New Delhi: Mars International India -- the makers of premium chocolates such as Galaxy, Snickers, Mars and Bounty -- narrowed its loss to Rs 1.79 crore in the 2023-24 financial year. Its revenue rose 2.82 per cent to Rs 2,329.92 crore, according to the RoC filing from the confectionery major. Its total income, including other income, was up 3 per cent to Rs 2,339 crore for FY24, according to financial data accessed through the business intelligence platform Tofler.
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Mars International India, an unlisted entity which operates in the chocolates and petcare segment, reported a loss of Rs 38.86 crore in FY23 while its revenue from operations was Rs 2,265.98 crore. Its "advertising promotional expenses" were up 24.71 per cent to Rs 212.8 crore for the year under review as against Rs 170.63 crore in FY23. Moreover, cost royalty paid to its global parent entity, also went up 8.61 per cent to Rs 20.80 crore in FY24.
Mars International India Reports 36.8 pc Rise in Tax Expense for FY24; Focuses on Petcare, Digitalisation, and Brand Development for Growth
Total tax expense of Mars International India in FY24 was up 36.8 per cent to Rs 28.98 crore, as against Rs 21.18 crore a year before. Mars International India's total expenses in FY24 were up 1.68 per cent to Rs 2,369.79 crore. On the outlook, Mars International India in the RoC filing said the pet food market in India is becoming increasingly appealing, driven by a rise in pet ownership, especially in urban areas, and heightened awareness of pet health. "Consumers are leaning towards premium options, boosting demand for a variety of products, including dry food, wet food, and treats. The rapid growth of e-commerce is enhancing accessibility for pet owners. With more pet parents entering the market, the petcare category shows strong potential for calorie conversion," it said.
The company is strategically investing in digitalisation, innovation, and brand development to foster category growth and accelerate quick commerce. Its chocolate performance was led by Galaxy, which performed well, driven by the large bars and the addition of Galaxy Fusions. "Perfect store and Chillers further helped drive sales and visibility," it said, adding, "Snickers did well in the first half but started slowing down due competitive intensity and slowdown in RTM expansion. "We diagnosed this in Feb-March 2024 and have immediately remedied the situation in subsequent months. The Snickers LEs, Mars, Bounty Twix did well," it added.
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