Patanjali Ayurved Ltd. will “nearly” meet its revenue target of Rs 10,000 crore for the financial year 2016-17, Managing Director Acharya Balkrishna told BloombergQuint.
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.
“This year (2016-17) we will definitely be close to our target, and we will soon issue a report about our financial performance to the country,” Balkrishna said. 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.
Patanjali, which already has facilities in Haridwar in Uttarakhand, Tezpur in Assam, and Kathmandu in Nepal, is in the process of expanding its operations and plans to set up four manufacturing units during 2017-18, one each in Noida in Uttar Pradesh, Nagpur in Maharashtra, Indore in Madhya Pradesh, and in Andhra Pradesh, Balkrishna said.
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.