Best Foods Ltd, a leading rice company, is on a major retail expansion drive and expects growth of over 35 per cent during the year, up from Rs 2,600 crore logged in 2013-14.
It is amongst the fastest growing rice companies, with 17 modern rice mills and installed capacity to produce/ process 45,000 tonnes of processed rice each month.
Aayushman Gupta, Chief Executive Officer of Best Foods, said, “The company closed last year with a revenue of Rs 2,600 crore and is aiming at a turnover of Rs 5,000 crore by financial year 2016. We are confident of achieving a compounded annual growth rate (CAGR) of over 35 per cent per.”
Speaking to Business Line after a media conference to announce their expansion plans, Gupta said the company plans a further retail expansion during the year. The company’s rice range is available across more than 2,000 modern retail format outlets spread across over 200 cities, which will see the addition of 800 more such stores. Best Foods has 38 exclusive brand outlets.
He said of the total turnover, 65 per cent comes from exports and the remaining 35 per cent from the domestic market. “As we expand the retail network, the export versus business mix is likely to be 50:50 from 65:35 now,” he said.
The company sees a big opportunity in the Southern market, with Andhra Pradesh and Telangana offering immense scope for business expansion.
It has two biomass-based power plants of 6 MW and 4 MW capacity.
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