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NewsVoir
New Delhi [India], February 22: Riding on strong support from its domestic business, KRBL Limited, the world's largest rice millers and basmati rice exporters, and parent company of the World's No. 1 Basmati Rice Brand India Gate, clocked its highest ever revenue from India market in the period October-December 2023, crossing revenues of INR 1000 crore. KRBL Ltd. has been enhancing its focus on growing its India business over the past few quarters leading to 14% revenue growth Y-o-Y; this growth is primarily fuelled by a significant increase in branded basmati sales, alongside an impressive 158% surge in non-basmati sales. Backed by robust growth in both consumer and bulk pack segments in the India business, the company reported a consolidated revenue of INR 1465 crore during the quarter. Ayush Gupta, Business Head for India Market, KRBL Limited said, "We have been witnessing steady growth in our domestic business through the last few quarters, with Q3FY24 being the highest ever. We also see our domestic business show a 9-month volume growth of 13% which is significantly higher than the FMCG volume growth of 5-7%." KRBL added 52,665 outlets to its distribution network, taking its total retail presence to 3,85,970 outlets during the quarter. The company reported a market share on 35.9% in traditional trade, historically the highest ever. Similarly, KRBL's regional rice portfolio comprising Sona Masuri, Kolam & Gobindobhog has also been witnessing good traction, contributing close to INR 159 crore YTD to the domestic revenue. The last quarter alone saw the portfolio contribute 5.62% to overall India revenue, and is well on track to cross INR 200 crore by the end of this fiscal. Gupta added, "Our performance has come on the back of unwavering focus on brand-building, driven by consumer insights and sustained media investments. Furthermore, our portfolio expansion and significant improvements in our supply chain capabilities have empowered us to achieve our highest-ever quarterly revenue." "Regional rice has huge potential to grow and we will be aggressively pursuing this segment. Over the next 9-12 months, we anticipate doubling of revenues in the portfolio alone. There is a huge untapped market, and the opportunity to grow remains constant. As we continue to grow in this area, we're also actively exploring opportunities to expand into new categories in the upcoming fiscal year," Gupta said. Recently, KRBL also forayed in into Masalas with the launch of India Gate Classic Biryani Masala Range, promising an authentic biryani experience at home. Launched in Modern Trade stores & on e-commerce platforms with three variants - Hyderabadi, Lucknowi and Kolkata Biryani Masala. For more information, log on to krblrice.com. (ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)
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