Food and beverages company Annapurna Swadisht is aiming to double its revenue to around ₹320 crore in the current financial year.
Listed on the NSE-SME platform, the Kolkata-based company had registered nearly 163 per cent y-o-y growth in its turnover at ₹161 crore in FY23.
It has five owned manufacturing units spread across West Bengal and six contractual or leasing arrangements —three in West Bengal and one each in Jharkhand, Odisha and Uttar Pradesh.
The company’s fifth-owned manufacturing unit commenced commercial production in October this year. The total production capacity of the company, which makes noodles, potato chips, snacks, fryums, biscuits and glucose-based drinks, among others, currently stands at 126 metric tonnes per day (MTPD).
New contract manufacturing facility
The food maker has recently entered into a contract manufacturing agreement with Gopal Food Product in Uttar Pradesh for making its entire range of snacks apart from expanding its biscuits portfolio to cater to the rural and semi-urban markets in the State.
“We cater to markets such as West Bengal, Bihar, Jharkhand, Assam and Odisha through our current manufacturing facilities in West Bengal. The new contract manufacturing facility in Mathura will help us address the Uttar Pradesh market, which is nearly four to five times bigger than the Bengal market. From UP we can also cater to some of the other markets in North India such as Srinagar and Jammu moving forward,” Annapurna Swadisht managing director Shreeram Bagla told businessLine.
The company primarily caters to the tier III and Tier IV markets in Bihar, Jharkhand, West Bengal, Assam, Odisha and Uttar Pradesh. It currently has close to 72 SKUs (stock-keeping units) across 10 broad categories, including fryums, nankeens, snacks, candies and cakes in its portfolio. It has close to 520 distributors and more than 100 super distributors and the products are available across over 2.5 lakh retail touchpoints.
The company is looking to increase its distributor footprints by nearly 30-40 per cent this fiscal. “As the distributor base increases the number of touchpoints across which our products are available will also increase,” Bagla said.
The company is hopeful of doubling its top line to touch around ₹320 crore by March 2024, he added.
Annapurna Swadisht has reported a nearly 100 per cent year-on-year jump in its revenue from operations to ₹131.13 crore for the half year ending September 30, 2023, from ₹65.61 crore for the same period last year.
The company said the increase in its top line during the first half of this fiscal was primarily due to the addition of new capacities, penetration into newer geographies and better penetration in some of the existing markets.