend its leadership in the in meal mixes to rest of the country.
"Rasoi Magic has strong brand equity in West India and our ambition is to build on this and extend it nationally. With this launch, we'll gain a larger share of the consumer's meal space," Sharma said.