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Foods & Inns Limited declares robust growth and raises growth capital
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Wednesday, 16 November, 2022, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Foods & Inns Limited, one of India's largest fruit and vegetable pulpers, reported its robust financial numbers in Q2FY23.
Highlights of consolidated business:
Financials Q2FY23 vs Q2FY22 (Y-o-Y basis)
1. The Revenue from Operations of the Group has increased to Rs 245 crore from Rs 171 crore. The Revenue from Operations registered a growth of 44%
2. The Profit after tax (PAT) has increased to Rs 13.9 crore from Rs 6.4 crore, registering a growth of 116%
3. The EBITDA has increased to Rs 28.2 crore from Rs 16.2 crore, registering a growth of 74%
4. The Pulp tonnage sold has increased to 18669 Tonnes from 16430 Tonnes, registering a growth of 14%.
Raising of growth capital:
The company has got the Board approval for raising growth capital from some prominent investors for a sum of ~Rs.210 crores. The investors are as follows:
1) Florintree Digital LLP
2) Lotus Family Trust
3) Aeon Trading LLP
4) Silver Stallion Ltd.
5) VSS Iron & Minerals Pvt. Ltd.
6) Siddhi Portfolio services Pvt. Ltd.
Milan Dalal, MD, Foods and Inns, said, "We are delighted to announce the growth numbers. Throughout this quarter and the year, we have diversified our product portfolio into value added products and focused on accelerating our production based on the demand growth being witnessed in the market. It gives us immense pleasure to be the implementing partners for major corporations on their sustainability initiatives. With new innovations and operations, we shall continue to focus on responsible growth and deliver shareholder value.”
Moloy Saha, CEO, Foods and Inns Ltd., said, “We are focusing and actively working on waste conversion to wealth and reducing carbon emissions in various activities. Our new operation of Tetrarecart will be the first in India. It will serve as an innovative packaging solution to replace tins and provide shelf-stable products that can store not just liquids but any type of food category such as tomatoes, baked beans, vegetables, etc based on dimension restrictions. Our plans to manufacture pectin will serve as a vegetarian alternative to gelatine. We have also partnered with IDH, based out of the Netherlands, to help smallholder mango farmers and address issues such as climate change, biodiversity and pesticide management and have plans to collaborate with US-based college funds to help rural farmers in responsibly sourcing materials and enhancing yields.”
Anand Krishnan, CFO, Foods and Inns, said, "We have witnessed a phenomenal growth in demand for the pulp that we cater to large global brands as people are becoming more health-conscious and moving away from carbonated drinks to fruit based drinks. Also, the larger brands are increasing capacities and prominent Indian corporates are launching their own beverage brands. We believe that with our portfolio of Fruit & Vegetable pulps, Spray Dried Powders, Masalas, Frozen Food, Pectin & the recently launched branded products under the brand name ‘Greentop’; we are poised for a superlative growth going forward for which we have bought investors on board to raise growth capital. Going forward, we shall continue to deliver quality products and tackle global issues on climate, pollution and biodiversity with our business ethics based on integrity, customer-oriented approach, and investments in modern equipment.”
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