Patanjali Foods targets Rs 50,000 crore turnover in five years
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Patanjali Group chief Baba Ramdev said in a conversation with PTI that Patanjali Foods will plant palm trees on a large scale along with increasing the food products and daily use products (FMCG) business for its business expansion.
New Delhi. Food products company Patanjali Foods has chalked out an aggressive growth plan to achieve a turnover of Rs 50,000 crore and an operating profit of Rs 5,000 crore in the next five years, in which the FMCG business will play a key role. Patanjali Foods Limited was earlier named Ruchi Soya Industries but was acquired by Patanjali Group in September, 2019 as part of the debt resolution process. Patanjali Group chief Baba Ramdev said in a conversation with PTI that Patanjali Foods will plant palm trees on a large scale along with increasing the food products and daily use products (FMCG) business for its business expansion.
He said that Patanjali Foods has prepared a vision document to become the largest company in the FMCG sector in the next five years. He said, “We aim to achieve a profit of Rs 5,000 crore and a turnover of Rs 50,000 crore at the level of pre-tax income in the next five years.” 806.30 crore to Rs. 886.44 crore. At the same time, its pre-tax Ebitda income was Rs 1,577 crore. Ramdev said that the company has chalked out a strategy to launch several new products to achieve the five-year target. “We will also be launching White Buffalo Ghee, premium biscuits and cookies, dry fruits, spices and other nutritious products in the next few months,” he added.
He said that the share of total revenue of food products and FMCG business has increased to 20 per cent in the financial year 2022-23, while it was only seven per cent a year ago. The company is also doing palm cultivation on a large scale for its hold on the palm oil business. Palm trees have been planted in 63,816 hectares in collaboration with around 39,000 farmers spread across nine states across the country. Apart from this, the company is also setting up its first oil mill at Pasighat in Arunachal Pradesh. Along with this, Ramdev said that the promoters of Patanjali Foods will sell their six percent stake to institutional investors in June to implement the provision of minimum 25 percent public shareholding in the company. Currently, the promoters hold 81 per cent stake.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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