Marico said the FMGC would continue to expand its health care brand Saffola as it aspires to construct a Rs 850-1,000 crore business from its food portfolio by FY24.
Marico Ltd presented the company's future plans at its 34th Annual General Meeting (AGM) on August 5, stating that it would continue to expand its health care brand Saffola as it aspires to construct a Rs 850-1,000 crore business from its food portfolio by FY24.
In the previous two years, the fast-moving consumer goods company has expanded the Saffola brand in health, foods, and recently launched mayonnaise and peanut butter, said Managing Director and CEO Saugata Gupta.
Let's take a look at the top 5 key quotes, including on bonus, from MD & CEO Saugata Gupta from the AGM.
“We will continue to launch a significant aggressive innovation programme under the brand Saffola in line with our aspiration to create Rs 850-1,000 crore food portfolio by FY24,” Gupta said in response to shareholders' questions during the AGM.
He said the company's spends in R&D were "in line with benchmarks in the industry and we continue to increase our investment in R&D for driving innovation and research”. In response to a question on capacity utilisation, he stated that Marico's overall capacity utilisation runs between 80 and 95 percent.
Plant-based meat market
When asked if Marico had any plans to join the plant-based meat market, Gupta said, “We have a plan for increasing the addressable market of Saffola brand as part of our food journeys and as you know we have already launched ‘Soya Chunks’ and therefore you will see innovations in future in the next couple of years.”
The company gave Rs 9.50 per share dividend for the year ended 2021-22. After some shareholders asked the company to issue bonus shares the MD & CEO said, "We have noted (the demand for) bonus shares and the Board of Directors will consider it at the appropriate time".
He said traditional trade grew in low single digits in volume terms with rural marginally ahead of urban. "We hold our aspiration to deliver 13-15 percent revenue growth over the medium term on the back of 8-10 percent volume growth in the domestic business and double-digit constant currency growth in the international business. We expect to maintain an operating margin at 19 percent+ over the medium term," said Gupta.