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Prataap Snacks gains after approval for PLI scheme

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Prataap Snacks rose 1.59% to Rs 803.50 after the company has received approval under Production Linked Incentive (PLI) Scheme of Government of India for Food Processing Industry.

The company received approval under PLI Scheme - Category - I, Segment - Ready to Cook/Ready to Eat (RTC/RTE).

The company received approval for sales based incentive. The incentive would be payable on incremental sales of eligible products over the base year sales as defined in the PLI Scheme.

Rate of incentive for eligible products is 7.5% from FY 2021-22 to 2024-25. The incentive for FY 2025-26 is 6.75% and the incentive for FY 2026-27 is 6%.

The above incentive is subject to terms and conditions as approved by the competent authority from time to time.

Prataap Snacks' consolidated net profit surged 74.1% to Rs 14.69 crore on 13% jump in net sales to Rs 367.27 crore in Q2 FY22 over Q2 FY21.

Prataap Snacks is a leading Indian snack foods company. It offers multiple variants of products across categories of Potato Chips, Extruded Snacks, Namkeen (traditional Indian snacks) under the popular and vibrant Yellow Diamond brand.

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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. 10:22 IST