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Proventus Agrocom Ltd. reports 96% growth in FY24 Profit After Tax

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The health food brand’s sales increased 43.3% to Rs. 303.62 crore

New Delhi: Health food brand Proventus Agrocom Ltd. (ProV) has reported a Profit After Tax (PAT) of Rs 7.2 crore in financial year (FY) 2024 with an annual growth of 96% year-over-year (YoY), the company said in a press release on Tuesday. ProV Sales increased 43.3% to Rs 303.62 crore.

“This achievement is significant for two reasons: First, we are among the few companies in our category to achieve this level of sales while being profitable; second, this sales figure represents approximately 2 crore units sold, a testament to the trust our customers have in our products and our ability to reach them,” said Durga Prasad Jhawar, CEO and MD, Proventus Agrocom Ltd.

The company locked a revenue of Rs  502 crore with an annual growth of 19.5%. Its EBITDA increased by 54% to Rs 11.95 crore. The gross margin increased by 17% this fiscal year from 14% last year. ProV’s  Earnings Per Share (EPS) stood at Rs.21.7.

The company is now eyeing sales of Rs 1,000 crore, its Compound Annual Growth Rate (CAGR) to increase by 32% and an increase in its gross margin by 30.1% by FY 2028. Also, it plans expansion of general trade, diversification of the sales mix, product innovation, and targeted marketing.

Founded by Durga Prasad Jhawar, Deepak Kumar Agrawal, and Shalin Sanjiv Khanna, in 2015, ProV is the retail arm of Proventus Agrocom, a publicly listed company. Its products range from dry fruits, nuts, seeds, berries, and other nutritious snacking products. The company has also partnered with chef Sanjeev Kapoor and food industry expert KS Narayanan.

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