This company has 50-years of legacy in the fruit industry and is the second largest processor and exporter of processed fruit and vegetable commodities. Its shares gained 5.7 percent to reach a 52 week high price on Friday’s session.
With a market capitalization of Rs 1,044 crores. The shares of Foods And Inns Ltd gained after the company received a tranche of incentives from the Indian government under the PLI scheme for FY 2021-22.
The Ministry of Food Processing Industries approved the Central Sector Scheme Production Linked Incentive Scheme for Food Processing Industry (PLISFPI) with an outlay of Rs.10,900 crore to boost Indian brands of food items in foreign markets. The scheme’s execution will facilitate processing capacity to generate processed food production of Rs 33,494 crore and the creation of roughly 2.5 lakh jobs by 2026-27.Under this initiative, the company received the first payment of incentives from the Indian government under the PLI scheme for fiscal year 2021-22, totaling Rs 9.7 crores.
At 1:36 p.m. on the NSE, Foods And Inns Ltd shares were trading at Rs 196.60,up 4.60 percent from the previous close.
The company’s share price climbed from Rs 63.55 to current values in the last year, yielding multibagger returns of 204 percent. As a result, if an investor purchased 1 lakh firm shares the previous year, their holdings are now worth 3.04 lakhs!
Foods & Inns Ltd processes and markets fruit pulps, concentrates, spray dried fruit and vegetable powders, powder of various spices to domestic and international markets.
Revenue increased by 57 percent year on year, rising from Rs 632 crore in FY 21-22 to Rs 995 crore in FY 22-23. Within the specified time frame, the net profit climbed by 194 percent from Rs 16 crore to Rs 47 crore.
As per the shareholding pattern, promoters of the company hold a 38.82 percent stake, and retail investors hold 60.53 percent stake in the company for FY 22-23.
Written by Omkar Chitnis
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