advertisement
Patanjali Ayurved Ltd will “nearly” meet its revenue target of Rs 10,000 crore for the financial year 2016-17, Chief Executive Officer Acharya Balkrishna told BloombergQuint on Thursday.
The company reported net revenue of Rs 2,014 crore in financial year 2014-15, according to data provided on the website of the Ministry of Corporate Affairs, and was expected to report a 146 percent surge in the same to Rs 5,221 crore during 2015-16, according to a report by ASSOCHAM-TechSci research.
The products that contributed to the company’s growth during 2016-17 were ghee (clarified butter), wheat flour, cosmetics, and toothpaste, Balkrishna said, without responding to a query about the market share its products had garnered.
The company, a relatively new entrant in the fast-moving consumer goods space, competes against the likes of Hindustan Unilever Ltd, Dabur India Ltd, and ITC Ltd. among others, and has seen significant traction over the past two financial years, going by its rising revenue figures.
Speaking at an event organised by Federation of Indian Chambers of Commerce and Industry (FICCI), Balkrishna pegged the Indian food processing industry at less than Rs 1 lakh crore, and said Patanjali is looking to double its market share in the segment to 20 percent in the current financial year.
The company is not planning to go public anytime soon, Balkrishna said, adding it currently has no need to rope in external investors.
(This article was originally published in BloombergQuint)
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)