Integrated foods company Shri Bajrang Alliance, that operates the brand Goeld, is eyeing 59 per cent revenue growth to Rs 270 crore in 2022-23, on the back of growing demand for frozen food products, a top company executive has said.
"We forayed into the 100 per cent vegetarian frozen food products segment by launching Goeld in 2020. In 2021-22, we had a revenue of Rs 170 crore and with growing demand for all our product segments, we are expecting the topline to be Rs 270 crore in this financial year," Shri Bajrang Alliance Ltd Executive Director and CFO, Archit Goel told PTI over phone.
To meet the growing demand, the company is planning on increasing its production capacity in the frozen paratha category as well as introducing more and more products in the snacks segment.
"As many of the segments are labour intensive, we are also planning to add more workforce in line with our expansion plans," he said.
The company is planning to increase its capacity of parathas and naans (Indian breads) to produce 4 lakh every day by 2023, from the current 1.30 lakh parathas per day, he said, adding that it will also introduce base gravies to the portfolio and add more products to the snacks segment.
"We are targeting 15-17 per cent of our total revenue to come from the base gravy segment by December 2023," he added.
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For this capacity expansion, the Chhattisgarh-based company is planning to invest around Rs 12-15 crore, including upgradation of equipment by FY24, he stated.
Goel further said that the company currently employs 400 people and with this expansion, it will add another 600 in its workforce taking the total to over 1,000 people.
"Of the total 1,000 workforce, we are aiming to employ over 750 women who will be provided with in-house training, facilities to stay and education for their children," he added.
When asked about the acquisitions, Goel said, the company is also looking at forming strategic alliances and locations, probably in the North to meet with the growing demand from the Quick-Service Restaurants (QSR).
"We have a strong presence in the North, where the demand for QSR is very high. ... to meet the demand and increase our presence, we are looking at strategic alliances and locations in the North," he added.
Talking about exports, Goel said, the company is already exporting to countries like the UK, the US, Australia and New Zealand.
"Going forward, we are planning to strengthen our presence in our existing markets. Currently, we are also exploring new markets like South Africa and the Middle East and we expect to begin shipping our products to these new destinations by 2022-23 or early FY24," he said.
At present, exports contribute 10 per cent of the total revenue and going forward by FY24, the company expects to increase it to 40 per cent, he added.