MTR Foods eyes Rs 1,000-crore revenue in CY17

Bengaluru-based MTR Foods on Wednesday said it expects to cross Rs 1,000-crore revenue mark in the current calendar year on the back of new initiatives such as introducing region-specific variants.

The food products company had clocked revenue of Rs 800 crore during the last year.

The Indian subsidiary of Norwegian conglomerate Orlka today launched here a new variant of its popular product Sambar Powder which is specifically designed for consumers with a spicier palate.

"We posted Rs 800 crore (revenue) during the last calendar year. We expect to touch about Rs 1,000 crore during this year.

"Innovation is a big thing for us. If you see we have introduced about 44 innovations into the market during the last five years. Today they contribute about 10% to our total revenues," Sanjay Sharma, CEO of MTR Foods, said at a press conference.

He said the initiatives such as introducing region specific products would yield good results.

Replying to a query, Sharma said the food maker gets about 10% of its revenue from exports. Currently, the company caters to 30 international markets.