Kellogg India witnessed a surge in profit and revenues in FY22 on the back of strong growth in household penetration. The leading manufacturer of breakfast cereals posted a net profit of ₹103 crore in FY22, up 43 per cent over FY21, as per regulatory filings sourced from business intelligence platform Tofler. The company’s total revenue stood at about ₹1,352 crore, up 14 per cent over the previous fiscal.
The company has been ramping up its portfolio with new launches in recent times, including bringing its global brand Fruit Loops to India. Now, the company has launched its new Muesli variant with plant-based protein called Kellogg’s Pro Muesli.
Constant building of brand
Responding to businessline’s emailed queries, Prashant Peres, Managing Director, Kellogg South Asia, said the company has delivered good topline and bottomline growth in the past few years. ”We attribute this to constantly building our brand and distribution, resulting in penetration growth being the strongest we’ve seen in the past few years. We continue to launch relevant innovations in the category that we have backed over time, and today have created sub-segments like Muesli, Granola and Fills – all of which have steadily gained the franchise,” Peres stated.
The company did not make specific comments on its FY22 financial performance.
Sumit Mathur, Senior Director of Marketing, Kellogg South Asia, said that the company has nearly doubled its household penetration from 8 per cent (MAT June, 2020) to 14 per cent (MAT June, 2022).
Talking about the strategy behind the new launch, Mathur said, “Covid changed the way we eat, shop and work. The larger trend is centered around people’s inclination towards overall health and wellness. Backed by this trend, and the overall cereal category, especially Muesli-Granola category, which is doing well, the responsibility lies on us as category leaders to cater to the evolving need of the consumers to grow the category further.”
What’s new
The company said that the protein in the new variant is plant-based and sourced from soy nuggets, moong dal and multiple grains. Kellogg’s Pro Muesli is available across all key retail chains and e-commerce platforms.
“Muesli is a relatively nascent segment in India. Despite that, it forms a third of the breakfast cereal category. The overall category has been consistently growing in double digits year on year, and we have over 70 per cent of the market share in the category. These numbers are a clear indication of the acceptance and affinity of people towards multi-sensorial, multigrain food formats that are nourishing and tasty at the same time,” Mathur added.