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Ganesh Grains Ltd, maker of Ganesh branded flour products including atta, sooji and maida, is expecting a 25 per cent growth in turnover in FY’ 19.
According to Manish Mimani, Managing Director, Ganesh Grains, the company, which is likely to close fiscal 2017-18 with a turnover of ₹600 crore, is likely to clock a turnover of ₹750 crore by FY’19.
Nearly 60 per cent of its sales come from atta; while the remaining comes from maida, sooji, besan and sattu among others.
“We hope to achieve a turnover of ₹1,500 crore by 2020-21; post which we could explore the possibility of tapping the capital market through an initial public offering,” Mimani told BusinessLine .
The Kolkata-based company had raised an investment of ₹100 crore from Motilal Oswal Private Equity in 2016 to fund its growth and expansion plans.
Ganesh plans to spend close to ₹25 crore on marketing, distribution and advertising in the coming fiscal. The funding would be done through internal accruals.
Expansion
The growth in turnover will be supported by the company’s foray into the southern and northern markets. Nearly 90 per cent of its sales currently come from West Bengal.
The company has already set its footprint in eastern States of Bihar, Jharkhand, Odisha and the north-eastern States of Assam and Tripura.
The company, which has eight factories in all, four in Kolkata and one each in Hyderabad, Siliguri, Varanasi and Agra, has a total manufacturing capacity of 1,400 tonnes per day. Its current capacity utilisation is around 60 per cent.
Product diversification
Ganesh also plans to diversify its product portfolio. Plans are afoot to add spices and edible oil among others. It would also consider coming up with more ‘premium’ variety offering in atta such as sharbati atta, diabetes control atta and gluten free atta among others.
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