Patanjali working towards equity dilution to achieve minimum public shareholding
Patanjali Foods Limited (PFL) announced its financial results of operation for the quarter and a half year that ended on September 30, 2022. In the quarter, the company said that it successfully completed the acquisition of the Foods business in line with a strategic intent to expand the food business.
Patanjali Foods Limited (PFL) announced its financial results of operation for the quarter and a half year that ended on September 30, 2022. In the quarter, the company said that it successfully completed the acquisition of the Foods business in line with a strategic intent to expand the food business.
Speaking to CNBC-TV18 after the earnings report, Sanjeev Asthana, CEO of the company said that it is actively working towards equity dilution to achieve minimum public shareholding.
“We are still 19 percent with the market and to maintain a public company, we need to dilute another 6 percent. So that work is going on actively.”
While talking about growth, Asthana said the target is to get the food portfolio to 25 percent of sales and 50 percent of profits. The company also expects a strong third and fourth quarter for their oil business.
The company has recently invested heavily in the palm oil business planting trees on 60,000 hectares.
"We will continue to grow, each year, by 10 percent in the business for the next two years, and after you will see a sudden spike for the next 5 years,” said the management.
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(Edited by : Abhishek Jha)
First Published: Nov 14, 2022 3:16 PM IST
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