Maharashtra-based Gadre Marine Export, which has entered into the packaged frozen premium sea food segment, is looking to double its turnover from retail operations in India by the end of this fiscal.
Majority of the company’s revenue (over 95 per cent) comes from exports that include processing and packaging of frozen marine products and value-added ones.
Gadre Marine’s offerings include Surimi-based (Japanese fish paste) products, marinated ready-to-cook fish and cut & clean raw fish.
“We are targeting the urban customers in India and have accordingly expanded our SKUs (stock keeping units).
“While around ₹12 crore of our total turn-over came from Indian operations last fiscal, we expect it to double to around ₹25 crore by FY16,” said Arjun Gadre, Owner of Gadre Marine Export.
Turnover target The company, he said, is eyeing a turnover of ₹650 crore by the end of this fiscal (including exports), of which ₹25 crore will be from retail operations in India.
Its total turnover last year stood at ₹525 crore. It has six plants – two in Gujarat, three in Maharashtra and one in Karnataka.
According to Gadre, products like Surimis, mackarels and crab claws are slowly finding their presence amongst the urban population. The company, however, hopes to get the first mover advantage and create a niche for itself in the segment.
At present, the segment in India is dominated with offerings like prawns and basa fillets from players including IFB, Sumeru and Cambay Tigers.