Marico Limited aims to double the size of its foods portfolio by FY27. Additionally, it anticipates that the domestic revenue share from both its foods and personal care segments will increase from approximately 20 percent to 25 percent within the same timeframe.
The foods division witnessed a remarkable 24 percent year-on-year (YoY) growth in value, concluding the year at nearly four times its scale in FY20.
The FMCG company also targets “continuous enhancements in profitability” as its various segments, such as Foods and Digital-First, expand and become increasingly significant.
“In pursuit of this objective, targeted initiatives have resulted in a substantial Gross Margin expansion of approximately 800 basis points in the Foods portfolio in FY24 alone,” stated its quarterly update.
Continue Exploring: Marico’s consolidated PAT surges 5% YoY to INR 320 Crore in Q4 FY24
The company reported a 5 percent year-on-year (YoY) increase in its consolidated net profit for the March quarter, reaching INR 320 crore. This compares to INR 305 crore in the same period of the previous fiscal year.
Sequentially, it decreased by 17% compared to the INR 386 crore posted by the company in Q3FY24.
Saffola Oats, a key brand within Marico’s Foods portfolio, continued to dominate the market, retaining its position as a leader in its category.
During the quarter, Marico announced a strategic move to enhance its flavored Oats range by introducing four gourmet-style flavors.
Continue Exploring: Marico’s Saffola introduces four exciting gourmet flavors to its oats range, catering to diverse palates and preferences
Marico’s other brands, such as True Elements and Plix, have also maintained strong growth momentum, making a positive contribution to the company’s overall performance.
The company is confident in achieving a Compound Annual Growth Rate (CAGR) of over 20 percent in the foods category “following successful initiatives aimed at refining supply chain and go-to-market strategies during FY24.”
Marico’s MD & CEO, Saugata Gupta, stated, “In our domestic business, we anticipate a steady enhancement in growth trajectory within core categories through continuous efforts to boost GT channel partner profitability and a transformative expansion in direct reach via Project SETU, while concurrently pushing for the profitable expansion of our Foods and Digital-first brands.”
Continue Exploring: Marico’s digital-first brands on track to achieve ‘meaningful profitability’ by 2027, CEO Saugata Gupta sets ambitious goal
