Mahindra Agri Solutions eyes Rs 1,500 cr in FY17
Kolkata, Oct 5 (IANS) Mahindra Agri Solutions Ltd, a 100 per cent subsidiary of Mahindra & Mahindra Ltd, is looking at a 50 percent growth in its annual turnover to Rs 1,500 crore in the current fiscal, a company official said on Wednesday.
“Last year, we closed at Rs 1,000 crore of turnover. This year, we are looking at an Rs 1,500 crore revenue,” said company’s Vice President (Marketing) Partho Chakravarty.
Farm inputs segment contributes 80 per cent of the business while foods business contributes 20 per cent of the annual revenue. Foods business is, however, “growing faster”.
Under the foods business segment, it sells its edible oils in West Bengal, pulses in Mumbai and fresh milk in Indore, he said. The company launched fresh fruit and diary brand – Saboro and ventured edible oils and pulses with Nupro.
In West Bengal, mustard oil captures 41 per cent of the branded one million metric tonne of edible oil market, followed by 27 per cent soybean and 30 per cent palm oil in the state. “Over 60 per cent of our volumes (of edible oil) is sold in the upcountry market in West Bengal,” he said.
“Our R&D division is working on new edible oil products which will be introduced in the next year,” he said.
The company is new to foods business particularly in pulses and edible oil space. “For the first two year, we will consolidate our business in edible oil segment. After that, we extend to other states where edible oil consumption is significant,” he added.
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