ITC's Yippee close to Rs 1,000-crore

ITC's instant noodles brand Yippee is inching closer to become Rs 1,000- crore brand, making the most out of the controversy that hit rival Nestle's Maggi, reported PTI.

"Sunfeast YiPPee! as a brand is now in its fifth year post the national rollout. We are proud to say that Yippee Noodles is poised to enter the Rs 1,000 crore club in the ITC Foods stable," said V L Rajesh, Chief Executive, ITC Ltd Divisional, Foods Division.

Explaining Yippee's growth pre-and post-Maggi ban, he said it was "growing at more than 40 per cent before the controversy broke out... (in June 2015), with all the competitors in the market".

"The controversy and confusion that prevailed adversely affected the whole industry. However, with our proactive inputs and innovative campaigns, we were the fastest to recover and then exceed our old sales levels," Rajesh added.

The company's campaigns had focused on "world-class product and manufacturing processes", he said.

Nestle had re-launched Maggi in November following a Bombay High Court order, which in August had lifted ban on the instant noodles brand imposed by food safety regulators.

Exuding confidence of taking on the market leader in the instant noodles segment, he said, "We were gaining market share month-on-month even before the controversy happened and are continuing to grow even now."

In 2015, ITC had revenue of Rs 36,507.40 crore. During 2015-16 ITC's net sales was Rs 17,310.23 crore, in which non-cigarette FMCG segment including branded packaged food business had contributed Rs 4,522.63 crore.

ITC is planning to set up new manufacturing units for Yippee considering its growth rate, he said, "We will continue to invest in line with our ambitions in this category."