Business

Annapoorna Masala eyes ₹200-crore turnover

Coimbatore-based Annapoorna Masala & Spices has unvieled a road map to achieve a turnover of ₹200 crore by doubling workforce and deploying ₹15 crore over the next three years.

“We have unveilied a new corporate identity under the Annapoorna 2.0 programme to strengthen our market share in Tamil Nadu, which is currently at 45%,” said Vijay Prasad, executive director, Annapoorna Masala & Spices said at a virtual meet.

“We are going to double our hiring plans to have 80 employees, beef up our stores and distributors by 50,000 and 300 respectively in the next three years,” he added.

According to him, the company plans to strengthen its foothold in Tamil Nadu and then enter other markets. Currently, the company’s products are exported to the U.S. alone and it contributes 5% of the total revenue. Next fiscal, the company might enter other markets.

Right now, it is a close-knit company with the equity stakes held by three major promoters. The company hopes to go public after touching the ₹200 crore mark in sales.

“We ended last fiscal, with a turnover of ₹36 crore and this year, we will be doing ₹70 crore. Our goal is to do ₹200 crore for which we will be investing ₹15 crore, mainly in branding and marketing. The expenditure will be met through internal accruals and borrowings,” he said.

Asserting that they were experiencing huge demand for their products since the lockdown, he said that they could cater only to 50% of the demand due to COVID-19-led disruptions in distribution network.

Mr. Prasad said at present the company had a portfolio of 53 products and 101 SKUs. Plans were on to have at least 80 products in three years.


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Printable version | Oct 21, 2021 8:03:46 AM | https://www.thehindu.com/business/annapoorna-masala-eyes-200-crore-turnover/article32562942.ece

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