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Proventus Agrocom reports robust H1 FY2025 financial performance
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Saturday, 09 November, 2024, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Proventus Agrocom Limited (ProV), has announced its unaudited consolidated financial results for the first half of fiscal year 2024-25 (H1 FY2025), reporting robust growth in revenue and profitability, underpinned by consistent quality, marketing initiatives and product innovation.
Business Highlights:
- Proventus Agrocom Limited posts consolidated PAT of Rs 4.86 crore, YoY growth 86%
- Revenue (Consolidated) – Rs 295.85 crore YoY growth 47%
- ProV Brand Revenue Sales – Rs 213.15 crore, YoY growth 49%
- H1 EPS of INR 14.2
Key Business Updates:
- Strengthened Distribution: It has enhanced its retail presence through new strategic partnerships, in Modern Retail. Furthermore, there are new distributors in more regions to strengthen the reach in the general trade sector.
- Festive Gifting Range: The introduction of festive gifting range has sparked considerable interest among consumers and partners alike. It is anticipated that a twofold increase in sales of gifting range compared to the previous year and solidifying its position in the premium gifting market.
- New Product Launches: 'Indulgence' series, which features five varieties of chocolate-coated almonds, caters to the growing consumer demand for products that balance health with indulgence. In parallel, the packaging of 'Fusion' trail mix has been revamped to highlight its functional benefits, appealing to health-conscious consumers.
- Expansion of Production Capacity: The newly procured manufacturing facility in Surat, set to become operational by last quarter of FY25, will quadruple production capacity. This significant expansion will empower it to meet the increasing demand while scaling up sales and fostering product innovation.
Durga Prasad Jhawar, CEO and MD of Proventus Agrocom Limited, said, "We’re thrilled to share an impressive 49% year-on-year growth in ProV Brand sales, reaching Rs 213.15 crore in H1 FY25 from Rs 143.1 crore in H1 FY24. This growth is matched by a strong increase in EBITDA, rising to Rs 8.16 crore from Rs 4.46 crore in the previous fiscal half, underscoring our brand's momentum in both revenue and profitability. Reflecting on Proventus Agrocom’s journey brings immense pride as well as optimism. Our progress this year demonstrates not only financial growth but also sets the stage for ambitious new goals. Our approach prioritises quality, consumer responsiveness and efficiency. Our consumers are our inspiration, and it’s their trust that fuels our drive to innovate. This year’s launch of our ‘Indulgence’ range—featuring five chocolate-coated almond varieties—is an outcome of understanding their desire for snacks that blend indulgence with health. Our expansion strategy includes bolstering production and distribution. We are excited about our upcoming new facility near Surat—a state-of-the-art operation designed to quadruple our production capacity. This facility will enable us to expand and innovate with greater pace, bringing high-quality healthy snacks closer to households nationwide.”
“Additionally, this year saw a meaningful expansion in our distribution network. Our new partnership in Modern Retail has established ProV’s presence in every major modern trade chain. Moreover, our expansion in general trade has been strengthened by the addition of new distributors in more regions. I am thrilled to share that our specially crafted Diwali gifting range has garnered an incredible response, with festive sales doubling compared to last year. This impressive achievement is a testament to the trust and satisfaction of our consumers. Given the evolving gifting trends in the country, we see this as a significant growth opportunity for our brand, and we will continue to focus on expanding this segment in the future,” added Jhawar.
“Looking forward, our sights are set on a landmark target: achieving Rs 1,000 crore in revenue by 2028, with a projected CAGR of 32-35%. This goal reflects our commitment not just to financial success but to building a health snack brand that is preferred by households across India. This vision would not be possible without the unwavering support of our partners, shareholders, employees, distributors, and, of course, our loyal customers, their belief in our vision is what propels us forward. As we look to the future, I am optimistic about our mission to promote healthier eating while maintaining a disciplined approach to execution and expenditure. This commitment will guide us as we navigate the evolving landscape of the food industry. Here’s to reaching new milestones, shaping healthier choices, and savouring the journey ahead," concluded Jhawar.
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