Eastern Condiments today said it expects nearly 15 per cent growth in turnover to Rs 550 crore in the current fiscal.
The company had achieved a gross turnover of Rs 480 crore in 2011-12, a 24% increase over the previous year, Chairman Eastern Group Navas Meeran told reporters here.
Despite the present market conditions, the firm was looking at a turnover of Rs 550 crore this financial year, he said.
In a year of all round growth, Eastern's export turnover for the first time touched Rs 100 crore mark clocking nearly 20% growth. This fiscal, it was looking to touch Rs 120 crore from exports, he said.
Eastern recently bagged the Spices Board award for the performance in export of spices powders and masala mixes during the financial years 2009-10 and 2010-11.
The export oriented unit in Kothamangalam in Ernakulam district, which began its operations last year, has achieved its full capacity utilisation, and has a capacity of 40 tonnes per day, he said.
The firm has identified Maharashtra, Andhra Pradesh, Uttar Pradesh and Karnataka as its main markets where it is among the top three brands. Eastern would bring out five new and innovative products in the Indian market in the next three months, he said.
Pointing out that the curry powder market in India was estimated to be around Rs 40,000 crore, he said due to stringent quality conditions, it would be difficult for smaller players to survive.
Eastern has entered into JV with McCormick of the US, the world's largest spice processing company, for bringing out various products. The group turnover during 2011-12 was Rs 650 crore and Rs 500 crore the previous fiscal.