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Marico to introduce new food product in six months |
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Marico Industries Ltd is planning to launch a new food product within six months. The already has good presence in the market through its Saffola brand edible oil. It is now gradually moving beyond edible oil.
Harsh Mariwala, chairman and managing director (CMD), Marico Industries Ltd, said, "We will launch a new food product in the Indian food market." He denied divulging the nature or brand name of the new product but put a timeline of six months for the launch of the product.
However, according to industry sources, the products are expected to be part of Saffola Functional Food category. The company already has two products in this category. First one is Saffola Cholesterol Management, which it had launched last year. And during FY08, it commenced the prototype of Saffola Diabetics in Delhi and the national capital region.
Talking about the ongoing slowdown, Mariwala said that the impact on the company was marginal. He added that the clear picture would emerge in next 3-4 months. He added, "We managed a growth rate of about 29% in the first half of this financial year. It is expected to remain well above 20% in the second half as well."
The Marico CMD said that FMCG sector itself was pretty much insulated from the slowdown. He put the growth rate of the sector at 15%.
Marico had posted revenue of Rs1, 907 crore during financial year 2007-08. While, the second quarter of FY09 saw net sales at Rs600 crore, growing 30% year-on-year basis, of which 11% was organic volume growth, 3% inorganic volume growth, and 16% price-led growth.
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| Marico to introduce new food product in six months |
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