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Foods & Inns gains on securing PLI nod for food processing industries

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Foods & Inns advanced 3.26% to Rs 93.40 after the company received approval from the Government of India under Component - I of the Production Linked Incentive (PLI) scheme for food processing industries.

In a bid to recieve the Production Linked Incentive (PLI) scheme approval, Foods & Inns had to invest and grow its sales by a minimum of 10% CAGR (maximum cap for incentives at 15% CAGR of sales) to receive the incentives on a yearly basis from FY21-22 to FY26-27 with the base year sale being FY19-20.

Bhupendra Dalal, the chairman of Foods & Inns, has said that: "Foods & Inns is thankful to the Govt. of India and the Ministry of Food Processing Industries for providing such encouraging platforms to the Domestic Food Processing sector. We are positive that we will contribute immensely towards building a strong ecosystem for strengthening the agro processing space in India and in establishing our own brands abroad. We are extremely thrilled to get selected under the PLI scheme for Food Processing Industries."

"Foods & Inns has established itself as one of the leading and trustworthy fruits and vegetable processor from India and this programme by the Govt. will give further fillip to the marketing and sales activities of the company. Our company has planned capex towards installing Tetra Recart facility, doubling our fully utilized Spray Drying facilities, building a new spice factory on our existing land in Nashik to cater to international markets, increasing Cold Storage facilities along with increasing our agro processing capabilities. The incentives combined with the initiatives being undertaken is expected to be a gamechanger for Foods & Inns and we intend to become a global agro product processing champion."

Recently, the company was in the news after it received an approval from the National Stock Exchange (NSE) to list its equity share on the bourse. The company was listed on 16 November 2021 and was allotted the symbol - 'FOODSIN'. NSE in a circular said that equity shares of Foods & Inns shall be traded in the normal market segment (Rolling Settlement) in compulsory demat for all investors.

On a consolidated basis, the company reported a net profit of Rs 6.29 crore in Q2 FY22 as against a net profit of Rs 0.64 crore posted in Q2 FY21. Net sales increased 146.6% to Rs 169.82 crore in Q2 FY22 over Q2 FY21.

Foods and Inns processes and markets various fruit pulps, concentrates, and spray dried fruit and vegetable powders in India and internationally.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, December 07 2021. 11:05 IST