NEW DELHI: GlaxoSmithKline Consumer Healthcare is aiming to double its sales revenues in India by 2011, a goal it will attempt to achieve through a mixture of acquisitions and new product launches.
The company has recently increased its advertising expenditure in the country by 47.8%, and recorded a 25% uptick in revenues during the last quarter, when volumes also rose by 12%.
In 2007, the UK-based firm established a target of boosting its annual revenues to 4,000 crore rupees ($838m; €591m; £502m) by 2011, as it aims to capitalise on the rapid growth of the Indian FMCG market.
Zubair Ahmed, managing director of GSK Consumer Healthcare, said "we are closing in on our target of doubling our business in four years."
"Every six weeks, we will have a new product. We have identified categories where the Horlicks brand architecture can be extended successfully," he added.
In January, GSK introduced its Glaxo Nutrition ActiGrow product to the Indian market, followed by Horlicks Nutribar in February, Chill Dood, an energy drink, in April, and Junior Horlicks biscuits in June.
While Hindustan Unilever and Procter & Gamble are the two biggest advertisers in the domestic market according to Ahmed, Glaxo is now in third place, with Horlicks being responsible for around 65% of revenues.
Data sourced from Economic Times; additional content by WARC staff