Cremica Foods, a liquid condiment manufacturer supplying some leading fast-food chains, including McDonald’s, Pizza Hut, Domino’s, and Subway, says it would invest moderately to scale up its existing manufacturing capacities with Rs 50–100 crore investments in four to five years.
Akshay Bector, the chairman and managing director of Cremica Foods, told BusinessLine that their Mega Food Park has helped in reducing capital costs.
“Since we already have the required infrastructure in place at our food park in Himachal Pradesh, we don’t necessarily need huge investments. CAPEX will be reduced further in the coming years,” said Bector. Currently, Cremica has two manufacturing facilities in Punjab and Himachal Pradesh.
The company says it expects to reach Rs 500 crore turnover by FY24. According to Bector, “We look towards growing the business organically and expect the revenues to be at Rs 350 crore in FY23.” It posted revenues of Rs 250 crore in FY22.
Cremica also exports its products. He said, “While we export our products to markets such as the US, Middle East, and Southeast Asia, it is a relatively new channel of operations and makes up 1% of the overall revenues.” Furthermore, Cremica plans to launch a new line of products in the pickles, snack foods, or beverages segments by the next fiscal year, and expects a 5% growth from the new line of business, stated the chairman.