Modi Naturals expects consumer division to contribute 65% to biz in 3 yrs
At present, the consumer division -- comprising of mainly three brands Oleev, Pipo and Olivana-- accounts for 35 per cent of the company's turnover
August 05, 2018 / 04:01 PM IST
Modi Naturals, which sells Oleev Health oil brand, is looking to increase the share of consumer division portfolio in its total revenue to about 65 percent in the next 2-3 years.
At present, the consumer division -- comprising of mainly three brands Oleev, Pipo and Olivana-- accounts for 35 per cent of the company's turnover and 65 percent of turnover comes from manufacturing business.
"We are aiming for increasing share of our consumer division to total turnover to 65 per cent in 2-3 years from 35 per cent at present. We will have a multi-brand approach to reach this goal," Modi Naturals Executive Director Akshay Modi told PTI.
Modi Naturals had a turnover of Rs 300 crore in the previous fiscal. The company, which recently piloted in select Indian cities its ready to cook brand Pipo for popcorns, is rolling out the product which has 17 variants across the country.
"We are also looking at getting into ready-to-eat products as well. We plan to add more products under the Pipo brand. Our aim is to launch new products every quarter," Modi said adding that the company will remain in health and wellness space.
The company is also stepping up its distribution network, and is aiming to reach to about 1,00,000 outlets, from 50,000 at present, in the next 1-2 years, Modi said.
Elaborating on expansion plans, he said: "We will leverage these three consumer brands to get into adjacent categories. Our launches in the next two years will be under these three brands."