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Modi Naturals products will now be available at CSD
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Thursday, 09 June, 2022, 12 : 00 PM [IST]
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Our Bureau, Mumbai
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Modi Naturals Ltd., one of the leading FMCG companies known for its popular edible oil brand, has announced that its reputed franchise brands namely Oleev olive oil, edible oils and Pipo popcorn foods have been listed for sale with the Canteen Stores Department (CSD).
The Canteen Stores Department, operated by the Armed Forces is a solely owned Government of India Enterprise under the Ministry of Defence and has its depots in all major military bases across the nation. The manufacturing and packaging of all the products is done in India and hence Modi Naturals Ltd. products are a proud “Made in India” brand. The company is honoured to offer its products for the armed forces, according to a press release.
Commenting on the announcement, Akshay Modi, managing director, Modi Naturals Ltd, said, “Being present in the CSD channel for the next two to three years provides a significant growth opportunity for our franchises in edible oil and foods such as Pipo as it facilitates an upward market share and provides significant impetus to our short to medium-term growth plans. This is a significant business prospect which will certainly help us gain inroads into newer markets and retail avenues, enable increased sales and enhance brand loyalty in the years to come.”
Despite the challenging macro environment during the pandemic, the company has performed relatively well in the market. It has managed a very good set of numbers with its consumer business growing 35% Y-O-Y and overall top- line growing 7 % Y-O-Y, garnering profitable volumes in bulk business too. The profit for this year is 21% higher compared to last year (like to like, net of one-time other income).
The company is equally bullish about its consumer business as they are seeing good traction for its entire portfolio of Oleev edible oil, Oleev kitchen and Pipo food products. It has recently expanded the market of the brand ‘Oleev’, through the launch of Oleev kitchen Peanut Butter (High protein, gluten free) and Oleev kitchen pasta (0% Maida). Both offerings will be scaled up this year to become available online and offline. The company is further planning to launch new product categories in RTE/RTC space in addition to channel expansion and increased focus on e-commerce and modern trade.
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