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Modern Food upbeat on growth in Andhra Pradesh, Telangana
Modern Food Enterprises on Tuesday said it was expecting 30 per cent sales growth in Andhra Pradesh and Telangana in the current financial year. “While our target is to grow at 25 per cent nationally, we are expecting a higher growth of 30 per in the two Telugu states in FY18,” Aseem Soni, Chief Executive Officer & Board Member, Modern Food, told the media here.
Hyderabad: Modern Food Enterprises on Tuesday said it was expecting 30 per cent sales growth in Andhra Pradesh and Telangana in the current financial year. “While our target is to grow at 25 per cent nationally, we are expecting a higher growth of 30 per in the two Telugu states in FY18,” Aseem Soni, Chief Executive Officer & Board Member, Modern Food, told the media here.
He cited the lower market share in AP and Telangana as the reason for the company targeting higher growth. “Given the lower market share here and higher growth expected in health and wellness segment of breads, our growth will be higher,” he explained. The company was acquired which embarked on a rebranding exercise is targeting a four-fold jump in its revenues from Rs 270 crore now to Rs 1,000 crore by FY21.
“To achieve this, we plan to strengthen our presence in the states and cities where we are already present, especially Telangana,Tamil Nadu, Kerala, Karnataka, West Bengal and Maharashtra, and foray into new markets in the North and West,” Soni said. Acquired by Everstone Capital from Hindustan Unilever Ltd in April 2016, the company launched three new breads.
It plans to focus on non-bread segment including Indian bread (chapati). “We are looking to grow Modern Foods, organically and inorganically, in bread and bakery and the wider packaged foods category to realize the full potential of the business,” he added.
