Mysore Sandal soap maker posted Rs 2016 crore in revenue, compared to Rs 1788 crore the previous year. The company has incurred expenses worth Rs 1148 crore, led by raw material cost of soap noodles of Rs 492 crore.
The announcement was made by state industries minister MB Patil at a felicitation ceremony titled “Mysuru Sandal’s Pinnacle of Achievement”, in Bengaluru.
While it took the organisation 105 years to reach a turnover of Rs 1,000 crore, it doubled this figure to Rs 2,000 crore in just four years, said the minister in a statement.
From a turnover of Rs 1,375 crore in 2022–23, the company has grown to Rs 2,016 crore over the past three years since the present government assumed office, an increase of Rs 641 crore in a short span, he further added.
Earlier, the organisation had 34 products. Over the past three years, 57 new products have been introduced in line with market trends, taking the total to 94. Notably, this has been achieved without any new recruitment or machinery purchases, said the industries department in the statement.
Out of the Rs 507 crore profit, Rs 157 crore will be paid as dividend to the government, and Rs 5 crore will be contributed to the chief minister’s relief fund. This marks an increase of Rs 22 crore in dividend compared to the Rs 135 crore paid last year, he said.He further said that tenders worth Rs 15 crore have been floated for the purchase of new machinery. Steps have also been taken to expand exports and strengthen the company’s presence across India. Over the past three years, the organisation has procured 174 tonnes of sandalwood directly from farmers, making payments amounting to Rs 6 crore, he added.
KSDL chairman CS Appaji Nadagouda said a team has already visited Australia and other countries to explore opportunities to expand its market. He added that a focus on modern marketing strategies has contributed significantly to the company’s success.
Plans would be prepared to enter markets in the UAE, with an aim to expand the company’s presence in cosmetic and perfume segments in addition to soaps, minister said.
KSDL managing director PKM Prashanth said that Rs 5 crore has been disbursed towards wage contracts for workers, while an additional Rs 20 crore has been spent on campus conservation.
The event was attended by Industries department principal secretary Selvakumar and hundreds of employees of the organisation.