Eastern Condiments (P) Ltd has registered a 24 per cent increase in its gross turnover at Rs 480 crore in 2011-12.
The export turnover had also touched the Rs 100 crore mark for the first time clocking nearly 20 per cent growth over the previous year.
Mr Navas Meeran, Chairman, Eastern Group told reporters here that the export-orientated unit in Kothamangalam, which became operational in 2011, has achieved its full capacity utilisation.
The plant has a capacity of 40 tonnes a day and houses some of the latest equipment such as Universal mill for grinding and Ventilux steam steriliser for sterilisation of products.
The company currently caters to the export market of West Asia, Europe, the UK, the US, Canada, Singapore and Australia.
Referring to domestic market, he said the company has identified Maharashtra, Andhra Pradesh, Uttar Pradesh and Karnataka as its main markets, where the company had registered 50 per cent growth.
In all these States, Eastern is amongst the top 3 brands. The introduction of region-specific products and expansion of distribution network is one of the main reasons for this growth, he said.
With the joint venture with McCormick of the US, Eastern looks to bring out many new and innovative products in the Indian market. He said that company will introduce five more new products in the market by the end of this year.
Asked about competition, Mr Meeran said, “Competition is an opportunity and it will help improve penetration of packaged and processed foods.
Quoting international consultants reports, he pointed out that the curry powder market in India is estimated at Rs 40,000 crore.
To tap this potential, several major players including MNCs, will enter the market. Besides, the stringent quality standards prescribed in the Food Security Act is likely to affect the prospects of smaller players as adherence to quality standards will be costly, he added.
Eastern has recently bagged the Spices Board award for performance in export of spices powders and masala mixes during the financial years 2009- 2010 and 2010-11.