Biscuits and confectionery maker Parle Products is aiming to double its turnover and cross Rs 20,000 crore in the next five years, said top officials.
According to a PTI report: The company also expects the staples and snacks segments to be its growth drivers in the coming years, they added.
“We are atleast looking at, by 2023-24 to double our turnover from here,” Mayank Shah, Category Head, Parle Products told PTI.
Parle Products, which is a privately held company, has a present turnover of Rs 10,000 crore plus, he added.
Shah was further quoted by PTI as saying: “This growth would be mostly going through the organic way rather than acquisitions.”
As part of its growth strategy, the company is expanding its product portfolio, aiming to be a total food company, by filling up gaps in its offering.
“Eventually, we are looking at several other categories and whenever and wherever there are opportunities, we would grow into a total food company,” he further told PTI.
The company has got into snacks, bakery items like cakes and rusks and ventured into staples such as pulses. It is present in premium chocolate segment.
Parle Products is now tapping both – retail as well as institutional markets as hotels, which buys in bulks through its innovative offerings as Zeera Jeffs biscuit.
“While we consolidated our biscuits and confectionery portfolio we felt that was not very innovative. In the last couple of decades, we have made movements as a whole food company rather than as a company which has only couples of line,” said B Krishna Rao, Category Head, Parle Products told PTI.
Parle Products which has ventured into staples segment by launching pulses six months back, plans to increase its offerings and distribution.
Presently, in pulses Parle is present in two states- Maharashtra and Karnataka in five segments – arhar daal, Chanal, masoor, urad and moong daal.
“Pulses is a big opportunity and its a future for us,” he told PTI adding gradually Parle would expand its presence to a pan India level.
“There is trend to buy more packed item. Moreover, people have become more sensitive towards quality and issue of adulteration, which is the biggest problem,” he was quoted by PTI as saying adding that there is trend of conversion of unorganised to branded segment.
The company is expecting contribution from its Platina range to grow too.
“We are targeting one fourth of total sales coming in next one and a half years,” Shah, who handles management, advertising and promotions for biscuits and chocolates for the company, was quoted by PTI as saying.
Besides, it also expects the contribution from its Platina range of premium products to go up by 25 per cent in next three years in the biscuits segment, which presently adds 65 per cent of its total fold.