Mumbai (Maharashtra) [India], May 18 (ANI/PR Newswire): FoodsInns Limited, one of the largest pioneers of food processing industry in India has announced robust financial numbers in FY22.
Highlights of Standalone BusinessStandalone Financials FY22 vs FY21 (Y-o-Y basis)1. The Revenue from Operations of the Group has increased to INR 616.49 Crores from INR 356.57 Crores in FY'21. The Revenue from Operations registered a growth of 73 per cent.2. The Profit after tax (PAT)has increased to INR 16.02 Crores from INR 3.89 Crores in FY'21 registering a growth of 312 per cent.3. The Operating Profithas increased to INR 58.73 Crores from INR 31.64 Crores registering a growth of 160 per cent.4. The tonnage sold has increased to 78379 Tonnes from 46220 Tonnes in FY'21 registering a growth of 70 per cent.
Overall Business outlook (FoodsInns / Kusum Spices):The company is working towards improving its EBITDA margins on a sustainable basis by:- Increasing the share of value added and branded products across its food offerings.- Increasing its operating leverage by producing allied products during non-peak season- Converting its waste into Value additive productsNotable Updates- FoodsInns got selected under the Production Linked Incentive (PLI) Scheme of the Govt. of India under FruitsVegetables processing category. The selection was under both Component 1 as well as Component 3 of the scheme and the company stands to receive incentives of around INR 148crs on a best-case basis between the period FY'22-23 to FY'26-27 based on future growth in sales and investment as per committed capex.
- As per the scheme guidelines the company has to grow its sales at a minimum CAGR of 10 per cent over FY'22 to FY'27 to receive incentives under Component 1 of the PLI Scheme. The incentives will be payable up to a CAGR of 15 per cent on eligible sales. Under Component 3 of the scheme, the company is expected to get incentives of 50 per cent of its BrandingMarketing expenses incurred abroad over the period FY'22 to FY'26.
- These incentives under both the components will be in the form of direct bank transfers to the company upon achieving yearly milestones as committed under the scheme.
- Being the golden jubilee year of the company's operation, the Board has recommended a dividend of 25 per cent for FY'21-22.
Commenting on the successful result, Milan Dalal, MD, Foods and Inns, said, "We are thrilled to announce the growth numbers. We will continue to strengthen our position and expand into new, untapped markets. We have expanded our portfolio and are working on providing new and diverse products to our customers. With these steps, we feel all stakeholders will be able to see a sustainable growth going forward."Moloy Saha, CEO, Foods and Inns Ltd further added, "We have made a significant contribution to the worldwide ESG and sustainability movement. We manufacture while protecting the environment's long-term viability and are devoted to zero waste. These are exciting times for Foods and Inns, and we are happy about the progress that is being achieved and the opportunities that are headed our way. With the commercial launch of Tetra Recart and Pectin operations in the near future, we endeavorto change the way business is done. Despite uncertain market conditions, our first priority is to help our workers, partners, and communities get through these difficult times."Anand Krishnan, CFO, Foods and Inns, commented on the successful result, saying, "We are glad to showcase the robust results which will be our steppingstone to the future. The significant increase in revenue, operating profit and PAT reflect the strength of our operational and industrial position and we are determined to showcase value creation for all stakeholders in coming years as we continue focusing on core value drivers and reducing our carbon footprint in order to generate long-term development."For almost 50 years, Foods and Inns has led the food processing business in India, and it continues to lead the creation of new food products utilising cutting-edge technology, with a focus on establishing sustainably integrated value chains.
FI is India's second largest processor and exporter of processed fruit and vegetable products, with over 500 people. Business ethics, a customer-centric strategy, and investments in an experienced staff and cutting-edge equipment have catapulted Foods and Inns to a position of leadership and respect among industry peers and end customers.
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