Fast moving consumer goods (FMCG) company Marico has set a revenue target of Rs 100 crore in 2021-22 from its Saffola branded packaged honey.
"The brand (Saffola Honey) is expected to touch Rs 100 crores in revenues in FY22," Marico said in a BSE filing.
On January 28, Marico reported a 13.04 percent year-on-year increase in consolidated net profit to Rs 312 crore for the quarter ended December 31, 2020. The company's revenue from operations in Q3FY21 rose 16.33 percent YoY to Rs 2,122 crore.According to a Mint report, Marico Chief Executive Officer Saugata Gupta said Saffola honey is "ramping up very well", ahead of the company's launch estimates.
"Our aspiration is to touch the Rs 100 crore mark in revenues by next year, which will make it one of the fastest Rs 100 crore journey in the mid-sized foods category, considering that we extended this brand nationally only in November-December 2020," Gupta said in an earnings call, as quoted by the paper.
"Looking at offtake trends, our growth was limited by supply-led capacity constraints, which we plan to overcome in the next few quarters," he added.
Some of Marico's prominent brands also include Parachute, Mediker and Set Wet and Veggie Clean.