Spices maker Rakesh group net profit up 16% in FY'22 at Rs 39 crore; revenue up 19 pc to Rs 510 crore

FMCG companies have so far mostly stayed away from the segment due to its commoditised nature, but the rapid shift of consumers to branded products makes the segment ripe for the picking. Representative image

Rakesh group, which manufactures spices and other food products, on Friday reported a 16 per cent increase in its net profit at Rs 39 crore for the financial year 2021-22, on higher sales. Its profit stood at Rs 33.69 crore in the year-ago period.

In a statement, Rakesh group said its revenue increased 19 per cent to Rs 510 crore in the 2021-22 fiscal year, from Rs 427 crore in the preceding year. The company targets to double its revenue to Rs 1,000 crore by 2025, the statement added.

Established in 1975, Rakesh Group said it is expanding its portfolio to become a full-scale food products company. "From Rs 40 crore in 2012 to more than Rs 500 crore sales, Rakesh Group has not only come a long way but has always been ahead of its industry growth rate," Vivek Pathak, Chief Executive Officer, Rakesh Group said.

Rakesh Group has recently bought land near Kanpur to expand its production capacity substantially to feed its future expansion as well as ongoing planned transition to food-products company, the statement said. At present, the company has 10 manufacturing units, including a Food Zone having 6 manufacturing units in Kanpur.

The company has operational presence in eight states Bihar, Jharkhand, Uttar Pradesh, Uttarakhand, Madhya Pradesh, Assam, West Bengal and Delhi, with more than 50 branded stores, hundreds of distributors and e-commerce portal.