Annapurna Swadisht Ltd, a prominent FMCG enterprise specialising in food products across East and Northeast India, has unveiled an ambitious blueprint aimed at doubling its revenue to surpass Rs 300 crore in the fiscal year 2023-24. Disclosed by a senior official, the company is targeting a robust compound annual growth rate (CAGR) of at least 50% over the forthcoming 4-5 years. This ambitious growth strategy hinges on the company’s strategic initiative to enhance its market outreach through the introduction of two key categories: biscuits and noodles. Annapurna Swadisht Ltd is gearing up for substantial expansion within these segments as it endeavours to fulfil its revenue objectives.
To drive its expansion efforts, the corporation has enlisted GP Sah, the esteemed global CEO of a Nepal-based FMCG company recognized for its popular Wai Wai noodles, to steer the company toward its forthcoming growth phase. Simultaneously, Shreeram Bagla, the Managing Director of Annapurna, has injected new talent into the organisation, aiming to achieve a substantial increase in revenue, targeting a topline of Rs 1,000 crore within the next 3-4 years, a notable escalation from Rs 160 crore in FY’23.
GP Sah, the Joint Managing Director, expressed optimism about Annapurna’s growth prospects, citing a resurgence in rural demand bolstered by enhanced distribution strategies and the introduction of new product categories like biscuits and noodles. Sah outlined ambitious targets, stating, “In FY’24 itself, we are targeting to cross a topline of Rs 300 crore, up from Rs 160 crore in FY’23.”
During the first half of the fiscal year ending on September 30, 2023 (H1’FY24), the company, listed on the NSE SME platform, recorded an impressive nearly 100% surge in revenue, reaching Rs 131.13 crore. Additionally, the company witnessed a noteworthy 128% increase in profit after tax (PAT), amounting to Rs 6.56 crore.
Sah highlighted the considerable growth prospects present in the biscuits (estimated at Rs 50,000 crore) and noodles (evaluated at Rs 12,000 crore) markets, underscoring the company’s ambitious intentions to leverage this potential through the introduction of innovative product offerings. With a primary focus on Tier III and Tier IV markets across states such as Bihar, Jharkhand, West Bengal, Assam, Odisha, and Uttar Pradesh, the company proudly presents a varied portfolio comprising nearly 72 stock-keeping units (SKUs) spanning ten categories. This diverse array includes fryums, namkeens, snacks, candies, cakes, and more. Boasting an extensive distribution network, the company operates through approximately 550 distributors and over 115 super distributors, effectively covering more than 6 lakh retail touchpoints.
In September 2022, upon its listing, the company effectively secured approximately Rs 65.43 via a preferential issue involving equity shares and warrants. This considerable capital infusion was strategically directed towards financing the company’s ambitious expansion plans. With a firm commitment to establishing a noteworthy presence in the FMCG sector, the company’s expansion strategy underscores its aspirations for significant growth and expanded market reach in the foreseeable future.
