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Mrs. Bectors Food Specialities Annual Report 2023 Summary

Updated: Oct 1, 2023

  • MBFSL is a major player in the premium and mid-premium biscuits segment under the “Mrs. Bector’s Cremica” brand and has products such as digestives, cookies, crackers, cream and Marie biscuits in its portfolio. It is also the country’s largest biscuit exporter, exporting to 69 nations in six continents. The company is a contract manufacturer of select biscuits (Oreo and Chocobakes) for Mondelez.

  • The company is also a premium bakery player in India and the exclusive preferred supplier to many of the country’s well-known QSR franchises, cloud kitchens and multiplexes .

  • The results of the company for the year, are a record turnover and net profit of Rs. 1,362.1 crore and Rs. 90.1 crore, respectively, up by 37.8% and 83 basis points, respectively, compared to 2021-22. EBITA is Rs. 175.20 crore (43.0% YOY GROWTH)

  • PERFORMANCE REVIEW

  • Biscuit segment (Domestic and exports):

    • 59.25% (Total revenue share in FY2023)

    • 5.4% (Premium/mid-premium biscuit market share in North India (Q4 FY2023) )

    • 36% (Revenue growth in FY2023 to Rs. 807 crore)

    • 12% (Share of total biscuit exports from India (CY2019) )

    • 69 Export Countries

  • Retail breads and bakery under English Oven

    • 35.75% Total revenue share in FY2023

    • 44% Revenue growth in FY2023 to Rs. 487 crore

    • Consumer Bakaery - 5 % Market share in branded breads segment in India

  • Our Strategic Growth Levers

    • Capacity expansion, Distribution network fortification, Increasing international presence, Expanded leadership bandwidth, Strengthening supply chain management , Innovation and new product development , Integrated sales and marketing ,Sound credit ratings , Technological upgradation , Deepened QSR partnership

  • We continue to build our manufacturing capacities to service demand and further build on our growth potential. We expect to commission our incremental capacities for both biscuits and bakery later in the current financial year that will support us to accrue gains in both market share and revenue.

  • MBFSL launched integrated marketing campaigns under the new identity of “Mrs Bectors” logo for ensuring synergisation across the Cremica and English Oven brands.

  • The company has increased share of its premium biscuits portfolio during the year and has also added many innovative products to the portfolio, like Melto biscuits in premium creme flavours, etc. We will continue to augment our manufacturing capabilities to make such products available across relevant highconsumption points.

  • We are also continuing to invest in improving our distribution infrastructure, especially in modern trade and emerging distribution channels such as e-commerce.

  • Being one of the largest and preferred suppliers to leading food chains, we further expect to benefit from strong QSR demand, especially driven by more frequent eating-out habits and group eating in a social setting such as in quick service restaurants (QSRs).

  • India's food processing sector, one of the largest globally, was poised for significant growth, driven by government initiatives such as infrastructure spending and the Formalization of Micro Food Processing Enterprises (FME) scheme. The growth of the food processing industry was attributed to changing consumption patterns, urbanization, and a young, income-growing population.

  • South India leads in modern retail penetration, with 42% of packaged food sales in this region happening through modern retail. In contrast, the north and east/northeast regions have lower modern retail presence, resulting in a lower share of packaged food sales through modern channels at 18% and 14%, respectively.

  • Hyperlocal delivery services have emerged as a new channel, offering time-bound deliveries as fast as 10 minutes, catering to consumers' desire for instant gratification. Western India is the largest market for packaged food consumption, followed by the south and north regions. The east/northeast region lags in modern retail presence.

  • The Indian biscuits and bakery industry is a significant part of the packaged foods sector, with branded players dominating the market, holding a 95% share. Factors driving the shift towards branded biscuits include increasing consumer preference, rising disposable income, and regulatory trust in licensed products.

  • Consumption patterns have shifted towards premium and healthier biscuit products, driven by changing consumer behavior and a preference for nutritious snacking options. Innovations in packaging, such as smaller biscuit quantities within larger packaging, cater to on-the-go snacking demands.

  • Bread consumption has increased significantly, with consumers seeking value-added, flavor-packed, and artisanal bread varieties. Premium breads are gaining popularity among upwardly mobile consumers. Small bakeries are also contributing to the demand for artisanal bread.

  • There are growth opportunities in the bread category, particularly for healthy and value-added products. The institutional business of fresh buns, frozen dough for pizzas, and other bakery products in food service chains is also expanding.



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